By Kevin K | Digital Marketing
THE MARKETING MIX 5 P's - ASSISTING YOU IN SELECTING THE RIGHT STRATEGIES
A marketing mix is the actions taken by brands to market their products and services using a specific framework that includes the five most important components of successful marketing.
The 5 P’s in Marketing is an important tool to help you select and create the right marketing/advertising strategies for your business. Learn how the 5 P’s of Marketing can help in your advertising.
The 5 P’s includes Product, price, promotion, place, and people. Let's dig deeper into their importance for your brand.
> Let us Start With;
1. PRODUCT
Your product is what you offer to customers. Whether it's a product or a service, what you are selling and promoting is the first core principle that makes up your marketing strategies.
This includes the function, appearance, quality, packaging, and even the branding of your product or services.
When thinking about your product, consider the key features such as; benefits and the solutions to your customers/client's problems.
2. PRICE
Your pricing refers to the cost of each product or the various levels of service pricing.
It is important that your marketing strategies are making a profit and it must include the cost of goods, the advertised price, discounts, and sales.
Remember that pricing is important because it affects how your products/services are viewed.
3. PROMOTION
Promotion is the process of getting information about your products or services in front of your target audiences and advertising/promoting them.
Sales, public relations, direct selling, advertising, sponsorship, and social media are all part of it.
4. PLACE
The time and channels through which your products reach customers are referred to as the place of marketing.
This includes your distribution channels, logistics, market coverage, and service levels.
Because you always want your products to reach the right people in the right place at the right time, this element is really important as well.
5. PEOPLE
Businesses and brands do not run on their own.
People, from internal employees to customers to partners, are critical components of how your company operates.
You must consider the needs and functions of groups within your organization, as well as the needs and desires of your customer base.
People are at the heart of your business, from internal satisfaction to customer reviews.
Want to learn more about how to create a comprehensive marketing plan using the Marketing Mix 5 Ps?
Get in touch with us as we have helped many of our clients achieve sales through our 5P strategies. Its your turn now! Whatever your business is, we can use the 5 P's of marketing to help your brand scale and succeed.
