What are the 5 P's of Marketing ?


For a marketing strategy there is a "5 P Formula" you should know about.

The formula contain product, price, promotion, packaging and people.

Product:

The first P is of Product,

It is what you sell to a customer.

When ever you sell products you should first ask yourself "Are these the right products or services for our customers?"

You should see if compared to your others competitors in market your product is better? Is it need improvement? Should you be offering this product in the marketplace?

Price:

The second P in the formula is price.

You should know about examining  the prices of the products and services you sell to make sure they're appropriate to  the current market.

Sometimes you need to lower your prices. At other times, you raise your prices.

Sometimes you need to change your terms and conditions of sale.

Promotion:

The third one is to think of promotion all the time.

Promotion includes the ways you tell your customers about your products or services and how you then market and sell to them.

Small changes in promoting and selling your products can lead to great changes in your results.

Even small changes in your advertising can lead to higher sales.

Packaging:

The fifth P is the packaging.

Remember, people form their first impression about you within the first impression of seeing you or some product of your company.

Small improvements in the packaging or external appearance of your product or service can often lead to different reactions from your customers.

Packaging refers to the way your product or service appears from the outside.

People:

The final P of the marketing is people.

To develop thinking about people related to your business who are responsible for your sales, marketing and activities.

To be successful in business, you must know exactly who is going to carry out each task and responsibility.

In many cases, it's not possible to move forward until you can attract and put the right person into the right position. To think of people in your marketing is a necessary option.

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