Understanding Marketing’s 5 Ps

To have a successful marketing strategy you need a great marketing company Howell and to understand the 5 Ps of marketing. Place, promotion, product, people and price. Here is a closer look at what they mean.

Place

This refers to the place where your clients or customers can buy the service or product you are selling. It covers logistics, distribution channels, different levels of service and market coverage. You want the product to be something that is easy to access in the right place and at the right time for the targeted audience. You might have one channel to sell products through, or you might have several such as physical stores, online sales or direct-to-buyer options. There are also additional factors to plan including how to fulfil orders, inventory management and what kind of shipping options you are offering.

Promotion

A professional digital marketing Howell company can help promote your business using multiple advertising campaigns. Their dedication and competence mean they can use a range of marketing tactics to reach as many potential customers as possible. Promotion includes relations with the public, advertising, digital marketing, sales promotions, personal selling and more. The point is to improve brand awareness, create more interest in the services and products you offer and persuade people to buy something.

Product

Product refers to the service or things you offer to your clients or customers. As well as the item itself it includes packaging decisions, features, branding, quality, benefits and design. The point is to have a product that is something people need and want that can compete with others who offer something similar. You might boast that you offer something of better quality or it might be special in its design, or maybe you can offer your audience a better customer experience.

People

People refer to everyone involved from the people who make the product to people in distribution, the customers, employees, suppliers, those in the marketing company Howell, partners and such. You do not run the business all alone so all needs should be considered and where possible met. It makes sense to invest in things like good customer care, employee training and such.

Price

Price is about what you are charging for the service or the thing you are selling. It needs to take into account all the costs involved in making it and selling it as well as things like discounts, profit margins, remaining competitive, the value of the product and promotions. It is important to keep in mind that the majority of customers have certain perceptions when it comes to pricing. For example a price that is too low could mean they assume the quality is poor. You also are going to impact your reputation.

Conclusion

When you focus on the 5 Ps for marketing you are more likely to achieve your core goals. A digital marketing Howell or elsewhere can help. They can create a framework of marketing campaigns with a strong foundation in the above principles. Then you can enjoy a lot of success.