Posts Tagged ‘5P’s’

The Marketing Mix

The marketing mix describes the way you use the primary marketing tools to achieve your company’s objectives. Those tools are known as The 4 P’s or 5P’s of Marketing.

The 5 P’s are in an intentional, tactical way to meet the needs of a customer. Just like an artist combines the principles and elements of design in each piece of their work, the expert Marketer manipulates the elements of the marketing mix to best meet the needs of their customer and achieve the company objectives.

Let’s explain what those elements are…

The 5 P’s of Marketing

1) Product:

The product is the actual goods or services offered by the company and how it meets the end-user’s needs and wants.

2) Price:

The process and strategy for setting the price for a product or service. This includes discounts, or non-monetary fees (time, energy, or attention.)

3) Place (or distribution):

• The channel by which a product or service is sold (e.g. online, direct mail, retail)
• Which geographic region
• Which Industry
• Which segment (Kids, Moms, Men, Business Owners, CIO’s)
• How the product gets to the customer
• How the selling environment affects the sale

4) Promotion:

This includes advertising, sales promotion, publicity, and personal selling.

5) People:

How do people affect the perceived value of the product or service.  People that influence that value can include employees, management, and consumers.

For every product or service that you offer, you should write down what these 5P’s are for that product. You will see that the marketing mix will vary by product or service, but there are some elements you will keep consistent across your brand.