2. FIRSTLY,
Thinking about all the elements in your
business, no matter how small they may
seem, can help you position your
business and therefore your products
and services in the market.
3. WHY?
The 5 Ps are key marketing elements
designed to help you think about your
business strategically. Put broadly,
marketing is a mix of business activities
that aims to build your brand and
business in a consistent way.
4. The 5 Ps include
PRODUCT
PRICE
PROMOTION
PLACE
PEOPLE
5. Product
The product element refers to what you
are offering as a whole - what exactly are
you selling to your customers?
This includes the value added features,
branding and packaging as well as
service and warranty terms.
6. PRICE
The price element refers to the way you set
prices for your products or services. It
generally includes all the parts that make up
your overall cost, including the advertised
price, any discounts, sales, credit terms or
other payment arrangements or price
matching services you offer.
7. Promotion
The promotion element refers to all
the activities and methods you use to
promote your business and products.
This includes sales, public relations,
direct marketing and advertising.
8. Place
The place element refers to how you deliver
your product or service to your customers.
This might include the physical location (e.g.
via a shopfront, online or a distributor),
delivery methods as well as how you manage
your stock levels.. For example, you could
choose to provide your product from a
shopfront, over the internet or through a
distributor.
9. People
The people element refers to yourself,
your staff and your customers. This
covers customer service levels, as well as
effective communication and training for
your staff. You'll need to consider both
your staff and customers if you're
thinking of growing your business.
10. CONCLUSION
Working your way through each of
the Ps can help you think about
which areas of your business you can
change or improve on, to help you
meet the needs of your target
market.
