5 P’s of Marketing
Marketing is an art of delivering and exchanging products/ goods with clients or customers. There are two parties involved in the process. One is generally called as Buyer and the other one is referred as Seller. A formal/ informal trade of goods and products between these two parties is know as marketing. A set of protocols decide the marketing strategy. These protocols have to be obeyed by the seller and buyer equally. Seller can be an individual company or a factory and on the other hand buyer can be an individual, company or even a society.
Marketing is done for some brand. Brand depicts identity of the seller’s product. It can be in the form of graphics, logo, name or any eye-catching slogan. Once a brand is formulated, then comes the marketing strategy. How that particular brand is required to reach the target audience? It all depends on the marketing techniques which a seller adopts for his brand selling.
Different standards and organizations have set different standards for marketing but all remain consistent on 5 P’s, which are: –
These 5 P’s forms Marketing matrix and are also known as Marketing Mix. Every business setter has to lay the foundation of his brand on above mentioned P’s. For the success of any business, the P’s are the key attributes. Here we will discuss each of them briefly: –
A product is the fundamental thing in any business. It provides the foundation on which marketing strategy is set. Key features which dictate the product attributes are: –
By this word we mean that product should be fully functional without any loopholes. There should be no drawback of the product. A product should be complete in itself and it will be success if the seller keeps on updating and revising his product time to time.
A product should be an aesthetic model. No clumsy looks are affordable for any product. Products should look clean, complete and beautiful.
Warranty – Seller should offer a good warranty for his product. If at all product fails or does not deliver the required output, seller should own it and provide customer with the replacement. Minimum warranty period should be six months so that customer may get full accustomed with the product.
Quality should never be compromised over anything whether it is cost or bulk production. A quality product finds its way to the customers on its own. Even a quality product with normal marketing strategy, becomes a success story.
It covers the outlook and packing of a product. It also includes accessories which forms the part of the product moreover the packing material which is being used in wrapping the product. A compliment note left inside the packaging also serves a very good purpose for making the customers satisfied.
Money is the basic return of any business. Every business revolves around the money. It is the price which controls the money factor that how much money a seller will get for
his product. Discounts on price also forms the basic marketing strategy. Moreover, payment methods are equally important in marketing.
Once a product is launched and price is set, here comes the technique through which the product is to reach the audience. This technique is known as promotion. It can be in the form of advertising whether through brochures and flyers or online advertising. Sponsorships also derive the promotion strategy of any product.
Location where product or brand is launched is very important. A key location offers a very good marketing for the product. It attracts the customers and gives easy access to the customers.
Giving attention and focus to the people is very important in marketing. A good attitude from the seller attracts the people. Good customer service by the brand increases themarketing of the product. Moreover customer feedback is very essential in improving the product and should be attained frequently.