The 5 P’s of Marketing: Its Importance and Relevance

Let’s talk about the 5 P’s of Marketing. They are the fundamental principles of Marketing Management. Let’s take a look at what they represent:

Product: Product represents the product that a company intends to sell or produces. It forms the basis of the operation of a company. A product is created, sold and generates income for the company and pays for labor. A company needs to carefully decide on the nature of the product it intends to launch.

Price: The price of the product is the next stage. The company needs to check the cost of manufacturing and also the cost of rival products before deciding on the final price of the product.

Place: The place is very vital. The company needs to find the right place to market the product or, in other words, it needs to find the target consumers for the product.

Promotion: Product promotion is important as proper promotion can only help better visibility and ensure proper sale of the product.

People: It is considered the 5th P. It means the workforce of the company. A company’s sales along with other functions can only be achieved if the company has a good and stable workforce. Therefore, the quality of workmanship plays a vital role. A better and dedicated workforce can only do a company good and so much more.

Conclusion: Therefore, proper marketing can be achieved by very good timing of the various Ps. Each component or each P must be designed or manufactured after maintaining the effect it has on the other. If this can be done effectively, a company can grow adequately or outperform others. Therefore, if a company decides to launch a chocolate, it must plan promotional activities, place marketing efficiently to get the desired result. Let’s take chocolate as a product and discuss the components.

Here the product is Chocolate.

Pricing should be done taking into account the price of similar Chocolates on the market.

The target place or consumers should be identified, ie children or chocolate lovers of other age groups.

Promotion should be done accordingly. A chocolate is associated with happiness. Therefore, promotional activities can be carried out keeping in mind special festivals or similar dates. A party where the exchange of gifts is a custom can be the promotional point of a chocolate.

Suitable people associated with experience in the process of making and selling chocolates should be hired. In the end, people who are passionate about chocolates can only do good for the company.

So these are the 5 Ps of Marketing and in this way they work in sync with each other to complete the Marketing need of a company and carry it forward.