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The 5 P's of Marketing

The 5 P's are a set of recognised marketing tactics, which you can use in any combination to satisfy customers in your target market. The 5 P's are controllable, but subject to your internal and external marketing environments. Combining these different marketing tactics to meet your customers' needs and wants is known as using a 'tactical marketing mix'.

Source: http://www.qld.gov.au/
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Product

The product refers to all of the features, advantages and benefits that your customers can enjoy from buying your goods or services. When marketing your product, you need to think about the key features and benefits your customers want or need, including (but not limited to) styling, quality, repairs, and accessories.

You can use research and development to inform the development of new products in your business.

Price

This refers to your pricing strategy for your products and services and how it will affect your customers. You should identify how much your customers are prepared to pay, how much mark-up you need to cater for overheads, your profit margins and payment methods, and other costs. To attract customers and retain your competitive advantage, you may also wish to consider the possibility of discounts and seasonal pricing.

Learn more about pricing your products.

Promotion

These are the promotional activities you use to make your customers aware of your products and services, including advertising, sales tactics, promotions and direct marketing.

Learn more about promotional activities.

Place

Place is about getting the products to the customer, and includes where a product or service is made, sold or distributed.

You can set yourself apart from your competition through the design of your retail space and by using effective visual merchandising techniques. If you are not a retail business, place is still an important part of your marketing. Your customers may need a quick delivery turnaround, or want to buy locally manufactured products.

If you are starting a new business, finding the right business location will be a key marketing tactic.

People

People refer to the staff and salespeople who work for your business, including yourself.

When you provide excellent customer service, you create a positive experience for your customers, and in doing so market your brand to them. In turn, existing customers may spread the word about your excellent service and you can win referrals.

Give your business a competitive advantage by recruiting the right people, training your staff to develop their skills, and retaining good staff.

If you would like Web'n'more to work with you through these marketing elements, contact Sara Westaway on 0431 052 725 or contact us via email

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