Marketing the 5 Ps

Home » Blog » Marketing the 5 Ps

Marketing-mix-definitionMarketers try to simplify marketing down to the 4 Ps.

In case you didn’t know the 4 Ps, they are Price, Place, Product, and Promotion.  Every business owner has or should have all of these things when in business:

  • A product to sell at a certain price
  • A place where they sell their product 
  • Some type of promotion to get the customer’s attention.

Sounds easy, right?

I have always felt that marketers have left out a P – Psychology! Understanding your customer’s thought process when purchasing can really help you put a successful marketing plan together. The trick is to have all these Ps work together and communicate this with your customer.

I have seen business owner focus on just some of the Ps and expect to make tons of money. Marketing doesn’t work like that. Marketing is something that has to be researched, tested, and modified in order to see results. Marketing also has to be consistent. You can’t expect to run ONE ad and expect customers to flood your store and phones; it takes time.

Once a business owner knows which products to offer, what to price their products, where to sell, what their customers want to hear and how to reach them; they will have very successful marketing plans.

Anyone can start a business, but it takes a special type of person to understand how to run a successful business, and marketing plays a big role in that success.