Let’s talk about the 5 Ps of marketing. These are the fundamental principles of Marketing Management. Let us discuss what they stand for:
Product: Product refers to the product that a business intends to sell or produces. It forms the basis of the functioning of a business. A product is created, sold and generates income for the business and pays the workforce. A business must carefully decide what kind of product it intends to launch.
Price: The price of the product is the next step. The company should check the cost of manufacture and also the cost of competing products before deciding on the final price of the product.
Place: Location is very important. The company must find a suitable place to market the product or, in other words, it must find the target consumers for the product.
Promotion: Promoting the product is important because proper promotion can only contribute to better visibility and ensure a good sale of the product.
People: It is considered the 5th P. It means the workforce of the company. The sales of a company coupled with various other functions can only be realized if the company has a good and stable workforce. Thus, the quality of the workforce plays an essential role. A better and dedicated workforce can only do good for a business and more.
Conclusion: Thus, a good marketing can be obtained by a very good synchronization of the different P. Each component or each P must be designed or manufactured after having retained the effect on the other. If it can be done effectively, a business can grow well or surpass others. So if a company decides to launch a chocolate then it must effectively plan the promotional activities, place of marketing, in order to obtain the desired result. Let’s take chocolate as a product and discuss the components.
Here the product is chocolate.
The price should be established keeping in mind the price of similar chocolates in the market.
The target location or consumers, i.e. children or chocolate lovers of other age groups, should be identified.
Promotion should be done accordingly. Chocolate is associated with happiness. Therefore, promotional activities can be carried out keeping in mind special festivals or such dates. A festival where the exchange of gifts is a custom can be the promotional point of a chocolate.
Appropriate people associated and experienced in the process of making and selling chocolates should be engaged. In the end, chocolate enthusiasts 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 meet and move a business’s marketing needs forward.