Grow your business with these marketing elements - marketing 5ps Marketing is nothing more than the art of promoting services and go...
Grow your business with these marketing elements - marketing 5ps
Marketing is nothing more than the art of promoting services
and goods on the Internet using multiple platforms. Without a doubt, this is
the most effective and reliable business solution for any business owner who
wants to take his business to a new level.
It makes you think about what areas of your business you can
change or improve to help you meet the needs of your target market, add value,
and differentiate your product or service from your competitors.
The five areas you need to make decisions are PRODUCT,
PRICE, PROMOTION, LOCATION, AND PEOPLE.
Although the 5 Ps are somewhat controllable, they always
depend on your internal and external marketing environment. Read on to learn
more about each of the "P."
PRODUCT
The product or service element refers to what you offer your
customers in general. Product solutions include functionality, branding,
packaging, service, quality, appearance, and warranty terms.
Customers should understand the features, advantages, and
benefits of buying goods or services.
When you think about your product, consider the key
features, advantages, and needs, and desires of customers. For example, if you
are a food manufacturer, you can add a few new flavors to expand your
assortment. The unique value proposition of the product and its various
advantages - of course, taking into account the target customer base - should
be easily understood.
PRICE
Price refers to the pricing strategy of products and
services and how it will affect customers. Pricing decisions include:
- The
sale price and discounts.
- Payment
mechanisms.
- Credit
terms.
- Any
price comparison services offered.
When determining the pricing strategy, it is important to
consider the business's position in the current market. For example, if a
company is advertised as a supplier of high-quality mechanical equipment,
product prices should reflect this. If you are a premium food product, then
your price should be higher than that of lower quality products to reflect the
better packaging and quality of the ingredients you offer.
PROMOTION
Promotion refers to the activity that makes the business
more known to the consumer. Promotion can include digital and traditional
advertising - from online advertising to radio and television commercials, as
well as email and social media marketing, search engine optimization, and much
more. Since the costs of promotion can be high, it is crucial to conduct a
break-even analysis when making decisions about promotion. It is important to
understand the value of the client and whether it is worth holding promotions
to purchase them.
First, you need to determine who your target market is, what
media they consume, what the cost of these media, how many more sales you need
to cover your investment, and how you will collect information showing how the
promotion has worked.
PLACE
Location refers to the place where a company's
product/service is viewed, produced, sold, or distributed. Placement decisions
are related to distribution channels and ways of delivering the product to
target key customers. (For example, through a storefront, online, or
distributor), location, logistics, service level, and market coverage.
It's important to consider how accessible a product or
service is and ensure customers can easily find you. The product or service
must be available to customers at the right time, in the right place, and
quantity.
For example, suppose you are thinking about expanding your
business online. In that case, you need to think about how your customers use
the Internet, whether they will feel comfortable buying your products online,
and whether they will be willing to pay the shipping cost of your products.
If you want to grow your business, you may consider changing
or expanding the way you sell your goods and services. For example, if you are
a distributor of household goods, you may consider setting up a new store
elsewhere or providing franchises. Placement significantly affects the success
of marketing, especially if consumers are not actively following your offers.
PEOPLE
People relate to staff, salespeople, and those who work in
business. Decisions made by people are usually focused on customer service –
how do you want your employees to be perceived by customers? You need to
consider both your employees and customers if you are thinking about developing
your business. This includes understanding the needs and desires of your
customers, setting goals, and measuring the level of customer service so that
you attract and retain loyal customers.
You will also need to think about training staff so that
they have the skills to offer the best experience and meet customer
expectations.
AN EXAMPLE OF 5 POINTS FOR MARKETING
John is considering opening a jet ski shop catering to
travelers and tourists. To position his business, John can consult with five
marketing departments as follows:
Product: Round-the-clock water ski rental for
people in the city for a short period. A limited liability form must be signed
by people participating in the service and a cash deposit in case of damage.
Price: Cheap jet ski trips to meet the budget constraints of
travelers and tourists. 10% discount on water skiing trips on the
recommendation of a travel agency.
Promotions: Facebook Instagram page and Twitter handle to
promote the business. Paid promotions are also held on the websites of travel
agencies.
Place: Convenient location for access from existing transit
systems.
People: Friendly staff who loves to meet travelers and
offers exceptional customer service.
Mastering these 5 points is an ideal approach to expanding
brand reach and executing a successful marketing plan. Whether brands want to
add value to customers' lives, increase the speed of market entry, or increase
the operational effectiveness of their marketing efforts, they need to put
people at the center of their strategies. But to meet the needs of modern
consumers, they need the above elements necessary to access, analyze and take
action on customers' data.
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