Basic to any Marketing course or seminar are the P’s of Marketing. In school, we just breezed through this subject, memorizing what each “P” stood for and moved on to the next topic.
In recent years, I was part of a team in the marketing department of a computer college. In my tenure, I was successful in the sense that we were able to muster 10% increases in yearly enrollment in the almost 2 years I was there.
I was prepared to retire with the academe already, but after two years was preparing to move on. As the person, the academe hired to replace me and I were discussing our programs, he reminded me something that I learned ages prior. He was showing me a paper he made specifically outlining the “4 P’s”. It was then that I realized the importance of the basics of Marketing.
Anyway, for Marketing Peeps, regardless whether they are Baby-boomers, Gen-X, Millennial, the “P’s” of Marketing are more or less the basic guideline for any marketing campaign, activity or process. This is the basic core.
P’s of Marketing
During my time, there were only four (4) P’s, namely: Product, Pricing, Promotions, and Place. Recently in some circles, they have added the fifth (5th) P, which to me is the most important of all: People.
Product – Is the item or items being sold, marketed or promoted. The product is not limited to physical or tangible items like automobiles, mobile phones or refrigerators. This should include how the product is Packaged or presented. This presentation should be designed to attract a Product’s target market or the fifth “P” or People.
Pricing – like Packaging and Promotions, how much a Product would cost is computed or offered mainly based on the target markets’ purchasing power. Certain items like distribution and logistics, marketing, and promotions also play a major factor in Pricing.
Promotions – the culmination of the Marketing study, this is the implementation aspect. 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. Generally, these are referred to as marketing tactics.
Place – Place is where your products and services are seen, made, sold or distributed. Access for customers to your products is key and it is important to ensure that customers can find you. For networkers, Place could mean where they do their BOM’s or presentations.
People – the importance of People is it is all about our “Target Market”. People is the sole basis of Product design and Packaging. This is where demographics (ex. gender, age, social status, etc.) come into play.
What the “F”?
For the uninitiated, what and how can we use the P’s of Marketing? Can we do this ourself? Should we do this ourself even if we are just a sales agent selling skin products? Seriously? Too much paper work already.
For the individual, we can apply this on a micro level. Marketing is not rocket science and may be changed and adjusted according to market movements or changes in the buying behavior or purchasing preferences of our target market. The whole point of this exercise is for us to understand our Product and too understand how to market and sell these to our target market(People).