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The 5 Pu2019s of marketing are Product, Price, Promotion, Place, and People. These are the key elements to use to position a business strategically. The 5 Pu2019s of Marketing are the variables thatu00a0managersu00a0and owners use to add a value to business and satisfy customers in their target market, and help differentiate their business fromu00a0competitors, they are also known as marketing mix.<br>
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What are the 5 P’s of Marketing? The 5 P’s of marketing are Product, Price, Promotion, Place, and People. These are the key elements to use to position a business strategically. The 5 P’s of Marketing are the variables that managers and owners use to add a value to business and satisfy customers in their target market, and help differentiate their business from competitors, they are also known as marketing mix.
Product Products can be the services or the products that are offered by any company. Functions, packaging, quality, design and appearance all are included in the product.
Customers must understand to use, advantages and features of the product that can be enjoyed by the customers when they will buy the product. When thinking about a product, consider the key features, benefits, and the needs and wants of customers.
Price Price refers to the pricing strategy and how the products and services will affect customers. Pricing strategy not only include the prices but also they include the discounts, payments agreements or any prices matching services offered. When managing the price strategy, organization must know their status in the marketplace.
Promotion Promotions are those activities that make the business more popular in the customer. It includes things such as sponsorships, advertising, and public relations activities.
Promotion can cost high or low or sometimes a huge cost so there should be some analysis of marketing when making the promotion strategy. It is important to know your customers when doing promotions, whether you require promotion with these customers or not.
Place Place refers to the area where the products and services will be sold and distributed. Place decisions are made according to which area your customers belong to and what are your targeted market.
It is important for you to know how accessible are your product to your targeted customers and how your customers can easily find your products. Maybe the products are not accessible for the customers at the right place and at the right time.
People People refers to all the staff, people and all the employees who work for the organization. People decisions are usually centered on customer service – how do you want your employees to be perceived by customers?
