Tag Archives: 5 P’s

The Marketing Mix – The Official 5 P’s of Marketing

The major marketing management decisions can be classified in one of the following five categories:

The Marketing Mix – The 5 P’s

  • Product
  • Price
  • Place (distribution)
  • Promotion
  • People

The Marketing Mix


Product 
 
People

Place 
 

Target
Market
– The Consumer  

Price 
 

Promotion 
 

These variables are known as the marketing mix or the 5 P’s of marketing. They are the variables that marketing managers can control in order to best satisfy customers in the target market. The firm attempts to generate a positive response in the target market by blending these five marketing mix variables in an optimal manner.

_ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _

Product

The product is the physical product or service offered to the consumer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc.

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Price

Pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also discounts, financing, and other options such as leasing.

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Promotion

Promotion decisions are those related to communicating and selling to potential consumers. Since these costs can be large in proportion to the product price, a break-even analysis should be performed when making promotion decisions. It is useful to know the value of a customer in order to determine whether additional customers are worth the cost of acquiring them. Promotion decisions involve advertising, public relations, media types, etc.

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

People

People decisions are those related to customer service.  How do you want your workers to appear to your customers?  There are a range of service profiles from service with a smile – McDonald’s, to classier Nordstroms, to plain rude – Ed Debevic’s.  The function of people to present an appearance,  an attitude, etc.

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Place

Place (or placement) decisions are those associated with channels of distribution that serve as the means for getting the product to the target customers. The distribution system performs transactional, logistical, and facilitating functions. Distribution decisions include market coverage, channel member selection, logistics, and levels of service.

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

A Summary Table of the Marketing Mix

The following table summarizes the marketing mix decisions, including a list of some of the aspects of each of the 4Ps.

Summary of Marketing Mix Decisions

Product People Price Place Promotion
FunctionalityAppearance

Quality

Packaging

Brand

Warranty

Service/Support

Service

AppearanceUniforms

Attitude

List priceDiscounts

Allowances

Financing

Leasing options

Channel membersChannel motivation

Market coverage

Locations

Logistics

Service levels

AdvertisingPersonal selling

Public relations

Message

Media

Budget

Source: facweb.eths.k12.il.us

1 Comment

Filed under Business, Business Plan, Competitive Analysis, Consumer Psychology, Fashion Marketing, Management, Market Research, Marketing, Marketing Mix, Marketing Strategy, Methodology, Niche Market, Place, Price, Product, Promotion, Qualitative Research, Quantitative Research, Research, Target Market, Trends

5Ps Marketing Mix Theories: Price, Place, Promotion, Package & Product VS Product, Price, Promotion, Physical Distribution & People

5P theory thinks that Marketing Tactics includes Price, Place, Promotion, Package and Product.

According to survey data of transnational corporations,there are 63% consumers do a product decision according to the packaging and decoration. For the housewife who would be attracked easily by the perfect packaging and decoration and their consume would be more than the originall 45%.Thus,The packaging acts a important role in the marketing practise.So,we make Package as the fifth P of 4Ps marketing theory and make a team called 5Ps

The Package Tactics of 5Ps marketing theory

Package and Products

*For  The characteristics of cotton f, strengthen packaging of wrinkle-free, mildew, moisture storage function to extend product life;
* To make the product emergence into products, in packaging design fully integrated into the commercial information, trade mark, functional descriptions and instructions such as essential elements;
* Combine features of the product attributes (size, raw materials, selling point), select packaging materials, targeted to selected internal and external packaging.

4P theory emphasizes the traditional angle from the enterprise product, the inverse of the new marketing 4P theory emphasizes products from the consumer angle. For packaging, from a consumer point of view we need to consider the following:

* Similar packaging for consumer awareness mode (packaging appearance, color, layout, materials, specifications, etc.), what you want to design custom packages to meet consumer awareness to save the cost of information dissemination;
* The face of market information and interference, can rambled to make creative packaging, but only fully express product attributes for consumers to see that this is what the creative product packaging

Package and Price

Packaging materials costs and design costs: different materials, specifications and workmanship direct impact on cost. Stall design and different design is not a fee, but do not compress to reduce costs, design costs, because no matter how the price of packaging materials costs, the costs must be reflected through the design and its value; * production costs and logistics Cost: both are made by hand or machine and cost of production are inseparable, and packaging finished products, its transportation costs in the logistics can not be ignored;

In fact, good packaging does not necessarily require high cost, and good packaging design for the goods often add a lot of commercial value, the following package for the goods described on the simple ways to add value:

* Meet the consumption habits of creative cognition packaging (shape, color, layout, materials, specifications, etc.) is to add value to commodity prices means the most; * design of packaging a consumer’s perspective, to facilitate the use of portable, to facilitate their with post-processing; * ingenuity and consistent brand idea of packaging design and brand value for the brand Zengtian culture; * Packaging is not equal to high-value high-cost packaging, and environmental trends to meet the green packaging design for the unique charm of goods;

Package and Place

* In order to save costs and distribution logistics consumption, it is necessary flow of time compression and packaging sectors. In the strength permitting, you can set up their own logistics center and distribution center;
* Flow of goods in the process of channel has its own into a fixed amount of packaging, do not ignore the “big package” role, in order to channel business point of humanity (such as for the removal), and brand design “big package.” This is also the channel for dissemination of company brand to one of the ways.
* Sincere, open and objective provider to receive channels on the packaging of the proposal to allow commercial and enterprise channel through thick and thin, masters;
* Through channels to receive the consumer packaging business evaluation, timely adjustment of packaging strategies.

Package and Promotion
Marketing in the new theory of the inverse 4P, promotions, and consumers understood how to communicate effectively. In packaging, is actually to communicate with the market as an important vector.

* For different types, different grades of product sales mix, through a unified package;
* In the package purchase promotional gifts or interest coupons, and strengthen consumer spending motivation;
* Into a simple market research questionnaires, interactive communication with consumers in a timely manner;
* Place the fashion information booklet, to enrich the brand of soft spread;
* Place simple and practical combination of the products and other goods using small volumes; (such as socks match shoes, pants, skirt)

5Ps Marketing Theory

Other opinions about 5Ps Marketing Theory

5 P’s to Effective Marketing
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
You’ve done everything right in your site design. Your navigation is clear and simple to use, graphics load quickly and the design is pleasing as easy to look at. Even the best design cannot guarantee your site success. If you want to succeed and stand out, you will need to incorporate important marketing elements into your site’s design.

The essential elements of marketing are easy to remember and include the following:eb product, price, promotion, physical distribution and people.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Product
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Identify what it is that you are really selling. Don’t worry about complicated schemes, just focus on making it clear what you are selling. Start by identifying the benefits of your product. Be sure to point out the things that your customers can really identify with. It is a good idea to focus on how the product solves problems and adds value for your customer base.

Once you’ve identified the benefits and values, take a step back and ask the hard question, “So what?” This forces you to uncover the core benefits of your product and anticipate your customers’ concerns. You will also discover even deeper benefits and value that you never even thought of for your product.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Price
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
What numbers can say about your product. Internet buyers are more price sensitive than traditional consumers. Why? Because they can easily shop around for competitive pricing and features. Your pricing should be competitive, yet still allow you to turn a profit. Your pricing structure can say a lot about your product.

If priced too high, it can drive customers away, while a price that is too low may leave potential customers wondering what is wrong with the product. Find ways to create values. Justify your pricing. Spell out what customers get. If it is 24/7-customer support and weekly updates, let them know.

A low price shouldn’t be the only competitive edge your product has. While the price may motivate customers to buy, don’t forget to back it up with features and value because if price is the only thing that entices your customers, rest assured that someday, someone will beat your price and nab your customers.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Promotion
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Promote on your site. Don’t spend all the time and effort trying to attract visitors without promoting your products and services. Motivate your customers to positive action by adding call to action statements throughout your site. List testimonials and customer statements about the value of the product. If your product is related to other Web sites, list links to those sites for customers to look at. Case studies are also a good way to demonstrate how your product produces results or solutions in a variety of situations. Don’t overlook the traditional promotions that tout “saving up to 15%” or getting added support. Offer value-added services.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Physical Distribution
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Distribution beyond product delivery. The distribution of your product goes beyond just getting the product to your customers. Don’t forget to make it easy for them to not only receive the product, but also use and return it if necessary. If the product requires assembly or installation be sure that clear concise instructions are included and even available online.

Have a clear return policy indicating time limits and any other conditions well in advance. Make them aware from the beginning instead of surprising them down the road. In the end, even a customer who returned a product can still be a satisfied customer-based on their experience in dealing with you and your site.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
People
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Provide customer service. Two-way communication can help you build relationships with your customers and result in more closed sales. Internet shoppers are fairly independent, but can become easily disillusioned with your site and product if the information they need is not accessible.

Even if you have a small operation, customer support is fairly easy to implement. Have clear links to support information throughout the site including the purchasing process. Any place where transition is required should have clear links just in case customers need help.

Make support policies clear. If you plan to offer support only for certain hours of the day, indicate that on your page. Set expectations. Let your customers know when you’ll get back to them. It takes you an average of 3 hours to respond to an email, let customers know. People, in general, are easier to work with when they know what to expect ahead of time.

The 5 P’s of marketing can help you improve your site where it matters most-in the content and overall customer satisfaction of your site. By combining the elements of product, pricing, promotion, physical distribution and people with your site’s design elements, you’ll be on your way to more success on the Internet.

Source: onlinembawiki.com

1 Comment

Filed under Business, Fashion, Fashion Industry, Fashion Marketing, Fashion Retailer, Management, Marketing, Marketing Mix, Marketing Strategy, Merchandising, Place, Price, Product, Promotion