#questionfortheguyinthehat – Bob G. asks “I always get confused with the four P’s of marketing. Can you review for me?”
Hi Bob. Thanks for your question. According to Marketing 101 there are 4 Ps in Marketing:
We always like to tell our clients there is a fifth one, too: People.
The 5 Ps of Marketing:
- Product: Are you offering a product that solves a real problem? Is it something your competitors offer where they have the advantage? Do you completely stand behind your product?
- Place: this is somewhat self explanatory as it refers to your physical & online location. Are they easy to get to? To remember? Is it organized for the customer?
- Price: another self explanatory item. How are you priced? Are you consistent with your pricing? If you are the low price place, you have to be low priced across the board. Guarantees and return policy easy for the customer to understand?
- Promotion: this is the advertising, public relations, social media part of your marketing program.
- People: a company’s staff is their conduit to the customer or user. Staff needs to be well trained & motivated in their interactions with the public. And don’t forget your social media program. Your Facebook, Twitter and other social media outlets are looked at as they are people. Be careful how they interact with your public.
When looking at your marketing Ps, one is not more important than another. They all have to be in perfect balance for you to succeed. Give yourself a marketing review and see how you stack up.