Getting your brand, and the products or services it provides, out there to the people who matter is what marketing is all about. Whilst marketing trends evolve continuously, there are some principles that will always remain the backbone of every marketing campaign.

The ‘five Ps’ are the marketing mix every business should strive for when strategising the campaigns that set them apart from their competitors. But as the marketing world continues to introduce new, exciting, cutting edge trends, just how relevant are the five Ps to your modern day marketing campaign?

What are the five P's of marketing?

The five Ps of marketing are Product, Price, Promotion, Place and People. This combination of focal points represents a marketing mix that leads to more productive campaigns, and it has proven results. Let’s take a closer look at each of the five Ps and what they mean:

• Product – being aware of the key features and benefits of your product or service, and communicating these to the customer
• Price – setting a price for said product or service that produces a profit but aligns with the expectations of the customer and similar products/services on the market
• Promotion – identifying the type of promotion that will resonate with your target customers
• Place – pinpointing suitable locations for these promotional materials as well as the timing and quantity that will produce results
• People – setting targets for customer care that satisfy the wants and needs of your audience as well as your staff

Where do the five P's of marketing come from?

An evolution of the 4 Ps principle coined by American marketing professor Edmund Jerome McCarthy in the 1970s, this set of principles has a long history dating back to 1981. The five Ps have remained the cornerstone of many marketing campaigns ever since.

Are the five P's still important?

As trends evolve so too is the five Ps marketing principle. In recent years, the five Ps have become seven.

Process and Physical Evidence have now been added to this poignant marketing mix to ensure greater success in the current marketplace. Defining the process that takes your services or products to your customers has never been so important, particularly given the rise of online shopping and the ‘Amazon effect’ within the logistics industry. Consumers now expect the highest quality products in the fastest timeframes, and this will affect how you market.

Physical evidence authenticates the transaction between you and the customer. The businesses of today have to provide physical proof of their brand and the purchase to be successful in their marketing efforts, not just during this campaign but every campaign after.

Need help incorporating the 7 Ps into your marketing campaigns? Get in touch with me today!