The 5 P’s of Marketing

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Did I just say the 5 P’s of marketing? Yes I did!

We’re all familiar with the class 4 P’s of marketing, also known as the producer-oriented model: Price, Product, Place, and Promotion. This is the classic model that has been used for decades but now things are changing! I found an interesting article about the potential “rewrite” of the P’s of marketing that I will link below.
http://www.torbenrick.eu/blog/marketing/rewrite-the-ps-of-marketing/#!

With social media quickly on the rise, consumer relationships have become more important that ever. This is why the 4 P’s are changing and a 5th “P” may be necessary to complete the producer-oriented model.

Price to value.
Since consumers now have such a large variety of products to choose from, you need to communicate value. In this day and age, only truly valuable brands will survive

Product to solution.
The reason consumers buy products is to solve a problem. They’re thirsty, they buy a drink. They’re cold, they buy a jacket. Basically, if they need something, they buy it. A product needs to provide them with a solution to their need in order for them to buy it.

Place to any place.
Your business is always “on” nowadays. Consumers can access products online, on their smartphone, or on their tablet at any time. It is the marketer’s job to make sure information is readily available in any place a consumer might be looking for it – which can be any place.

Promotion to conversation.
Brand is dictated by what consumers say about it. It no longer is simply what the brand claims it to be. Consumers can find opinions online at anytime which has a significant effect on their attitude toward the brand, especially if that opinion is the first thing they have heard about the brand. Promotion is moving toward conversation. Businesses are now aiming for consumers to promote the brand for them by providing excellent experiences that consumers will want to talk about.

And finally, the 5th “P” that we’ve all been waiting for is PEOPLE.
People are the most important part of businesses. A business can’t run without employees and a business can’t survive without its consumers. Consumers are vital to a business’s success not only because they purchase products, but also because they will spread the word about your business and introduce it to new potential consumers. On the flip side, a business’s employees are just as important. Engaged and interested employees are able to make customers happy.

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