Let us discuss the 5 Ps of Marketing. They are the fundamental principles of Marketing Management. Let us discuss what they stand for:
Product: Product stands for the product a company intends to sell or it produces. It forms the base of a company’s functioning. A product is created, sold and earns revenue for the company and pays for the workforce. A company needs to decide carefully about the nature of product it intends to launch.
Price: Pricing of the product is the next stage. The company needs to check the manufacturing cost and also the cost of rival products before deciding the final price of the product.
Place: Place is very vital. The company must find proper place to market the product or in other words it needs to find the target consumers for the product.
Promotion: The promotion of the product is important since a proper promotion can only help in better visibility and ensure proper sale of the product.
People: It is considered the 5th P. It means the manpower of the company. The sales of a company coupled with various other functions can only be achieved if the company has a good and stable workforce. Thus the quality of workforce plays a vital role. A better and dedicated workforce can only do good for a company and much more.
Conclusion: Thus proper marketing can be achieved by a very good synchronisation of the various Ps. Each component or each P must be designed or made after keeping the effect of it on the other. If this can be done effectively then a company can grow properly or out perform others. Thus if a company decides to launch a chocolate then it must plan the promotional activities, place of marketing efficiently in order to get the desired result. Let us take chocolate as a product and discuss the components.
Here the product is Chocolate.
The pricing must be made keeping in mind the price of similar Chocolates in the market.
The place or target consumers i.e kids or Chocolate lovers of other age groups must be identified.
Promotion must be done accordingly. A Chocolate is associated with happiness. Hence the promotional activities can be done keeping special festivals or such dates in mind. A festival where exchange of gifts is a custom can be the promotional point of a chocolate.
Proper people associated and experienced in the process of manufacturing and sales of chocolates must be hired. At the end, people with a passion for chocolates can only do good for the company.
Thus these are the 5 Ps of Marketing and in this manner they function in synchronisation with each other to complete the Marketing need of a company and take it ahead.