While sales is an extremely important component of the success of a company, the way the company markets also plays a key role in the success of the sales. Marketing can be broken down into five main areas that need to be addressed when devising a strategic and effective marketing/sales plan for a business. These five areas, as explicated in this article, are known as the, “5 P’s of marketing,” and have been outlined below.
1. Product- This refers to the product or service that your business is looking to sell. It includes the physical appearance, the act it does/assists with, the ways in which it improves the lives of the customer. The complete understanding of the product is the foundation for creating a strong marketing campaign.
2. Price- The price of the product/service is an important component to successful marketing. The price of your product must be competitive within its market, yet can still generate a profit for the company.
3. Place- Meaning, the location or platform from which your product is sold. The place of distribution is crucial in that it greatly affects how well the product reaches and infiltrates its targeted audience. It is important to also factor in how much you anticipate selling the product from one platform versus another, as well as how much it will cost to distribute the product from these platforms.
4. Promotion- How will the company promote the product and spread awareness of the product they are looking to sell. This includes advertising, various platforms of advertising, costs of advertisements, sales, and so on. The promotion is a crucial aspect of marketing and sales.
5. People- This is the most recent addition to the P’s of Marketing. It is important to consider the people involved in the promotion, pricing, creation, and so on, of the product itself. How will people that provide the product/service be trained is an another important consideration for your marketing and sales plan.
These Five P’s, while seemingly very simple, come together to create a strong, solid marketing plan and are all important to take into consideration when you are marketing and selling your product. If a marketing/sales plan takes all of these points into account, it will much more likely be a strong, successful campaign.