The 5 P’s of a Marking Plan are Product, Place, Price, Promotion and Packaging.
Starting with Product itself, research is key! What makes your item stand out from your competitors? Depending on what the business is offering will depend on what you research. .
Your branding and business name needs to be appealing, easy to read and perhaps have a meaning. If an individual business would like global success, it is always worth considering what name would appeal globally?
The product Place – how a business will provide and even produce a product. For example, will the product be online and delivered by you the business or will the product be sold by a third party like Amazon? Where is the business place and which social platform is more suitable for that business type?
The product Price. In order to be successful, the business needs to be making money and it not ideal to be operating at a loss. It is not just about how much businesses are selling a product or service there are other cost associated from manufacturing to hosting a website. Businesses need to calculate how much it costs to run the business before putting a price on the item or service for sale.
From the product research, businesses should have noted what their competitors are selling their items for. It is also worth considering using psychological pricing- For example, some clothing brands do this, the prices often ends in 99 or 95 which is more appealing then perhaps a whole number. E.g. instead of £20, make it £19.99.
The product Promotion is the way people (the market) see a product. Promotion is about grabbing peoples attentions to purchase. From newsletters to pop-ups to deals they all play a part in the promo strategy. Marketing Campaigns can also be a key promotional piece for products – for example Selfridges just launched a new make up brand called Pat Mcgrath, they have completely transformed their store, window displays and used social media (instagram) to capture the launch event all to drive footfall to their London store and of course to the website. Using keys words embedded in the website that when they are searched will lead people to product site, this type of SEO is another form of promotion.
The product Packaging, although we should never judge a book by its cover, there is real value having the right colour, branding and labelling to attract people to chose you over other competitors. Packaging is also key for protecting products well, so businesses must consider this aspect too, it can be all well and good having gorgeous packaging, but is it protecting the items?
To summarise, the 5 Ps can effectively influence a positioning of a product by helping businesses to focus on what they need to do get their product to sell whilst enticing the right people to purchase and keeping the competitive edge.
Social media has around 2.7 billion* active users across a multitude of platforms, having the right marketing strategy in place, businesses have an opportunity to reach their target market and more.