The 5 P's of Marketing Framework
while this course is not focused on marketing, there are a few things that will stay to as your business develops. It's worth dedicating a few minutes to make sure that you have all of your bases covered. An effective methodical way to learn marketing is to understand the five piece of marketing framework. The five Piece Stand for Product price promotion place and people these are the five avenues you as a business owner can consider and leverage to make people want to use your product and service in the remainder of this lesson will go through each of those peace, understand precisely how and where you can customize it, own it and leverage it to create the results you want so that they can match your communication style and preferences. The first P stands for product while we're using product and service interchangeably in this model, this p is about the customers benefit from using your product. These are the products main features and advantages. One famous example that comes to min...
d is Volkswagen think small campaign from celebrating the car's modest dimensions as its most significant benefit. The second piece stands for price. How much does your product cost? And what does the pricing tell us about the product itself? How does that price compared to the ones of the competitors? And where does that position you in the consumer's mind, pricing can be your competitive advantage if you offer a superior product for a lower price or it can anchor the perception of your product as a premium One. The 3rd piece stands for promotion. What actions can you take to promote the selling of your product Under this category comes a long list of potential revenues, advertising, sponsorships, Pr influencer marketing and more will dive more in depth later. The fourth p is for place, where are you selling your product? And are you selling directly to consumers? What is called B. Two C. Business to consumer or are you going through other retailers? B two B Business to business. Is your product sold online? Is it a digital product that can simply be downloaded? Can your service be provided anywhere anytime? Or does it require some corners walk at an agreed upon time. The decision carries more weight than you might think where your product is sold has a significant effect on whom your product is sold to and what your competitive landscape looks like. The 5th and last piece stands for people who are the people providing the service, What's it like walking with them? Do the behaviors associated with your product and service, communicate your values accurately. The engagement with you and your people is the most prominent expression of who you really are as a company. They can be memorable, delightful, even addictive or they can deter and push people away after all, customer service is the only time where you have your audiences undivided attention. So these are the five PS product price promotion place and people, some would include two additional piece physical evidence being one of them a tangible expression of the transaction to validate it and increase the perceived value. It could be a receipt and it could be a diploma. The last additional piece stands for processes. The business uses the acquisition process to double their own messaging. Think of Domino's pizza delivery monitoring website. You've already made the acquisition and you're still engaged.