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5 P’s

5 P’s. 5 P’s . The 5 P’s are: Product Place Price Promotion People. Product . First, marketing is used to find out if there is a demand for a product. Then marketing predicts how to make the product appeal to the consumers.

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5 P’s

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  1. 5 P’s

  2. 5 P’s • The 5 P’s are: • Product • Place • Price • Promotion • People

  3. Product • First, marketing is used to find out if there is a demand for a product. • Then marketing predicts how to make the product appeal to the consumers. • Packaging is a major part of marketing. It includes the design, color, size, and brand name of a product

  4. Place • Marketers have to decide how and where customers will buy their goods and services. • For example: A company is more likely to sell snowshoes in Maine than in Texas because of the snowy weather in Maine.

  5. Place • There are three types of distribution • Channel distribution- is a pathway to direct products to consumers • Direct distribution- occurs when goods or services are sold from the producer directly to the consumer • Indirect distribution- involves one or more intermediaries.

  6. Price • To determine the price of a product, marketers consider these three things: • How much are customers willing to pay? • Is the price competitive with other products? • Can the company make a profit? In order for the company to make a profit, they must first reach the ‘break-even point.’ This is the point at which the total revenue, or sales, equal the total costs and expenses.

  7. Promotion • Promotion involves making the customers aware of the product. • The most familiar form of promotion is advertising.

  8. People • The people is your target market • Target market- is the people, or group of people, that you are trying to reach with the other 4 P’s The people are who you, as a marketer, try to sell your product to.

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