What are the Five P’s of the Marketing Mix?

The five P of marketing are product, pricing, promotion, positioning, publicity, packaging, pass along, and permission. 

According to Seth Godin, there is also the purple cow; throughout the paragraphs, I will break down the purposes of the P of digital marketing. Understanding more than just the five Ps of the marketing mix is essential.

Product

When selecting and developing a product, the product is first essential to understand your competition, understand your target audience, and understand why people should buy your product.

It’s also relevant to be aware of the competition in the marketplace and that your target audience may not be susceptible to a mass target audience; this is where inbound marketing comes in; a product must match the needs and services of customers.

Pricing

Once you have created a product, it is vital to select the pricing; for example, on Amazon, it’s found that Books that are selling for £9.99 are more successful than books selling for £10. This means it’s essential to match the price tag to your target audience and the nature of your products.

Luxury goods can be sold for more than cheaper everyday items. 

Also, when setting a price for your product is vital to understand when selling a product that gives you return income. 

For instance, if you spend £10 on an item but only get £10 in returns, that is a zero gain and a net loss because you must still pay your staff and distributors.

Promotion

The next P of the marketing mix is promotion this can be done by using two methods of digital marketing and marketing strategy, the first being the more traditional outbound marketing with advertisements and flyers.

The other option is inbound marketing creating a website and leveraging social media to build a customer base and expand your market reach. Furthermore, it’s essential to understand that you must be aware of your target audiences when promoting a product.

For example, the music and laundry industry targets teenagers and young adults because they have excess income that can be spent on music and sexualize clothing.

Positioning

When designing a product and marking it to the consumer we need to be aware when in the design phase before the marketing strategy truly begins what is the positioning of your product who is this product for, why should they buy this product, and what is your competition and is your competition relevant.

Due to living in the digital and information age, traditional news media like NBC, BBC, and Fox News are now competing with podcasts like the Tim Poole podcast, the Joe Rogan Experience, and John Peterson’s podcast.

I make examples of these traditional and non-traditional news and information media to show how anyone with a decent product or service can build an audience that meets their needs.

Publicity

When promoting your product, it’s relevant to understand the publicity and traction gained using social media and Internet influences to promote and publicize your products and services. 

The advertisement comes from traditional advertising, but the new inbound marketers are the future of marketing and advertising products.

Packaging

When you think of packaging is essential to attract the eye of customers; just think of brands like Coke or those brands you see when going shopping, which immediately draw your eye. 

When designing your packaging is crucial that the design targets explicitly your marketing audience.

For instance, bright and effeminate colors target female and feminine audiences towards effeminate products; the same goes for masculinity. 

Your packaging can also be used to promote your brand and services. Think of Amazon and its delivery and product services.

Pass along

Can a design team and marketeers successfully lead to creating and promoting a product that can be passed along to customers and their social circle? Will your product develop a life of its own with customers doing your promotion and marketing for you?

Permission

due to the advent of ad blockers is now more critical than ever that customers can be engaged with your products or services. 

This can be done by using social media and developing a blog to develop a customer base and audience that will come back for more of your services or products.

Purple Cow

Seth Godin, the marketer, and author of the purple cow argues that all future products and services must have something unique and the ability to constantly turn out and develop interesting new products and services.

Seth Godin explained his strategy by stating that when people first see a cow, they are amazed that they become dull with the experience over time.

Godin argues that designers and marketers need a purple cow in their products to stay competitive. This means that products must constantly change to remain relevant in the global marketplace.