What is it called when a business has control of the market for a product or service?

When it comes to marketing strategies, there always seems to be too many to consider. 

Digital marketing has many different elements, like social media, SEO, content, email, and much more. Trying to approach all the different areas of digital marketing can make it hard for marketers to stay focused. 

That’s where the 5 P’s of marketing come in. 

These P’s represent core values that make up the foundation of marketing and help align values within an organization. 

When you let the 5 P’s of marketing become the focal point of your marketing initiatives, it doesn’t matter what specific strategies you pick — you’ll still have a common goal. 

• But what are these 5 P’s of marketing? 
• Why do they really matter?
• How do brands use them to achieve digital marketing success? 

In this article, we’ll take a look at those questions and help you understand the 5 P’s of marketing and their importance to your business.

What are the 5 P’s of Marketing?

The 5 P’s of marketing are part of what is often referred to as a “marketing mix”. 

A marketing mix is the actions brands take to market their products and services by using a specific framework with the five biggest components of successful marketing: product, place, price, promotion, and people. 

These five core tenants have become the foundation for a marketing mix, and have been used in business since the 1940s. 

While originally “people” was left unsaid, modern marketers tend to add that into their marketing mix to create what we commonly refer to as the 5 P’s of marketing. 

Let’s look closer at each value.

1. Product

Your product is what you offer to customers. 

Whether it’s a physical product or a service, your offerings to consumers are the first core principle that makes up your marketing strategies. 

Your product includes the function, branding, appearance, warranty, quality, and even the packaging of your product or service.

2. Place

The place of marketing refers to the time at which your products reach customers and the channels you use to get them there. 

That includes things like your distribution channels, logistics, market coverage, and levels of service. 

You always want your products to get to the right people in the right place at the right time, so this element offers important benefits.

3. Price

Your pricing refers to the price of each product or the levels of pricing on services. 

It’s essentially your marketing strategy for making a profit, and needs to include the cost of goods, the advertised price, discounts, sales, and payments. 

Pricing affects how your goods are viewed by consumers, and can impact your brand reputation as affordable or high-end.

4. Promotion

Promotion refers to the ways in which you promote your products and services and how you get information about those products and services in front of your audiences. 

This can include many of the day-to-day elements of digital marketing, like social media, advertising, and SEO strategies.

5. People

Businesses and brands don’t run by themselves.

People are an essential component in how your company functions, from your internal employees to customers to partners. 

You need to think about the needs and functions of groups inside your organization and the needs and wants of your customer base. 

From internal satisfaction to customer reviews, the people are the core of your business.

Other Marketing Mix P’s

While these 5 P’s are the core behind a marketing foundational strategy, there are a few other P’s that many marketers want to place into their marketing mix, depending on what type of business you have. 

Here are a few of the other P’s you might want to think about separating into their own specific categories when creating your marketing mix.

Process

This is the next most common element to get added to a marketing mix, as it’s all about the ways in which you deliver your products and services to customers, which can be an important part of your marketing strategy.

Physical Evidence

This is the tangible parts of your products or services that can be delivered into the hands of customers and the proof of delivery.

Partners

If you work closely with partners like distributors or other marketing partners, then you might want to consider adding those outside your internal network into your marketing mix.

Payment

This refers to the ways and methods that you hold and process all your transactions and payments.

Packaging

Packaging refers to the physical appearance and presentation of your products and services.

Perception

Your brand’s reputation and the way that you are perceived by your own audiences is a huge part of modern digital marketing strategies and is often a key component in foundational marketing frameworks.

Why are the 5 P’s of Marketing Important to Your Digital Strategy?

The biggest impact the 5 P’s of marketing can have on your brand is helping you focus on your core marketing goals by creating alignment and a framework that directs all of your initiatives. 

When you have your foundational pillars in place, it’s that much easier to see what areas of your business need additional help. 

For example, if you are struggling to close sales, you might want to examine the price of your products or the people you have in charge of your sales departments. 

Or, if you aren’t receiving great reviews about your new products or services, maybe it’s time to look deeper into your product lines and see if they are targeting the right place. 

No matter what new challenges your organization faces or the struggles that need to be worked through, having a core set of values for your marketing strategies keeps things focused and aligned to the same goals.

Examples From Real Brands of the 5 P’s of Marketing

Now that you understand what the 5 P’s of marketing are and the benefits that they bring to organizations, let’s take a look at how you can apply these principles to your business. 

Below are some examples from real brands that show how the 5 P’s of marketing can be used to create successful marketing strategies.

Canva

Canva was a revolutionary and disruptive platform that put design control in the hands of those who didn’t have experience in creating marketing materials. 

And, when the platform first launched, it was free. After the product was approved by the market, Canva added in different premium versions for specific features and multiple business sizes. 

By being mindful of the price of the product, Canva was able to wait until the right time to add in other features, making the price still worth it to users.

Mercaris

Mercaris is a financial technology company that spotted a gap in the marketing with its product. 

By focusing on organic, non-GMO, and sustainable agriculture, the brand was able to stay ahead of the market and deliver a niche service that didn’t have as many direct competitors as other fintech companies. 

By creating a product that didn’t have to worry about as much competition, Mercaris was able to claim their space and create their own segment in the marketplace.

Warby Parker

The online prescription glasses brand Warby Parker offers a model that sells frames at a low cost of $95, which drastically undercuts many competitors in the space.

By basing their pricing on public perception of what was both inexpensive and quality, Warby Parker was able to find the perfect price for their product. 

By focusing on their public perception and the price of the product, Warby Parker managed to achieve both of its main goals by being affordable while appearing expensive.

Hu

Hu is a dessert brand that focuses on making organic products that are free of many of the ingredients and additives found in traditional candy and chocolate. 

However, rather than being a niche company that can only be found through online research, Hu placed their products in major retail stores like Whole Foods, Target, and Walmart. 

By making their product accessible to most shoppers and placing the product in retail stores, Hu was able to expand its brand awareness among consumers and increase its sales.

The Lip Bar

The Lip Bar is a well-known vegan beauty brand that leverages relationships and partnerships with influencers to promote its products to wider audiences. 

The brand puts women of color at the core of its marketing strategies and selectively chooses partners who represent its mission. 

By promoting the brand on the right channels, The Lip Bar is able to appeal to its target audience in the places the target audience spends their time, like social media and influencer blogs.

Wrap Up

The 5 P’s of marketing help you keep your teams aligned and focused on the core values that drive a successful marketing strategy. 

When you use the 5 P’s of marketing in your organization, you’ll find more cohesion and cooperation in your teams as you all have a common goal in your marketing mix.

If you want to learn more about ways to bring your teams together, check out our blog on content alignment strategies. 

There you’ll learn all about content alignment, what it means for your business, and the strategies you need to put in place in order to achieve true content alignment in your organization. 

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