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The Five Ps of Marketing
by Domnall Óg

Home >> The Five Ps of Marketing

Posted by Domnall Óg
I have a secret. Microsoft's genius is not in its software. It is in its marketing. The reason Bill Gates dominates the world is not because Windows is especially good (as any Vista victim will testify) but because he knows how to hire excellent marketing executives. The principle keys to successful marketing are known as 'The 5 Ps'

PRODUCT. Whether you sell CDs, mobile phones, adhesives or, yes, language learning you need to be clear about what your product is and what it does.

Next you should consider POSITIONING. It is a big world and your product is competing against others. How will it be seen by potential clients? Is it pre-emptive?

How do you get your product to your clients? This is known as PLACE. You can sell it shops, you can meet your clients personally, you can look for buyers’ needs and match your product to them etc.

PRICING is clearly important. Will your product support a high price?Is 299 € better than 300 €? Do prices vary according to where the customers are?

PROMOTION is managing the customer’s journey from unawareness to awareness to beliefs/knowledge to attitude to wanting to buy to buying.

Within the ‘5Ps’ are many other considerations. An advertisement or brochure is made up of a headline, an offer, words and graphics.Studies suggest that a good headline produces a 25% better response than an uninspired one. Good words, or ‘copy’, produce a 5% better response. A good offer will increase your impact by 10% and, surprisingly, good graphics only have a 5% effect.

Many companies value the effect of an memorable headline. Here’s my personal Top Ten:

    ‘Where do you want to go today?’ –Microsoft

    ‘Guinness is good for you’ – Guinness

    ‘Have a break. Have a Kit-Kat’ – Nestlé

    ‘Vorsprung durch technik’ –Audi

    ‘Because I’m worth it.’- L’Oreal

    ‘Just Do it.’-Nike

    ‘Heineken refreshes the parts other beers cannot reach.’ -Heineken

    ‘If it’s on, it’s in.’ – Radio Times

    ‘The appliance of science.’ – Zanussi

The errors of marketing can also be instructive. The makers of the ‘Nova’ car will never use that model name again in a Spanish speaking country!

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Posted on http://www.weeklyletter.com at 2009-04-28 01:00:00 +0200

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