{"id":324,"date":"2020-06-04T18:15:32","date_gmt":"2020-06-04T18:15:32","guid":{"rendered":"https:\/\/marketersincharge.com\/?p=324"},"modified":"2021-02-10T14:11:56","modified_gmt":"2021-02-10T14:11:56","slug":"the-5-ps-of-marketing","status":"publish","type":"post","link":"https:\/\/marketersincharge.com\/the-5-ps-of-marketing\/","title":{"rendered":"The 5 P\u2019s of Marketing: What They Are and Why You Should Care"},"content":{"rendered":"\n
In 1960, Edmund Jerome McCarthy proposed the four Ps of the marketing mix in his book Basic Marketing: A Managerial Approach<\/em>. His four Ps were price, promotion, product, and place. In 1980, Philip Kotler\u2019s book, The Principles of Marketing<\/em> expounded on McCarthy\u2019s proposition.<\/p>\n\n\n\n Since then, several marketers have proposed a fifth P. Some have proposed<\/a> \u201cpeople\u201d as the fifth P, others have suggested<\/a> \u201cpersonalization,\u201d and Kotler himself is rumored to call his fifth P \u201cpurpose.\u201d A brave few have even recommended \u201cprofit\u201d as the fifth \u201cP.\u201d<\/p>\n\n\n\n I love the original four Ps, and I think \u201cpeople\u201d is a fitting fifth P. But only because I\u2019m not a misanthrope, so don\u2019t take my word for it. So if you’re still reading this after my indisputable bias, let\u2019s dive in.<\/p>\n\n\n\n\n\n\n\n Without a product, there won\u2019t be any marketing. Talk about a marketing mix would be wishful thinking at best, and a hallucination at worst. And products here apply whether you\u2019re a manufacturer or retailer.<\/p>\n\n\n\n Consider some quotes from business experts to support this:<\/p>\n\n\n\n \u201cPrice is rarely the most important thing. A cheap product might sell some units. Somebody gets it home and they feel great when they pay the money, but then they get it home and use it and the joy is gone.\u201d<\/p>Tim Cook<\/cite><\/blockquote>\n\n\n\n \u201cA market is never saturated with a good product, but it is very quickly saturated with a bad one.\u201d<\/p>Henry Ford<\/cite><\/blockquote>\n\n\n\n \u201cDon\u2019t find customers for your products, find products for your customers.\u201d<\/p>Seth Godin<\/cite><\/blockquote>\n\n\n\n Granted, if you\u2019re willing to do some research, you\u2019ll find other great quotes on why promotion, people, price, or place are the most important \u201cP\u201d in the marketing mix. It\u2019s like performing a Google search for \u201cthe most important finger.\u201d<\/em> Just so you don\u2019t run off to check, here\u2019s an overview:<\/p>\n\n\n\n1. Product<\/h2>\n\n\n\n