Applying the 5Ps

  • Category:
    Business
  • Document type:
    Assignment
  • Level:
    Undergraduate
  • Page:
    1
  • Words:
    353

Running head: AРРLYING THE 5РS

Applying the 5рs

Dell XPS 13

Galaxy S7

Cosmetics

Chocolate

L.L Beans Trouser

Raphl Lauren Dress

HSBC Bank

Bull hide Belt

Sneakers Stores

Cancam Shop

Trivago Hotel

Devon Beer

Bud Light

Angelus Shoe Polish

Fair Driving School

Iginite Games

Montclair Books

Wendy Joint

Kenmpinski

The 5Ps marketing is a strategy used in marketing to help one analyze the business, the products, the pricing, promotion, place and lastly people. All these factors combined enable the firm to adopt winning strategies and be able to make the necessary changes in terms of product quality, changing market prices among others.

Most local and international companies advertise their product using all the available media and platforms. Some will use TV, radio, newspapers, and internet among others. There are varying reasons why different companies will advertise using one platform compared to the other (Goi, 2009, pg23). For instance a company like L.L Bean which deals with men trousers will opt to use the internet to advertise their products as most of its target customers are the youth who are fond of the internet.

Another company known as Angelus Shoe polish prefers use of TV as their mode of marketing. This is because target market is parents whom a large percentage watch TV and this makes a catch for them. This method enables to reach to a wide range of customers and thus increasing its market area.

The reduction of prices according to the changing market rates is one of the tools being used by companies globally so as to be able to effectively edge their competitors. With a clear study of the market prices a company is able to put prices that will pull customers to their advantage. Proper distribution of products to all willing buyers is a tool that can positively impact the productivity of any given firm. In conclusion, with maximum usage of the 5Ps in marketing any company will be able to position its self at a winning position.

Reference

Goi, C. L. 2009. A Review of Marketing Mix: 4Ps or More? IJMS International Journal of Marketing Studies,
1(1). doi:10.5539/ijms.v1n1p2