Marketing  Marketing Services Since 1968

SO, WHAT ARE THE SIX P'S OF MARKETING?

For decades, we were taught in college about the "Four P's" of marketing. Things have changed.

1. PRODUCT

   • Knowing everything there is to know about your product.

   • Who needs it.

   • What will it do for the client.

   • How long will it last, etc.

2. PRICE

   • There are many formulas for pricing. This is my favorite.

     1. Know what your products or services cost you.

     2. Know what you have to charge to make a profit.

     3. Learn the client's perceived value.

     4. Don't leave any money on the table.

     5. Always charge a fair price.

3. PLACE

   • Where will the product or service best sell?

   • What kind of shelf space will it need?

   • What regions of the country?

4. PROMOTION

   • Here's where the "list" has changed.  

   • The tradition taught that promotion included 

     • Advertising, 

     • Public Relations, 

     • News, 

     • Events etc. all the things that "promote."  

   • However, the Public Relations professionals suggest that promotion and PR are different. So, two more have been added.

5. PUBLIC RELATIONS

   • The simplest definition of PR came from one of the largest U.S. agency's founder: "Influencing Behavior." We PR types are always trying to get folks to "do" something.

     • To Vote

     • To Buy

     • To Protest

     • To Join, etc.

6. Public Participation

   • It has been fashionable for advertising agencies and PR firms to hold focus groups (to determine reactions to products & services) and surveys. Now, there is a specialty of "Public Participation."