The 5PS Of Marketing That Can Save Your Business

We’ll today be looking at the 5PS of marketing (previously the 4PS of marketing) which you can adopt into your marketing model to ensure you come up with a product or service that fits and meets the needs of your target audience no matter the niche you’re in.

I know most of us have heard of either the 4PS of marketing or the 5PS of marketing but do we all really know how it came to be or what it’s called i.e. the term used to refer to them? If your answer is as good as mine, then you’ll thank me later because I’ll also be sharing with you guys  the term used to refer to the 5PS of marketing  as well as a brief history of how the 5PS of marketing/the 4PS of marketing came to be.

History Of The 5PS Of Marketing/ Marketing 5PS/The Five PS of Marketing

The “marketing mix” which is a term used to describe the 5PS of marketing (previously the 4PS of marketing) is a term that was coined by Neil Borden in his article titled “The Concept of the Marketing Mix.”

Neil begun teaching the term after he learned it from one James Culliton, an associate who in 1948 described the role of the marketing manager as a “mixer of ingredients”; one who sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes along, sometimes adapts a recipe from immediately available ingredients and at other times invents new ingredients no one else has tried.

Producer-Oriented Model

A marketer by the name E. Jerome McCarthy proposed a 4PS classification in 1960 which has since been used by marketers throughout the world though it has now been changed to the 5PS of marketing.

Source (But altered a bit): Wikipedia

With time, a new system of marketing called the “System Approach” was developed and it promotes the thought that:

All parts of business work together

And this is what has brought forth what we now call the 5PS of marketing.

The 5PS Of Marketing Mix

1. Product-E.g. Quality, design and guarantees
2. Price-E.g. Amount tagged on a product or service. It shouldn’t be too low or too high
3. Promotion-E.g. Advertisements or any other marketing activity
4. Place– E.g. Which channel of distribution are you going to use, wholesalers or retailers?
5. People– E.g. Sales managers and staff

Last Word On The 5PS Of Marketing

There were initially 4PS of marketing as earlier on said but with the introduction of “People” into the equation, the marketing mix became the 5PS of marketing though don’t be surprised if you come across the 7 or even 8 PS of marketing-nothing is cast in stone 🙂

Let me conclude by saying that it doesn’t matter which type of business you might be in, so long as you take the 5PS of marketing into consideration and fine tune your business, then you’re bound to “strike gold”; it’s just a matter of time.

As always, feel free to share what your thoughts are on the 5PS of marketing; I’d certainly love to hear from you!

(The 5PS Of Marketing: Images above courtesy of FreeDigitalPhotos.net)