What are the 5 Marketing Strategies
The marketing mix: do you know the fifth P?
Marketing Mix - what is it? In recent years, traditional consumer goods marketing has evolved into service marketing. With this change, the previously known "4P" (Product, Price, Place, Promotion) were no longer sufficient.In this article, you can read how and why the former “4P” of the marketing mix have now become “5P”.
Until a few years ago, consumer goods marketing was at the heart of all marketing activities. But now the focus is on long-term service marketing. The fifth “P” is the key to success, especially in the service sector.
The optimal marketing mix
An optimal marketing mix includes all 5 elements:
- Product policy (Product) - The product policy includes aspects such as product design, style, quality, packaging, size, brand name, range planning as well as service and guarantees
- Pricing policy (Price) - pricing, discounts, bonuses, payment, delivery and credit terms
- Distribution policy (Place) - locations, exterior and interior design, warehousing, transport options, sales channels and intermediaries
- Communication policy (Promotion) - Advertising, personal sales, sales promotion, trade shows, sponsorship, events and PR are part of the communication policy
- Personnel policy (People) - Personnel capacity, qualification of personnel, training needs, employee motivation
Marketing mix element HR policy: Why is it such an important success factor?
Employees are of central importance to companies. In the world of SMBs, people are often the only thing that sets companies apart from the competition.
Social and economic processes are basically inseparable. If employees are satisfied, there is no question that this has an impact on the company:
- increased productivity and higher performance
- more creative results in development and research
- decreasing operating costs
This enables us to react faster and more efficiently to changes in the market. A high level of employee satisfaction is also reflected in the low number of absenteeism and sick days.
In addition, satisfied employees will happily stay with their company. This avoids employee fluctuation and you are able to retain highly qualified employees in your company over the long term.
Book tip: The right marketing mix for SMEs
Trend marketing practical book: Innovation cycle and marketing mix for SMEs
Hardback edition: 367 pages
Publishing company: Campus publishing house
Edition: 1 (February 16, 2017)
Price: 49,95 €
Conclusion: How do you find the optimal marketing mix?
To a successful one Mixing the marketing mix To design, the first five requirements must be clearly defined so that step number six can be effectively applied in marketing:
- Management focus
- Business definition
- Portfolio management
- Market segmentation
- Marketing strategy
- Marketing activities
Marketing mix: the 7 Ps
After expanding the classic approach, the following P’s are also recorded, which together with the original form the 7 P:
- People (Person) = personnel policy.
- Physical facilities = Equipment policy. Includes all elements related to the quality of service.
- Process = Process policy. Performance in the process and the resulting customer satisfaction.
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