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The 6 P’s of Marketing

Peisi Chan | 16 June 2021
6p's of marketing

WHAT DO YOU KNOW ABOUT MARKETING?

Think you are familiar with the 4 P’s of marketing? Have you heard of the 6 P’s then? Many may see marketing as something to sell or push for sales. In actual fact, marketing is a lot more than just sales, it engages your consumers, creates an identity and sustains presence. Marketing also generates new content, retaining interests and keeping the conversation going. This is important because it helps your brand stay relevant and maintain the relationship with your consumers. So, what are the 6 P’s of marketing?

1. PRODUCT

Starting with the products or services you are selling, you should always have a clear description of what it entails. This includes what it is, the purpose, the attributes, most importantly, spelling out clearly the benefits your consumers can expect to gain. 

Always consider the unique selling point or factor of superiority and communicate that to your consumers. Specifying the benefits and advantages may help your customers differentiate your products from your competitors’.

Some important questions you should consider:

  • Are your products and services suitable for the current market?
  • Ask yourself what are the needs of your consumers and market?
  • What are the unique selling points you want to bring across?
  • What are the benefits of choosing your products?
products

2. PRICE

Next up, price, which essentially refers to the pricing strategy that you take on. To do so, you should always consider your business’ standing and position in the market. For instance, products with higher price tags are typically deemed as those of a higher quality. This translates into how consumers may tend to have higher expectations with pricier products. There are always several ways to go about pricing your products. Some may choose to lower their prices to capture a greater market share. On the other hand, some may do the opposite to support their brand identity, or even to earn a group of loyal customers. You can always use trial and error while adjusting your prices over time to find the optimal one. The price you set should reflect the position your business takes on.
price, quality

3. PLACE

For place, to simply put it, it refers to the locations and platforms in which your product is sold. There are plenty of ways through this, including direct sales, via distributors, telemarketing etc. With the rise of e-commerce, many businesses have also brought their businesses online for several reasons

The different channels may offer your businesses new opportunities, or potential consumers and markets, especially the e-commerce market. It is key to make sure your products or services are easily accessible to your consumers at all times. 

place, location

4. PROMOTION

Promotion relates to ways of making your business known to the consumers. It is often linked with marketing and advertising, public relations and even sponsorships. It tells the market all about what you do, your business, brand identity, products and so on. Each company will have its own set of promotions that works for them, depending on factors such as its industry and company size. While small changes in the measures can drastically change the results, it is important to analyse the worth of your consumers. In other words, that means to analyse whether the value of the consumers is worth the budget spent to capture them.
people, workers, employees

5. PEOPLE

As for people, it is straightforward, it relates to the staff and management team of your company. They play a critical role in a business, whereby their past experiences, knowledge and attitude all come in place. This is especially so for businesses providing services, as consumers’ decisions may be affected based on the customer service provided.
people, workers, employees

6. POSITIONING

Lastly, positioning is how a business differentiates itself from its competitors. This can be done through pricing, brand identity, image, products, services and so on.  You should set a clear value proposition for your business, and this should be how you want your consumers to perceive your business. A great example of Coca-Cola’s value proposition is representing happiness when one opens the can.  You should always strive to create an ideal impression in the hearts and minds of your consumers. The best is such that whenever your brand name is mentioned, your consumers will immediately get reminded of your brand’s identity. A well-rooted positioning can affect consumers’ willingness to purchase and spending power, so make sure you do that well!

brand positioning, value proposition

IN A NUTSHELL

Now that you are more familiar with the 6 P’s of marketing, are you ready to embark on the journey of taking your business to the next step? From our previous blog posts, we have learnt about the importance of e-commerce and going digital. Wish to know more about how you can do that? Check out 3D Omni Commerce. Get started with us today!
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