The marketing strategy is a combination of tools that allow a marketing agency to dominate the market it wants. To design the marketing strategy, you have five basic instruments that must be combined properly to achieve the desired objectives. These tools are summarized in the ‘5 Ps’ of marketing. When a marketing agency identifies these areas of work or development, you should consider the following ‘5 Ps’ to make a business successful.
1 – Product
It is the physical good, service or idea being offered. The product concept is somewhat broader than an object in itself because it can enter the container, cover, presentation, ancillary services such as the post-sale or transfer, guarantees, etc. Among the duties of the marketing, it is as follows;
- Development and launch of new products, services and/or ideas
- Product maintenance, modification or abandonment
- Brand and image
- Packaging and labeling
2 – Price
It is the cost to the public or selling price. It is the exchange value of the product as determined by the utility or satisfaction derived from the purchase and use or consumption of the product. It is one of the key factors in selling a product, but not the only and not the determining factor in most cases. Often the price is calculated as the cost of production plus a percentage, however, usually, the price is decided by the market. Its characteristics are as follows;
- It is more short-term fix.
- For the price, the company can adapt quickly to competition.
- It is the only one that generates income, while other elements create costs.
3 – Promotion
It is advertising to do to sell the product i.e. the ways to inform and convince the benefits of product or service. With the promotion, it is sought to create reasons for customers to purchase a product that is being marketed.
- Communicate product characteristics
- Communicate product benefits
4 – Place
It is where you sell the product. This can play an important role in the success of our business. A street with heavy traffic of people is a better showcased than a hidden passage, so it is advisable, before opening a business, to do a market study of the area. You can use the square to get a product to reach the customers. The following four elements make up the distribution policy;
- Distribution Channels
- Distribution Planning
- Physical Distribution
5 – Personal
They are the activities that take place after the sale and whose immediate goal is to ensure complete customer satisfaction and possible repurchase. It means to track shoppers know their habits, tastes, expectations, etc.
It is required to keep customers informed about new launch of services/products, special offers, events and related activities to guarantees for customer loyalty to the brand, company, product or service.
In this way, a marketing agency can ensure that the customer repeats purchase action and motivate others. All these areas have a single purpose which is to respond promptly, efficiently and effectively to meet the needs and desires of the customers.