5 P's of Marketing - Who Is Right?

The traditional marketing mix created by Jerome McCarthy consisted of the 4 P's. This model has been extended an number of times - Extended Marketing Mix - and one of the most popular is the 5 P's Of Marketing.

The standard 4 P's (see my free pdf - it's very good) are:

• Product
• Price
• Place
• Promotion

The 5 P's Of Marketing - A Variation On The 4 P's

The variations on this theme which have been developed by various experts are reviewed below and I even give you my own version.

As you will see, some take the standard 4 P's and add another P. Others have more imagination and come up with 5 different P's of marketing.

I'm biased but if you're going to move away from the traditional 4 P's, I think my version is best.

 

5 P's of Marketing Version 1

Very similar to the traditional 4 P's with Participation added.

• Product

• Price

• Place

• Promotion

• Participation - engage in a conversation between the brand and customers

http://www.collegerecruiter.com/consumer-marketers-blog/general/the-5-ps-of-marketing/

5 P's Of Marketing Version 2

aka the 5 P's of Effective Marketing with People added.

• Product
  .
• Price
  .
• Promotion
  .
• Physical distribution (a clarification of the word Place)~
  .
• People

http://www.businesstoolchest.com/articles/data/20040220194417.shtml

5 P's Of Marketing Version 3

This version is much more radical as it only includes promotion from the normal model. I'm not sure about perfection although you should aim to continually improve the effectiveness while it's cost effective.

• Promotion

• Position

• Perfection

• Preparation

• Positive attitude

http://www.nextlevelsolutionsforrealestate.com/The-5-Ps-of-Marketing-and-Seller-Relations.html

5 P's Of Marketing Version 4

Developed by CJ Hayden, this version is also known as the Real 5 P's Of Marketing and has been developed for consultants, coaches and other professionals.

• People
  .
• Positioning
  .
• Personal credibility
  .
• Push plus pull
  .
• Persistence

http://www.frugalmarketing.com/dtb/5ps.shtml

5 P's Of Marketing Version 5

When I saw this version from consultant Fraser Hay I started to think about the different P's in marketing since I was familar with the 4 P's and 7 P's for services (4 P's plus people, physical evidence and processes).

• Positioning

• Packaging

• Promotion

• Persuasion

• Performance

5 P's Of Marketing Version 6

I'm a bit confused by this version as there are 6 items:

• Positioning
  .
• Product
  .
• Price
  .
• Place
  .
• Promotion
  .
• People

http://bestfreemarketingtips.com/2010/05/ideal-customer/ideal-customer-define-5ps-marketing

5 P's Of Marketing Version 7

• Price
  .
• Product
  .
• Place
  .
• Promotion
  .
• Pace - at what rate - how many, how soon?

http://www.shinnconsulting.com/comp_includes/Articles/5P27s_of_Marketing_Handout.pdf

5 P's Of Marketing version 8

• Product
  .
• Price
  .
• Place
  .
• Promotion
  >
• Packaging

http://www.onlinembawiki.com/5ps-marketing-theory/

5 P's Of Marketing Version 9

• Positioning
  .
• Packaging
  .
• Persuasion
  .
• Performance
  .
• Passion

This is very similar to the Fraser Hay version

http://www.potentiate.net/resources/Mind%20Matters_Marketing5Ps.pdf

5 P's Of Marketing Version 10

In this tenth version, Personality is added to the normal 4 P's.

http://9inchmarketing.com/2009/05/14/personality-the-fifth-p-in-marketing/   

My Own 5 P's Of Marketing

I thought I'd round things off with my own version of the 5 P's of Marketing - mind you I did come up with the 27 P's so you have been warned.

Here goes:

1. I would like to say Profit because I believe that should be the main aim of your marketing but sometimes a business may decide to focus on increasing brand awareness or market share so my first P of marketing is Purpose. Having a clear purpose is the first essential ingredient to any marketing plan or strategy.
   .
2. The second P is Positioning because so many mistakes I see can be traced back to the fact that there is nothing special or unique about the business and what it offers a particular group of customers. Many businesses with lead generation problems are no different from the ten nearest competitors. Mind you I am biased since I specialise in helping companies to differentiate their businesses - see my other blog Differentiate Your Business.
   .
3. The third P is Problem to keep focus on the fact that most of the time your marketing is aimed at helping potential customers to solve a problem or pain point. If you look carefully, you'll see that a lot of the best advertising meets people where they are, worrying about a problem and leads them gently to a solution.
   .
   
4. The fourth P is Perception to remind you that effective branding and promotion takes place in the mind of your prospect. Whatever your customer thinks is the truth you have to deal with. Your message has to persuade buyers.
   .
   
5. The fifth P is Promotional Media. This is how your message reaches your target audience. Different channels work in different ways and reach different prospective customers. There's always a lot of pressure to take up a new promotional media.

What Do You Think? Which is the Best 5 P's Of Marketing?

If you have a preference for one particular version of the 5 P's, let me know by leaving a comment.

If not, you may with to stick with the 4 P's of marketing so grab my free report on the Marketing Mix.

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Comments

[Dr Rajeev Kumar]

Dear Mr Paul,
I have gone through 5's P of Marketing.It is really beautiful.Let us keep in touch.I teach Marketing and International Business in India to MBA students.