When it comes to marketing, most people will at least be familiar with the term ‘The 5P’s’. They are, of course, Product, Place, Price, Promotion, and Profit relating to your product (during my university days, there were only 4P’s and nowadays, some scholars claim up to 8P’s, so don’t panic!). These are considered an essential part of the marketing mix and overall strategy, blah blah blah yes we all know that! But how can we incorporate these elements together and find a positive synergy with the rest of our strategic efforts? Sometimes, even when we pay close attention to these factors individually, we often forget that they relate to other parts of the marketing strategy (remember, a marketing plan has many essential aspects). The integration between important elements is usually overlooked or misunderstood.
The correct way to develop your P’s strategy is to correlate it with the ‘Product Life Cycle’ (PLC) chart. I’m sure the term also sounds familiar to many but, in case you don’t know what a PLC is, it is a 4-part chart which helps determine where your company and/or product is in its lifetime (find one here and here). The suggested strategy for each of the P’s will vary in each stage and therefore, your advertising needs will have to be adjusted accordingly.
In general, do NOT make the mistake of treating every product or element of your overall business strategy individually. It is far more favorable to consider them as a whole in almost every scenario. Be sure to align the mentioned elements together in order to achieve desired results, especially in your marketing efforts.