In the marketing world, the term “5 Ps” is used to describe a strategic approach. This strategy involves using five different techniques that can be applied to various stages of a product’s lifecycle to increase its success and profitability. It consists of Product, Price, Place, Promotion, and People. There are different approaches for each type of P, but they all have one thing in common- they need to work together as part of an integrated whole if you want them to succeed.
If you’ve been looking for a good introduction on how these concepts work together as well as some practical strategies on how you can use them yourself, then this article is for you.