I recently read an article about the 5 Cs of modern marketing and I thought that we would explore these principles’ past, present, and future and see how they are relevant in helping us remember to keep our marketing in check in today’s market. So minding your Ps and Qs is really a reference for the 5 Ps of Marketing and the 5 Cs of marketing (instead of Qs).
The original acronyms or initials for business and marketing were the 4 P’s of marketing:
These 4 Ps have been taught in marketing and business classrooms around the world for the better part of the last century. At some point a 5th P was added: the all important PROFITS! Let’s analyze how these 5 Ps are still relevant in today’s marketing world, digital and traditionally it still fits!
Product: The product also stands for services and is, of course, central to business. You have to have something to sell.
Price: Finding the right price is key to success. Economics tells us that price is determined by supply and demand. This still stands true today; however, with the internet supplies can be acquired from anywhere in the world and the best price available is just a quick search away.
Place: The all-important “place” weighed more heavily before e-commerce, but it is still vital for local businesses. For internet and e-commerce businesses, place can be more about shipping and how fast you can get the products you sell into the hands of your customers.
Promotion: Promotion is the marketing aspect of business. Long ago it probably only meant sale prices or advertising but now, it is a category in itself because of digital and interactive marketing.
Profits: Profits are the metrics of success and determine whether a business can maintain longevity. This one is a very important “P” indeed.
The new acronyms or initials in marketing have been the 5 C’s. They have been around for some time now. The original 5 C’s of marketing are:
- Consistency (or Continuity)
The new more modern upgrade is probably more of an addition than a replacement to these:
And, I am adding even one more: Community.
So what do all these initials mean? They might have originally been a way for students to memorize answers on tests. However, they have a very real and important meaning for today’s business owner or marketer. The important meaning for today is to use these principles when formulating your business strategy and your marketing plan. Remembering to include all 11 points mentioned here today will result in a well-rounded and comprehensive business and marketing plan. What are your thoughts on this? Tell us in the comments below.