The five Ps of the Marketing Plan

The marketing plan is based on the five P's:

• Place
  Important aspects when choosing a place are the desired image, method of distribution, accessibility and the presence of competitors.
• Product
  A detailed description of your product or service. This relates to the aspects which determine the whole image of the product, such as guarantee, service, packaging and complaints procedures.
• Price
  The formulation of the price of the product. If it relates to a service, you should state the hourly rate. Establish the role of the price is: do customers first try to find the lowest possible price or do they first look for quality for which they are prepared to pay more? What are the prices charged by competitors? What is the balance between price and quality?
• Promotion
  How do you reach your customers? How do you give clear added value to your customers? Promotional plans must be in harmony with the whole image of the business.
• Personnel
  Your ideas about the supervision, motivation and involvement in business activities of your employees. 

In a good marketing plan there is a close relationship between the five P's. If one of the P's changes, then the other P's must be changed accordingly.

A marketing plan is not something which is fixed. It is influenced by external factors such as an economic recession, new legislation and new technical developments. If external factors change, your marketing plan will have to change accordingly.