ENTREPRENEURSHIP

Detailed explanation-1: -The 5 P’s of Marketing – Product, Price, Promotion, Place, and People – are key marketing elements used to position a business strategically.

Detailed explanation-2: -The 5 P’s of marketing – Product, Price, Promotion, Place, and People – are a framework that helps guide marketing strategies and keep marketers focused on the right things.

Detailed explanation-3: -Philip Kotler who coined the gospel of marketing, the four Ps (product, price, place and promotion), has added a fifth – Purpose.

Detailed explanation-4: -Even back then, it was clear that people-their characteristics, behaviors and preferences-were the through line across the four Ps of marketing. That’s what makes the fifth P the most important. To truly stand out, brands must make customers-and their long-term satisfaction-the heart of everything they do.

Detailed explanation-5: -Jerome McCarthy came up with the 4 P’s model in the 60s, which was later popularized by Phillip Kotler. These 4 P’s were Product, Place, Price, and Promotion. All of these 4 P’s are things that you should keep in mind when forming any marketing strategy. Then came the fifth P that connects them all, People.