Gain Profits by focusing on 5P’s in Retail
In the Retail Industry, the 5 Ps play a major role.
The 5Ps are:
- Product
- People
- Price
- Promotion
- Place
Product
Research similar products in the industry. Study your competitors and their marketing strategies. Your product should incorporate latest technology as per the market trend to stand out.
People
People look for many products in the market. Determine who needs your product and attract the right people.
Price
Compare your price with competitors. If you are introducing a new product in the market, keep the prices low. Once you increase your sales, you can change the price as per the market standards.
Promotion
Promote your brand online and offline. Attend events, webinars, and seminars and talk about your product. Ask for referrals to your relatives, friends and customers.
Place
To attract customers to the outlet, a good place is a key factor. Your store should be well-placed and Supply and distribution should be easier in your store.
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