5Ps

Definition

The 5Ps refer to a framework in the context of understanding economic systems and business, specifically focusing on Product, Price, Place, Promotion, and People. These elements are used by businesses to meet customer needs effectively and achieve competitive advantage.

Related terms

Market Segmentation: The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors who might require separate products or marketing mixes.

Competitive Advantage: An advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices.

Marketing Mix: A combination of factors that can be controlled by a company to influence consumers to purchase its products