Something that must be defined for every business is the foundation of the Five P’s of marketing. These consist of Product, Price, Place, Promotion, and People. Whether you realize it or not, each of these aspects of a business play a crucial role in not only your marketing, but they help a company define and reach their true target consumer and market. Then, the better you understand the previously stated, the more efficiently you can dictate resources, such as time and funds, to meet them where they are. Additionally, defining each of the Five P’s can aid a business in which areas of a business to improve, change, or evolve with current times.
Each factor is pretty much self explanatory, but let’s break it down for automotive dealers in particular. First, we have People. This aspect entails your target consumer, their demographics, what motivates them to buy, and any specifications needed to pin-point your ideal customer. Similarly is Place, which also plays a large role in defining your specific market. Then, we have Product. What make of vehicles do you sell? Is it a single brand dealership or do you offer a range of makes? Product also refers to your inventory and how it can affect your day-to-day selling. Next on the list is Price. While manufacturers will have a “suggested” retail price for their vehicles, it is mostly up to the dealer in what they decide to charge for their product. By analyzing the already-defined P’s, we come to the last aspect of our marketing mix. Promotion includes everything from advertising, to connections, and choosing the right ways to promote your dealership. Every other P plays an important role in determining how a specific dealership will utilize promotion for themselves, specifically.
Defining the Five P’s of Marketing for your store can be overwhelming and intimidating, as it can be the reason your advertising makes or breaks. Every aspect of the mix can play a role in whether your ads are reaching your consumer and actually inspiring them to shop with your store. Furthermore, finding an advertising agency who can define your market and target consumer does not only lift stress from the dealer, but it can better insure real results. To find an agency who can make sure you own your specific market without breaking the bank, call 800.318.504 to have a customized market analysis brought to you. Stop hoping you are making the right advertising decisions, DeAngelis Advertising will make your advertising work for you!