Packaging: The Fifth P of MarketingBy: phase1
Too many companies think of product packaging as an afterthought. What these organizations fail to realize, though, is that all of the time and resources they devoted to creating their products will be wasted if their goods aren’t packaged properly.
Leading brands recognize that packaging does more than “just” keep their goods safe and fresh. These companies also view packaging as a vital part of their branding and marketing plans.
What Is the Marketing Mix?
Today, savvy companies consider their packaging as part of the marketing mix, a concept created by Neil Borden, former president of the American Marketing Association, back in the middle of the 20th century. While the time period in which Borden conceived of the marketing mix may make it seem dated, the marketing mix is still quite relevant in today’s global business environment.
So what are the four original P’s of marketing:
- Product: A product is what you already know it to be — an item that’s made to satisfy consumers’ wants, needs and desires. Marketers examine a product’s lifecycle to make adjustments to their marketing tactics so that their products remain relevant and desirable to shoppers despite changes in the marketplace and the introduction of new products.
- Price: Price refers to the amount a person must pay to acquire a product. If you make a change to an item’s price, it will have an impact on how you market the product. The price increase or decrease will affect consumer demand for the item and the number of units you sell. A change in price will also influence the way consumers perceive your product.
- Promotion: For many marketers, promotion is the weightiest part of their job. Marketers are tasked with finding the best ways to promote products effectively so that consumers have a positive emotional response to the items. While print advertisements, television ads and cold calling are still used to sell products today, such traditional approaches for product promotion aren’t sufficient for many items in the current marketplace. Marketers must now use a mix of traditional promotional strategies and more modern techniques, such as running online ads and conducting social media campaigns.
- Place: The distribution of a product is the fourth piece in the marketing mix puzzle. Place refers to the physical locations your products are sold and the places consumers have direct access to the items you sell.
The 5th P: Packaging
While Neil Borden included just four Ps in his original discussion of the marketing mix, many professionals have expanded their definition of the marking mix to include a fifth P — packaging. Packaging is important for marketing because it affects every other P in the marketing mix.
Packaging is normally designed to present your products in the most attractive way possible. It’s what communicates the price and value of your products, and it promotes your products by sharing information about them, too. Finally, your packaging is what consumers see when they visit the places that sell the goods you produce.
With packaging being its own standalone part of today’s marking mix as well as having a heavy influence on the mix’s other four Ps, it’s vital to consider your product packages as part of your overall marketing strategy. Using packaging in a marketing campaign can help your products attract and retain an even wider base of customers. It can also make it more likely that consumers will try new products as you introduce them because they’ll recognize your familiar packaging and brand.
Phase 1 Prototypes should be an essential part of your marketing plan if you’re going to bring a new product to market. Since 2006, we’ve made prototypes for companies that want to test their packaging before launching their products. Given how important packaging is to the success of your marketing efforts, it’s imperative to work with the best to develop prototypes for your product packages.
That’s what you’ll get when you work with us — the best prototypes possible. Contact Phase 1 Prototypes to receive a quote for your packaging prototype today.