Five P's original pen and ink and watercolour illustration by Rosie Brooks

The Five P's refer to the traditional marketing mix, which are the key elements that businesses use to develop and promote their products or services. The Five P's are:

1. Product: The first P is product, which refers to the actual product or service that the business is offering. This includes features, design, packaging, and branding.

2. Price: The second P is price, which refers to the cost of the product or service. This includes pricing strategies such as cost-plus pricing, value-based pricing, or penetration pricing.

3. Promotion: The third P is promotion, which refers to the marketing and advertising efforts used to promote the product or service. This includes advertising, public relations, sales promotions, and personal selling.

4. Place: The fourth P is place, which refers to the channels of distribution used to make the product or service available to customers. This includes physical locations, online sales channels, and other distribution channels.

5. People: The fifth P is people, which refers to the personnel involved in the delivery of the product or service, such as salespeople, customer service representatives, and other employees who interact with customers.