5P's Model

5P's Model

Introduction

The five P's is used in the manufacturing companies. The 5P's Model provides the companies with the framework by which they can manage their production activities. The 5P's Model is one of the important tools for the companies that allow the companies to boost their profits. It is beneficial for the companies to implement the 5P's Model in their businesses. For every company it is required that they must manage their activities efficiently and in a way that prevents the companies from the hazards that may occur to them. The 5P's Model includes the following components.

Purpose

The purpose is the first level of 5P's Model that assists the companies in deciding about their project activities. The companies decide what things need to be done to achieve the desired manufacturing target and the desired goals. The main objective behind the company's decisions and the company's projects is the profit. Every company wants to attain the higher level of profits. The decisions taken by the companies have direct impact upon its profit levels. Many of the companies decide their purposes in order to attain their profit objectives while other decides their purposes in order to provide solutions to the problems.

Process

The process comes at the second level of the 5P's Model in which the company operates its business process according to the decided levels of purposes. This involves the internal processes of the companies that have the impact upon the outcome levels of the companies. In order to have the best internal and manufacturing processes, the companies have to make relations with many other stake holders. These involve the customers, the suppliers and the marketers.

People

The people are at the third level of the 5P's Model. The people are the ones are closely related to the company's purposes and the processes. The people are involved at all the levels of the company in which the processes are carried out. By the help of the people the desired product will be created for the people who need the products in the markets. The people are concerned as in the 5P's Model, the people for whom the product is decided and the product is produced.

Platform

The platform is at the fourth level of the 5P's Model. This is one of the most important phases of the business company. It involves the tools and techniques upon which the companies carry out their business productions. The platform ...