What Are the 5 Ms of Internal Marketing?
The five Ms of internal marketing are men, minutes, machinery, materials and money. These five Ms comprise all the resources a company has at hand. A marketing audit often reviews them to help analyze if the company is achieving optimal effectiveness with its marketing goals.
The five Ms of internal marketing are a helpful analytical tool. They are internal factors that, if utilized correctly, can help a company's marketing plan be as successful as possible.
The people of the organization are the men, or those who do the labor. These can be skilled or unskilled workers and employees.
This is the time it takes for the processes within the company to be completed.
This is the equipment that is required to complete the processes within the company.
This is defined as the "factors of production," or the supplies required by men to complete production.
Money is the financial resources available to purchase the machinery, pay the employees and buy the required materials.
While the five Ms are a good way to assess internal marketing factors, they can be condensed into three areas: capability, capacity and constraints. The capability of an organization is defined as the things it can do well or those it may need to improve on. The capacity of an organization is whether it has the available resources such as men, money and minutes to achieve success. Constraints are any factors that may be prohibiting the company from succeeding such as finances or other commitments.