Final answer:
The statement is false. The correct five P's of marketing are Product, Price, Promotion, Place, and People, where 'Possession' is not included in the traditional marketing mix.
Step-by-step explanation:
The statement given is False. The five P's of marketing are traditionally referred to as Product, Price, Promotion, Place, and People. While product refers to the physical aspects and features such as 'unbreakable bottle', 'nonstick surface', or 'freezer-to-microwave', and can include services or digital products, promotion encompasses the various ways of communicating with potential customers about the product and persuading them to purchase.
The Place component refers to making the product available to the consumer at the right location and at the right time, and the example of a gas station at a busy intersection illustrates this well. It is easier for them to sell gas because the visibility and accessibility to many potential customers are guaranteed, which is also true for a supplier's proximity to a car factory. 'Possession' is not traditionally included in the marketing mix's five P's.