MARKET-Tools
Using 4Ps for new Products
The marketing mix model can be used to help you decide how to take a new offer to market. It can also be used to test your existing marketing strategy. Whether you are considering a new or existing offer, follow the steps below help you define and improve your marketing mix.
1. Start by identifying the product or service that you want to analyze.
2. Now go through and answer the 4Ps questions.
3. Try asking "why" and "what if" questions to challenge your offer.
For example,
- Why does your target audience needs a particular feature?
- What if you drop your price by 5%?
- What if you offer more colours?
- Why sell through wholesalers rather than direct channels?
- What if you improve PR rather than rely on TV advertising?
4. Once you have a well-defined marketing mix, try "testing" the overall offer from the customer's perspective, by asking customer focused questions:
- Does it meet their needs? (product)
- Will they find it where they shop? (place)
- Will they consider it's priced favourably? (price)
- And will the marketing communications reach them? (promotion)
5. Keep on asking questions and making changes to your mix until you are satisfied that you have optimized your marketing mix, given the information and facts and figures you have available.
6. Review you marketing mix regularly, as some elements will need to change as the product or service, and its market, grow, mature and adapt in an ever-changing competitive environment.
Source: http://www.mindtools.com/pages/article/newSTR_94.htm
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