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 answers the 4Ps questions – as defined in detail above.
3.
Try asking “why” and “what if” questions too, to challenge your offer. For example, ask why your target audience needs a particular feature. What if you drop your price by 5%? What if you offer more colors? 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:
1.
Does it meet their needs? (product)
2.
Will they find it where they shop? (place)
3.
Will they consider it’s priced favorably? (price)
4.
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.
KEY POINTS
The marketing mix helps you define the marketing elements for successfully positioning your market offer.
One of the best known models is the Four Ps, which helps you define your marketing options in terms of product, place, price and promotion. Use the model when you are planning a new venture, or evaluating an existing offer, to optimize the impact with your target market
1.
Start by identifying the product or service that you want to analyze.
2.
Now go through and answers the 4Ps questions – as defined in detail above.
3.
Try asking “why” and “what if” questions too, to challenge your offer. For example, ask why your target audience needs a particular feature. What if you drop your price by 5%? What if you offer more colors? 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:
1.
Does it meet their needs? (product)
2.
Will they find it where they shop? (place)
3.
Will they consider it’s priced favorably? (price)
4.
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.
KEY POINTS
The marketing mix helps you define the marketing elements for successfully positioning your market offer.
One of the best known models is the Four Ps, which helps you define your marketing options in terms of product, place, price and promotion. Use the model when you are planning a new venture, or evaluating an existing offer, to optimize the impact with your target market
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