A new product versus an existing product. How would the application of the marketing mix differ? Why? Please give examples.
The four Ps of marketing mix are Product, Price, Place, and Promotion. These are critical elements of marketing mix. Companies decide on mix depending on the strategy to be pursued. The application of marketing mix depends on it. According to Ansoff there are four possible options available for a company.
1. Introduce new products in new markets
2. Introduce new products in existing markets
3. Introduce existing products in new markets
4. Improve market share of existing products in existing markets
Each of the marketing mix changes according to the product-market mix.
Introducing new products
Product is new either based on identified need by the company or due to technological innovation ...
Marketing mix for new products differ from existing products. This solution provides help on how and why 4Ps (product, price, place and promotion) differ for new products compared to existing products.