Purchase Solution

New versus existing product: Difference in marketing mix

Not what you're looking for?

Ask Custom Question

A new product versus an existing product. How would the application of the marketing mix differ? Why? Please give examples.

Purchase this Solution

Solution Summary

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.

Solution Preview

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 ...

Purchase this Solution

Free BrainMass Quizzes
Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

Basics of corporate finance

These questions will test you on your knowledge of finance.

Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.