4. Using the 4Ps of Marketing

The 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 to help you to 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 – 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 percent? What if you offer more colors? Why sell through wholesalers rather than direct channels? What if you improve PR rather than rely on online 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 that it's priced favorably? (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 your 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.