The four P’s, product, price, place, and promotion, are important to the success of any organization because they are the variables that marketing representatives of the organization can control in order to best satisfy customers in the target market. The goal is to make decisions that center the four P’s on the customers in the target market in order to create perceived value and generate a positive response. The Product is the physical product or service offered to the consumer. Products and services vary greatly in the hospital environment. This can include anything from rehabilitation services to valet parking. Price is created based on several factors. The factors considered in pricing decisions include but not limited to account profit margins, probable pricing response of competitors, supply costs (The Marketing Mix, 1999). Pricing includes not only the list price, but also discounts, financing, and other options. Hospitals are a 24 hour a day, seven day a week operation so seasonal pricing is very unlikely, but can be considered based on the product/service. Pricing determination in a hospital setting is set and varies from patient to patient based on the patient’s ability to pay. When referring to the four P’s in Marketing, Place is associated with distribution. Place determines how the product/service will be distributed to customers. Distribution is an essential part of the marketing mix because of its easy ability to be re-visited when other variables such as price and target market fluctuate. Hospitals are encouraged to re-visit the distribution process often to ensure that the distribution channels currently in practice are the most efficient for the organization. Some examples of distribution decisions in...
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...y lead to nonprofit able organizations. Organizations must plan to either encompass product differentiation or an added assortment to the services/products
being rendered.
In genera the four P’s in Marketing, product, price, place, and promotion is essential to the marketing strategy because of its perceived value and the generated positive responses from the target market. Partnerships that are developed between organizations are ultimately used to support and promotes an organization’s image in the community. The partnership should be cohesive and be aligned with one another’s future endeavors and goals. Demographics, psychographics, and data from general areas in a given target market are beneficial information that is useful in developing marketing strategies. It assists with the marketing decisions that are results of the four P’s.
This research seeks to reveal the importance of marketing strategies in today’s complex and competitive business world. For this reason, this study will discuss various theories, issues and approaches of the marketing linking them with W.L. Gore & Associates and thereby propose the best options, ideas, strategies and techniques for the improvement of the company. To reach the points, this study will especially collect secondary and qualitative data and information.
Chapters are made in short format, they are intended to convey one point and free of jargon. The author summarizes the point in one sentence in boldface italics. Hints and tips cover the conventional four P’s of marketing, which are product, place, price and promotion, in an irreverent and iconoclastic manner, nothing is sacrosanct.
1) For a channel to succeed four location decision factors are considered; economic conditions, competition, the strategic fit, and the cost of operations. Stores need ...
In a competitive environment where market is changing instantly, organizations are in a fix to design a strategy that could market their products enticing the consumers to buy their products and services. Market is the arena for business gladiators who fight out for maximum share and profitability and this is possible only through effective marketing strategy. Competing in present economy means finding ways to break out of commodity status to meet customers’ needs better than competing firms (Ferrell and Hartline, 2010). The intensity of competition has increased after the introduction of media and internet where the companies present their product in the best way through advertisements, product reviews, blog entries, etc. With the advancement in technological innovations, companies have found various ways of providing services to the consumers in a cheaper and effective way and this has resulted in communication revolution in late 1990’s as the cellular technology was unfold in most of the regions. Singtel Optus Pty Limited (Optus) is one such company that has evolved during this period as a leader in integrated communications and this paper is assumed to make an analysis of the company’s marketing strategy and its financial position in the market industry.
Elaborate how the 5 P’s of healthcare marketing may impact the marketing potential of a healthcare organization.
Etzel, Michael J., Stanton, Bruce J., Stanton, William J. (2004). Marketing. (13th ed.). Boston: McGraw-Hill.
Product mix is the most essential element of marketing strategies of a company. Interface is well known as the global best provider of commercial carpet tiles. The organization deals with selling and leasing carpet tiles. Due to the recent poor performance by Interface, its product determination should be integrated to form part of its marketing strategy. The marketing department of ESA should mainly focus on the market segmentation as per the department requirements of the potential ...
Armstrong, G, Adam, S, Denize, S, Kotler, P, 2010, Principles of Marketing 5th Edition, Pearson Australia Group, Frenchs Forest
This paper will analyze an ATT commercial according to audience, purpose, context, ethics, and stance. The focus will emphasize the audience which the aid is trying to reach and how they do so.
Marketing Plan: Phase Two. The A-Team has introduced a new product called Pepsi Platinum for the company, PepsiCo, in Phase Two. This dissertation will identify segmentation criteria that will impact PepsiCo target market selection. This dissertation will describe the organizational buyers and consumers of Pepsi Platinum and the factors that influence their purchasing decisions, and discuss how these factors will impact PepsiCo’s marketing strategy.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Marketing professionals create, manage and/or enhance brands in order to create or bolster demand for the product. A successful marketing plan will help assure that consumers look beyond just the price or function of a product when making a purchasing decision, in part, a well planned marketing effort will create a “feel good” association about the product the consumer is about to purchase (Petty) A key part of a career in marketing is to understand the needs, preferences, and constraints that define the target group of consumers or the market niche corresponding to the brand. This is done by market research. This is accomplished through market research, essentially using survey techniques, statistics, psychology and social understanding to help gather information on what consumers want and/or need, and then designing products, or services, to hopefully meet ...
Marketing is a fundamental aspect of all businesses, whether they are set out to make a profit, or charitable organisations - they will have to carry out marketing research of some description. It has been described as being, “the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” (Chartered Institute of Marketing) This essay will explore the role of marketing in a marketing oriented business and different aspects of the external environment that a smartphone company should be aware of. The points raised throughout will be supported using relevant journals, textbooks and newspaper articles.
Cravens, D. W., & Piercy, N. F. (2009). Strategic marketing (9th ed.). New York, NY: McGraw-Hill.
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.