market growth

The Four Ps of the Marketing Mix.html

The Four Ps of the Marketing Mix

When the mission statement and the vision statement have been developed for the organization, it is time to focus on developing the organizational strategy that meets the needs of the customer. This is accomplished by examining the marketing mix, a commonly known foundation model used in marketing to help an organization achieve its marketing objectives.

The four elements of the marketing mix are product/service, price, promotion, and place (distribution). These are referred to as the four Ps, and an effective strategy in healthcare marketing is understanding how these elements impact the marketing initiatives of an organization.

The first element of the marketing mix is product/service. In healthcare marketing, this element is unique because both products and services can be provided in this industry. A product may refer to medical equipment or prescription medications. A product is a physical item. Services refer to the contractual obligations provided by the medical professional. An example of this includes going to a family physician for an annual physical. An example of a service may also be a procedure, such as a tonsillectomy or a root canal.

The second element of the marketing mix is price. Price refers to the cost associated with the product/service received. It is important to understand that pricing may impact consumer demand. Likewise, it is important to understand that a relationship exists between availability and pricing.

The third element of the marketing mix is promotion. Promotion refers to the way in which the product/service is presented to the public. This element is the visual communication to the audience.

The final element of the marketing mix is place. This is also commonly referred to as distribution, as this element discusses the capacity for which the product and service can reach its target consumer. This element is concerned with where the business will be conducted, who will receive the product/services, and how these products/services will reach the target consumer.

Additional Materials

From your course textbook, Health Care Market Strategy, read the following chapters:

• Step 3: The Strategy/Action Match
• Step 4: Determining Marketing Actions

From the South University Online Library, read the following articles:

• Imaging: The Self-Referral Boom and the Ongoing Search for Effective Policies to Contain It
• Healthcare Branding: Developing Emotionally Based Consumer Brand Relationships
• A Systematic Review of Medical Service Branding: Essential Approach to Hospital Sector

From the Internet, review the following:

• Kotler, P. (2000). Marketing management. Upper Saddle River, NJ: Prentice Hall.