Marketing Analysis

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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... ... middle of paper ... ...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.

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