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What are the elements of the marketing mix? There are four elements, which are product, place, price, and promotion. Organizations use these four elements of the marketing mix to make a profit on the product or service that they offer. The following will discuss the four p’s of marketing, and describe how each one of the four elements of the marketing mix impacts the development of a specific organizations marketing strategy and tactics.
Four Elements of the Marketing Mix
To begin, the first p in the marketing mix stands for product. Products are the things that organizations sell to people (ABC’s of Small Business, 1999-2003). This area is concerned with creating the right product or service for the target population. The product or service should satisfy the need of the target population. For this reason, it is very important to know the wants and needs of the target population.
The second p in the marketing mix stands for place. “Place is concerned with all the decisions involved in getting the “right” product to the target market’s Place” (Perreault & McCarthy, 2004, Ch 2, Pg 39). This is how an organization gets it product to the customer. There are many different ways of getting a product or service to the customer, so it is important for the organization to know if the customer wants to see or touch it before he or she buys it. The product or service reaches its target population through distribution channels, which are any series of firms or individuals that participate in the flow of products or services from the producer to the consumer.
The third p in the marketing mix stands for promotion. Promotion is telling the target population or others in the channel of distribution about the right product. It includes, advertising, sales promotion, publicity, personal selling, branding, and refers to the various methods of promoting the product, brand, or company (Wikipedia-Marketing, 2008). Promotion can be focused on acquiring new customers or sometimes it is focused on retaining current customers.
The last p stands for price. Marketing managers must also decide the right price of their product or service. “Price setting must consider the kind of competition in the target market and the cost of the whole marketing mix” (Perreault & McCarthy, 2004, Ch 2, Pg 40). The price does not have to be monetary; it can also be what is exchanged for a product or service.
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Marketing Mix as Applies to an Organization
Furthermore, every organization uses the marketing mix. The organization that will be analyzed for their use of the marketing mix will be Maxim Healthcare Inc. Maxim Healthcare Inc. is an organization, which provides in-home nursing services to patients. Each of the four elements of the marketing mix have an impact on Maxim Healthcare Inc.’s marketing strategies and tactics.
Lastly, first is product. Maxim’s product is there nursing services, so they have to focus on their hiring requirements and training of their nurses. They want to have the most qualified and dedicated nurses working for them because this is the service that they are providing to its customers. Second is place. Maxim has to distribute their materials in places where there will be customers who might be in need of their services. Places Maxim wants to concentrate on are healthcare setting and anywhere that potential customers might be looking for their service, such as the internet. Third is promotion. Maxim has to again, make sure that the nurses services are superior because most of their promotion is through word of mouth. This also pertains to recruiting nurses, which is a vital part of their organization. Without nurses, they cannot provide services to their patients. Fourth is price. Maxim is affect by price when it pertains to the wages that they are able to pay their nurses. Most of the patient contracts are through medical so the price is set and they cannot change this. Maxim is affected by the four elements of the marketing mix in a little different way because of the type of services that they provide, but none the less they are affected.
In summary, a marketing mix contains four elements. These four elements are product, place, promotion, and price. The four elements are also referred to as the four P’s of marketing. All four of the P’s are need in a marketing mix. Each of them affects the other and they should all be linked together. Additionally, the four P’s were applied to an organization marketing strategies and tactics. The marketing mix is vital to any organization.
ABC’s of Small Business. (1999-2003). Retrieved on September 10, 2008 from the website: http://www.abcsmallbiz.com/bizbasics/marketing/4ps.html
Perreault & McCarthy. (2004). Basic Marketing: A Global-Managerial Approach, 15ed. Marketing’s Value to Consumers, Firms, and Society. The McGraw-Hill Companies
Wikipedia-Marketing. (2008). Retrieved on September 10, 2008 from the website: http://en.wikipedia.org/wiki/Marketing