In developing a marketing strategy, the four P's of marketing must be addressed. These are product, price, placement, and promotion. These all work together to help reach maximum potential in a marketing strategy.
Product is anything that is marketable. This can be a service, physical item or an idea. It is important to define what the product is in order to define the target market. Without a definite product, no other part of the marketing strategy can be implemented.
Price does play an important part in the marketing mix, but it should not rule the business. Price should be in line with a customer's perception of value. Price must also match the quality of the product being offered. Knowing what the breakeven point is also is important. Without this information, the price may not be enough to ...view middle of the document...
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 healthcare 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.
First is product. Maxim’s product is there nursing services. The company must to focus on hiring skilled nurses along with scanning background checks to ensure safety of patients. They seek 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 settings from hospitals, nursing homes to assisted living facilities.
Third is promotion. Maxim must have a target market. Most in home care services are targeted toward middle age adults because its these adults who then seek service for their parents and grandparents. Maxim must find a way to promote to this age group and convince them of who their services are needed.
Fourth is price. Maxim is affect by price when it pertains to the wages that they are able to pay their nurses. However patients want to know they are receiving quality care and is also affordable.
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 conclusion a marketing mix is vital to every organization or company trying to target a market or sell a product . Price, product, promotion, and distribution must all coincide with the companies goals and tactics to be competitive and earn a profit.