■ The Elements of Successful Marketing
Marketing Research
Within the definition of marketing is the discussion of a process of planning and executing to meet consumer needs. Marketing requires an understanding of consumer wants and needs. This understanding is derived through an assessment of these needs. Within this book, Chapter 5 focuses on marketing research. Marketing research is a process in which there is a systematic gathering of data from customers to identify their needs.
The Four Ps
The heart of marketing strategy is the development of a response to the marketplace.
As noted in the definition, marketing is the “execution of the conception, pricing, promotion, and distribution of the goods, ideas, and services.” To respond to customers, an organization must develop a product, determine the price customers are willing to pay, identify what place is most convenient for customers to purchase the product or access the service, and finally, promote the product to customers to let them know it is available.
Product, price, place, and promotion are referred to as the four Ps of marketing strategy.3 It is these four controllable variables that a firm uses to define its marketing strategy. The mix of these four controllable variables that a business uses to pursue a desired level of sales is referred to as the marketing mix. The definitions of the four major elements of marketing as discussed below provide the focus of this book.
Product
Product represents goods, services, or ideas offered by a firm. In this text, the term
“product” also will be used interchangeably with health care services and ideas. In health care, the nature of the product has changed dramatically. Thirty years ago, one could define the product simply as a medical procedure or as an orthotic device to correct a physical disability. In today’s climate, the discussion of