Question

Healthcare organizations can influence a targeted market through the 4 Ps of marketing—product, price, promotion, and place. The 4 Ps, also known as the marketing mix, essentially provide a framework for a marketing strategy. To effectively reach consumers, each of the four components must align. For example, you might have the right product, but if the price is too high or you are not marketing in the correct place, consumers will not buy. For this Discussion, you use the 4 Ps of marketing to assess a health care product or service. To prepare: Select a health care product or service that you have recently seen in a marketing campaign. Use the four P’s of marketing to assess the product or service you selected. Reflect on the impact of the marketing campaign on your own health care decision making. Consider how the campaign positively or negatively influenced your personal opinions of the health care product or service. Post a cohesive response to the following: Describe the marketing campaign for the health care product or service that you selected. Assess the product or service using the four P’s of marketing. Then, evaluate the impact of the marketing campaign on your own health care decision making. Include how the campaign positively or negatively influenced your personal opinions of the health care product or service.

Answer 1

The Four P’s of Marketing:

The increasing competitiveness of the business environment requires organizations to consider the best marketing campaigns to enable them to obtain a competitive advantage and becomes successful. A marketing campaign describes the activity that focuses on promoting a product by using different media such as radio, print, online platforms, and television (Cates et al., 2014). The campaigns must not necessarily depend on advertisement and they can include word of mouth, demonstrations, and other interactive methods. Businesses that operate in highly competitive markets may engage in frequent marketing campaigns and allocate many resources to help create brand awareness and increase sales. Health care organizations also operate in a highly competitive environment, which shows the need for them to engage in marketing campaigns to increase the awareness of their products and services. They can use the 4 Ps of marketing such as price, product, promotion, and place to influence the targeted market (Baker, 2014). BTG plc has been engaged in various marketing campaigns to promote Varithena since the approval of the drug in 2013. Varithena is a prescription drug used in the treatment of varicose veins. The company has created a website with distinct features to help in promoting the product.

A product describes an item that is produced to satisfy the needs of the targeted market. It is important for an organization to develop the right type of product, which is demanded in the market (Baker, 2014). With regard to Varithena, BTG plc has developed the product to help satisfy the needs of the customers who suffer from varicose veins. The varicose vein is a common medical condition, which shows that the demand for Varithena is likely to be high. BTG plc has also developed a product with unique features whereby treatment takes less than one and the patients are likely to assume light duties immediately. After developing the product, the next step to consider is to make decisions about the pricing of the product. Price is an important factor to consider because it influences the profits and success of a firm. The price for Varithena is about $24,221 for a total of 321 millilitres, which implies $75.46 per one unit (BioSpace, 2014). This price is fair although some poor people may not afford it hence reducing the total sales and the generated revenue. Another factor of the marketing mix is the promotion that helps create awareness about the good or service and increase sales (Baker, 2014). The company is using a website designed specifically for Varithena to increase its awareness among the physicians and the public. The use of the website and other online platforms can effectively help to increase awareness of the drug hence increasing its sales. Lastly, place is also a key factor of the marketing mix and it mainly looks at the aspects of distribution. Patients can buy Varithena online, which increases the ease of access hence increasing its sales and the generated revenue.

The marketing campaign employed by a company can influence how people make the decision concerning their health (Baker, 2014). The marketing campaign of BTG plc has significantly affected my health care decision making. The company explains how treatment with Varithena can help patients to walk with confidence. The picture of a person walking with confidence can convince a person on the effectiveness of the drug in treating varicose veins (BTG plc, 2016). I can recommend the drug for my patients to help them address the problem of varicose veins, thus allowing them to resume their daily activities on the same day of treatment. I can also encourage our organization to consider purchasing Varithena as one of the drugs used in treating varicose veins.

References:

Baker, M. J. (2014). Marketing strategy and management. Palgrave Macmillan.

BioSpace. (2014, November 8). BTG plc (BTG.L) Release: First Varicose Vein Patient Treated With FDA-Approved Varithena® (polidocanol Injectable Foam) 1% . Retrieved February 28, 2017, from http://www.biospace.com/News/btg-plc-release-first-varicose-vein-patient/342927

BTG plc. (2016). Varithena® (polidocanol injectable foam). Retrieved February 28, 2017, from https://www.btg-im.com/en-US/Varithena

Cates, J. R., Diehl, S. J., Crandell, J. L., & Coyne-Beasley, T. (2014). Intervention effects from a social marketing campaign to promote HPV vaccination in preteen boys. Vaccine, 32(33), 4171-4178.

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