The 4 P’s of Marketing

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Help me study for my Business class. I’m stuck and don’t understand.

Each question needs to be in-depth and well thought out.

Part 1

1. Are some products too dangerous to be marketed in any circumstance? Give a product/service example and apply the ethical issues of the 4 P’s of marketing.

2. The Federal Trade Commission regulates advertising/promotion on the bases of two criteria: deception and unfairness. How can an ad be unfair? Who gets hurt by deceptive advertising?

Part 2

1. Most of the time, consumers are responsible for gun safety. This assumes the manufacturer made a safe product in the first place. A 2017 lawsuit against Remington Rifles found that faulty 700 and 710 series rifles would fire when the safety released, instead of when the trigger was pulled. The safety often disengaged by accident, causing the gun to fire. a. As a jury member, what facts would you want to know before deciding the case?

b. Who are the stakeholders of your decision? What is the impact on each stakeholder?

c. Would you decide the case based on the ultimate consequences or pre-established rules? Utilitarian versus Deontology?

Part 3

1. Consider the concept of marketing products/services to the affluent, or those with high levels of disposable income. a. Is this business practice ethical in nature?

b. Should the concept of ‘overpricing’ products to affluent populations be considered unethical?

Part 4

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The 4 P’s of Marketing

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The 4 P’s of Marketing

Hamric, Hansen, Tracy, and O’Grady (2014) explain that marketing for advanced practice nurses (APNs) can be separated into two different areas (p. 539). One of these areas is the APN marketing themselves in order to obtain employment (Hamric et al., 2014, p. 539). The second area is the APN becoming an entrepreneur and marketing their business to the community and other health care professionals (Hamric et al., 2014, p. 539).

The four P’s of marketing refer to product, price, place, and promotion (Hamric et al., 2014, p. 540). Hamric et al. (2014) describes product as the service provided by the APN and the APN themselves (p. 540). I feel that this is a very interesting idea that the APN themselves could be considered a product. I have never thought of myself as a product before, but Hamric et al. (2014) further explains that by having the APN being considered a product helps the customer realize the value of APNs (p. 540).

Hamric et al. (2014) explains that “Price is the amount of money that an individual will be asked to pay for the product being offered” (p. 540). APNs help control costs in health care by providing preventative care, which reduces admissions of preventative illness to hospitals (Hamric et al., 2014, p. 540). Furthermore, APNs provide care at a more cost-effective price than physicians do (Hamric et al., 2014, p. 539).

Place refers to the location that the product is available (Hamric et al., 2014, p. 540). Hamric et al. (2014) describes examples of places an APNs services can be accessed, as hospitals, classrooms, clinics, and virtual spaces (p. 540). I find it interesting that virtual space is considered a “place”. As virtual spaces continue to expand, like our very own virtual classroom experience, I feel there will be even more opportunities for APNs to reach more people.

Chang et al. (2001) defines promotion as communicating to the market what the value of the product is (as cited in Hamric et al., 2014, p. 540). APNs can promote their services by providing education to their patients (Hamric et al., 2014, p. 540). Additionally, APNs can promote their services by launching marketing campaigns (Hamric et al., 2014, p. 540).

I feel that all of the 4 P’s are closely intertwined but the product is at the fore front. There must be a price assigned to the product, a place for the product to be available, and the product must be promoted. Without a product, there would be nothing to market. This being said, I feel the APN must have a solid foundation in order to be marketed successfully.

References

Hamric, A. B., Hanson, C. M., Tracy, M. F., & O’Grady, E. (2014). Advanced practice nursing:

an integrative approach (5th ed.). St. Louis, MO: Elsevier/Saunders.

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