Marketing Mix

Marketing Mix Paper

Marketing encompasses everything from the products or services one sells, to how they are distributed to the customer. A Marketing Mix is the combination of products offered to reach a target market for the organization. "Marketing is much more than selling, or advertising (Cap Com Marketing, 2006)." The marketing mix is comprised of the Product, Price, Promotion, and distribution. The marketing mix is also known as the four P's.

Worldwide, approximately 10 million people suffer from blood clots every year." Since 1997, Possis has become the leading provider of mechanical thrombectomy products by marketing its AngioJet System through a direct sales force, developing a United States customer base of more than 1,500 interventional catheterization labs (Possis, Inc, 2006)". "Angiojet thrombectomy is a catheter-based procedure (Possis, Inc.)." The system is used for the removement of blood clots (thrombus). Blood clots may be caused by multiple conditions. Factors include cardiovascular disease, trauma, invasive procedures, or even prolonged bed-rest. A blood clot can block a blood vessel and prevent organs from receiving valuable oxygen supply. In addition, the clot may break off (emboli) and obstruct blood flow to other organs. Conditions caused by blood clots include, peripheral ischemia, which may result in loss of limb, pulmonary embolism, acute myocardial infarction, stroke, and deep vein thrombosis (DVT).

Currently, the three types of primary intervention for removing intravascular blood clots are surgery, drugs, and mechanical devices. Thrombolytic treatment involves the administration of drugs in an intensive or critical care setting. The drugs require prolonged infusion and a significant time to take effect, often with increased bleeding risks. However, Angiojet technology can be used to remove a thrombus that has developed anywhere in the body, which represents a non-surgical intervention with minimized risk of bleeding. As a clinical member of the Angiojet trials held at Lakeland Regional Medical Center, studies were documented and tracked according to standards set by the Food and Drug Administration and Joint Commission on the Accreditation of Healthcare Organizations (JHACO).

The Angiojet System consists of a tiny device that attaches to a cannula in the femoral artery. The catheter is then advanced to the peripheral artery containing the blood clot. " Once properly positioned, the pump of the angiojet is activated, delivering a saline solution under high pressure out through the pump jets, into the artery, and directly at the blood clot (Angiojet Thrombectomy, 2004)." Saline jets create a vacuum, which causes the clot to break up. The pieces of the clot are then removed through the catheter. Next, the catheter with angiojet device is removed; pressure is applied to the area to prevent bleeding. The patient is required to lay flat for several hours to prevent bleeding.

Four Elements

The four components of the marketing mix are used to shape market demand. To facilitate transactions, the four P's, Product, Price, Promotion, and Distribution are used.

Product and Service include individual goods. Features contained within a product line may have benefits to meet consumer needs and wants. Companies use market research to identify the needs and wants of the consumer. Research shows aging populations with high incidences in the areas of diabetes, coronary artery disease, and peripheral vascular disease. (American Journal of Nursing, 2006). In relationship to Angiojet technology, the benefit to the patient can be seen as a service that is a less invasive process than surgery. Possis sells the product, which meets the needs of a large patient population. The therapy is frequently used as an adjunct in combination treatment. Many patients benefit from thrombectomy removal. The most common treatment procedures include; coronary arteries and bypass grafts; dialysis access grafts; peripheral arteries of the legs; pulmonary arteries of the lungs and deep veins of the legs or DVT's.

Place or the method of distribution involves getting the product to the customer. Distribution channels can include the intermediaries, warehousing, transportation and shipping. Customer expectations must be met as well. Possis focus is on internal efficiency. According to company philosophy, through waste elimination, strategic vendor alliances, close collaboration with physicians, radiologist and hospital staff, a more -effective delivery system can be maintained. (Possis, Inc.).

Price setting serves as a means to justify profits for the company. In addition, a justified price establishes a relationship with the consumer. This method is often identified through market research. In the case with Angiojet, the delivery system is more cost effective than medication or surgery. Market research identifies a need within a large scope of demographics, which includes diabetics, heart attack patients, and an aging population over 75.

Promotion of a product involves communicating with the customer and developing relationships. Public relations, advertising, personal selling and sales promotion are all part of promoting the product. The product or service must satisfy the needs of the consumer. (The 4-P's). Possis provides a product meeting the needs of more than 10-million people suffering from clots each year (Possis, Inc.). Factors contributing to sales include an aging society, coronary heart disease, high blood pressure, diabetes, kidney disease and high cholesterol. All are factors that contribute to the formation of a thrombus. "Angiojet technology has saved more than 250,000 lives (Possis, Inc.)."

Implementation

Marketers take considerable strides in order to understand and characterize their target market in which they are doing business. The marketing plan identifies the elements of a controllable exchange relationship between an organization and its clients. (The 4-P's). However, there may be uncontrollable variables. Variables can affect the demand for a company's products. What makes them distinguishable is the fact they are not controlled by the company or organization. Thus, marketing and promotion is affected by both controlled and uncontrolled variables. External environment factors that influence marketing strategy are those related to competitive factors such as the degree of competition in the industry. Other factors include threats from substitute products, the general state of the economy, demand and future growth outlook.

The major competition for Angiojet therapy is in the pharmaceutical industry. The only alternative measure use for clot- removal is by using Urokinase. However,