Health services continue to affect the gross domestic product, and this dramatic transformation has great demands on each dollar spent to deliver patient-centered products. Health care marketing must be repeatedly applied and practiced strategically to include environmental dimensions, such as technology, socioeconomics, competition, and regulatory.
In today’s global economy, investors and potential entrepreneurs must tap into the so-called “unexplored” market. In this aspect, health care establishments must use marketing, advertising, as well as sales strategies when pursuing new customers. For example, suppose a health care investor wanted to build a small hospital in a rural community – this would entail exploration and logistical experimentation to determine who will patronize the facility. In an impoverished neighborhood, the feasibility of having lucrative profits may see diminishing returns. So the venture may be not worth the effort. Also, suppose that the potential investor wants to sell mosquito deterrents (such as bedside netting in malaria-infested regions of Asia or Africa). In that case, it would be wise to investigate the number of beds that are in the village, and who would be willing to purchase them. These activities consider the investor portfolio, as well as the feasibility of marketing and selling the product. Such exploration also examines competitors, cultural differences, and – most important – identification of the customer.Using the health care organization you identified in the learning activity last week, determine its product development practices. Use the concepts from previous weeks to substantiate information, as needed. You may develop the discussion based on the ideas presented here, but feel free to inject any relevant marketing strategy that you believe might support your presentation.
Write a paper in which you:
Justify the purpose of the selected health care establishments’ product(s) / service (s) and their associated life cycle(s).
- Suggest one strategy to improve the marketing mix of the selected health care establishment. Support your strategy by highlighting one benefit of portfolio analysis and providing two examples that display differential advantages.
- Discuss the impact of possible economic decline on product-market expansion and how it can affect business planning based on the global operating environment.
- Assess the importance of technology in providing patients with clear and accessible information about health care organizations and the product(s)/service(s) that they provide.
- Use 3-4 sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.
Expert Solution Preview
In this assignment, we will be discussing the product development practices of a selected health care establishment. We will justify the purpose of their product(s)/service(s) and analyze their associated life cycle(s). Additionally, we will propose a strategy to improve the marketing mix of the establishment, considering the benefits of portfolio analysis and providing two relevant examples. Furthermore, we will explore the impact of possible economic decline on product-market expansion and its effect on business planning in the global operating environment. Lastly, we will assess the importance of technology in providing patients with clear and accessible information about the healthcare organization and its product(s)/service(s).
The purpose of the selected health care establishment’s product(s)/service(s) is to provide high-quality healthcare to patients. They aim to offer medical treatments, preventive care, and diagnostic services to improve the health and well-being of individuals. The associated life cycle of these services can be explained using the product life cycle framework.
The product life cycle consists of four stages: introduction, growth, maturity, and decline. Initially, when a new healthcare service is introduced, it goes through the introduction stage where awareness and utilization are low. The establishment invests in developing and promoting the service to attract patients. As the service gains acceptance, it enters the growth stage characterized by increasing patient demand and market penetration. During the maturity stage, the service reaches its peak level of utilization and market saturation. Finally, in the decline stage, the service’s demand starts to decrease due to changes in healthcare trends or the emergence of new alternatives.
One strategy to improve the marketing mix of the selected health care establishment is through portfolio analysis. Portfolio analysis involves assessing the performance and potential of different products/services offered by the establishment. This analysis enables the establishment to prioritize and allocate resources effectively to maximize profitability.
One benefit of portfolio analysis is the identification of high-potential services that deserve additional investment and marketing efforts. For example, after analyzing the portfolio, the establishment may find that their telemedicine service has a high potential for growth due to increasing demand for remote healthcare access. By focusing on marketing and expanding this service, the establishment can capitalize on the growth opportunity.
Two examples that display differential advantages through portfolio analysis are:
1. Differentiating based on specialization: The establishment can identify a specific medical specialty in which it excels and develop targeted marketing strategies to position itself as a leader in that field. By emphasizing expertise in a particular area, the establishment can attract patients seeking specialized care and gain a competitive advantage.
2. Offering unique features or additional services: Through portfolio analysis, the establishment may identify opportunities to enhance existing services or introduce new features that differentiate them from competitors. For example, offering convenient appointment scheduling through a mobile app or providing personalized patient education materials can enhance the overall patient experience and attract more customers.
Possible economic decline can have a significant impact on product-market expansion and business planning in the global operating environment. During an economic downturn, consumers tend to have less disposable income and may prioritize essential expenses over healthcare services. This can result in a decrease in demand for non-essential healthcare products and services, making it challenging to expand the product-market.
Business planning in such an environment needs to be cautious and adaptive. The establishment should consider strategies to provide more affordable options or flexible payment plans to accommodate the changing financial situation of patients. Additionally, it may be necessary to diversify the product portfolio to include services that cater to essential healthcare needs or address emerging health concerns during economic decline. This proactive approach can help mitigate the negative impact of the economic downturn and maintain business stability.
Technology plays a crucial role in providing patients with clear and accessible information about healthcare organizations and the product(s)/service(s) they provide. The use of technology enables healthcare establishments to communicate effectively with patients, increase transparency, and enhance the overall patient experience. Here are a few key points highlighting the importance of technology in healthcare:
1. Access to information: Technology allows healthcare organizations to provide patients with easy access to information about various healthcare services, treatments, and facilities. Websites, mobile apps, and online portals can provide comprehensive information and educational resources to help patients make informed decisions about their healthcare.
2. Communication and engagement: Technology facilitates seamless communication and engagement between healthcare providers and patients. Telemedicine platforms enable remote consultations, reducing the need for in-person visits, especially in rural or underserved areas. Additionally, patient portals and messaging systems enable patients to communicate with their healthcare providers, share medical data, and access test results conveniently.
3. Enhancing transparency and trust: Technology can improve transparency in healthcare by enabling patients to review and rate healthcare providers and services. Online platforms and review websites empower patients to make informed choices based on the experiences of others. This transparency fosters trust between patients and healthcare organizations.
4. Personalized healthcare experiences: Technology allows healthcare establishments to gather and analyze patient data, enabling personalized care and tailored treatment plans. Electronic health records (EHRs) facilitate efficient information sharing among healthcare providers, leading to improved coordination and continuity of care.
In conclusion, the integration of technology in healthcare plays a vital role in providing patients with accessible and clear information about healthcare organizations and their product(s)/service(s). It enhances communication, transparency, and personalized healthcare experiences, ultimately improving patient satisfaction and outcomes.