Entrepreneurship Marketing
Entrepreneurship Marketing
Odette McBride
HCS/567
July 05, 2010
Sherry McGee
Entrepreneurship Marketing
Marketing is a fundamental step when launching a new venture to determine if it will be successful. Is very important to complete a study of the market gaps in a particular industry to know whether or not a product or service is needed and how and how a product or service will be purchased. Understand customers and the market for a product or service is very important to achieve the success of a firm. One of the most competitive markets in the health care industry is the home health care. Because of the new laws and regulations created to fight against fraud and abuse, and to attempt to decrease the cost of health care, many home health care agencies have problems to provide high quality and cost effective care and gain profits. According to Davis, Marino, & Davis (2007), the different changes applied to the prospectively-based payment system have impacted several health care organizations finances, causing their bankruptcy. New firms should determine what group of people is interested on the firm’s product or service, and the characteristics of the group selected, this is a target market. Selecting the target market is one of the most important steps of the marketing process. Before start to develop the marketing strategies, new firms must aim the market that they want to attract, and to establish the firm position (Barringer & Ireland, 2008). The different market segments are determined by a group of people with similar characteristics. Market segmentation is important because new firms have the opportunity to select a specific group to target what benefits then because the limited resources availability the new firms have (Barringer & Ireland, 2008). Home health organizations target different markets. One target market is the individuals needing this type of service. In general home health care organizations target homebound individuals
Odette McBride
HCS/567
July 05, 2010
Sherry McGee
Entrepreneurship Marketing
Marketing is a fundamental step when launching a new venture to determine if it will be successful. Is very important to complete a study of the market gaps in a particular industry to know whether or not a product or service is needed and how and how a product or service will be purchased. Understand customers and the market for a product or service is very important to achieve the success of a firm. One of the most competitive markets in the health care industry is the home health care. Because of the new laws and regulations created to fight against fraud and abuse, and to attempt to decrease the cost of health care, many home health care agencies have problems to provide high quality and cost effective care and gain profits. According to Davis, Marino, & Davis (2007), the different changes applied to the prospectively-based payment system have impacted several health care organizations finances, causing their bankruptcy. New firms should determine what group of people is interested on the firm’s product or service, and the characteristics of the group selected, this is a target market. Selecting the target market is one of the most important steps of the marketing process. Before start to develop the marketing strategies, new firms must aim the market that they want to attract, and to establish the firm position (Barringer & Ireland, 2008). The different market segments are determined by a group of people with similar characteristics. Market segmentation is important because new firms have the opportunity to select a specific group to target what benefits then because the limited resources availability the new firms have (Barringer & Ireland, 2008). Home health organizations target different markets. One target market is the individuals needing this type of service. In general home health care organizations target homebound individuals
References: Barringer, B. R. & Ireland, R. D. (2008). Entrepreneurship: Successfully launching new ventures (2nd ed.). Upper Saddle River, NJ: Pearson Prentice Hall. Davis, J. A., Marino, L. D., & Davis, L. (2007). Senior services: Exploring nursing home services for community-based seniors. International Journal of Pharmaceutical and Healthcare Marketing, 1(4), 304. Lane, C., Posada, S., Manzanero, M., & Cohen, S. (2009). Customer loyalty in health care. Allied Academies International Conference. Academy of Health Care Management, 6(2), 39. The Next Generation (November, 2007). Managed care organizations. Retrieved from http://www.nextgenmd.org/vol4-1/managed_care_organizations.html Zenker, S. (2009). Who’s your target? The creative class as a target group for place branding. Journal of Place Management and Development, 2(1), 23.