Health Care Analysis
HEALTHCARE ANALYSIS
HCS/539
August 5, 2013
The United States has an incredibly complicated and expensive healthcare system. Many health insurers and other organizations across the country have dramatically changed the way they do business in order to stay competitive, especially with the new climate that laws such as the Affordable Health Care Act have created. These organizations have developed new strategies and processes in order to participate in the insurance exchange program and other features of the federal healthcare law intended to make it cheaper and easier for individuals and small businesses to purchase health care (Benson, 2013). This essay discusses how a healthcare organization such as a hospital would develop a comprehensive marketing plan that will allow them to stay competitive and keep growing. Specifically this essay will cover the four Ps of marketing (product, price, place, promotion), the relationship between the hospital’s marketing, its partnerships, and it will discuss the target market and why understanding target market is vital to a successful marketing plan.
The Four Ps
Incorporating the Four P’s in the organizations marketing strategy is important for the success of the hospital. The hospital must be able to respond to the customer’s needs and wants. “To respond to customers, an organization must develop a product, determine the price customers are willing to pay, identify what place is most convenient for customers to purchase the product or access the service, and finally promote the product to customers to let them know it is available.” (2006) The hospital must determine the service or product and this must be chosen carefully. The hospital should use a combination of marketing research and intuitive decision making to help identify what service or products the community needs. The next step will be to determine the correct price for this service or product. The price can be determined by many factors such as
HCS/539
August 5, 2013
The United States has an incredibly complicated and expensive healthcare system. Many health insurers and other organizations across the country have dramatically changed the way they do business in order to stay competitive, especially with the new climate that laws such as the Affordable Health Care Act have created. These organizations have developed new strategies and processes in order to participate in the insurance exchange program and other features of the federal healthcare law intended to make it cheaper and easier for individuals and small businesses to purchase health care (Benson, 2013). This essay discusses how a healthcare organization such as a hospital would develop a comprehensive marketing plan that will allow them to stay competitive and keep growing. Specifically this essay will cover the four Ps of marketing (product, price, place, promotion), the relationship between the hospital’s marketing, its partnerships, and it will discuss the target market and why understanding target market is vital to a successful marketing plan.
The Four Ps
Incorporating the Four P’s in the organizations marketing strategy is important for the success of the hospital. The hospital must be able to respond to the customer’s needs and wants. “To respond to customers, an organization must develop a product, determine the price customers are willing to pay, identify what place is most convenient for customers to purchase the product or access the service, and finally promote the product to customers to let them know it is available.” (2006) The hospital must determine the service or product and this must be chosen carefully. The hospital should use a combination of marketing research and intuitive decision making to help identify what service or products the community needs. The next step will be to determine the correct price for this service or product. The price can be determined by many factors such as
References: BENSON, B. (2013). Nonprofits ' new world. Crain 's New York Business, 29(28), 13. Berkowitz, E. (2006). Essentials of Health Care Marketing (2nd ed.). Jones and Barlett Publishers. Yarbrough, A. K., & Powers, T. L. (2006). A Resource-Based View of Partnership Strategies in Health Care Organizations. Journal Of Hospital Marketing & Public Relations, 17(1), 45-65. doi:10.1300/J375v17n01_04 Healthcare success strategies. (2013). Retrieved from http://www.healthcaresuccess.com/blog/healthcare-marketing/what-is-marketing-plan.html