The Importance of Market Research in the Healthcare Industry

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The Importance of Market Research in the Healthcare Industry

MKT/441

The Importance of Market Research in the Healthcare Industry

Marketing research is the research contacted by businesses and organizations to determine their correct target market and what their marketing mix should consist of. Businesses and organizations use marketing research to seek out the best ways to reach their target market by learning and understanding their needs and wants. One way to understand a particular consumer market is by studying and evaluating the current marketing techniques of a similar business or organization.

Marketing research in healthcare primarily comes from two sources; the primary source is collected feedback from patients and of the secondary source is gained from research and data gathered already existing in the marketplace. Like many industries healthcare is a rapidly involved marketplace sue them marketing research is a continued process. Like any other industry marketing research will help in the strategic planning toward quality healthcare and will provide metrics by which to drive planning direction. “Various issues like cost analysis, infrastructure, healthcare equipment, health insurance market and hospital services are covered in market research activities.” ("Demand for Market Research in Healthcare", 2012). Without marketing research the health care industry would have trouble determining what new project proposals to move forward with and what is becoming outdated. The marketing research is an important strategizing tool to assist with the rising cost of healthcare by focusing their efforts financially by making decisions based on the best market.

Scorecards are given out to patient once they have left the Virginia Mason healthcare facility. The scorecards are a survey of generalized questions asking the patient to rate their experiences at a recent appointment. This primary source of data that is...
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