HC Mktg Pre Week 1 Flashcards
What are the 4 P’s of marketing strategy?
Product
Price
Place
Promotion
Marketing
Execution of the conception, pricing, promotion, and distribution of the goods, ideas and services
The mix of the four p’s, controllable variables that business use to pursue a desired level of sales is referred to as
Marketing mix
Def product
Good, services or ideas are offered by a firm, also healthcare services
Price
Is what consumers are willing to pay for a service
Place
Represents the manner in which goods or services are distributed by a firm for use by consumers
May include location or the hours a medical service can be accessed
Promotion
Way of informing the marketplace that the org has developed a response to meet its needs and that exchange should be consummated
Need
A condition in which there is a deficiency of something, or one requiring relief
Want
Wish or desire for something
Marketing orientation has 5 distinct elements:
- Customer orientation
- Competitor orientation
- Inter functional coordination
- Long term focus
5 profitability
Customer orientation -
Having a sufficient understanding of the target buyers to be able to create superior value for them continuously
Competitor orientation -
recognizing competitors (and potential competitors) strengths, weaknesses, and strategies
Inter functional coordination -
Coordinating and deploying company resources in a manner that focuses on creating value for the customer
Long term focus -
Adopting a perspective that includes a continuos search for ways to add value by making appropriate business investments
Profitability -
Earning revenues sufficient to cover long term expenses and satisfy key constituencies
Differential advantage
Is the incremental benefits of a product relative to competing products that are important to the buyer and perceived by the buyer.
Non market driven approach
Planning i tank to external, members inside organization try to foretell or dictate at the market wants and how the service should be configured to meet those wants
Market driven approach
Follows ext all to internal approach. 1st assessment of what the market wants, then the organizations response.
Market driven planning does not guarantees success but it does minimize the probability of failure
Stakeholders
Any group with which the company has, or wants to develop, a relationship. Can be customers, patients, physicians, referring physicians, social workers, managed care providers, suppliers, laboratory, etc.
Environment
The regulatory, social, technological, economic, and competitive factors to which the organization use be sensitive when developing a strategy.
Regulatory factors
Legal, stark law, physician referral example
Social forces
Demographic, cultural trends that require sensitivity
Technological factors
Advances such as invention of new vaccine to cure disease
Economic factors
Changes in income distribution, fiscal conditions, such as borrowing rates that determine organization investment plans