Healthcare Marketing Flashcards
definition: Business objectives based on the mission and values statement
internal information
definition: focused on listening to Clients, Competitors, Payers, Boss, Referrers, Changes in healthcare legislation
external information
What are the two types of sales?
inside and outside sales
definition: Market where consumers have a potential unmet need
Example: An area that doesn’t have outpatient PT or doesn’t have enough
potential market
Definition: Type of market where Consumers from a potential market can afford your product
Example: Those who have insurance and can afford co-pay
available market
definition: Market where there are consumers in the available market who the businesses WANT to supply a product or service to
Example: The clinic only accepts private insurance and NOT Medicare
target market
definition: Market where consumers are buying the product
penetrated market
What are the 3 decisions that companies have to make regarding market share?
1 - Grow Market Share
2 - Maintain Market Share
3 - Drop out of the Market
definition: Expanding sales of existing products in existing markets
market penetration
definition: Grow through the sale of a new product in an existing market
product development
definition: Grow through expanding sales of an existing product in a new market
market development
definition: Grow through expanding sales of a new product in a new market
market diversification
Who are the consumers in healthcare?
Patients
Doctors
Referral sources
Patient’s family
Third Party Payers
definition: focus on the humanistic and caring aspects of the product or service
customer centric
Client pays premium –> Insurer pays providers
- Conflict resolution available as needed
What relationship is described?
patient-payer
- Client chooses a provider
- Provider delivers service
- Client authorizes insurer to pay fees for service
- Conflict resolution available as needed
What relationship is described?
Patient-provider
- Provider agrees to provide service
- Rate of reimbursement is agreed-upon
- Provider notifies insurer of services provided
- Payer reimburses provider
- Conflict resolution available as needed
What relationship is described above?
payer-provider
- Laws, guidelines, and requirements set by regulator
- Regulator acts to protect the public interest
- Provider deliver service
- Payer administers the insurance program
- Conflict resolution available as needed
What relationship is described above?
regulator- provider and payer
- Client chooses to live in regulators jurisdiction
- Regulator acts as ombudsman to client
- Client notifies regulator of any problems
- Conflict resolution available as needed
What relationship is described above?
patient-regulator
definition: Splitting the known market into separate parts
marketing segmentation
definition: a very specific market that has a limited number of potential customers that have unique needs that have not been met by other providers
Niche market
definition: It’s the combination of the ways a business chooses to present itself to the customer
marketing mix
What are the 7 P’s for marketing?
- people
- physical evidence
- processes
- product
- price
- place
- promotion
definition: Prices are being set relative to cost
Example mark-up (product cost $10 and you mark up 30% for profit = $13 is price)
cost-based pricing
definition: setting a price compared to how much your competitor is charging
competition-based pricing
(true/false) Price can include the amount of time a customer must pay in money, time, and convenience
true
What are the 6 progressive steps in promoting a product?
- product awareness
- product knowledge
- product differentiation from alternative products
- support comparisons that favorably represent the promoted product
- form a product preference
- act on preference by purchasing the preferred product
definition: Paid, non-personal communication
advertising
definition: Interpersonal presentation with a potential customer
personal selling
definition: Use of trade shows, expositions, demonstration, health fairs, community outreach programs
sales promotion
definition: Communication and relationship with various customers including the media
public relations
definition: refers to the way business activities flow and are coordinated
processes
What are the four core elements to market a product or service?
Product, place, promotion, price
(true/false) Ethics play a key role in marketing in healthcare
true
