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Master In Hospital Management > Healthcare Marketing > Flashcards

Healthcare Marketing Flashcards

1
Q

Which of the following factors differentiates demand from need

A

Ability to pay

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2
Q

True or False: Market segmentation allows target marketing to become more specific

A

True

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3
Q

What are the five forces in the Porter’s 5 forces model

A
  1. Industry competition
  2. Threat of new entrants
  3. Threat of substitutes
  4. Bargaining power of suppliers
  5. Bargaining power of buyers
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4
Q

T or F: the number and significance of markets that a firm competes in with rivals is called resource similarity

A

FALSE (market commonality)

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5
Q

T OR F: positioning always comes before branding

A

True

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6
Q

T OR F: low price for high quality prodict is called economy pricing

A

False ( penetrative pricing )

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7
Q

Brand building is a purpose that differentiates advertising from promotion

A

True

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8
Q

Marketing strategy is the application of the marketing plan

A

False (marketing plan- how to achieve; marketing strategy- explanation of the goals you need to achieve)

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9
Q

The following are intensive marketing strategies except

A

Advertising (Pricing, positioning, place or distribution, promotion)

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10
Q

What are the 4 P’s of marketing

A

Product, place, price, promotion

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11
Q

3 critical categories in measuring market share

A

Service share
Physicians share
Patients share

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12
Q

Define healthcare marketing

A

The process of continuously and profitably satisfying the target consumers needs, demand, and expectations superior to competition.

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13
Q

Why is healtcare different from other industries ?

A
  1. Providers commonly maintain monopolies over particular market
  2. Diverse goals of its key organization
  3. Healthcare organisations are obliged to accept clients whether or not they can pay
    4.health care organisations provide services that are not profitable
  4. Healthcare organisations lack a means of financing the purchase of goods and services
  5. Normal rule of supply and demand seldom apply
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14
Q

Who is the customer? (7)

A

Patients
Physicians
Employees
Suppliers
Insurance companies
Other health institution
Applied healthcare practitioners

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15
Q

A critical section of a company’s business plan or marketing plan. It identifies target customers, ascertains the needs of these customers and then specifies how the product satisfies these needs

A

Customer analysis ( customer profile/ target market analysis)

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16
Q

Are wants for specific products backed by the ability to pay

A

Demand

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17
Q

Ultimate result of combined effect of healthcare needs, wants, standard of care and utilisation patterns

A

Demand

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18
Q

Components of demand

A

Healthcare wants, healthcare needs recommended standards of care, health services utilization, ability to pay

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19
Q

Factors that influence demand

A

Socio economic activity
Demographics
Socio-cultural
Political influence
Psychographic
Technology advancement

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20
Q

A method of dividing the target market into smaller groups with certain characteristics

A

Market segmentation

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21
Q

The overall term for directing your marketing endeavors to a group of people

A

Target marketing

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22
Q

The most powerful among the five forces

A

Rivalry

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23
Q

Barriers to entry

A

Economies of scale
Product differentiation
Capital requirements
Switching costs
Access to distribution channels
Cost disadvantages independent of scale
Government policy
Expected retaliation

24
Q

Bargaining power of supplier increases when

A

A. Suppliers are few and large in number
B. Suitable substitute products are available
C. Individual buyers are not larger customers of suppliers and there are many of them
D. Suppliers goods are not critical to buyers marketplace success

25
Q

Buyer power increases when:
A. Buyers are small and large in number
B. Purchase a small portion of the suppliers annual revenues
C. Cannot switch to another product without incurring high cost
D. Pose a threat to integrate backward into the sellers industry

A

D.

26
Q

Threat of substitute except
A. Buyers face few switching costs
B. Substitute price is lower
C. Substitutes product quality nd performance is substandard to existing product but cheaper
D. All of the above

A

C.

27
Q

A systematic and ethical process for gathering and analysing information about the competitions activities and general business trends to further a business’s own goals

A

Competitive intelligence

28
Q

Objectives of competitive intelligence are the following
A. Provide general understanding of industry and competitors
B. Identify areas where competitors are vulnerable and assess impact of actions on competitors
C. Identify potential moves that competition might make
D. All of the above

A

D.

29
Q

Extent to which the type and amount of a firms internal resources are comparable to a rival

A

Resource similarity

30
Q

Competito intelligence gathers data to provide insight on the following EXCEPT
A. Future objectives
B. Current strategy
C. Capabilities
D. Quality care

A

D. ) ASSUMPTIONS about the industry

31
Q

Identifies the firms major competitors and their strengths and weaknesses in relation to a sample firms strategic positions

A

Competitive profile matrix

32
Q

Critical success factors of a CPM

A

Internal and external issues

33
Q

Examples of critical success factors in CPM

A

Advertising , product quality , price competitiveness, management, financial position, customer loyalty , global expansion, market share

34
Q

A percentage for the total sales volume in a market captured by a brand, product or company

A

Market share

35
Q

A systemic way to analyse the product and services that make up a company’s business portfolio

A

Portfolio analysis

36
Q

Examples of.portfolio analysis
A. Target census
B. Target sales
C. Product bundling
D. All of the above

A

D.

37
Q

The volume that would be realized if each prospective customer were to purchase a specified amount of a particular service during a defined future time frame

A

Market potential

38
Q

The projection of future numbers, characteristics and trends in your target market

A

Market forecast

39
Q

Process of estimating future sales. Based on past sales, industry wide comparisons and economic trends

A

Sales forecast

40
Q

Product specific, market specific or company wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe

A

Marketing plan

41
Q

Introducing prosent products or services into new geographical areas

A

Market development

42
Q

Seeking increased market share for present products or services in present markets through greater marketing efforts

A

Market penetration

43
Q

Seeking increased sales by improving present products or services or developing new ones

A

Product development

44
Q

The range of items /services sold by a business

A

Product portfolio

45
Q

A process of setting prices of goods based on current market conditions which involves competitors products and customers perceptions

A

Market based pricing

46
Q

A pricing method wherein a mark up is added over costs incurred to come-up with the suggested price/selling price of the product

A

Cost-based pricing

47
Q

A valuation technique which assigns a low proce to selected products

A

Economy pricing

48
Q

Practice of offering a low price for a new product or service during its initial offering in order to lure customers away from competitors

A

Penetration pricing

49
Q

The practice of setting a relatively high initial price for a product then lower the price over time

A

Price skimming

50
Q

The practice of keeping the price of a product artificially high in order to encourage favorable perceptions among buyers based solely on the price as luxury has a psychological association

A

Premium pricing ( image pricing)

51
Q

Your identity or personality

A

Branding

52
Q

Where you rank in your customers mind in relation to your competition

A

Positioning

53
Q

An added value proposition to your product

A

Branding

54
Q

Integral to managing user perceptions of the brand experience
This differentiates brand

A

Positioning

55
Q

Process of moving products from producer to user

A

Distribution

56
Q

The method you use to speak the word about your product or service

A

Promotion

57
Q

Refers to.messages you send the public via news paper, and magazine displays, billboards, TV, radio, etc

A

Advertising

Master In Hospital Management (3 decks)

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