Healthcare Marketing Flashcards
Which of the following factors differentiates demand from need
Ability to pay
True or False: Market segmentation allows target marketing to become more specific
True
What are the five forces in the Porter’s 5 forces model
- Industry competition
- Threat of new entrants
- Threat of substitutes
- Bargaining power of suppliers
- Bargaining power of buyers
T or F: the number and significance of markets that a firm competes in with rivals is called resource similarity
FALSE (market commonality)
T OR F: positioning always comes before branding
True
T OR F: low price for high quality prodict is called economy pricing
False ( penetrative pricing )
Brand building is a purpose that differentiates advertising from promotion
True
Marketing strategy is the application of the marketing plan
False (marketing plan- how to achieve; marketing strategy- explanation of the goals you need to achieve)
The following are intensive marketing strategies except
Advertising (Pricing, positioning, place or distribution, promotion)
What are the 4 P’s of marketing
Product, place, price, promotion
3 critical categories in measuring market share
Service share
Physicians share
Patients share
Define healthcare marketing
The process of continuously and profitably satisfying the target consumers needs, demand, and expectations superior to competition.
Why is healtcare different from other industries ?
- Providers commonly maintain monopolies over particular market
- Diverse goals of its key organization
- Healthcare organisations are obliged to accept clients whether or not they can pay
4.health care organisations provide services that are not profitable - Healthcare organisations lack a means of financing the purchase of goods and services
- Normal rule of supply and demand seldom apply
Who is the customer? (7)
Patients
Physicians
Employees
Suppliers
Insurance companies
Other health institution
Applied healthcare practitioners
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
Customer analysis ( customer profile/ target market analysis)
Are wants for specific products backed by the ability to pay
Demand
Ultimate result of combined effect of healthcare needs, wants, standard of care and utilisation patterns
Demand
Components of demand
Healthcare wants, healthcare needs recommended standards of care, health services utilization, ability to pay
Factors that influence demand
Socio economic activity
Demographics
Socio-cultural
Political influence
Psychographic
Technology advancement
A method of dividing the target market into smaller groups with certain characteristics
Market segmentation
The overall term for directing your marketing endeavors to a group of people
Target marketing
The most powerful among the five forces
Rivalry
Barriers to entry
Economies of scale
Product differentiation
Capital requirements
Switching costs
Access to distribution channels
Cost disadvantages independent of scale
Government policy
Expected retaliation
Bargaining power of supplier increases when
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
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
D.
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
C.
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
Competitive intelligence
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
D.
Extent to which the type and amount of a firms internal resources are comparable to a rival
Resource similarity
Competito intelligence gathers data to provide insight on the following EXCEPT
A. Future objectives
B. Current strategy
C. Capabilities
D. Quality care
D. ) ASSUMPTIONS about the industry
Identifies the firms major competitors and their strengths and weaknesses in relation to a sample firms strategic positions
Competitive profile matrix
Critical success factors of a CPM
Internal and external issues
Examples of critical success factors in CPM
Advertising , product quality , price competitiveness, management, financial position, customer loyalty , global expansion, market share
A percentage for the total sales volume in a market captured by a brand, product or company
Market share
A systemic way to analyse the product and services that make up a company’s business portfolio
Portfolio analysis
Examples of.portfolio analysis
A. Target census
B. Target sales
C. Product bundling
D. All of the above
D.
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
Market potential
The projection of future numbers, characteristics and trends in your target market
Market forecast
Process of estimating future sales. Based on past sales, industry wide comparisons and economic trends
Sales forecast
Product specific, market specific or company wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe
Marketing plan
Introducing prosent products or services into new geographical areas
Market development
Seeking increased market share for present products or services in present markets through greater marketing efforts
Market penetration
Seeking increased sales by improving present products or services or developing new ones
Product development
The range of items /services sold by a business
Product portfolio
A process of setting prices of goods based on current market conditions which involves competitors products and customers perceptions
Market based pricing
A pricing method wherein a mark up is added over costs incurred to come-up with the suggested price/selling price of the product
Cost-based pricing
A valuation technique which assigns a low proce to selected products
Economy pricing
Practice of offering a low price for a new product or service during its initial offering in order to lure customers away from competitors
Penetration pricing
The practice of setting a relatively high initial price for a product then lower the price over time
Price skimming
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
Premium pricing ( image pricing)
Your identity or personality
Branding
Where you rank in your customers mind in relation to your competition
Positioning
An added value proposition to your product
Branding
Integral to managing user perceptions of the brand experience
This differentiates brand
Positioning
Process of moving products from producer to user
Distribution
The method you use to speak the word about your product or service
Promotion
Refers to.messages you send the public via news paper, and magazine displays, billboards, TV, radio, etc
Advertising
