Week 2: Marketing/ Operations Management

Question 1

What is marketing?

Answer 1

exchanging of products and services that meet needs and wants

Question 2

What does marketing focus on?

Answer 2

blend between business goals/content, value and customers goals and content

Question 3

What is the industry?

Answer 3

group of organizations selling similar products or services to similar markets

Question 4

What is the market?

Answer 4

group of customers demanding similar products or services to satisfy similar needs

Question 5

What does marketing consist of?

Answer 5

advertising, sales, branding, budgeting, pricing, competition analysis, strategy

Question 6

What is another definition of marketing?

Answer 6

is everything a company does to acquire customers and maintain a relationship with them

Question 7

What is market size?

Answer 7

the total dollar amount of potential sales to all customers in a given market or the number of buyers and sellers in a particular market

Question 8

What is market share?

Answer 8

the percentage or proportion of the total available market or market segment that is being serviced by the company

Question 9

What is market segmentation?

Answer 9

identifying potential buyers of a product or service and breaking them into groups with similar characteristics which influence purchase or consumer behavior

Question 10

What are divisions of a market segment?

Answer 10

innovators, early adapters, early majority, late majority, laggards

Question 11

What are 3 different marketing strategies?

Answer 11

undifferentiated, concentrated strategy, differentiated strategy

Question 12

What strategy cost the least but may not meet market needs?

Answer 12

undifferentiated

Question 13

What is undifferentiated?

Answer 13

targeting everyone and potentially no one like a billboard

Question 14

What is concentrated strategy?

Answer 14

targeting a large proportion of the market

Question 15

What is differentiated strategy?

Answer 15

breaking the market into a number of different segments

ex. speciality PT clinic

Question 16

What is market demand?

Answer 16

the total volume that will be purchased by a defined customer group in a defined time period

Question 17

What are examples of market research?

Answer 17

focus groups, interviews, literature, surveys, customer behavior data

Question 18

What will effective market research do?

Answer 18

will help you understand consumer behavior

Question 19

What will market research tell you?

Answer 19

total market size, market share, willingness to pay and competition

Question 20

What are 4 P’s of marketing?

Answer 20

product/service, price, place and promotion

Question 21

What does SWOT analysis stand for?

Answer 21

strengths, weaknesses, opportunities and threats

Question 22

What is operations management?

Answer 22

any activity that transforms an input (resource) by adding value into an output (good or service)

Question 23

What is cycle time?

Answer 23

process time plus idle time

total time from beginning to end of process

Question 24

What is utilization?

Answer 24

the percentage of time the process is running or ratio of occupied time

ex: what % of PT time is billable

Question 25

What is capacity?

Answer 25

maximum rate at which process can produce a unit of good or service

Question 26

What is productivity?

Answer 26

amount of good or services produced by a unit of labor

Question 27

What are 5 ways to improve productivity?

Answer 27

managing demand, double book patients, increase capacity, incentivize non peak times, determine if process is efficient

Question 28

What is a bottleneck?

Answer 28

a point in the process that reduces or slows capacity

Question 29

What is lean production?

Answer 29

used by Toyota but is the 5 Why analysis, if something can be questioned 5 times it probably needs to be changed

Question 30

What are 4 main ways to measure performance?

Answer 30

1. customer perspective
2. clinical measures
3. operating measures
4. financial measures

Question 31

What are examples of customer perspective?

Answer 31

patient satisfaction, physician satisfaction (referrals), managing of customer complaints

Question 32

What are operating performance measures?

Answer 32

1. efficiency (billable hours, ALOS)
2. quality of service (reviews)
   3, statistics (referrals, visit volume)

Question 33

What are financial measures?

Answer 33

costs, revenues, ROI, market share

Question 34

What are two ways to improve business performance?

Answer 34

increase revenue, contain costs