Week 2: Marketing/ Operations Management Flashcards
What is marketing?
exchanging of products and services that meet needs and wants
What does marketing focus on?
blend between business goals/content, value and customers goals and content
What is the industry?
group of organizations selling similar products or services to similar markets
What is the market?
group of customers demanding similar products or services to satisfy similar needs
What does marketing consist of?
advertising, sales, branding, budgeting, pricing, competition analysis, strategy
What is another definition of marketing?
is everything a company does to acquire customers and maintain a relationship with them
What is market size?
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
What is market share?
the percentage or proportion of the total available market or market segment that is being serviced by the company
What is market segmentation?
identifying potential buyers of a product or service and breaking them into groups with similar characteristics which influence purchase or consumer behavior
What are divisions of a market segment?
innovators, early adapters, early majority, late majority, laggards
What are 3 different marketing strategies?
undifferentiated, concentrated strategy, differentiated strategy
What strategy cost the least but may not meet market needs?
undifferentiated
What is undifferentiated?
targeting everyone and potentially no one like a billboard
What is concentrated strategy?
targeting a large proportion of the market
What is differentiated strategy?
breaking the market into a number of different segments
ex. speciality PT clinic
What is market demand?
the total volume that will be purchased by a defined customer group in a defined time period
What are examples of market research?
focus groups, interviews, literature, surveys, customer behavior data
What will effective market research do?
will help you understand consumer behavior
What will market research tell you?
total market size, market share, willingness to pay and competition
What are 4 P’s of marketing?
product/service, price, place and promotion
What does SWOT analysis stand for?
strengths, weaknesses, opportunities and threats
What is operations management?
any activity that transforms an input (resource) by adding value into an output (good or service)
What is cycle time?
process time plus idle time
total time from beginning to end of process
What is utilization?
the percentage of time the process is running or ratio of occupied time
ex: what % of PT time is billable
What is capacity?
maximum rate at which process can produce a unit of good or service
What is productivity?
amount of good or services produced by a unit of labor
What are 5 ways to improve productivity?
managing demand, double book patients, increase capacity, incentivize non peak times, determine if process is efficient
What is a bottleneck?
a point in the process that reduces or slows capacity
What is lean production?
used by Toyota but is the 5 Why analysis, if something can be questioned 5 times it probably needs to be changed
What are 4 main ways to measure performance?
- customer perspective
- clinical measures
- operating measures
- financial measures
What are examples of customer perspective?
patient satisfaction, physician satisfaction (referrals), managing of customer complaints
What are operating performance measures?
- efficiency (billable hours, ALOS)
- quality of service (reviews)
3, statistics (referrals, visit volume)
What are financial measures?
costs, revenues, ROI, market share
What are two ways to improve business performance?
increase revenue, contain costs
