Health services continue to affect the gross domestic product, and this dramatic transformation puts great demands on each dollar spent to deliver patient-centered products. Health care marketing must be repeatedly applied and practiced strategically to include environmental dimensions, such as technology, socioeconomics, competition, and regulatory requirements.
In today's global economy, investors and potential entrepreneurs must tap into the so-called "unexplored' market. In this aspect, health care establishments must use marketing and advertising, as well as sales strategies, when pursuing new customers.
For example, suppose a health care investor wanted to build a small hospital in a rural community-this would entail exploration and logistical experimentation to determine who will patronize the facility. In an impoverished area, the feasibility of having lucrative profits may see diminishing returns, so the investor may not consider the venture worth the effort.
Also, suppose that the potential investor wants to sell mosquito deterrents (such as bedside netting in malaria-infested regions of Asia or Africa). In that case, it would be wise to investigate the number of beds that are in the village, and who would be willing to purchase the products. These activities consider the investor portfolio, as well as the feasibility of marketing and selling the product. Such exploration also examines competitors, cultural differences, and—most importantly—identification of the customer.
Preparation
Using the health care organization you identified in the learning activity last week, determine its product development practices. Use the concepts from previous weeks to substantiate information, as needed. You may develop the discussion based on the ideas presented here, but feel free to inject any relevant marketing strategy that you believe might support your presentation.
Instructions
Write a paper in which you:
- Justify the purpose of the selected health care establishments' products and services and their associated life cycles.
- Propose one strategy to improve the marketing mix of the selected health care establishment.
· Support your strategy by highlighting one benefit of portfolio analysis and providing at least two examples that show differential advantages.
- Determine the impact of possible economic decline on product-market expansion and how it can affect business planning based on a global operating environment.
- Assess the importance of technology in providing patients with clear and accessible information about health care organizations and the products and services they provide.
Full Answer Section
The next stage of product development is to conduct feasibility studies to assess the viability of the product concept. This may involve financial analysis, market research, and technical evaluation.
If the product concept is deemed feasible, Mayo Clinic will then develop a prototype of the new product or service. The prototype is tested to ensure that it meets the needs of the target market and is safe and effective.
Once the prototype is approved, Mayo Clinic will then begin commercializing the new product or service. This may involve marketing the product to healthcare providers and consumers, as well as developing distribution channels.
Marketing Strategies
Mayo Clinic uses a variety of marketing strategies to reach its target audience. These strategies include:
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Content marketing: Mayo Clinic creates and publishes a variety of high-quality content, such as blog posts, articles, and videos. This content is designed to educate and inform patients about their health.
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Social media marketing: Mayo Clinic is active on social media platforms such as Facebook, Twitter, and YouTube. The organization uses social media to share health information, connect with patients, and build brand awareness.
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Paid advertising: Mayo Clinic uses paid advertising to reach a wider audience. The organization may use paid advertising to promote its services, events, and educational resources.
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Public relations: Mayo Clinic has a strong public relations team that works to generate positive media coverage for the organization. This coverage helps to build Mayo Clinic's reputation as a leader in healthcare.
Marketing Mix Strategy Improvement
One strategy to improve the marketing mix of the selected healthcare establishment is to focus on the promotion of its unique value proposition. Mayo Clinic is a world-renowned leader in healthcare, and it is important to communicate this to potential patients. The organization can do this by highlighting its experienced physicians, advanced technology, and patient-centered care.
Benefits of Portfolio Analysis
Portfolio analysis is a valuable tool for healthcare organizations that are looking to make informed decisions about their product and service offerings. There are several benefits to portfolio analysis, including:
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Improved resource allocation: Portfolio analysis can help healthcare organizations allocate their resources to the most promising products and services.
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Identification of potential opportunities: Portfolio analysis can help healthcare organizations identify new opportunities for growth.
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Risk reduction: Portfolio analysis can help healthcare organizations reduce their risk by identifying products and services that are not performing well.
Examples of Differential Advantages
Mayo Clinic has a number of differential advantages that give it a competitive edge in the healthcare industry. These advantages include:
- Reputation: Mayo Clinic has a world-renowned reputation for quality care.
- Experienced physicians: Mayo Clinic has a team of highly experienced and skilled physicians.
- Advanced technology: Mayo Clinic has access to the latest medical technology.
- Patient-centered care: Mayo Clinic is committed to providing patient-centered care.
Impact of Economic Decline on Product-Market Expansion
An economic decline can have a significant impact on product-market expansion. Consumers may be less willing to spend money on healthcare during an economic downturn. This can lead to a decrease in demand for healthcare products and services.
Healthcare organizations can mitigate the impact of an economic decline by focusing on cost-effective care and developing innovative products and services that meet the needs of consumers.
Importance of Technology in Providing Patients with Clear and Accessible Information
Technology is essential for providing patients with clear and accessible information about healthcare organizations and the products and services they provide. There are a number of ways that healthcare organizations can use technology to improve patient communication, including:
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Developing websites and mobile apps that provide information about the organization, its services, and its providers.
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Using social media to communicate with patients and answer their questions.
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Developing online patient portals that allow patients to access their medical records and schedule appointments.
Conclusion
Healthcare organizations that are able to effectively develop and market their products and services will be well-positioned for success in the years to come. By focusing on innovation, patient-centered care, and the use of technology, healthcare organizations can provide patients with the information and care they need to live healthier lives.
Sample Answer
Health Care Organization: Mayo Clinic
Product Development Practices
Mayo Clinic is a non-profit academic medical center with a long history of innovation in healthcare. The organization has a rigorous product development process that involves multiple stages of research, testing, and evaluation.
The first stage of product development at Mayo Clinic is to identify a need or problem that can be addressed by a new product or service. This may involve conducting market research, reviewing clinical guidelines, or consulting with patients and healthcare providers.
Once a need or problem has been identified, Mayo Clinic develops a product concept. This concept outlines the features and benefits of the new product or service, as well as the target market.