Essentials of Health Care Marketing Ch. 2

Created by tmhoward 

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Marketing Strategy

strategic planning

process that delivers the direction of an organizationl also the allocation of resoruces and efforts

elements of a mission statement

sets the tone; basic product/service, goals, philosophy, org. self-concept, public image; recog what the business is and what the customer wants.

situational assessment

an analysis of an organization's environment and of the org. itself

SWOT analysis

assesses the environment (economic, regulatory, technological changes, etc); capitalize strengths to deliver value and match strengths to market opps. minimize/avoid weakness and threats - cover to strengths and opps.

Barriers to Entry

conditions to overcome to purse an opportunity

Barriers to Exit

the costs to leave a particular business line; focus on process that centers on customer needs;

sources of differential advantage

product, market, cost, trust

criteria for differntial advantage

importance, perceived, uniqueness, sustainable

organizational objectives

long term performance targets - includes sales, market leadership, market share

growth market strategies

gain sales from existing line or penetrate new markets

market development

initiate sales in new market; appeal to segments previously unable to attract

product development

new products to existing marketing (meeting changing needs of customers)' vertical, backward, forward integration

diversifaction strategy

new products for new markets; (e.g. build strategic alliances/joint ventures to enter new marekts)

evidence management

presents an organization's capabilties to the customer; show price-value relationship in relation to larger market

market growth rate

rate of sales growth in the market

relative market share

ratio of a product's share of business withn a market compared to a competitor

BCG matrix

market growth rate v. relative market share - rate of sales; star, cash cow, problem child, god

consolidation strategies

focus business on smaller set of markets, products, services

divestment

sell off business/product line

pruning

reduce the # of products/services

retrenchment

withdraw from certain markets - when dont' meet objectives or certain markets don't perform

harvesting

gradual/withdrawal support from product line; loyal customer base with revenue from other products

congress and supreme court roles

Congress and the Supreme Court pass and interpret laws that regulate specific health care procedures.

Porters Five Forces and SWOT provide

Critical information
Useful lines of argument
Constraints on decision making

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