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24 terms

Essentials of Health Care Marketing Ch. 2

Marketing Strategy
STUDY
PLAY
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