Discussion Board 1

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School

Liberty University *

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500

Subject

Marketing

Date

Apr 3, 2024

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docx

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Uploaded by SargentLemur4195

1. After reading chapter 2 Marketing Strategy thoroughly discuss/explain any aspect of the chapter you found interesting and why? Note, your interest could have been due to you learned new information or of a new concept. Replies/responses should detail why you agree or disagree with the original posting. In essence, I found Chapter 2 particularly captivating, given the strategic planning responsibilities integral to my role as an administrative assistant. I am directly accountable to the Director of Strategic Initiatives and provide support to the Director of Clinical Operations. In a recent project, our focus centered on addressing stress and burnout within our department. This involved orchestrating a luncheon, analyzing Press Ganey Survey results, and consolidating information into Improvement Planning Summaries, Focus Group Notes, and Improvement Plans for both faculty members and staff. Essentials of Health Care Marketing states "In reviewing each environmental area, the organization must ask (1) What are the changes and trends? (2) How will these changes affect the organization’s businesses? (3) What opportunities do these changes present?" (Berkowitz, 2022, page 62). We incorporated these three questions into our planning and execution strategies. Although our aim was to implement immediate changes, we also sought to assess potential short-term and long-term solutions. I found the sections on telemedicine particularly intriguing. The surge in telemedicine usage within healthcare systems has been evident since the onset of COVID-19. This increase is observable in both traditional "face-to-face" encounters between patients and providers and in e-visits, defined as asynchronous clinical encounters conducted through a store-and-forward interaction in the patient portal. Essentially, a patient submits a condition-specific questionnaire, and the provider responds by sending a templated treatment plan. From observation of telemedicine practices, the providers seem to be more productive in staying on schedule compared to their in-person clinic practices. A section that I look forward to gaining greater insight into correlates with the market growth strategies. My current experience correlates directly with the patients or the providers. I do not have much insight within depth expenses, marketing, or product development. While I observed the threat of substitution during COVID-19 due to supply chain shortages, I didn’t fully comprehend the financial impact on the institution. I would be curious to see the price differences between products, and how much the institution was losing or gaining throughout these endeavors. Finally, I found the McKinsey 7-S Framework to be quite insightful. I believe it provides an excellent approach to comprehensively assess the broader perspective of a department and institution, effectively breaking down any strategic or marketing plan. 2. Thoroughly explain and support why you have identified each aspect of the SWOT analysis. Replies/responses should detail why you agree or disagree with the original posting. A SWOT analysis serves as a comprehensive situational assessment, evaluating the strengths, weaknesses, opportunities, and threats within an organization or its planning. Overall, we want to connect internal and external factors together to create new strategies and initiatives. Strengths are considered elements that provide the organization with a competitive advantage, such as access to new technology, skilled practitioners, or a strategic location. Weaknesses encompass internal factors that impede the organization from achieving its goals. This can be observed as deficiencies in workflow, insufficient staff or providers, or constraints in resources or alternatives. “For the SWOT to be successful, an organization

must be able and willing to do the following: (1) turn the focus of the swot analysis away from the organization’s products and toward its business processes that meet customer needs (2) capitalize on its strengths by delivering better value to customers than the competition (3) turn any weakness into strength by investing strategically in key areas” (Berkowitz, 2022, page 65). Opportunities enable external factors to have a positive impact on the organization. Recognizing opportunities empowers the organization to set both short-term and long-term goals. It also involves analyzing trends, such as patient numbers, expenses, revenue, etc., and considering how expansion could positively or negatively influence the organization. Finally, threats represent external factors that have the potential to adversely affect an organization. Examining these threats enables the organization to proactively create plans to reduce the likelihood of encountering difficulties. It is essential to consider the ongoing changes in our external environment, technology, and the organization. Taking these four components into consideration allow us to review the internal and external factors that influence the organization. The SWOT analysis will allow us to strategically brainstorm, plan, and execute plans within the organization. Similar techniques can also be utilized within our everyday lifestyle when we are making challenging decisions, such as should I apply for a new position. Resources Berkowitz, E. N. (2022). Essentials of Health Care Marketing (5th ed.). Jones & Bartlett Learning.

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