However, in light of its organizational problems, the situation surrounding HCCH has many opportunities. First, increased funding looks promising; as $875 billion dollars has of late been approved with the Affordable Care Act to challenge the unacceptable status quo of health care in all of America. Second, HCCH is in a good position to be repositioned- meaning that HCCH’s core values of service, equality, and trust are important values to its stakeholders and will only better be reinforced through an effective rebranding. The rebranding itself is of course the third opportunity as the professional advice sought generated enlightening ideas and will guarantee a quality solution. By leveraging these opportunities and strategically managing and mitigating its problems, HCCH has the potential to create a viable marketing plan that will help keep it moving towards its organizational goals.
Innovation- We will strive to do things better by doing things differently, considering the complexities of the health care delivery system and a team of critical but progressive thinkers.
In today’s market you must have a Web presence to compete. Hospitals are no longer immune to changes brought about by the intenet and web based transactions. Patton-Fuller must look internally to see what services could be offered through a Web Portal to extend as much information to their patients as possible. Some information that could be delivered to patients electronically are newsletters, viewing of peoples public information that are currently in the hospital, such as patients’ room numbers, as well as the ability to purchase
The first way for CVS Health to shape the buying decisions of the customers is to use information technology for market research. The internet provides a vast amount of information to the patient, allowing them to search for symptoms and other health care services. The company web page will allow customers to search information and locate the closest clinic for care. Technology can also be a tool for information resources issue regarding health services. The client also uses the internet to provide feedback regarding their care, and other patients can make a decision based on the experience of others. The innovation of services and processes is the second way to CVS Health can shape the buying decisions of its customers. “Patients and their
Aetna saw a need for better pay to Aetna employees. The value factor is that they saw the importance in this segment of their industry to give best customer service. Aetna wants to attract a more skillful and loyal employees (Sturdevant). They are maintaining themselves relevant in technology and databases to effectively recruit and maintain their work and consumer related area. This value factor is they have selected high quality companies like Bswift to have the many technological capabilities (Aetna Buys Exchange Technology Company Bswift for $400 Mln). This will allow consumers to have the freedom and comfort to rate and leave comments about Aetna’s overall structure. This is highly valuable to any company to have the opportunity to respond accordingly, and change for the better
Marketing has become so prominent in health care today because the health care system is more and more resembling a business. There are many functions to be performed and many complex and sophisticated skills involved. There has been so much growth and competition that health care is advertised and marketed like any other product.
A stakeholder is someone who has an invested interest in the business and during the development of Therapy Life Centre’s marketing strategy it is important that the stakeholders are engaged. Stakeholders can be both internal and external to the business, for example an external stakeholder could be someone whose products Therapy Life Centre displays and sells in the centre, and an internal stakeholder can be someone in the finance or customer services department. There is a large value of engaging stakeholders because in regards to marketing I may be able to make use of their expertise, for example if I was promoting a acupunture therapy by using one of the therapists (who are one type of stakeholders in The Therapy Life Centre) I will be
The ABC Company, a premier managed care health insurance provider was faced with the recent health care reform that enforced major changes in the health care industry. ABC had to take initiatives to stay competitive in the industry. The health care reform and market changes demanded ABC to rethink their business model and how they delivered their services. For companies to stay in business it was important to understand their consumers’ perception of the company’s cost of health care and ample access to quality (Bhaskar & Vo, 2012). With the new legislation consumers are hyper aware of the options in health care insurance products available. ABC had to adapt to new market realities: “consumers wanted a company that they perceived had a lower cost than competition and that provided an ample access to quality health care” (Bhaskar & Vo, p.19, 2012). Due to the high elasticity of health insurance people are extremely sensitive to the cost they need to pay. Improvements in medical technology explains high rise in healthcare costs (The Hasting Center, 2015).The CIO of ABC wanted to take advantage of the new environment using information technology based solutions integrated with new processes. The objective for the new systems was to track, influence, and maintain the consumer perception of the company’s efforts addressing these challenges (Bhaskar & Vo, 2012). The ultimate objective of the project was to create infrastructure and business functions to change the opinion of the
Marketplaces are well known with continuing to reshape the Healthcare Industry.1 I see them as making breaks that must be embraced by healthcare providers, instead of creating more new thing that will eventually be overcome.
With a company breaking into the healthcare market, it is important to recognize the size of the market we are entering. In Canada, “the Canadian health care equipment and supplies market grew by 2.6% in 2013 to reach a value of $9,911.2 million… In 2018, the Canadian health care equipment and supplies market is forecast to… increase [by] 23.3% since 2013” (MarketLine). These numbers are important as they indicate the market is large and is forecasted to continue to grow. Additionally, it is important to verify we have a reachable customer group. As stated by Statistics Canada, consumers are spending a lot more on health care as they get older, “Households in their early 70s spend $800 or more on health care on a per-adult basis than households in their late 40s. (Statistics Canada). This information is relevant because with relation to our target market, the spending patterns would be in our favour.
Its product related diversification strategy, through series of successful acquisitions, has made the company the biggest player in the US Health care industry. Diversifying the company into industries with high growth rates and potential profitability enabled the company to outperform its competitors who depends mostly only one product division.
This paper pertains to the marketing of Health Care Services and provides the steps and history of marketing in health care and the effects of marketing on the health care delivery system from 1950 to 1990. It introduces the health care consumers and their role in the marketing process as well as the factors that influence consumer behavior. These factors influence the success of marketing in health care. It also provides the requirements for successful marketing and current techniques and strategies used by health care organizations.
Healthcare advertising and marketing has considered many changes over the final few years. main that charge has been the growth of digital tactics in healthcare advertising and marketing plans. Digital will continue to develop, and healthcare entrepreneurs need to understand what else is on the horizon.
The strategic vision here at CVS Health is to continue to expand health care options to our valued customers. As our image changes to a store that reflects overall health, we will stock our stores with items geared towards health and wellness. Over the next few years, we will form partnerships with companies whose products fit our new motto of “A happy me is a healthy me.”, by filling the store shelves with healthy alternatives while phasing out items that do not meet our vision goals. Our pharmacy will continue to add value priced prescription drugs to our Caremark Value Priced Generic Drug List so our customers have access to lower priced drugs. For our family consumers, CVS Health will create long-term contracts with our suppliers to ensure the best prices will be given on diapers, wipes, baby food, diapers, baby powder, and all household items needed for a family. With these already low prices, our Extra Care Savings, will be offer individualized coupons based on the customer’s purchasing history. Lastly, we will look at surrounding heath care stores to see if adding a MinuteClinic to an existing CVS Health store will provide a quality alternative for care. With our price
It is important to any business to have a product strategy based on their needs as a company. Because Lifeline Medical does not create the products in their inventory, a product strategy will be used differently than other companies. While Lifeline medical does not deal with certain parts of the product strategy, as a rental company Lifeline Medical needs to set their service apart from other competitors. In order to differentiate their business Lifeline Medical needs to develop a unique selling proposition (USP). When interviewing Lifeline Medical the company stated that their main strength is their exceptional customer service.