Entrepreneurship Marketing Odette McBride HCS/567 July 05, 2010 Sherry McGee Entrepreneurship Marketing Marketing is a fundamental step when launching a new venture to determine if it will be successful. Is very important to complete a study of the market gaps in a particular industry to know whether or not a product or service is needed and how and how a product or service will be purchased. Understand customers and the market for a product or service is very important to achieve the success of a firm. One of the most competitive markets in the health care industry is the home health care. Because of the new laws and regulations created to fight against fraud and abuse, and to attempt to decrease the cost of health care, many …show more content…
Market segmentation is important to determine the size of the potential market for a new product or service permitting to target the segment uniquely capable of serving (Barringer & Ireland, 2008). For home health care agencies is very important to select a specific segment to target because they can focus on it and establish their position in the market. Some home health care agencies target patients and physicians as their source of referral and other target patients and facilities, such as hospitals and long term care facilities as their sources of referral. This differentiates them according to the type of patients to serve and services to provide. Selecting and managing a target market is very important to achieve a success of a new venture. Entrepreneurs should consider several aspects during the process. Segmenting the market, selecting a target market, and crafting a unique positioning strategy constitute some elements of the process of selecting a target market and positioning strategy (Barringer & Ireland, 2008). During this process entrepreneurs should indentify the potential customers for their products or services, segment the market because will be more beneficiary to a new firm to be specialist on a specific market rather than to try to embrace different markets, and differentiate their product or service from competitors. Barringer & Ireland (2008) stated, “the biggest challenge a
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.
By sending mail directly or making personal calls to all the doctors, administrators, and any other relevant personnel as well as visiting them if possible, we can establish a relationship with the customers at virtually no cost. However, the expected time commitment for the product is the most important part of our marketing strategy. Firstly, we will have to determine the persons to contact at the hospitals and nursing homes. Secondly, our team will have to determine when and how often we contact the target audience. Lastly, we will need to work on our communication skills and make sure that we are striking the right tone and positively convincing them to switch to our product. The response we receive is going to be our yardstick for determining
Competition in the home health field is intense, particularly in rural areas, where the need for services is in more demand. Because services are expensive to provide, it is critical for agencies to generate a volume of visits sufficient to cover fixed expenses plus make a small profit. Competition is primarily between another company Care One, Inc., a multicounty operation that has been established in the area for well over 10 years. AHHS surpassed them in total number of visits after its second year of operation and has been progressively growing. Many of the physicians in the area, however, continue to use Care One, and Care One receives more referrals from the local hospitals than AHHS. Currently AHHS has 32 employees, including 15 registered nurses, 8 nursing aides, 1 physical therapist, I speech language therapist, and 7 administrative staff.
By using Marketing strategy, organizations concentrate their resources on the greatest opportunities to increase sales and maintain a competitive advantage in its market (Wickipedia, pg1).Market segmentation is the process companies use to divide their market into groups of buyers and establish marketing tailored to individual groups. Market targeting is the process of actually choosing the market which poses the greatest profitability. Positioning involves product placement and helps marketers highlight their product over a competitor. The
Health care marketing in the current environment requires a multi platform, multi pronged approach to reach target audiences, facilitate community out-reach, and provide for the common good. Several initiatives are the focus for a successful, ongoing marketing plan for Lee Health.
Healthcare marketing consists of strategic, tailored plans to promote services or products to consumers. Branding, a marketing strategy, allows organizations to target populations promoting specific services, products, and images in the new arena of consumer-driven healthcare systems. In today’s society, U.S. healthcare providers encounter educated consumers with higher expectations in healthcare and customer satisfaction, requiring competitive business and marketing strategies. Branding provides avenues to create awareness of a service or product while establishing consumer loyalty of stakeholders (McPherson 2008). While consumers possess the ability to make multiple choices in healthcare, branding a healthcare facility or service, aids
With the evolution of healthcare reform, it is imperative that healthcare organizations utilize target marketing as a way to recruit new business and stay competitive against major organizations. In order to effectively use target marketing a healthcare organization must carefully and precisely identify its target audience, geographical area and needs, as well as any competitors within the geographic area. Thornhill and White state that a unique advantage must be difficult, if not impossible, for other to compete against. Once a complete understanding of the audience and its needs has been established the facility can then start building its program and recruiting key players. In order to stay competitive and an industry leader, it is also
Every company and/or organization starts and operates to achieve a single major goal, which is normally included in the company’s mission statement. Setting a goal, however, does not translate into success on its own; it is only the fist step. Understanding market segmentation is the second most important aspect of doing business. “Sellers and advertisers want to be able to determine what the potential market is for their product or service, as well as the best ways to reach potential consumers” (Terrell, 2013). Once a goal is set, an organization first must decide if it wants to operate locally, regionally, nationally, and/or internationally, as the size of the geographic coverage has a large
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.
The paper is a presentation of a strategic analysis of hospital at home program of Presbyterian Healthcare Services in New Mexico, which seeks to improve care quality and patient satisfaction while reducing costs. The analysis identifies the key issues, conducts a situational analysis, presents strategy formulation, offers recommendations, designs the implementation of strategies, and concludes with benchmarks for success which utilize contingency plans. It is outlined how Presbyterian Healthcare Services are well suited to use the Johns Hopkins home care model. PHS will require adaptation, Market entry and competitive strategies that are rational to enter the market as outlined. As a recommendation, PHS should underline their commitment of creating a community of early adopters, and should consistently work to that end by providing guidance to more organizations. Implementation strategies are initiated in the form of service delivery and support systems that underline the implementation of the directional, adaptive, market entry and adaptive strategies. The benchmarks for success are based on how well the issues have been addressed by the integrated system, namely the results.
First, we will analyze the targeted customer and the proposition designed by each company to attract them. In this part, there is a description of each market target and how each company has taken advantage of each unique position in the industry.
One of the most important in coming up in the marketing plan is identifying your potential customers or your target market. With this, the researchers can implement and come up with the strategies suited with the identified target market. Target market or customers are those who are likely to buy your product.
The central concept of marketing is the exchange of something of value between the provider and the purchaser. Determining what the consumer need, want and desire and delivering it better than the competitors is the goal of marketing (Longest, Rakich and Darr, 2000). Healthcare is becoming more business oriented and using marketing tactics to increase consumer use of the services and products the health care system offers. Ensuring marketing of the right products and services is successful the organization’s mission and marketing need to be in alignment. This alignment begins with the strategic planning process, which
The Right Target Market One of the most important marketing functions for a firm is finding
According to Blythe (2010), segmentation, targeting and positioning are fundamental to the concept of meeting customer need. This essay will outline and analyse these fundamental tools of marketing in an academic setting, in addition to, assessing how an organisation of my choice applies them in a working environment. Included in this essay, will be an academic discussion of the advantages of market segmentation, targeting and positioning drawing upon views of various scholars. Furthermore, I will provide a profile of my chosen organisation as well as an assessment of their market segmentation, targeting and positioning strategies. The essay will finish with a summary of the main points and will draw conclusions based on the evidence which has been presented.