JHT2 Task 3 1 Essay

4530 WordsFeb 25, 201519 Pages
JHT2 Task 3 The Healthcare Industry A1. Economic Features One dominant economic feature of the healthcare industry is the growing need for both basic and specialized healthcare due to the continued aging of the “Baby Boomer” generation. This generation consists of over 79,000,000 individuals born in the US between 1946 and 1964. As this generation has aged, the need for healthcare has increased dramatically. Let us take a look at some statistics: As of 2012, there were 65.2 million Baby Boomers still living in the US. These individuals, all now currently between the ages of 50 and 68 years old, represent 21% of the current US population. A member of this group turns 65 years old every 10 seconds. 66% of individuals over the age of 65…show more content…
The company can also differentiate itself from its competitors by offering the highest quality of treatment in specific areas by employing the best doctors from specific fields. For example, by recruiting the top brain surgeons in the country, the company can gain esteem in the field and an advantage over the competition. There is success and prestige in the healthcare industry that can be had by being able to provide top level procedurally specific care in high need areas such as cancer treatment, pain management and orthopedic surgery. A3a. Strategic Group Map A strategic group map is a valuable tool for comparing market positions for companies or putting them into specific groups while helping align specific differentiating characteristics. The map can help show where the company is in regard to the success of its differentiating characteristics based on both its own goals/results as well as those of its competition. There are levels on the map that range from weak to strong based on established market expectations as well as the expectations and established standards of the company. Below is an example of a strategic group map plotted out based on the differentiating characteristics discussed in the previous section: The company is represented by the blue ball in the upper right hand corner of the map as providing exceptional quality of care as well as very specific

More about JHT2 Task 3 1 Essay

Open Document