In this course, you will investigate three (3) different health-care systems and estimate which one has the best marketing potential. By the end of this course, you will be able to discuss how the 5 P’s of healthcare marketing and research-backed assessment methodologies effect a healthcare system’s marketing potential.
- Select and provide a general overview of three (3) real-life health care organizations that interest you*.
- Discuss the 5 Ps of health care marketing of each health care organization that you selected.
- Using an assessment or evaluation strategy, discuss the marketing potential of each and predict which one has the most promising marketing potential (i.e. SWOT analysis, Porter’s Five Forces analysis, etc.).
- Be sure to support your assertions with evidence-based research, scholarly articles, and well-supported strategies that support your predictions.
- 3-4 page paper excluding front and back matter (APA standards apply).
*Hint: Try locating health care systems that you are familiar with, would like to network with, have heard concerns about, or ones that are completely unfamiliar to you.
Reference: https://data.medicare.gov/
Overview
What are the marketing 5 P’s?
The 5 P’s of Marketing — Product, Price, Promotion, Place, and People – are fundamental marketing factors utilized to effectively position a brand. The 5 P’s of Marketing, often known as the marketing mix, are variables that managers and owners can control in order to please customers in their target market, create value to their business, and differentiate it from competitors.
Product A business’s products and services are referred to as its product. Product decisions include things like function, packaging, appearance, warranty, and quality.
Customers must comprehend the characteristics, advantages, and benefits of purchasing goods or services. Consider the major features, benefits, and customer demands and desires while developing a product.
Price
Price relates to a product’s or service’s pricing strategy and how it will effect customers. Pricing considerations encompass not only the selling price, but also discounts, payment plans, credit conditions, and any price-matching services given.
When developing a pricing plan, it is critical to examine the company’s present market position. For example, if the company advertises itself as a high-quality provider of mechanical equipment, the product pricing should reflect this.
Promotional activities are those that increase consumer awareness of a company. It covers things like sponsorships, advertising, and public relations.
Because marketing expenditures might be significant, it is critical to perform a break-even analysis when making promotional decisions. It is critical to comprehend the significance.
Place refers to where a company’s product or service is visible, made, sold, or distributed. In essence, location considerations are linked to distribution networks and methods of distributing the product to critical customers.
It is critical to examine the accessibility of the product or service and to guarantee that buyers can easily locate you. Customers must be able to purchase the product or service at the appropriate time, location, and quantity.
For example, a company may desire to sell their items through an e-commerce site, a retail store, or a third-party distributor.
People
People refer to employees, salespeople, and individuals who work for the company. Customer service is frequently at the forefront of people’s minds while making decisions
