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Define marketing
The process of planning and executing the conception pricing, promotion, and distribution of ideas, goods, And services to create exchange that satisfy individual and organizational objectives.
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What is recognized as a central component to the operations of health care organizations?
The importance of customer satisfaction is now recognize as the central component to the operations of health care organizations.
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What are the pre requisites for marketing
- 2 or more parties with unsatisfied needs, desire for ability of 1 party
- to meet the needs of another parties. Must have something to exchange, there must be a means to communicate.
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What is marketing research?
Marketing research is a process in which there is a systematic gathering of data from customers to identify their needs.
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What are the 4 p's of marketing?
Product price place promotion.
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Define marketing matrix.
The mix of controllable variables that the firm uses to to pursue the desired level of sales.
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What focuses on what customers are willing to pay?
Price
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Need
A condition in which there is a deficiency of something
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During the sales era, what was the focus of Hospital administrators?
To get as many patients aa possible, advertising.
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The focus of marketing oriented institution can be viewed as. ..
Patient focused health care approach.
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What are the 5 elements of marketing orientations
- Customer orientation
- Competitor orientation
- Interfunctional coordination
- Long term focus
- Profitability
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Non market based planning sequence
- Mission
- Strategy formulation
- Implementation
- Market
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Steps in market driven planning sequence?
- Mission and goals
- Added target market needs
- Identify differential advantage requirements
- Strategy formulation
- Preterm Service concept
- Implementation
- Market
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What 3 factors must an organization be sensetive to in the strategic Marketing process?
- Important stakeholders
- Environmental factors
- Society at large
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Stakeholder
Any group with which a company has,or wants to develop a relationship .
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The term environment from a marketing standpoint means. ..
The regulatory,social, technological, economic, and competitive factors to which the organization must be sensitive when developing a new strategy.
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What is the core of a marketing program?
Target market
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What is required to meet the target market requirements ?
- Pressure to be market oriented
- Capacity to be market oriented
- A clear shared vision of the market
- Actionable first steps
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What are strategic business units?
Business that operate as separate profit centers within a large organization
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what is a market- oriented organization
a distinct major market has its own marketing organization
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What are the value and the focus of a market-oriented organization?
Customers who have different buying structures and purchasing requirements.
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What are the prerequisites to marketing success
- Pressure to market oriented
- Capacity to be market oriented
- A vlear vision of the market
- Actionable first steps
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Accountable care system
An entity that can implement organized processes for improving quality and controlling costs of care.
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Strategic Planning
a process that describes the direction an organization will pursue within its chosen environment
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What are the steps required to develope an effective strategic plan?
- Define the mission
- conduct a situational assessment of threats and opportunities
- establish a set of priorities based on organizational objeectives
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Organizational mission refers to..
Organization's fundamental purpose for existing, it's values, and the customers it wishes to serve
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What are the components of an effective mission statement?
recognizing what the business is and what the customer wants.
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What is situational assessment?
an analysis of the organizations environment and of the organization itself (SWOT)
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Define SWOT
the exmination of strenghts, weaknesses, opportunities, and threats
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Barriers to entry
conditions a company must overcome to pursue a business opportunity
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For the SWOT to be successful the organization must be willing to do what?
- Turn focus of the SWOT analysis away from products and toward its business processes.
- Capitalize on its strenghts.
- Turn any weakness into strengths
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What are the criteria for a good differntial adantage?
- importance
- perceived
- Uniqueness
- Sustainable
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What are 3 areas in which an organization can seek a differential advantage?
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Define Principle- Agent as it relates to trust...
Allowing the physician to make decsions on the patients behalf
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What is market based differential advantage?
focus on a particular market segment
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What is invisible value?
the value that the producer builds into its product or service
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What is visible value?
Value that is seen by the customer.
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The managment of both invisible and visible value is referred to
Evidence managment
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What are organizational objectives?
long term performance targets the company hopes to achieve
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What is the market penetration strategy?
increasing the sales of present products and services in present markets
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What is market development strategy?
initiating sales of existing products nd services in new markets
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What Growth Market Strategies?
gaining more sales from an existing business line or penerate new markets.
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What is vertical and backward intergrations?
- Vertical incorpaorates related services or products
- Backward entails being its own supplier.
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Define Strategic Alliances
formal arrangements with other companies to operate in a particular market
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What are some consolidating strategies?
- Divestment
- Pruning
- retrenchment
- harvesting
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9 elements of market attractiveness
- market size
- growth rate
- profit margin
- competitive intensity
- technological requirements
- inflationary vulnerability
- energy reqs
- Environmental impact
- Social/political/legal issues
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Mulit-segment marketing
distinct marketing strategy is developed for each group
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market concentration strategy
targeting only one segment of the market
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environmental scanning
the aquisition and use of information about events, trends, and relatinships in an organization's external environment
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disposable income
amount of income a consumer has left for food, clothes, and shelter after paying taxes
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discretionary income
income left after paying taxes and neccessities
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demographics
statistice that describe members of a population in terms of who they are, where they live, and the types of jobs they have
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what is the function of the Herfindahl- Hirschman index
it measures overall competitiveness in the market
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Sherman Anti-trust act
forbids anycontracts, combinations, or conspiracies in the restraint of a trade
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Clayton Act
Supplemented the Sheerman Antitrust Act if no damage had occured
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What is the function of the federal trade commision?
legislation forbidding deceptive or misleading advertising and unfair business practices
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it is necessary for all amrketing action are complint with what regulations
HIPPA ( Health Insurance Portability Accountability Act)
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