HCA marketing_.txt

  1. 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.
  2. 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.
  3. 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.
  4. What is marketing research?
    Marketing research is a process in which there is a systematic gathering of data from customers to identify their needs.
  5. What are the 4 p's of marketing?
    Product price place promotion.
  6. Define marketing matrix.
    The mix of controllable variables that the firm uses to to pursue the desired level of sales.
  7. What focuses on what customers are willing to pay?
  8. Want
    Wish or desire
  9. Need
    A condition in which there is a deficiency of something
  10. During the sales era, what was the focus of Hospital administrators?
    To get as many patients aa possible, advertising.
  11. The focus of marketing oriented institution can be viewed as. ..
    Patient focused health care approach.
  12. What are the 5 elements of marketing orientations
    • Customer orientation
    • Competitor orientation
    • Interfunctional coordination
    • Long term focus
    • Profitability
  13. Non market based planning sequence
    • Mission
    • Strategy formulation
    • Implementation
    • Market
  14. Steps in market driven planning sequence?
    • Mission and goals
    • Added target market needs
    • Identify differential advantage requirements
    • Strategy formulation
    • Preterm Service concept
    • Implementation
    • Market
  15. What 3 factors must an organization be sensetive to in the strategic Marketing process?
    • Important stakeholders
    • Environmental factors
    • Society at large
  16. Stakeholder
    Any group with which a company has,or wants to develop a relationship .
  17. 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.
  18. What is the core of a marketing program?
    Target market
  19. 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
  20. What are strategic business units?
    Business that operate as separate profit centers within a large organization
  21. what is a market- oriented organization
    a distinct major market has its own marketing organization
  22. What are the value and the focus of a market-oriented organization?
    Customers who have different buying structures and purchasing requirements.
  23. 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
  24. Accountable care system
    An entity that can implement organized processes for improving quality and controlling costs of care.
  25. Strategic Planning
    a process that describes the direction an organization will pursue within its chosen environment
  26. 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
  27. Organizational mission refers to..
    Organization's fundamental purpose for existing, it's values, and the customers it wishes to serve
  28. What are the components of an effective mission statement?
    recognizing what the business is and what the customer wants.
  29. What is situational assessment?
    an analysis of the organizations environment and of the organization itself (SWOT)
  30. Define SWOT
    the exmination of strenghts, weaknesses, opportunities, and threats
  31. Barriers to entry
    conditions a company must overcome to pursue a business opportunity
  32. 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
  33. What are the criteria for a good differntial adantage?
    • importance
    • perceived
    • Uniqueness
    • Sustainable
  34. What are 3 areas in which an organization can seek a differential advantage?
    • product
    • cost
    • market
    • trust
  35. Define Principle- Agent as it relates to trust...
    Allowing the physician to make decsions on the patients behalf
  36. What is market based differential advantage?
    focus on a particular market segment
  37. What is invisible value?
    the value that the producer builds into its product or service
  38. What is visible value?
    Value that is seen by the customer.
  39. The managment of both invisible and visible value is referred to
    Evidence managment
  40. What are organizational objectives?
    long term performance targets the company hopes to achieve
  41. What is the market penetration strategy?
    increasing the sales of  present products and services in present markets
  42. What is market development strategy?
    initiating sales of existing products nd services in new markets
  43. What Growth Market Strategies?
    gaining more sales from an existing business line or penerate new markets.
  44. What is vertical and backward intergrations?
    • Vertical incorpaorates related services or products
    • Backward entails being its own supplier.
  45. Define Strategic Alliances
    formal arrangements with other companies to operate in a particular market
  46. What are some consolidating strategies?
    • Divestment
    • Pruning
    • retrenchment
    • harvesting
  47. 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
  48. Mulit-segment marketing
    distinct marketing strategy is developed for each group
  49. market concentration strategy
    targeting only one segment of the market
  50. environmental scanning
    the aquisition and use of information about events, trends, and relatinships in an organization's external environment
  51. disposable income
    amount of income a consumer has left for food, clothes, and shelter after paying taxes
  52. discretionary income
    income left after paying taxes and neccessities
  53. demographics
    statistice that describe members of a population in terms of who they are, where they live, and the types of jobs they have
  54. what is the function of the Herfindahl- Hirschman index
    it measures overall competitiveness in the market
  55. Sherman Anti-trust act
    forbids anycontracts, combinations, or conspiracies in the restraint of a trade
  56. Clayton Act
    Supplemented the Sheerman Antitrust Act if no damage had occured
  57. What is the function of the federal trade commision?
    legislation forbidding deceptive or misleading advertising and unfair business practices
  58. it  is necessary for all amrketing action are complint with what regulations
    HIPPA ( Health Insurance Portability Accountability Act)
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HCA marketing_.txt
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