401 PPTS

A social process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others

Process of proactively building a bias or preference for an organization with a goal to maintain a mutually satisfying long-term relationship. Shift from satisfying customers needs on an individual basis & shift toward an organization's efforts to build and retain long-term customer loyalty that is mutually satisfying to both parties

• The process of dividing a market into subsets with similar buying habits or characteristics
• It is the opposite of mass marketing (same marketing approach for all customers)
• It targets those who are most likely to use the product or service

Product, Price, Promotion, and place of distribution can be tailored to satisfy the needs of a particular segment

Seniors are considered those age 65 and older but the age range may be different for long-term care marketing needs.

The older segment of the population is: rarely homogeneous, very diverse (needs, lifestyles, and preferences)

Age is a credible factor for long-term care services; however it is NOT a good predictor of behavior for marketing strategies

• An ideal market segment fits three criteria:
• 1. Of sufficient size
• 2. Has potential for growth
• 3. Has a relatively underserved need

A pivotal issue in market profitability is that the segment be stable and actionable in the long term

• -Analyze their own capabilities
• -Research a targeted segment
• -Ensure they can execute a strategy
• -Match and even exceed the competition's offerings

An organization's culture and mission should align with the needs of the segmented group

Long-term care is a labor intensive industry

The long-term care workforce is a group of dedicated individuals committed to working with a vulnerable segment of the population

The workforce is a diverse group with a wide range of skills

• -Issues of an aging population and disease acuity
• -Long term care staffing shortages
• -Employee retention issues
• -Cultural competency issues
• -The globalization of healthcare and how this affects clients and staff in LTC organizations

A facility's failure to meet a participation requirement