WEEK 1 HW_HEALTH MARKETING

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Miami Dade College, Miami *

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2652C

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Marketing

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Feb 20, 2024

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pdf

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Chapter 1 Questions 1. Several prerequisites are necessary for marketing to occur. Identify each prerequisite in the following examples: (a) a medical group offering an after-hours telemedicine service for primary care, (b) a consumer seeking physical therapy, (c) a company choosing health coverage for its employees. a- A medical group offering an afterhours telemedicine service for primary care would fall under the second prerequisite. The second prerequisite involves the desire or ability of one party to meet the other party’s needs. In this example, the medical group that offers afterhours telemedicine service is the party that will provide for the needs of the patients. b- A consumer seeking physical therapy would fall under the third prerequisite. The two parties have something to exchange. The physical therapist can provide their skills to the patient of consumer who needs it. In turn, the patient will have to pay for the services of the physical therapist. c- A company choosing health coverage for its employees falls under the first prerequisite. The two parties both have unsatisfied needs. The company needs to have its employees healthy for them to be at their best state to work. In return, the insurance company will acquire economic gain through this exchange. 4. In developing the new pediatric sports-medicine program, what uncontrollable environmental factors should be considered? This group practices in a large metropolitan area. There are two large healthcare systems that in recent years have begun to employ their own physicians in a large practice. - In this situation, | believe the unconftrollable environmental factor that should be considered is the competitive forces. This group practice must think of ways that would help their program gain aftention from their target population because it will be very difficult to compete with other groups that have already established their reputation. An effective strategy is needed to gain customers that will support and stay loyal to the business. 5. A major concern for many physicians is the belief that marketing “creates” needs. Explain the complexity of this issue. Assume you have been invited to a conference and will participate in a debate on this subject. The session chair has not told you which side of the debate you will be presenting. Prepare each side of the argument. - For the side that agrees with the belief, marketing creates needs because it convinces consumers that the product are necessities. This motivates them to purchase the products. An example of this includes the marking done by soda companies, in which they market their products as beverages that can quench

the consumer’s thirst. There are other drinks, such as water and sports drinks that will also satisfy the consumer’s thirst. However, with the way that soda companies market their products, consumers will now consider buying these drinks when they're thirsty even though other options are healthier and cheaper. Moreover, as someone who wears makeup, | find it disturbing how the makeup industry has successfully established its product as a necessity which | have a personal issue with. Their advertising seems to target people's insecurities to grain profit. For the side that does not agree with the belief that marketing does not create needs as what marketing primarily does it identifies what their target population already needs. Environmental scanning is a process where the target location and population are assessed to know what they need, as well as what they want. The people’s needs are considered so the business knows how to satisfy these needs and gain loyal consumers. It does not create needs as their needs are preexisting. 7. Explain the differences among existing customers, target markets, and stakeholders for an acute care county hospital. That hospital has historically taken care of those individuals who are less well insured or socioeconomically disadvantaged. The clinical staff is highly qualified and committed to the mission of the institution. In recent years, the hospital has found that county support for its budget has decidedly decreased. In light of your description of the target market, existing customers, and stakeholders, how might this factor into a marketing director’'s concerns in light of budget realities and the need to atiract a well-insured patient population? - Acute care county hospitals are facilities which provide short term freatment for serious health conditions and illnesses. Since patients are eventually fransferred to other facilities for advance and long-term care and freatment, existing customers are unlikely to be always present. The target market of acute care county hospitals would be patients that require only short-term care. Stakeholders include medical, nursing, non-medical and marketing staff, as well as patients’ primary health care facilities, emergency medical services, and most importantly the community. All these components play a role in attracting a well insured patient population. Existing customers, target market and stakeholders each play an important role in the marketing factor. Existing customers will allow the hospital to continue providing short-term care. As target market is limited, the hospital can try wo widen their target population to attract other customers. Stakeholders allow the hospital allow the hospital to function properly as they keep the facility running.

Chapter 2 2. For several years, the Steig Medical Group had been a successful primary care practice of three physicians. In recent years, the state in which it practiced became more receptive to opening the regulations to advanced practice nurses for providing primary care services to the limit of the license without direct supervision and to even have pharmacists perform limited diagnosis, order lab tests of certain types, and provide consults under some relationship with a physician. These pharmacists could also refer. The local Walgreens and the three CVS locations in town had also opened Minute Clinics staffed with nurse practitioners. The Steig group just recently offered weekend hours on Saturday and had walk-in hours from 7:30 a.m. until 8:15 a.m. on Tuesday and Thursday mornings. The practice closed Monday through Thursday at 5 p.m. and Friday at 3:30 p.m. Over lunch, the three doctors, all close friends who went through medical training together, decided to meet on a Sunday morning. One of them had recently completed a master’s of business adminisiration at the local business school. “I think we should do a SWOT analysis of the practice,” he said, | think we now have real competition from when we started 10 years ago. The nurse practitioner practice is now open three nights a week and is opening Saturday and Sunday morning. The Minute Clinics are also there. Let's step back. Our practice is busy. We were voted best primary care group last year in Midtown magazine, but how long will that help? We have all been here in the community, we have talked about hiring, but is it enough? What else should we be doing? Conduct a SWOT analysis for the Steig group.” - The SWOT analysis for the Steig group considers the following factors: Strengths: These are the internal elements over which the business has complete control. a. They are all qualified doctors with extensive experience in medicine. b. They have a good reputation of being the top primary care group in the city, as recognized by Midtown magazine las year. This gives them an advantage over the competition. c. Resources to reduce cost and improve efficiency/product, offer high quality service, reduce unnecessary documenting. Weaknesses: These are the obstacles that may cause the Steig group inconvenience. a. Unlike their rivals who offer three times a week, they do not provide night duty services. b. Due to the three doctors having a busy practice, they are unable to always devote their full attention to the clinic.

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c. Stating they have been discussing recruitment implies that they have not hired and hence require sufficient manpower. Opportunities: These are the favorable external factors for the business. a. Theirrivals are less qualified nurses and pharmacists; therefore, the market will be convinced that their firm provides the best freatment. b. Their busy practice indicates that they have a large market base, implying that they have the capacity to enhance this foundation and grow tremendously. c. Improving bed side manner Threats: These are the extremely based underlying factors that my be the cause of the businesses’ demise. a. The nurse practioners are competitors. Their firm is open three nights a week, posing a threat to the Steig group, which may lose consumers as a result. b. The opening of minute clinics also poses a threat to Steig. . Describe the possible barriers to entry and exit for (a) a group of nurse practitioners who specidalize in primary care and want to establish their own independent office to care for patients with primary care medical needs, (b) a pharmaceutical company considering offering a new drug for the freatment of renal disease, and (c) an enfrepreneur wanting to establish a mobile physician consult service for minor medical problems. A. Barriers of a primary care office e High capital funding required which are mostly non-recoverable expenditures incurred when a company decides to exit the market. e Economies of scale- these are the benefits that a business gains as it grows its output. However, if a market has importance that has already been exploited by current enterprises in the market, new enterprises of the same importance will be discouraged. e Licensing from governing authorities ¢ Maintaining costs e Capital funding e Nursing skills are limited to only nursing field, cost of losing people with incure a huge financial loss. B. Barriers for pharmaceutical company e Approval by the FDA- the FDA must issue special authorization, which takes time, before a corporation decides to manufacture and commercialize a pharmaceutical medicine. e License from the other competent authorities in the market. e The existing competition from other substitutes present in the market. e Investin R&D

e Branding and marketing will go down if exited, and sales will be negatively affected. e Research and development costs — the high costs of bringing a new drug to the market with the post approval research and development builds a huge barrier to the pharmaceutical company trying to bring in its new product. C. Barriers of an entrepreneur e Building networks of medical professionals may be a hard task for the entrepreneur. e Maintaining the ambitious standards of the services offered by the business may also be a barrier. e Can exit at anytime and skills can be used in other fields. 5. Retin-A is a topical ointment originally developed for the treatment of severe cases of acne and related skin disorders. An observed side benefit resulting from use of this product is its beneficial effect on aging skin. If the manufacturer of this product decided to pursue the latter market, what type of a growth sirategy would it be pursuing? Diversification, development, market penetration, and market development are the four primary growth strategies that firms use, depending on their size and scale. The four basic techniqgues mentioned above and the other options for success will be looked at in the brief discussion (Berkowitz, 2022). Diversification will not only benefit Retin-A because they are already in the skincare business and have a product ready for them. Spending too much on product development is unnecessary because the product design is ready, and the product is tested. Moreover, market penetration is a strategy that would be used later. The company must focus more on a market development plan that includes market segmentation and customer centric growth strategy. According to the company’s market development plan, the company needs to expand into newer markets, segments, and non-users. As a result, Retin-A is technically poised for the anti-aging market due 1o its side benefit. Market segmentation would enable the company to focus on its target customers efficiently and effectively with appropriate marketing campaigns and distribution channels to reach them. Starting with the goods, services, customers, channels, and geographic locations that create the most revenue and profits, the process would entail finding profitable growth prospects. This might include tracking and analyzing profitability, revenue growth rate and, as a result, the company’s reputation among its most important customers.

Chapter 3 2- Three bins of cost were identified for healthcare technological innovations relative to their benefits. Consider the following innovations and place them in one of the three bins that were described in this chapter and provide your rationale for why you would indicate the location is the appropriate designation. KardiaMobile - the amount of EKG test can be reduced and resulting in less visits o the doctor. Ay anomalies can be documented and may reduce the cost of healthcare for early detection. Personalized precision medicine (PPI). - the most beneficial to patients because it can precisely forecast a disease occurrence (Berkowitz, 2022). K-Health (https://www.khealth.qi/), primary care digital app.- patients receive high quality service. It provides extra education on the application about STI's and can provide easy communication between the provider and patient. 5- The U.S. Justice Department settled a case involving ClassiCare Network, a joint venture of eight Long Island hospitals. The joint venture was to act as the “exclusive bargaining agent” in negotiations with all HMOs regarding hospital discounts. The agreement reached with the hospitals barred this arrangement. On what grounds and rules was the justice department action based? - The Justice Department's action of the United States was based on the anti-trust act (Berkowitz, 2022). 7- Demographic trends suggest that a large number of baby boomers are on the verge of retiring. The Bay Area Medical Practice is meeting to focus on its next five- year strategic plan. It has performed a patient analysis and has determined that baby boomers make up 40% of its patient base. From an operational perspective, how might the group respond to this in terms of the four P’s of marketing strategy? - The 4P's

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Product: It would be the Healthcare services provided to baby boomers. The common treatment consists of diseases like high cholesterol and cardiac diseases. Price: Most retirees have insurance coverage, especially government funded insurance. Place: Location is imited but can get outside referrals. Promotion: TV commercials and mailed large post cards References Berkowitz, E. N. (202). Essentials of Health Care Marketing, Fifth Edition (5th ed.). Jones & Bartlett Learning.

WEEK 1 HW_HEALTH MARKETING

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