Chapter 2 Marketing Strategy

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PUBA 476/BUSA 476 Healthcare Marketing (online) Chapter 2 – Marketing Strategy Dr. Lisa Spencer
Oscar Healthcare • It uses bright colors, funny, engaging imagery, and a tagline that everybody gets. • It’s a simple message that means a lot—in this one creative, they infer: • Trust – You can trust Oscar to have your best interest in mind. Since you like your phone, they put their doctors there. • Convenience – Trusting your healthcare to Oscar is convenient. Since you like their phone, they made their doctors available via phone. • Technological capabilities – This isn’t your grandma’s healthcare. Oscar is forward-thinking and has jumped on board with the digital healthcare revolution. Since you like your phone, Oscar made sure their doctors were available on the device you love to use. • Relatability – This ad is fun, modern, and not- too-serious, just like the modern healthcare consumer. By speaking their language and using relatable imagery, Oscar nails the whole “healthcare for the next generation” thing.
Learning Objectives 1. Explain Strategic planning and identify the four process steps. 2. Describe a competitive differential advantage. 3. Define disruptive innovations as a source of new competitors. 4. Identify alternative perspectives to assist in developing organizational strategies. 5. Discuss the essential components of marketing strategy formulation.
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Objective #1 Explain Strategic planning and identify the four process steps.
Strategic Planning Defined • A process that describes the direction an organization will pursue within its chosen environment and guides the allocation of resources and efforts. • Examples • UHWO • HRSA (Health Resources and Services Administration) • HepFree Hawaii
Four Process Steps 1. Define the mission. 2. External assessment of threats and opportunities. 3. Internal assessment of strengths and weaknesses. 4. Establish set of priorities based on organizational objectives.
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Step 1: Define the mission • What is the organization’s fundamental purpose for existing? • Must recognize what the business is and what the customers want. • What’s the product or service? • What’s the primary market? • How will the product or service be delivered. • How does this meet the organization’s goals.
Steps 2 and 3: Situational Assessment (SWOT Analysis) https://corporatefinanceinstitute.com/resources/knowledge/strategy/s wot-analysis/
Steps 2 and 3: Situational Assessment (SWOT Analysis) https://www.wordstream.com/blog/ws/2017/12/20/swot-analysis
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Objective #2 Describe a competitive differential advantage.
Differential Advantage Defined • A set of unique features, benefits, or characteristics of an organization which sets it apart from its competitors for its target market. • Factors – Market, product, cost. • Sources – Table 2-1 (p. 61) • Product-based: technological capability, clinical expertise, name/image, and distribution network. • Market-based: targeted segment, narrow product line, and geographic focus. • Cost-based: operational efficiency, expense control, experience curve, and government subsidy. • IMPORTANT: A unique source of differential advantage in healthcare is Trust.
Objective #3 Define disruptive innovations as a source of new competitors.
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Disruptive Innovations • Cheaper • Simpler • Easier to Access
Objective #4 Identify alternative perspectives to assist in developing organizational strategies.
Growth Market Strategies • The organization attempts to gain more sales from an existing service line or by penetrating new markets. • Market penetration • Market development • Product development (vertical integration) • Diversification (strategic alliances, joint ventures)
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Consolidation Strategies • Pairing either services or markets. • Divestment • Pruning • Retrenchment • Harvesting
Objective #5 Discuss the essential components of marketing strategy formulation.
Market Strategy Formulation 1. Determine target market. • Who is the organization trying to attract? 2. Specify market strategy. • Market leader, market challenger, market follower, market niche. 3. Develop tactical plans for marketing mix. • What actions are to be taken regarding each aspect of the marketing mix. • Price • Product • Place • Promotion
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Summary • An organization’s strategic plan is guided by the mission, which defines its purpose for existing. • In developing strategic plans, a SWOT analysis (situational analysis) provides a review of internal and external factors that can affect strategic outcomes. • An organization can develop a differential advantage that is either product-based, market-based, or price-based. • There are four growth strategies and four consolidation strategies. • After establishing marketing objectives, marketing strategies are formulated.
Have Questions? Send me a message through Laulima Email or directly to my UH email: lisaspen@hawaii.edu . I will make every effort to respond within 48-hours of receipt. DO NOT WAIT until the day before or day an assignment is due, you may not get a response in time for grading purposes.
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