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Management > Marketing Applications > Flashcards

Marketing Applications Flashcards

1
Q

What is an important tool for a pharmacy organization to use in maximizing its future success?

A

Strategic planning

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2
Q

What are the five steps of preparing a market strategy for a proposed new good or service?

A
  1. Analyze the market environment
  2. Goals and objectives formulation
  3. Determining the target market
  4. Formulating/ designing the marketing mix
  5. Design a marketing control process
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3
Q

What are the two areas of the market environment?

A
  1. Microenvironment - internal (structure/ personnel) and external (suppliers/ customers) that affects the ability to serve customers
  2. Macroenvironment - factors that affect microenvironment (demographic, economics, nature)
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4
Q

What is a SWOT analysis?

A

Analysis of strengths, weaknesses, opportunities, and threats of the market environment
* Important to evaluate the internal factors of an org

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5
Q

What is the difference between strengths and weaknesses?

A

Strengths: loyal customers, wide range of services, professional image, clinical skills and knowledge, positive
Weakness: not established, no working relationships, limited financial resources

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6
Q

What is the difference between opportunity and threats?

A

Opportunity: Gaps between the market demand and what is currently available, as well as changes in the market that enhance the demand for the organization’s goods and services
Threats: Factors that can prevent the organization from achieving its goals and objectives

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7
Q

What are SMART objectives?

A

Specific: Describes what the organization will do, with what resources, and for what reason
Measurable: Can be evaluated to determine whether or not the objectives were met
Attainable/realistic: Can be achieved within the resource limits of an organization
Time-specific: Describes the deadline of achievement for each objective

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8
Q

What steps are needed to identify the target market?

A
  1. Market segmentation
  2. Target marketing
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9
Q

What is a target market?

A

will include the population of individuals in the community that will be the primary focus of the organization’s marketing strategy

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10
Q

Process in which the market is divided into distinct, meaningful groups of consumers based on profiles (demographics)

A

Market segmentation

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11
Q

Develop specific strategies that are tailored to meet the needs of the selected market segments.

A

Target marketing

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12
Q

Characterisitcs of Medicare enrollees?

A
  1. > 65YO
  2. Multiple chronic conditions/meds
  3. At risk for preventable infections
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13
Q

Characterisitcs of young population who are cash based payers?

A
  1. Young/healthy
  2. Emplowed, educated
  3. Willing to pay out of pocket even with insurance
  4. Interested in prevention services
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14
Q

What are the 4 Ps

A
  1. Product
  2. Price
  3. Place
  4. Promotion
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15
Q

What is marketing mix?

A

Set of controllable variables that a pharmacy org can manipulate and use to reach its goals and objectives

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16
Q

What are products?

A

Goods and services

17
Q

What are the Is to differentiate goods from services?

A

Intangible: marketing must demonstrate the tangible benefits that patients receive from service
Inconsistency: Services are delivered by individual providers to patients (inherent variability)
Inseparability: Services can’t be separated from provider
Inventoried: Services can’t be inventroied and stored
Interaction: services are judged by patients based on the interaction with its provider

18
Q

When establishing a price, what do you need to evaluate?

A
  1. Cost of products
  2. Overall cosumer demands
  3. Competion
  4. Use of price strategies that appeal to the customers
19
Q

What is the Goal for proposed good or service?

A

To generate suffiecient profit, not to break-even

20
Q

What are the four different types of pricing?

A

Odd pricing / psychological pricing
Bundled pricing
Functional discount
Seasonal discount

21
Q

psychological pricing

A

odd pricing

22
Q

What is odd pricing?

A

Practice of pricing a good or service just below whole dollar amounts (24.99)
* psychological pricing

23
Q

What is bundled pricing?

A

Practice of selling several goods or services together for one total price, selling them at a discount, while also covering their costs (3 for 10)

24
Q

What is functional discount?

A

Practice of selling several goods or services together for one total price, selling them at a discount, while also covering their costs

25
Q

What is seasonal discount?

A

Pricing strategy that is used to increase the utilization of a good or service

Out of season discounts

26
Q

Differntiate intensive, exclusive, and selctive distribution?

A

Intensive: products available in a wide variety of locations
Exclusive: Offered at very few locations
Selective: Products offect at multiple locations but less that intensive

27
Q

What are the types of promotion?

A
  1. Advertising
  2. Personal selling
  3. Publicity
  4. Sales promotion
28
Q

Involves any directly paid form of non-personal presentation of goods, services, and ideas

A

Advertising

29
Q

What are the types of advertising?

A
  1. Broadcast media (TV, radio)
  2. Print media (magizine, direct mail, outdoor)
  3. Internet marketing
30
Q

What are the components of effectie print advertisements?

A
  1. Headline: Attention grabbing
  2. Copy: Important info, describe headline
  3. Illustration: Visual description
  4. Sub-headline: specific info
  5. Signature: branding
31
Q

Advantages and disadvantages for magazine ads?

A

Ad: longer shelf-life, high quality
Dis: Long time publishing mag

32
Q

Popular method of promotion in community pharmacies

A

Radio

33
Q

Direct mail advertisements disadvantage?

A

Junk mail

34
Q

A direct, personal form of communication, which allows the organization to directly target the intended audience for a specific good or service

A

Personal selling

35
Q

Advantages of personal selling? DIs?

A
  1. Answer questions about products
  2. fully explain services
  3. Build relationships

Time consuming and expensive

36
Q

Form of communication of goods, services, and ideas that is not paid for directly by the organization
i.e., local newspapers, TV, & radio stations reporting on the importance of immunizations

A

Publicity

37
Q

Ads and Dis for publicity?

A

Ad: Consumers believe info is unbiased and credible
Dis: Limit control over who recieves info, what is the target market

38
Q

Temporary efforts to encourage consumers about purchasing a good or utilizing a service

A

Sales promotion

Management (12 decks)

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