Healthcare Marketing Flashcards
(57 cards)
Which of the following factors differentiates demand from need
Ability to pay
True or False: Market segmentation allows target marketing to become more specific
True
What are the five forces in the Porter’s 5 forces model
- Industry competition
- Threat of new entrants
- Threat of substitutes
- Bargaining power of suppliers
- Bargaining power of buyers
T or F: the number and significance of markets that a firm competes in with rivals is called resource similarity
FALSE (market commonality)
T OR F: positioning always comes before branding
True
T OR F: low price for high quality prodict is called economy pricing
False ( penetrative pricing )
Brand building is a purpose that differentiates advertising from promotion
True
Marketing strategy is the application of the marketing plan
False (marketing plan- how to achieve; marketing strategy- explanation of the goals you need to achieve)
The following are intensive marketing strategies except
Advertising (Pricing, positioning, place or distribution, promotion)
What are the 4 P’s of marketing
Product, place, price, promotion
3 critical categories in measuring market share
Service share
Physicians share
Patients share
Define healthcare marketing
The process of continuously and profitably satisfying the target consumers needs, demand, and expectations superior to competition.
Why is healtcare different from other industries ?
- Providers commonly maintain monopolies over particular market
- Diverse goals of its key organization
- Healthcare organisations are obliged to accept clients whether or not they can pay
4.health care organisations provide services that are not profitable - Healthcare organisations lack a means of financing the purchase of goods and services
- Normal rule of supply and demand seldom apply
Who is the customer? (7)
Patients
Physicians
Employees
Suppliers
Insurance companies
Other health institution
Applied healthcare practitioners
A critical section of a company’s business plan or marketing plan. It identifies target customers, ascertains the needs of these customers and then specifies how the product satisfies these needs
Customer analysis ( customer profile/ target market analysis)
Are wants for specific products backed by the ability to pay
Demand
Ultimate result of combined effect of healthcare needs, wants, standard of care and utilisation patterns
Demand
Components of demand
Healthcare wants, healthcare needs recommended standards of care, health services utilization, ability to pay
Factors that influence demand
Socio economic activity
Demographics
Socio-cultural
Political influence
Psychographic
Technology advancement
A method of dividing the target market into smaller groups with certain characteristics
Market segmentation
The overall term for directing your marketing endeavors to a group of people
Target marketing
The most powerful among the five forces
Rivalry
Barriers to entry
Economies of scale
Product differentiation
Capital requirements
Switching costs
Access to distribution channels
Cost disadvantages independent of scale
Government policy
Expected retaliation
Bargaining power of supplier increases when
A. Suppliers are few and large in number
B. Suitable substitute products are available
C. Individual buyers are not larger customers of suppliers and there are many of them
D. Suppliers goods are not critical to buyers marketplace success
