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Exam 1 Study Guide

by: Lamourcj

Exam 1 Study Guide HSA

Marketplace > James Madison University > 360 > HSA > Exam 1 Study Guide
GPA 2.8

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Chapters 1-5
Healthcare Marketing
Dr. Jon Thompson
Study Guide
Marketing, Healthcare, analysis
50 ?




Popular in Healthcare Marketing

Popular in 360

This 4 page Study Guide was uploaded by Lamourcj on Monday September 19, 2016. The Study Guide belongs to HSA at James Madison University taught by Dr. Jon Thompson in Fall 2016. Since its upload, it has received 34 views. For similar materials see Healthcare Marketing in 360 at James Madison University.


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Date Created: 09/19/16
Health Care Marketing Study Guide- Exam 1  Marketing Overview o Marketing: “The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives” o Marketing is NOT:  Selling  Public Relations  Development/fundraising  Planning o Foundation:  Marketing is based on identifying customers (buyers) and their needs  Customers have differed needs and purchasing requirements  Therefore, different strategies are used to address target markets  Levitt coined phrase: “the purpose of a business/organization is to create and maintain a customer” o Marketing Orientation:  Customer orientation- understanding buyers to create superior value  Competitor orientation- identifying competitors and recognizing their strengths/weaknesses/strategies  Interfunctional coordination- coordinating across functions to create customer value  Long-term Focus- improving offering by creating additional value  Profitability- earning revenues in excess of expenses o Market Share  Three hospitals: how much of the share do they have?  Mercy: 20,000 (20%)  Doctors: 20,000 (20%)  Sunrise: 60,000 (60%)  Relationship to Strategic Planning o Strategic planning- provides the direction for the organization, in line with the mission and values  Process:  Values/Mission/Vision  Strategic Assessment (Situational analysis)  Formulate Goals and Objectives  Strategy Choice  Implementation: develop ops plan, allocate resources, engage marketing activities  Control: feedback to goal/objective formulation o Marketing- provides the tools and tactics to achieve the Strategic Plan  The 4 P’s o Product- what we offer to customer o Price- the means of exchange o Place- How we make the product/service available to the customer o Promotion- How we communicate with the customer (methods and appeals)  Health Care Customers o Who buys from whom?  Environmental Assessment/Marketing Research/Competitor Analysis o Marketing research steps:  Problem recognition  Identification of research objectives  Research design  Data collection  Analysis and evaluation of results 2 o Syndicated marketing research- commercial secondary data that regularly provides info on a particular question or problem area; this data provides bench mark info to hospital managers o 4 Types of survey research:  telephone interviews  personal interviews  focus groups  mail surveys o sample- a collection of data from a portion of a target population o census- when data is collected form the whole target market o Marketing Information System (MIS)- a structured, interaction complex of persons, machines, and procedures designed to generate an orderly flow of information collected from intra/extra form sources to be used as the base for decision making o Database marketing- an automated system to identify people, by name and to use quantifiable info about the people to define the best purchasers for at a given time  Consumer Behavior o Cognitive dissonance- what occurs after a choice is made; did I make the right decision? o Decision freedom- affects decision making when an individual’s choice is constrained; having more alternatives to choose from o 3 types of decision making:  routine- involves repetitive purchases  complex- there is a high involvement and extended search  limited- extended search in low-involvement o motivation- the goals or needs that propel a customer to action o attitudes- a consumer’s enduring cognitive evaluations, feelings, or action tendencies towards someone o perception- the process by which an individual organizes, selects, and interprets info o derived demand- the demand for one product/service that is derived from another product/service 3 o buyer center- a group of people involved in the decision to purchase a product or service o primary v. secondary data-  primary- first time collected for specific research question  secondary- collected previously for another purpose  Segmentation o Definition: the process of diving an entire market up into different customer segments. Targeting or target marketing entrails deciding which potential customer segments the company will focus on. o Overcomes limitations of the concept of “mass marketing strategy” (demand for same product) o Research helps determine likely segments (not presently served or can serve in a different way) o Bases for segmentation:  Socio-demographic  Geographic  Psychographic  Usage  Cohort o Consumer v. Organizational/Industrial Buying:  Customer-organization relationship (typical)  Examples of organization-organization-relationship  Pharmacy company  Medical supplier  Insurance companies 4


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