Homework Question on Marketing Strategy in Healthcare
- How do economic, technological, social, and competitive factors influence marketing strategy in health care? Which factors do you feel are most influential? Why? (250 WORDS)
- What do you believe is the most effective type or component of marketing? Why? (250 WORDS)
Homework Answer on Marketing Strategy in Healthcare
DQ1: How do economic, technological, social, and competitive factors influence marketing strategy in health care? Which factors do you feel are most influential? Why?
Marketing strategy puts focus on the manner in which organizations differentiate themselves successfully from their competitors, capitalizing on their distinctive strengths to deliver superior value to their customers. Economic factors entail the changes that happen in the global economy. An increase in the living standards implies a rise in the demand for healthcare services thus better opportunity for healthcare to make profits.
Technological factors influence marketing strategy as they offer opportunities for healthcare to adopt new inventions and innovations. This can help the healthcare to reduce costs and come up with new products. As a result of advent in modern communications, technological factors have achieved great impulsion in the healthcare arena. Volumes of information can be steadily shared through database thus facilitating enormous cost reductions and perfection in services.
When designing marketing strategies, healthcare organizations must consider technological use because it allows them to manufacture products at very low cost. Moreover, technological advancement can allow companies to communicate with their clients in various parts. Social factors are associated to changes in the social structures in the society. They offer insights into tastes, behavior, lifestyles of patterns of a population. The demand for healthcare services is influenced by the changes in the organization of the population as well lifestyles.