Sample Healthcare Essays On Strategic Planning and Marketing in Health Care

Homework Question on Strategic Planning and Marketing in Health Care

Question 1:

Assume that you plan to start a healthcare related business in your hometown.  What products/services would you choose?  Use either BCG Matrix, General Electronic Model, or MAC Model to conduct your analysis. List your reference(s) in APA format.

Question 2:

In line with the demographic trend, Advantage Home Health decides to offer adult daycare services.  How might Advantage Home Health formulate a prestige pricing strategy and a price bundling strategy targeted to customers who do not have an insurance plan?  List your reference(s) in APA format.

Homework Answer on Strategic Planning and Marketing in Health Care

Question One

The healthcare business will offer the following services; curative, palliative, delivery, emergency, and preventive services. These are some of the elementary services that will meet the needs of patients in healthcare business. The healthcare industry will employ professionals in different specializations to provide different services. The healthcare business will target the middle and high income class in the town. The BCG Matrix will help to define the market share of healthcare business.

BCG Matrix

When considering the BCG matrix, the healthcare business market share can be defined in relation to the demand of the products in the market (Griffin, 2013). The stars represent businesses that experience high growth rate and high relative market share (Griffin, 2013). Although this market share requires high input of cash, the returns from the business are very high. This is because of high product demand in comparison to other markets (Griffin, 2013).

Homework Help

The market is also characterized by high competition (Griffin, 2013). The market target for healthcare business is middle income class, which is fast growing due to increase in the number of middle income earners. Therefore, a big amount of capital will be required when establishing the healthcare business in the hometown.The other quadrant is cash cows (Griffin, 2013). This represents markets that have high market share and low growth rate (Griffin, 2013).