OD_20210607M_HSM322_1
Learning Objectives Covered
LO 02.02 – Describe how a marketing mix influences healthcare delivery decision
Career Relevancy
Organizations can undertake marketing initiatives for various reasons as the company aligns its organizational strategies with its marketing strategies. Companies can look toward growth strategies or consolidation. If the company wants to grow, it can do so using market penetration, market development, product development, or diversification. By understanding these elements, you will be able to build more effective marketing strategies.
Background
Strategic Advantages
Growing organizations have a number of strong marketing strategies that they can employ effectively. These strategies include market penetration, market development, product development, and diversification, each of which is described below:
Market penetration is selling more of the existing services and products to customers within the existing market.
Market development is finding new customers to sell existing products and services.
Product development is developing new products to sell to existing markets.
Diversification is developing new products or services and selling them to new markets.
In addition to these common strategies, a healthcare organization can form strategic alliances with or acquire other businesses. Another key strategy that companies can undertake that would affect the marketing plan is consolidation strategies. This might occur when the economy is shrinking, or when a firm wants to concentrate on providing products and services in just a few areas. This strategy allows companies to avoid working in areas that are not their competitive strength- reducing the number of services they offer and focusing more exclusively on their specialties.
Premier PEST Analysis
Previously, we noted the effectiveness of a SWOT analysis when building a marketing strategy. In addition to a SWOT analysis, it is strongly recommended that an organization consider performing a PEST analysis as well, which reviews the political environment, economy, social environment, and technology (Post, 2018). Each of these elements is fairly self-explanatory.
The political environment looks to analyze the political climate, something which is often very volatile. The economy attempts to examine outside economic issues to determine how it might impact the practice. The social environment reviews the socioeconomic environment around the market, attempting to pinpoint how demographics will factor into how a product or service will ultimately sell. Finally, as noted previously, technology is always advancing and must be watched constantly to remain on the bleeding edge.
References
Post, Jennifer. 2018, September 21. What Is a PEST Analysis? Retrieved On July 21, 2020. https://www.businessnewsdaily.com/5512-pest-analysis-definition-examples-templates.html
(Links to an external site.)
Prompt
Discuss ways in which the PEST analysis and the marketing research that a company conducts will impact the marketing mix of the organization. What challenges and opportunities do you think may become apparent at the completion of a PEST analysis?
For your citation, you might use articles that show examples of how proper PEST analysis can benefit an organization. You may also find articles that show how these and similar business practice reviews can make marketing more effective.
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