Marketing Health Care Marketing Mission Statement Paper

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Mini Project #1 Mission Statement

Review the healthcare organization that you work for (if  you don’t work for one, find a healthcare organization and respond) mission statement.  Next find a piece of marketing material from  your organization, this can be printed materials, ads, fliers etc.  How does this marketing material support the mission statement?  Provide specific examples.


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Chapter 2 Marketing Strategy Chapter 2 Learning Objectives 1. Understand the scope of strategic marketing planning. 2. Identify the importance and sources of a competitive differential advantage. 3. Recognize disruptive innovations as a source of new competitors. 4. Describe the three alternative perspectives to assist in developing organizational strategies. 5. Understand the essential components of marketing strategy formulation. Introduction • Strategic planning: A process that describes the direction an organization will pursue within its chosen environment and guides the allocation of resources and efforts Learning Objective 1 • Four steps of strategic planning process – – – – Define mission. External assessment of threats and opportunities Internal assessment of strengths and weaknesses Establish set of priorities based on organizational objectives. • Then, determine which strategies to pursue. Learning Objective 1 • Step 1: Defining organization mission – Organization’s fundamental purpose for existing – Who the organization is, its values, and the customers it wishes to serve – Blueprint for management in developing business strategies – Must recognize what the business is and what the customer wants. • Avoid marketing myopia. Learning Objective 1 • Organization mission components – Basic product or service, primary market, and technology for delivering product or service – Organizational goals • Growth, profitability, stability, nor survival – Organizational philosophy – Organizational self-concept – Public image Learning Objective 1 Map stakeholders Determine stakeholder salience Research stakeholder expectations Avoiding Myopia Embed stakeholder orientation Engage with stakeholders Learning Objective 1 • Step 2: Situational assessment – SWOT analysis: Strengths, Weaknesses, Opportunities, Threats – Economic, competitive, regulatory, social, and technological changes in marketplace – Questions • What are the changes and trends? • How will these changes affect the organization? • What opportunities to these changes present? FIGURE 2-6 Four-Cell SWOT Matrix for Producing Clinical Guidelines in the National Health Service Learning Objective 1 • Step 2: Situational assessment (cont.) – Barriers to entry: Conditions that a company must overcome in order to pursue a business opportunity – Barriers to exit: Costs of leaving a particular business line Learning Objective 2 • Differential advantage – Product, market, cost – Based on core competencies – Criteria • Importance, perceived, uniqueness, sustainable – Sources • Product, market, cost, trust (unique to health care) TABLE 2-1 Sources of a Differential Advantage Learning Objective 2 • Trust • A unique source of a differential advantage in health care • Principal/agent relationship “One individual (the principal, in this case the patient) gives the agent (the clinician) the authority or power to make the appropriate decisions on his or her behalf.” Learning Objective 3 • Disruptive innovations – Cheaper – Simpler – Easier to access FIGURE 2-7 The Visible and Invisible Values Learning Objective 4 • Organizational strategy – Broad strategies are formulated. – Can be either growth market or consolidation strategies • Growth market: Organization attempts to gain more sales from an existing business line or by penetrating new markets. • Consolidation: Pairing either services or markets Learning Objective 4 • Organizational strategy (cont.) – Growth market strategies • Market penetration – Increase sales of present products/services in present markets. • Market development – Increase sales in new markets. • Product development – Introduce new products/services to present markets. • Diversification – Introduce new products into new markets. Learning Objective 4 • Organizational strategy (cont.) – Product development strategy • Vertical integration – Backward integration: Become own supplier. – Forward integration: Offer new services closer to the customer. Learning Objective 4 • Organizational strategy (cont.) – Diversification strategy • Strategic alliances – Formal arrangements with other companies to operate in a particular market • Joint ventures – New corporate entities created by strategic alliances Learning Objective 2 • Organizational strategy (cont.) – Consolidation strategies • Divestment – Selling off a business or product line • Pruning – Reducing the number of product or service offerings • Retrenchment – Withdrawing from certain markets • Harvesting – Gradually withdrawing support from a product until market demand is reduced or eliminated Learning Objective 3 • Alternative models – Boston Consulting Group matrix • Stars, cash cows, problem children, dogs • Based on market growth rate and market share • Can be used to focus on broad considerations FIGURE 2-8 BCG Matrix for Selected Pfizer Pharmaceutical Products Viagra Embrel Cash Cows High Student Lyrica Zyvox Stars Lipitor Market share Dogs Low Problem Children Low High Growth potential Data from: “Extended Quantitative Analysis – Pfizer,” EternalYield (August 24, 2014), http://eternalyield.com/2014/08/24/extended-qualitative-analysis-pfizer Learning Objective 4 • Competitive market – Must analyze • Existing competition • Potential competition – Factors affecting competitive intensity • • • • Threat of new entrants Bargaining power of suppliers Bargaining power or customers Threat of substitute products or services Learning Objective 4 • Competitive market (cont.) – Existing competition • When product is relatively standardized and the competitors are relatively numerous and similar in size. • When cost of switching providers is relatively low • In industries characterized by overcapacity and among firms still in the market because of a high fixed-asset position Learning Objective 4 • Competitive market (cont.) – – – – New entrants Threat of substitution Bargaining power of suppliers Bargaining power of customers Learning Objective 4 • Blue ocean strategy – – – – Achieve high performance in uncontested space. Create demand in “unknown market.” Most organizations follow red ocean. Strategy focusing on competition Learning Objective 5 • Marketing plan – After establishing marketing objectives, then formulate market strategies. Learning Objective 5 • Market strategy formulation – Determine target market (mass market, multisegment, market concentration). – Specify market strategy (market challenger, market follower, market niche). – Develop tactical plans for marketing mix. Learning Objective 5 • Determine target market. – Whom the organization is trying to attract – Assess organization’s strengths, competitive intensity for target market, cost of capturing market share, and potential financial gain in attracting the targeted group. – Mass marketing (undifferentiated) or segmenting • Multi-segment marketing • Market concentration strategy Learning Objective 5 • Specify market strategy. – – – – Market Market Market Market leader challenger follower niche Learning Objective 5 • Tactical action plan – Identifies actions to be taken regarding each aspect of the marketing mix – Advertising strategy, pricing strategy, distribution issues, nature of product – Finally, evaluate plan (discussed further in Chapter 14). Summary • Marketing plans—along with finance, production, and human resource plans—form the core elements of an organization’s strategic plan. • An organization’s strategic plan is guided by the mission that defines its purpose for existing. The mission must recognize who the customer is and what the customer wants to buy. • In developing strategic plans, a SWOT analysis provides a review of internal and external factors that can affect strategic outcomes. Summary (cont.) • In developing strategic plans, an organization must be able to recognize the barriers to entry and exit for any new service venture. • Invisible value is the value a producer builds into its product or service; visible value is the value that a customer sees. Typically an organization can only charge for visible value. • An organization can develop a differential advantage that is either product-based, market-based, or pricebased. Summary (cont.) • There are four broad growth strategies that any organization can pursue: market development, market penetration, product development, and diversification. • The BCG matrix and the Five Forces Model can aid an organization in the review of its service portfolio relative to the external market; both models encompass market and competitive considerations. Summary (cont.) • In any industry, the level of competitive intensity is affected by the threat of new entrants, the bargaining power of both suppliers and customers, and the threat of substitute products and services. • In developing a marketing plan, organizations can pursue a mass marketing or a market concentration strategy.
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Running head: MISSION STATEMENT

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Mission Statement
Institution Affiliation
Date

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MISSION STATEMENT

Mission Statement
The healthcare institution under discussion is the University of Texas MD Anderson
Cancer Center. The mission statement of the centre is to eliminate cancer in Texas, the nation, and
the w...


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