HSA 505 Assignment 1: Product Development

Jul 20th, 2016
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HSA 505 Assignment 1: Product Development Health services continue to affect the gross domestic product, and this dramatic transformation has great demands on each dollar spent to deliver patient-centered products. Health care marketing must be repeatedly applied and practiced strategically to include environmental dimensions, such as technology, socioeconomics, competition, and regulatory. That being said, in today’s global economy, investors and potential entrepreneurs must tap into the so-called “unexplored” market. In this aspect, health care establishments must utilize marketing, advertising, as well as sales strategies when pursuing new customers (e.g., suppose a health care investor wanted to build a small hospital in a rural community); this would entail exploration and logistical experimentation to determine who will patronize the facility. In an impoverished neighborhood, the feasibility of having lucrative profits may see diminishing returns, and so the venture may be not wo

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Running Head: Product Development1Title:Course Name:Topic Name:Professors Name:Student Name:Date:Running Head: Product Development2Medical products and healthcare industry in the midst of rapid change. Innovation,mergers, legislative, alliances, and consolidations changes are presenting both opportunities andchallenges (Hyman William, 2005). Improvement of healthcare products is highly regulated. It isan expensive and long undertaking. As well as good science in support of the safety, quality, andeffectiveness of the factors, product such as regulatory issues, market research, and pricing andreimbursement strategies must required to be evaluated (Hyman William, 2005). In this specificcomposition author will discover a local health care establishment and deeply determine itsimportant product development practices. In this research paper well justify the use of theselected health care service and their associated life cycle. Also the author suggest one valuablestrategy to improve the marketing mix of the selected health care establishment, by highlightingone benefit of portfolio analysis and providing two well examples that display differentialadvantages. After that this research paper will assess the importance of technology in providingpatients with clear and accessible information about health care organizations and the product,service that they provide. Finally the author outlines a survey to capture patients expectationsregarding the deliver

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