Market Segmentation, Targeting, Positioning and Competition” Please respond to the following:
- Briefly describe a health care provider with which you are familiar and how that organization should position its offerings. From the e-Activity, determine how you would segment the market to conduct research for the health care providers products or service you found. And determine the most effective markets for their products/services. Explain your rationale.Provide specific examples to support your response.
- Referring to the same health care provider, determine the best way for that organization to analyze its competitors’ strategies, objectives, strengths, and weaknesses. Provide specific examples to support your response.
Expert Solution Preview
Introduction:
As a medical professor, I understand the importance of market segmentation, targeting, positioning, and competition analysis when it comes to healthcare providers. In response to the given content, I will provide my insights on how a healthcare provider can position its offerings and segment the market to conduct research for its products or services. I will also discuss the best way for that organization to analyze its competitors’ strategies, objectives, strengths, and weaknesses.
Answer:
Healthcare Provider Positioning and Market Segmentation:
The healthcare provider that I am familiar with is a hospital that offers specialized care for cancer patients. To position its offerings, it should emphasize its expertise in cancer treatment and offer high-quality care to patients. The hospital can differentiate itself from other providers by highlighting its state-of-the-art facilities, experienced and qualified doctors and nurses, and personalized care.
To segment the market, the hospital can consider various factors such as demographics, psychographics, behavior, and geography. For instance, it can segment its market based on age, gender, income, education, lifestyle, and location. After segmenting the market, the hospital can conduct research to identify the most effective markets for their products or services. For example, the hospital can target affluent cancer patients who are willing to pay for premium care or those who have health insurance coverage.
Competitor Analysis:
To analyze its competitors’ strategies, objectives, strengths, and weaknesses, the hospital can use various tools such as SWOT analysis, Porter’s Five Forces, and PEST analysis. These tools will help the hospital to identify its competitors’ strengths and weaknesses, pricing strategies, market share, and growth potential.
For example, the hospital can use SWOT analysis to identify its competitors’ strengths and weaknesses, such as their reputation, brand image, quality of care, and patient satisfaction. It can also use Porter’s Five Forces to evaluate the intensity of competition, bargaining power of suppliers and buyers, threats of new entrants and substitutes, and the competitive rivalry. Additionally, PEST analysis can help the hospital to assess various external factors such as political, economic, social, and technological factors that can impact its competitors’ growth and sustainability.
Conclusion:
In conclusion, healthcare providers need to use market segmentation, targeting, positioning, and competition analysis to stay ahead in the healthcare industry. By positioning its offerings effectively and conducting research to target the right markets, a healthcare provider can increase its patient base and revenue. Additionally, by analyzing its competitors’ strategies, objectives, strengths, and weaknesses, the healthcare provider can stay competitive and improve the quality of its services.
