lucrative profits may see diminishing returns W r i t i n g
Week 3 Assignment – 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.
In today’s global economy, investors and potential entrepreneurs must tap into the so-called “unexplored” market. In this aspect, health care establishments must use marketing, advertising, as well as sales strategies when pursuing new customers. For example, 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 worth the effort. Also, suppose that the potential investor wants to sell mosquito deterrents (such as bedside netting in malaria-infested regions of Asia or Africa). In that case, it would be wise to investigate the number of beds that are in the village, and who would be willing to purchase them. These activities consider the investor portfolio, as well as the feasibility of marketing and selling the product. Such exploration also examines competitors, cultural differences, and—most important—identification of the customer.
Using the health care organization you identified in the learning activity last week, determine its product development practices. Use the concepts from previous weeks to substantiate information, as needed. You may develop the discussion based on the ideas presented here, but feel free to inject any relevant marketing strategy that you believe might support your presentation.
Write a 3–4 page paper in which you:
- Justify the purpose of the selected health care establishments’ product(s) / service (s) and their associated life cycle(s).
- Suggest one strategy to improve the marketing mix of the selected health care establishment. Support your strategy by highlighting one benefit of portfolio analysis and providing two examples that display differential advantages.
- Discuss the impact of possible economic decline on product-market expansion and how it can affect business planning based on global operating environment.
- Assess the importance of technology in providing patients with clear and accessible information about health care organizations and the product(s)/service(s) that they provide.
- Use 3–4 sources to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source page at least one time within your assignment. For help with research, writing, and citation, access the library or review library guides.