BUS FPX 4124 Assessment 3 Basic Health Care Marketing Concepts Academic Research Paper

BUS FPX 4124 Assessment 3 Basic Health Care Marketing Concepts Academic Research Paper

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Capella University

BUS-FPX4124 Health Care Marketing and Strategic Planning

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Date

Understanding Fundamental Marketing Terms in Healthcare

Understanding fundamental marketing concepts is crucial for healthcare organizations aiming to create effective marketing strategies. Familiarity with these terms and their specific application to healthcare is essential in today’s competitive market environment (Thomas, 2015). A strong grasp of marketing principles enables healthcare providers to design strategies that not only promote their services but also align with the unique needs of their consumers.

Marketing Terms and Processes

The foundational marketing framework, often referred to as the Four Ps—Product, Price, Place, and Promotion—serves as a guiding structure for marketing strategies. In healthcare, the “Product” represents services, goods, or ideas offered by providers, including preventive care, surgical procedures, and wellness programs. Marketing efforts in healthcare frequently emphasize service-oriented promotions to raise awareness among patients (Thomas, 2015).

“Price” encompasses the costs associated with healthcare services, including premiums, copayments, and out-of-pocket expenses. Healthcare marketers aim to demonstrate value by convincing consumers of the quality and effectiveness of services relative to their costs (Thomas, 2015).

“Place” refers to the distribution and accessibility of healthcare services, considering factors like clinic location, appointment availability, and transportation options. Lastly, “Promotion” involves communication strategies, such as advertising, educational campaigns, and community outreach, to inform and engage the target audience about available healthcare services (Thomas, 2015).

Table: The Four Ps in Healthcare Marketing

Expanding the Marketing Mix in Healthcare

The uniqueness of healthcare services has led to the introduction of three additional Ps: Packaging, Positioning, and People. Packaging refers to the visual presentation of healthcare facilities and services, including branding and cleanliness, which impact patient perceptions. Positioning addresses how a healthcare organization is perceived within the market, influencing its competitive standing. Lastly, People highlights the role of internal stakeholders, such as healthcare providers, and external collaborators, such as marketing professionals, in shaping and delivering effective marketing strategies (Thomas, 2015).

Table: Expanded Marketing Mix

Real-World Applications

In Federally Qualified Health Centers (FQHCs), which cater to low-income populations, the expanded marketing mix is highly relevant. For instance, strategic Positioning using digital marketing ensures that these centers remain visible to underserved communities. Similarly, attractive Packaging can improve perceptions of care quality, while a strong emphasis on People ensures that patient-centered services align with consumer expectations (American Marketing Association, 2021).

Conclusion

Healthcare marketing plays a vital role in meeting the needs of patients while promoting organizational success. By applying fundamental and expanded marketing principles, healthcare providers can effectively enhance service delivery, build consumer trust, and ensure competitive advantage in the market (Thomas, 2015).

References

American Marketing Association. (2021, September 30). Definitions of Marketing. Retrieved from https://www.ama.org/the-definition-of-marketing-what-is-marketing/

Gandolf, S. (2014, July 15). A Fresh Look at the 7 Ps of Healthcare Marketing. Healthcare Success. Retrieved from https://healthcaresuccess.com/blog/medical-marketing-advertising/a-fresh-lookat-the-7-ps-of-healthcare-marketing.html

BUS FPX 4124 Assessment 3 Basic Health Care Marketing Concepts Academic Research Paper

HRSA. (2018, January). Chapter 9: Sliding Fee Discount Program. Bureau of Primary Health Care. Retrieved from https://bphc.hrsa.gov/programrequirements/compliancemanual/chapter-9.html

Thomas, R. K. (2015). Marketing health services (3rd ed.). Health Administration Press.