Module 1 Discussion 1
The business in healthcare is within a duration of upheaval. Mainly for the healthcare firms that offer healthcare management and insurance services to workers, as well as individual consumers. The growing population of baby boomers is altering the landscape of marketing. This increasing as well as wealthy population segment already has started to exert pressure over every aspect of life (Eric & Steven, 2004). Acknowledging and responding to viewpoints of aging population as well as the purchasing motivations this cohort engender will be significant for the success of marketing in every business though particularly within the healthcare industry. Segmentation will become significant in designing marketing strategy with the increasing population of baby boomers.
Consolidation within the healthcare sector is establishing new and aggressive competitors having deeper pockets. A number of the competitive pressure may appear drastically, eliminating the chance to appropriately plan (Montague, 1992). To succeed, healthcare firms must deploy the technologies, procedures as well as professionals needed to be both reactive and proactive. Rather than concentrating on either retention or acquisition, it is prudent to be skilled or knowledgeable at both, and appropriate implementation can offer a winning edge.
The third trend is brand. Brand is significant as the main surviving players anticipate differentiating themselves within a sector overtly controlled to reduce pricing and product variation (Montague, 1992). Provider service and network will be significant than before, and communicating or connecting with key players as well as prospect segment to convey such opportunities will be beneficial to attaining development as well as retention objectives (Ferrel & Hartlin, 2008).
Effects of the trends on how marketers of healthcare deliver value to their customers are many. With the competition that integrates technology, quality of healthcare services is anticipated to be high. The growing population of baby boomers will compel healthcare facilities to increase their expenditure in purchasing facilities needed to address the needs of this aging population.
References
Eric, B., & Steven, H. (2004). Health care market strategy: from planning to action. Sudbury, Mass: Jones and Bartlett Publishers.
Ferrel, O., & Hartlin, M. (2008). Marketing strategy. Mason, OH: Thomson South-Western.
Montague, B. (1992). Health care marketing management. Gaithersburg, Md. : Aspen Publishers.
