Competitive Strategy1competitive Strategy 2analysis Of Marketing ✓ Solved

COMPETITIVE STRATEGY 1 COMPETITIVE STRATEGY 2 Analysis of Marketing Mix Place Mix The place of location of the Hope healthcare organization will determine the specific place, the time and by whom the services will be offered to the target market. For this case, the firm is located in Gretchen Wilson Park 208 Pocahontas Ave, Pocahontas, IL 62275, and United States. It is a real setting, with many elderly people unlike in the urban places that have a majority of the people who are quite young. Additionally, there are few such organizations in the place and it means that the organization is expected to meet minimum competition as it is likely to serve many people. It is important to note that when describing the place mix, the services are delivered through various channels.

Different choices of the distribution channels are influenced by various factors for instance the needs of the customers among others (dos Santos et al., 2017). For this case, the Organization targets the elderly people through offering medical services and therefore the organization would use the direct distribution channel. It is because the organization would deliver the medical services to the elderly directly, by attending to their needs without using any middlemen or brokers. The doctors and the medical professionals would be responsible for rendering the medical services directly. Elsewhere, the distribution channel of the firm can be described as exclusive because it involves the delivery of services by use of one distributor that doubles up as the organization itself, i.e. through the doctors and medical professionals employed in the firm.

Promotional Mix Promotion often is aimed at modification of behaviors and the thoughts or the reinforcement of existing behaviors and thoughts. The promotions done are often targeted to inform, persuade, and even to remind the target market of the products offered by the firm. It is vital to note that advertisement, personal selling, sales promotion, and public relations make up the main tools of the promotional mix (Sengul, 2018). The organization would rely on the mouth words to the clients seeking its services, use of banners, and the posters which will be put in town advertising the services that are offered by the organization. Such Advertising is meant to establish the organization as a dominant player in the market through seeking to inform new people of the organization and to constantly remind the existing clients so that they don’t forget about the organization and its services offered.

It is also meant to correct any misconceptions about the organization which could be peddled around (Castilloâ€Apraiz & Matey, 2020). It is the belief of the organization and its management that the techniques chosen would help to create strong bonds with existing customers and attract more clients to the organization which would in turn help to boost the business of the organization. It, therefore, implies that the organization uses three main tools of the promotional mix are personal selling - by the doctors and nurses of the organization, advertising - by use of the banners and posters, and through public relations i.e. addressing the concerns of the public about the firm and image correction and betterment through effective communication to the public regarding the services and reputation of the firm.

Price Mix The prices and costs incurred when seeking services from the firm would be the value of money for the services sought after. The determination of the cost of treatment in the organization would be dependent on the for instance the demand for the services, perceived quality of services offered among others (Thabit & Raewf, 2018). It is also important to note that the prices set have to be the ones that can be afforded by the majority of the people who seek services of the organization. It means that the organization would embark on research on what the majority can afford which would guide the setting of the prices of its services. The organization believes that it will offer a quality of service that would be second to none.

It, therefore, means that the prices would communicate the quality of services offered albeit must be affordable by the majority of the people. The organization would put the affordability of its services by the people first before it can set any prices for its services. However natural forces such as the forces of demand for the services might have to play a role in the prices with time. It is important to note that other factors that have the potential to affect the price mix include for instance stages of the product or services life cycle and the promotion or the distribution strategies used by a given organization (Lahtinen, Dietrich & Rundle-Thiele, 2020). Staff Additions and Reductions Impact With the increase in the demand for the services offered the organization would be needed to employ more staff members to offer optimal services to the people.

However, if the staff number would be deemed surplus bit may necessitate a reduction in the staff numbers. It is therefore important to keep the number of staff members optimal in the organization for quality purposes. Financial Impact The profits made by the organization would be determined with the nature of the business done, the number of clients, and the pricing of the services of the organization. More clients, for instance, would mean more business and hence more profits which can help in the expansion of the organization for instance through the opening of other branches of the organization elsewhere. More revenues and profits would help to sustain the business in the market while little business or no business would hurt the existence of the firm in the market because it cannot be able to sustain itself in the market with such low revenues and profits (Wu & Li, 2018).

Elsewhere, more profits would help the organization to be able to hire more staff members who can help in the provision of more and higher quality services to the clients of the organization. It means that the financial health or soundness of the organization would play a great role in its existence and operation in the market not to forget the ability of the organization to directly contribute to the social aspects through giving money to social projects. References Castilloâ€Apraiz, J., & Matey, J. (2020). Customizing competitive strategy to entry timing: Implications for firm performance in the pharmaceutical industry. Managerial and Decision Economics , 41 (6), . dos Santos, R.

R., de Melo Melo, F. J. C., de Queiroz Claudino, C. N., & de Medeiros, D. D. (2017).

Model For Formulating Competitive strategy: the supplementary health sector case. Benchmarking: An International Journal . Lahtinen, V., Dietrich, T., & Rundle-Thiele, S. (2020). Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context.

Journal of Social Marketing . Sengul, M. (2018). Organization design and competitive strategy: an application to the case of divisionalization. In Organization Design . Emerald Publishing Limited.

Thabit, T., & Raewf, M. (2018). The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies , 4 (4). Wu, Y. L., & Li, E.

Y. (2018). The marketing mix, customer value, and customer loyalty in social commerce: A stimulus-organism-response perspective. Internet Research . 2 Service Overview Proposed new service model: The new propositional service model is the IoT healthcare system for the elderly. The IoT system is designed to take vitals from elderly patients, and give the doctors a clear idea of the statistical health range of the elderly patients.

Wearable biosensors, smart watch monitoring, as well as the recent implementation of virtual wards is the best way to treat the elderly (Pinto, 2017) Value to key marketing targets The value to the elderly is immense from a health perspective. As elderly people are in a very fragile state, emergencies can occur at any time, but with the IoT systems, the elderly themselves, as well as doctors can keep an eye on their patients as well, to avoid any unfavorable circumstances. Benefits of new proposal The detection of any underlying diseases or problems are detected because of the IoT system. The spiking of heartrate, detection of any rising cholesterol levels, or anything remotely related to endangering symptoms are detectable, and traceable when these systems take all the vitals from the body with the help of the various devices (CAN Malarvizhi, 2021).

Positioning of the existing service The new service takes the amalgamation of the various implementation of IoT devices to get the most out of the detection of various symptoms of diseases. The service that the hospital will provide for their elderly will be the state of the art, and quite easy to implement. Different take on the service The service is mostly found within big cities, and hence the implementation of such technology in such a small town is what sets it apart from the competitors. Competitive Analysis Competitive service and The implementation of IoT service is what differentiates it from the rest of the hospitals in the area. Regular check ups on the patients monitor remotely can help book appointments, and it is possible because of the small population of the surrounding areas.

Points of differentiation The service is differentiated, as instead of booking an appointment when something happens, doctors will regularly check their patients health status to prevent any kind of misfortune from happening unto their elderly patients. Value to customers The value to the customers is that they are being regulated on their health. The customers are enjoying constant vigilance from their doctors because of the help of implementation of IoT devices. Customer profile The service is designed for elderly customers. The demographic of the area consist of many elderly people because of the small town status of the location.

The customers are ranged from 50 to 70 range. The elderly community is susceptible to heart attacks, high cholesterol, and many more life threatening medical situations. Price Strategy The pricing of the service will depend on what the customers want. When dealing with biosensors, the price of the sensors, will be equal to a few hundred dollars, depending on the amount of biosensors while the cost of monitoring will be 50$ per month. The smart watch monitoring will be 50$ per month as well.

Marketing approach The marketing strategy of the hospital will be through word of mouth, as well as banners, and posters all around the town. One banner will be enough to supplement the marketing for the hospital. Opportunities and threats to the organization The opportunities are quite great in IoT, as this is a relatively new field. Costs of healthcare can be cut by 25%, and many unforeseen circumstances can also be avoided (Bresnick, 2015). References Bresnick, J. (2015, 9 22). healthitanalytics.

Retrieved from CAN Malarvizhi, S. M. (2021). Evaluating The Use Of Iot For Healthcare Providers In Treating Elderly NCD Patients In Malaysia. Journal of Molecular & Clinical Medicine, . Pinto, e. (2017).

We-care: An IoT-based health care system for elderly people. IEEE International Conference on Industrial Technology, . 1 Marketing Plan for a Product or Service Company Profile Type of Organization: HealthCare Name of Organization: Hope’s Health Care Hours of Operation: 9 AM to 9 PM for regular checkups + proceedings and 24 / 7 for emergency Scope of Service Line: There is a lot of scope of this particular service line as the elderly population in the respective neighborhood is plenty with the hospitals far apart in case of any emergency or even routine checkups for that matter (Chang, 2017). That is why it is expected that this will be the go-to place for the elderly in the respective community whatsoever.

Clients Served: 60 - above for regular checkups + proceedings and all ages for first aid. Location of clinics/services: Gretchen Wilson Park 208 Pocahontas Ave, Pocahontas, IL 62275, United States Description of Business: Hope’s Health Care is a clinic targeted at the elderly population of the surrounding area. It features state of the art equipment to take care of any medical need of the elderly patient. However, it does have an area designated for the emergency and for the first aid of people of all age groups in scenarios that are the result of unforeseen circumstances. The hospital has one medical doctor, two junior doctors, and medical staff consisting of 6 individuals.

This hospital is also certified by the American Health Association and can refer patients to larger hospitals if there ever arises a need to do so. The location is selected specifically with minimal completion and maximum potential. If everything goes according to the plan, then Hope’s Health Care will be the number one choice for the elderly to go to in case of any medical reservations whatsoever. Industry Overview Social changes: There have not been many changes in the respective area for the past couple of decades with the main reason being that it is not the center of anything like many of the big cities around the world. As a result, there is peace out in the countryside with minimal technological development.

Economic changes: Being close to St. Louis, the economic changes of this particular area have been on the positive side for the past couple of decades. As of today, people can afford a better living than what they were used to in the past. As a result of all that, there is a significant increase in the prices as well as the expenditure within the healthcare department and by the looks of it, the consumers are getting along with these changes jest fine, without much of a problem. Demographic changes: Looking at the demographic of the targeted area, it is extremely hard to miss the ever-increasing number of the elderly in the respective surrounding.

The younger generation prefers to move to the bigger cities while the elderly prefer to remain here. Because of this, the elderly population is high and is increasing on a yearly basis (Blaine A Price, MSc, Oct 24, 2017.). According to the locals, there are twice as many elderly than a couple of decades prior and half of the youngster population that what it used to be around that particular era. Healthcare delivery changes: As it is a small town there are not many of the delivery changes that are made in the respective area, but Hope’s Healthcare aims in changing that further down the road. References Blaine A Price, MSc. (Oct 24, 2017.). mHealth Apps for Self-Tracking.

Retrieved from Chang, E. ( 2017). Measuring job satisfaction among healthcare staff in the United States. Retrieved from

Paper for above instructions

Introduction

In the competitive healthcare environment, organizations must define their competitive strategies and effectively analyze their marketing mix to serve their target demographics. This assignment examines both the competitive strategies and marketing mix of Hope Healthcare, specifically designed to cater to the elderly population in Pocahontas, Illinois. The analysis employs frameworks like the 4 Ps (Place, Promotion, Price, and Product) and the impact of strategic positioning within the healthcare sector.

Competitive Strategy Analysis

Competitive Strategy 1: Direct Service Delivery

Hope Healthcare adopts a direct service delivery model as its primary competitive strategy. Located in a demographic area with a considerable elderly population, the organization minimizes competition and maximizes the potential for growth by providing specialized medical services tailored to the target market. Specifically, the firm is situated in Gretchen Wilson Park, Pocahontas, a locale not saturated by other healthcare institutions (dos Santos et al., 2017).
This strategy ensures that the insight gained through direct interactions with patients aids in assessing their healthcare needs. Factors like the need for immediate attention, personal rapport with healthcare providers, and a strong understanding of geriatric care needs inform the strategic approach taken by Hope Healthcare.

Competitive Strategy 2: Use of Technology (IoT System)

The second competitive strategy implemented by Hope Healthcare is through the integration of Internet of Things (IoT) technology to monitor the health of elderly patients. By employing wearable biosensors and smart devices, the healthcare organization ensures continuous healthcare monitoring and streamlined communication between patients and providers (Pinto, 2017). The differentiation offered by this innovative technology can positively influence patient outcomes by allowing medical professionals to react promptly to abnormal health readings.
This unique service proposition not only provides real-time analytics and insights into patients' health conditions but also sets Hope Healthcare apart from traditional healthcare service models that generally focus on reactive rather than proactive care. Customers are empowered as they gain access to constant monitoring, ensuring a strong value proposition as they receive unprecedented attention to their health (Bresnick, 2015).

Marketing Mix Analysis

1. Place Mix

The location and accessibility of Hope Healthcare serve a critical role in its success. Situated at Gretchen Wilson Park, the clinic is positioned strategically to cater to the older demographic, often requiring more frequent and easily accessible medical services (Thabit & Raewf, 2018). Indeed, fewer competing facilities in the vicinity indicate unmet demand, creating an opportunity for Hope Healthcare to establish itself as the primary provider for elderly patients in the area.
Furthermore, the provision of services directly by employed healthcare professionals, rather than through intermediaries, presents a streamlined patient experience, ensuring personalized care tailored to individual needs.

2. Promotional Mix

Hope Healthcare recognizes that effective promotion is vital to its marketing strategy. The promotional mix comprises advertising and public relations activities aimed at building brand recognition and trust within the local community. Utilizing word-of-mouth recommendations from satisfied patients enables the organization to establish credibility naturally, while physical advertising through banners and posters furthers awareness of the services offered (Sengul, 2018).
Moreover, public relations efforts will play a crucial role in effectively communicating the organization’s mission, values, and the advanced care techniques, such as IoT integration. Transparency and engagement with the public contribute positively to the organization's reputation over time (Castillo-Apraiz & Matey, 2020).

3. Price Mix

In focusing on the pricing strategy, Hope Healthcare aims to provide health services that are accessible to the majority of individuals in its target market. Affordability will guide the organization’s pricing structure while ensuring that the perceived quality of its services aligns with patient expectations. The pricing of digital health services, such as monthly monitoring fees for biosensors and smart devices, remains competitive and attractive for potential clients (Lahtinen, Dietrich, & Rundle-Thiele, 2020).
This concern for affordability serves as a double-edged sword, where the organization must also consider the demand forces and overall economic conditions that influence patients’ willingness to pay for healthcare services.

4. Impacts of Staff Additions and Reductions

To optimize service delivery, both increases and decreases in staffing must be carefully managed. As demand surges for specialized elderly care services, Hope Healthcare may need to expand its employee base to maintain service quality (Wu & Li, 2018). Conversely, should operational needs dictate staff reductions, careful consideration must be given to prevent the diminishment of quality patient care.

Financial Impact

Financial sustainability is paramount to ensure stable operations at Hope Healthcare. The organization understands that profits are directly correlated with the volume of patients served, the pricing of services, and the efficiency of operations. A larger patient base will naturally lead to higher revenue streams, which will enable further investment in innovative technologies and services, fostering expansion and securing a strong market presence (Thabit & Raewf, 2018).

Service Overview

Proposed New Service Model: IoT Healthcare System for the Elderly

The proposed service model is the integration of IoT healthcare systems. The primary objective consists of remotely monitoring patients’ vitals to enable continuous healthcare management. This proactive approach facilitates early detection of health concerns before they escalate into more severe problems (CAN Malarvizhi, 2021).

Value Proposition to Target Marketing

Health surveillance provided through IoT systems has immense potential for improving patient outcomes. Elderly patients gain immediate health insights and can reduce hospital visits through continuous monitoring, which fosters trust and satisfaction (Pinto, 2017).

Competitive Analysis: Innovation and Differentiation

The integration of IoT differentiates Hope Healthcare’s offerings from traditional healthcare providers. Offering services such as real-time health monitoring enables proactive healthcare solutions, a significant value add for elderly patients accustomed to more conventional medical care models.

Conclusion

In conclusion, Hope Healthcare’s competitive strategies and marketing mix underscore the organization’s commitment to meet the specialized needs of elderly patients. By leveraging both direct service delivery and innovative technology, the organization positions itself as a vital healthcare provider in its community. With a focus on affordability, effective promotion strategies, and a keen understanding of its target market, Hope Healthcare stands a strong chance of success in the competitive landscape.

References

1. Blaine A Price, MSc. (October 24, 2017). mHealth Apps for Self-Tracking. Retrieved from [source].
2. Bresnick, J. (2015). healthitanalytics. Retrieved from [source].
3. CAN Malarvizhi, S. M. (2021). Evaluating The Use Of Iot For Healthcare Providers In Treating Elderly NCD Patients In Malaysia. Journal of Molecular & Clinical Medicine.
4. Castillo-Apraiz, J., & Matey, J. (2020). Customizing competitive strategy to entry timing: Implications for firm performance in the pharmaceutical industry. Managerial and Decision Economics, 41(6).
5. dos Santos, R. R., de Melo Melo, F. J. C., de Queiroz Claudino, C. N., & de Medeiros, D. D. (2017). Model For Formulating Competitive strategy: the supplementary health sector case. Benchmarking: An International Journal.
6. Lahtinen, V., Dietrich, T., & Rundle-Thiele, S. (2020). Long live the marketing mix. Testing the effectiveness of the commercial marketing mix in a social marketing context. Journal of Social Marketing.
7. Pinto, E. (2017). We-care: An IoT-based health care system for elderly people. IEEE International Conference on Industrial Technology.
8. Sengul, M. (2018). Organization design and competitive strategy: an application to the case of divisionalization. In Organization Design. Emerald Publishing Limited.
9. Thabit, T., & Raewf, M. (2018). The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4).
10. Wu, Y. L., & Li, E. Y. (2018). The marketing mix, customer value, and customer loyalty in social commerce: A stimulus-organism-response perspective. Internet Research.