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

Name

Capella university

BUS-FPX4124 Health Care Marketing and Strategic Planning

Prof. Name

Date

Understanding Fundamental Marketing Terms in Healthcare

Understanding fundamental marketing terms is essential for utilizing marketing effectively in healthcare organizations and designing successful marketing strategy plans. Knowledge of these concepts and their specific relevance to healthcare is crucial in today’s competitive market (Thomas, 2015).

Marketing Terms and Processes

The fundamental marketing framework often referred to as the four Ps consists of Product, Price, Place, and Promotion. In healthcare, the product encompasses services, ideas, and goods offered by medical providers. Notably, marketing in healthcare has increasingly focused on promoting services such as surgical procedures (Thomas, 2015).

Price refers to the costs associated with healthcare services, including insurance premiums and out-of-pocket expenses. The objective of healthcare marketing is to convince consumers that they will receive value for money (Thomas, 2015).

Place pertains to the distribution of healthcare services and encompasses factors such as accessibility, location, and appointment wait times. Promotion involves informing the public about available healthcare services through various channels such as advertising and community outreach (Thomas, 2015).

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

Expanding the Marketing Mix in Healthcare

Recognizing the unique nature of healthcare consumption, three additional Ps have been proposed: Packaging, Positioning, and People. Packaging refers to the visual presentation of healthcare facilities, which influences consumer perception. Positioning involves how consumers perceive a healthcare organization within the market, while People focus on internal and external stakeholders involved in marketing activities (Thomas, 2015).

Real-World Application

In certain healthcare settings like Federally Qualified Health Centers (FQHCs), which serve low-income populations, the traditional four Ps may be expanded to include Packaging, Positioning, and People. For instance, effective positioning through keyword marketing can ensure visibility among target populations seeking affordable healthcare services (American Marketing Association, 2021).

Conclusion

Healthcare marketing has become indispensable for delivering services effectively in the United States. By understanding and applying marketing principles tailored to the unique needs of healthcare, organizations can effectively promote their services and meet consumer needs (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

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.

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

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