Unit 4 Health And Social Care Case Study
Justify the fundamental reasons that marketers should closely monitor the actions of rivals in order to proactively address developing issues, events, and circumstances. Provide one (1) example of such successful close monitoring to support your rationale.
The healthcare sector is an area that experiences the most intense levels of competition and rivalry. Therefore, in order for companies to seize the opportunity in the marketplace they must serve specific target markets. These target markets can include children clothes, old residents in a community, or healthcare suppliers. Knowing the system and understanding the basic wants and needs for consumers, companies will be rewarded with growth and increased market shares. The main lining …show more content…
comes in understanding the marketplace competitors and their environments. Business owners can utilize the marketing tool, Michael Porter's Five Forces Model, to closely monitor the actions of rivals and the nature of competition.
Marketers must seek out potential new entrants and existing competitors firsthand to proactively address developing issues in the healthcare sector. When there are numerous companies competing in the same sector, there will be a rise in the exit barriers and rivalry will be intense. Other factors that effect the competitive rivalry are substitutes, suppliers, and buyers.
Having more than one factor in the picture, it is vital for healthcare marketers to closely monitor the competitors. Another important marketing tool to assist with situations as such is through Lehman & Winer’s Level of Competition Model. Two individuals, Donald Lehmann and Russell Winer, developed a diagram that depicts levels of market competition. There are "four competitive levels that make up this diagram and they are product form, product category, generic and budget" (Fortenberry, pg.200, 2010). These four levels are depicted by for centric circles that surround the product under evaluation. The inner level of circle represents more competitive products than outer levels that represent less advertised …show more content…
products.
Evaluate the value afforded by Lehmann and Winer’s Level of Competition Model as an instrument for engendering the accurate identification and understanding of competition within the health care industry. Provide at least two (2) specific examples of Lehmann and Winer’s Level of Competition Model that apply within a health care organization with which you are familiar.
Many organizations combine marketing and sales efforts to win over above their competitors. Organizations that effectively use marketing and sales mix can attain success and growth in their market share. Top management should have the knowledge about effective sales and marketing mix strategy. Along with knowing these key terms, organizations should also be aware that the health care industry is very competitive and the need for monitoring the activities of rivals should be a top priority for healthcare marketers. For heath care marketers, it is essential to identify and assess their competitors very accurately. The threat is very high for healthcare marketers from their competitors within the same sectors. If marketers fail to identify competitors, they will afford the unidentified rivals with the strategic advantage of knowing their business in and out.
In order to be successful, organizations must understand their competitor. It is important for businesses to assess the competitive landscape on a regular basis and invest time in understanding their competitors. By investing time in understanding their competitor, marketers can develop a framework for making competitive assessment, gain knowledge on their competitor rivals, and understanding how to position their own brand in the marketplace. Eastside Medical is a hospital that specializes in providing top notch ear, nose and throat services and have used the Lehmann and Winer’s Levels of Competition Model to destroy their competition. The hospital knew this tool would be a useful guide to find the true meaning of the competitive elements in the marketplace.
Reference
Fortenberry, J. L. Jr. (2010). Health Care Marketing. Tools and Techniques 3rd edition. Sudbury MA: Jones and Bartlett
Hello Austin,
I enjoyed your post!
I agree that marketers tend to focus more on maintaining their existing customer base satisfied, yet they should prioritize going after new market share. Since efforts to gain market share can be risky and affect profitability, many marketers prefer to focus on increasing their customer lifetime value. Failing to consider competitor threats by monitoring the competition and industry; can limit market share tremendously, affecting growth for the healthcare company.
The main priority for healthcare companies should be to devote their time reading and analyzing valuable competitive information to plan effective and timely initiatives.
Just as marketing automation gives marketers great analytics, competitor monitoring tools such as the Lehmann and Winer’s Level of Competition Model helps today’s marketers to better manage risk and function well with information available on the World Wide Web. There are many healthcare organizations that have become concerned about the increasing degree of consolidation in both provider and insurer markets. A wise choice for all healthcare organizations would be to use competitive approaches to overturn the competition in their
sector.
What do you think are potential threats for a new healthcare organization in a competitive environment?
Hello Professor Foster!
I wanted to let you know firsthand that I appreciate all that you do for us in class. For the past four weeks, I've been experiencing a challenging time after being in a verbal and abusive relationship. As my grade reflects in the class, i'm deeply concerned. I should have discussed this with you earlier, but didn't and I regret that. I've managed to come out of the relationship and plan on placing more priority into my class work. I hope it is not too late to find an option of any extra credit assignments that I can complete in order to increase my grade. This is my last course of the semester and have come too far to fall off now. Please, if there are any options, let me know of them.
Thank you so much and look forward to hearing from you!
Jillian Johnson
The healthcare sector is an area that experiences the most intense levels of competition and rivalry. Therefore, in order for companies to seize the opportunity in the marketplace they must serve specific target markets. These target markets can include children clothes, old residents in a community, or healthcare suppliers. Knowing the system and understanding the basic wants and needs for consumers, companies will be rewarded with growth and increased market shares. The main lining …show more content…
comes in understanding the marketplace competitors and their environments. Business owners can utilize the marketing tool, Michael Porter's Five Forces Model, to closely monitor the actions of rivals and the nature of competition.
Marketers must seek out potential new entrants and existing competitors firsthand to proactively address developing issues in the healthcare sector. When there are numerous companies competing in the same sector, there will be a rise in the exit barriers and rivalry will be intense. Other factors that effect the competitive rivalry are substitutes, suppliers, and buyers.
Having more than one factor in the picture, it is vital for healthcare marketers to closely monitor the competitors. Another important marketing tool to assist with situations as such is through Lehman & Winer’s Level of Competition Model. Two individuals, Donald Lehmann and Russell Winer, developed a diagram that depicts levels of market competition. There are "four competitive levels that make up this diagram and they are product form, product category, generic and budget" (Fortenberry, pg.200, 2010). These four levels are depicted by for centric circles that surround the product under evaluation. The inner level of circle represents more competitive products than outer levels that represent less advertised …show more content…
products.
Evaluate the value afforded by Lehmann and Winer’s Level of Competition Model as an instrument for engendering the accurate identification and understanding of competition within the health care industry. Provide at least two (2) specific examples of Lehmann and Winer’s Level of Competition Model that apply within a health care organization with which you are familiar.
Many organizations combine marketing and sales efforts to win over above their competitors. Organizations that effectively use marketing and sales mix can attain success and growth in their market share. Top management should have the knowledge about effective sales and marketing mix strategy. Along with knowing these key terms, organizations should also be aware that the health care industry is very competitive and the need for monitoring the activities of rivals should be a top priority for healthcare marketers. For heath care marketers, it is essential to identify and assess their competitors very accurately. The threat is very high for healthcare marketers from their competitors within the same sectors. If marketers fail to identify competitors, they will afford the unidentified rivals with the strategic advantage of knowing their business in and out.
In order to be successful, organizations must understand their competitor. It is important for businesses to assess the competitive landscape on a regular basis and invest time in understanding their competitors. By investing time in understanding their competitor, marketers can develop a framework for making competitive assessment, gain knowledge on their competitor rivals, and understanding how to position their own brand in the marketplace. Eastside Medical is a hospital that specializes in providing top notch ear, nose and throat services and have used the Lehmann and Winer’s Levels of Competition Model to destroy their competition. The hospital knew this tool would be a useful guide to find the true meaning of the competitive elements in the marketplace.
Reference
Fortenberry, J. L. Jr. (2010). Health Care Marketing. Tools and Techniques 3rd edition. Sudbury MA: Jones and Bartlett
Hello Austin,
I enjoyed your post!
I agree that marketers tend to focus more on maintaining their existing customer base satisfied, yet they should prioritize going after new market share. Since efforts to gain market share can be risky and affect profitability, many marketers prefer to focus on increasing their customer lifetime value. Failing to consider competitor threats by monitoring the competition and industry; can limit market share tremendously, affecting growth for the healthcare company.
The main priority for healthcare companies should be to devote their time reading and analyzing valuable competitive information to plan effective and timely initiatives.
Just as marketing automation gives marketers great analytics, competitor monitoring tools such as the Lehmann and Winer’s Level of Competition Model helps today’s marketers to better manage risk and function well with information available on the World Wide Web. There are many healthcare organizations that have become concerned about the increasing degree of consolidation in both provider and insurer markets. A wise choice for all healthcare organizations would be to use competitive approaches to overturn the competition in their
sector.
What do you think are potential threats for a new healthcare organization in a competitive environment?
Hello Professor Foster!
I wanted to let you know firsthand that I appreciate all that you do for us in class. For the past four weeks, I've been experiencing a challenging time after being in a verbal and abusive relationship. As my grade reflects in the class, i'm deeply concerned. I should have discussed this with you earlier, but didn't and I regret that. I've managed to come out of the relationship and plan on placing more priority into my class work. I hope it is not too late to find an option of any extra credit assignments that I can complete in order to increase my grade. This is my last course of the semester and have come too far to fall off now. Please, if there are any options, let me know of them.
Thank you so much and look forward to hearing from you!
Jillian Johnson