Create your marketing mix strategy by completing parts I–IV below.
Part I: Product Strategy:
Prepare a 150- to 300-word summary of your product or service strategy for a new or revised existing product or service you recommend that East Chestnut Regional Health System develop. Include the following:
State your value proposition. Include the following elements:
- Customer value
- Collaborator value
- Company value
Explain your product/service strategy. Include the following elements:
- Describe the new or revised product or service in terms of product/service features and resulting consumer benefits.
- Explain how the new or revised product/service strategy satisfies consumers’ needs.
- Describe how the product or service differs from that of the competition.
Part II: Pricing Strategy:
Prepare a 150- to 300-word summary of the pricing strategy for the new or revised product or service for East Chestnut Regional Health. Include the following:
- Description of your pricing strategy (How will you set the price for your product or service. For example, what do you plan to charge for a visit to the Women’s Health Clinic for a particular service provided?)
- Cost basis for your pricing strategy (What does it cost to produce or deliver one product or element of service, for example, to deliver one visit to the Women’s Health Clinic for a particular service provided?)
- Primary and secondary marketing research support for your pricing strategy (For example, what is normally covered by insurance? What does the competition charge for the same or similar service?)
Part III: Placement Strategy:
Prepare a 150- to 300-word summary of how East Chestnut Regional Health will distribute the new or revised product or service.
Part IV: Promotion Strategy:
Prepare a 150- to 300-word summary of your recommended promotional strategy for how East Chestnut Regional Health will promote the new or revised existing product or service you recommend. Include the following:
- Traditional advertising elements and budget
- Social media and online advertising elements and budget
- Website use
- Public relations strategy and budget
- Special event and/or promotional elements and budget
- Description of a consistent, coordinated message to be presented through all promotional elements
Expert Solution Preview
Introduction:
As a medical professor, it is important to understand the fundamentals of marketing in healthcare. The healthcare industry faces a plethora of challenges, including cost containment, policy changes and the ever-changing landscape of patient populations. Therefore, it is imperative that healthcare organizations develop a marketing mix strategy that meets patient needs, while remaining competitive in the marketplace. In this assignment, we will focus on developing a marketing mix strategy for East Chestnut Regional Health System.
Part I: Product Strategy:
East Chestnut Regional Health System’s value proposition is to provide high-quality patient care through comprehensive and personalized medical services. This includes delivering exceptional care, collaborating with patients and providers, and ensuring patient satisfaction.
The new service that East Chestnut Regional Health System will develop is a telemedicine platform that enables patients to receive medical advice, diagnosis and treatment remotely. This service will offer patients the convenience of connecting with a medical professional from the comfort of their own home or office, while still receiving personalized care.
The telemedicine platform satisfies patients’ needs by offering them easy and convenient access to healthcare services. It also saves them time and money, by reducing travel and waiting times. The telemedicine platform differs from its competition by offering personalized care, which will be provided by a team of licensed physicians and nurses.
Part II: Pricing Strategy:
The pricing strategy for the telemedicine platform will be based on a tiered model. Patients who have insurance will pay a smaller fee than those who do not. The cost basis for delivering one telemedicine visit will be determined by the overhead costs associated with operating the telemedicine platform, such as software licensing, telecommunication costs, and staffing costs. Primary and secondary marketing research support for the pricing strategy will be gathered by analyzing customer demographics, competitors’ pricing, and insurance reimbursement rates.
Part III: Placement Strategy:
East Chestnut Regional Health System will distribute the telemedicine platform through an online portal that can be accessed from any internet-enabled device. The telemedicine platform will be integrated into the existing patient portal, so patients can login and initiate a virtual visit with a provider. Each provider will be trained to use the telemedicine platform, and will be able to provide medical care from their own remote location.
Part IV: Promotion Strategy:
The promotional strategy for the telemedicine platform will consist of traditional advertising elements such as television, radio and newspaper ads. The budget for these elements will be allocated based on the target audience of the telemedicine platform. Additionally, East Chestnut Regional Health System will develop a comprehensive social media and online advertising campaign that includes Google Adwords and targeted social media ads.
The website will be optimized for search engines, and will include a feature that enables patients to easily initiate a virtual visit with a provider. Public relations strategy and budget will be utilized to generate positive media coverage and third-party endorsements. Finally, East Chestnut Regional Health System will host a series of webinars and online events to educate patients about the benefits of telemedicine and the telemedicine platform.
A consistent and coordinated message will be presented through all promotional elements, emphasizing the convenience, personalized care, and exceptional quality of the telemedicine platform.
