Marketing plays an essential role in managing and growing a firm. To gain an in-depth perspective on marketing as it relates to entrepreneurship, complete the following instructions:
Write a 1,050- to 1,250-word paper addressing marketing and branding a heath care related product or service. Select an existing health care related product or service and include the following in your paper:
- Target Market
- What is a target market?
- What is the target market of the product or service selected?
- What is the importance of selecting a target market?
- What issues and questions must be considered when selecting and managing a target market?
- Branding
- What is a brand?
- Why is branding important?
- After selecting a current, common health care brand, address the following:
- What images or thoughts do you relate to that brand?
- Does the branding appeal to the market? Do those images influence consumers’ decisions to buy or use that brand?
- Is the product successful?
- What is the profitability of the product and what is the effect on the bottom line?
- If this were your product or service, what might you do differently?
Cite 3 peer-reviewed, scholarly, or similar references to support your paper.
Format your assignment according to APA guidelines.
Click the Assignment Files tab to submit your assignment.
Text book if you have access to student library
Entrepreneurship: Successfully Launchi…
Author: Bruce R. Barringer; R. Duane Ireland
Expert Solution Preview
Introduction:
Marketing and branding play a critical role in the success of a firm, including in the healthcare industry. As a medical professor, I understand the importance of educating healthcare college students about marketing and branding in healthcare-related products and services. In this assignment, students will be required to write a paper on the marketing and branding of a healthcare-related product or service.
Answer:
Target Market:
1. What is a target market?
A target market refers to a specific group of consumers or individuals who share common needs, characteristics, and interests that a company wants to sell its products or services to.
2. What is the target market of the product or service selected?
The target market of the healthcare-related product or service selected is individuals above the age of 65 years who require home healthcare services.
3. What is the importance of selecting a target market?
Selecting a specific target market allows a company to tailor its marketing strategies and product offerings to meet the specific needs and preferences of that group of consumers. This results in more effective communication, improved product development, and increased customer satisfaction.
4. What issues and questions must be considered when selecting and managing a target market?
When selecting and managing a target market, companies need to consider the following issues and questions:
– Who are the primary consumers of the product or service?
– What are their needs and preferences?
– How do they currently access the product or service?
– Who are the competitors in the market?
– How can the product or service differentiate itself from competitors?
Branding:
1. What is a brand?
A brand refers to a name, term, design, symbol, or other feature that distinguishes a product or service from its competitors and creates a unique identity for it in the minds of consumers.
2. Why is branding important?
Branding is essential in healthcare and other industries because it helps to establish a unique identity for the product or service and create brand recognition and loyalty among consumers. A strong brand can also influence consumers’ decisions to purchase a product or service.
3. After selecting a current, common health care brand, address the following:
– What images or thoughts do you relate to that brand?
– Does the branding appeal to the market? Do those images influence consumers’ decisions to buy or use that brand?
– Is the product successful?
– What is the profitability of the product, and what is the effect on the bottom line?
– If this were your product or service, what might you do differently?
Answer:
After selecting a common healthcare brand such as Johnson & Johnson, several images and thoughts come to mind, such as reliability, trust, and a caring brand. The brand is well-known and appeals to the market, with its branding influencing consumers’ decision to buy or use that brand. The product is highly successful, with a compelling brand image that has contributed to its longevity. The profitability of the product is high, with Johnson & Johnson having a strong presence in multiple markets. If this were my product or service, I would focus on expanding my product lines and offering more services related to home healthcare in a bid to gain more market share. Additionally, I would prioritize leveraging digital marketing tools to increase consumer reach and visibility.
Citing three peer-reviewed, scholarly or similar references can support the student’s paper and provide credibility. Format your work according to APA guidelines.
