Review the Case Study document.
Assume upper management of the organization is interested in understanding the impact its branding and competitive strategies have on consumer choice, as well as the impact of the bargaining power of consumers in the health care market, especially on your products and services.
Prepare a 1,050-word summary of branding and competitive strategies’ impact on consumer choice and bargaining power on ECRHS.
Part I: Branding Strategy Impact
Analyze the impact that the current ECRHS brand has on consumer choice of its products and services. In your analysis, consider the following:
- What is the current branding strategy of ECRHS?
- How are the organization and its brand(s) perceived in the market?
- Are there any negative impacts of legal cases against the organization within the community or its consumers? How might this impact their choice of a health care provider?
- How have your acquisitions of other health care facilities impacted your brand image and hence consumer choice of your organization?
- How has your handling of the COVID-19 pandemic impacted your brand image?
- What impact do your branding strategies have on consumer choice and bargaining power?
Part II: Competitive Strategies Impact
Analyze the impact that the current ECRHS competitors have on consumer choice of its products and services. In your analysis, consider the following:
- Who are the 3 largest competitors, and how do their offerings differ from those of ECRHS?
- What share of the market do the competitors hold?
- What are the threats of new entrants to the market and the organization?
- What is the threat of competitive/substitute products/services to the organization?
- What is the bargaining power of customers in the market?
- How does this bargaining power impact consumer choice in the market and for ECRHS?
Cite at least 3 reputable references to support your assignment (e.g., trade or industry publications, government or agency sites, scholarly works, or other sources of similar quality).
Format your citations per APA guidelines.
Expert Solution Preview
Introduction:
ECRHS is a healthcare organization that is interested in understanding the impact of its branding and competitive strategies on consumer choice and the bargaining power of consumers in the healthcare market. This assignment aims to provide a comprehensive analysis of the impact of ECRHS’ branding and competitive strategies on consumer choice and bargaining power in the healthcare market.
Part I: Branding Strategy Impact
ECRHS’ current branding strategy involves promoting its services and products based on quality and affordability. The organization’s brand is perceived well in the market due to its engagement in community initiatives and patient-centered care. However, the legal cases against ECRHS might negatively impact its reputation in the community and affect its ability to attract and retain patients.
Furthermore, ECRHS’ acquisition of other healthcare facilities has impacted its brand image positively, increasing consumer choice of the organization. The handling of the COVID-19 pandemic has had both positive and negative impacts on ECRHS’ brand image, with the organization receiving praise for its handling of the pandemic and criticism for its handling of staff safety.
The branding strategies used by ECRHS have a significant impact on consumer choice and bargaining power. By promoting quality and affordability, ECRHS is positioned to attract and retain a broad range of patients. However, in a highly competitive healthcare market, ECRHS must continue to invest in its branding strategy to maintain its position.
Part II: Competitive Strategies Impact
ECRHS faces competition from three main competitors, who differ in their offerings from those of ECRHS. The competitors hold a significant share of the market, limiting ECRHS’ market dominance. The threat of new entrants is low due to the high regulatory requirements and capital investment required to start a healthcare facility. The organization faces a threat from substitute products/services that may provide a similar level of healthcare services.
The bargaining power of customers in the healthcare market is high, given the increased competition and the need for quality healthcare. This impacts consumer choice in the market and for ECRHS by making pricing critical, and consumers are likely to switch to providers offering better value for their money.
In conclusion, ECRHS must continue to invest in its branding and competitive strategies to maintain and grow its market share. The organization must consider the impact of legal cases on consumer choice and the bargaining power of consumers. Furthermore, ECRHS must remain vigilant of emerging competition and substitute products/services while addressing consumer pricing and value for money.
References:
1. Berwick, D. M., Nolan, T. W., & Whittington, J. (2008). The triple aim: care, health, and cost. Health Affairs, 27(3), 759-769.
2. Herzlinger, R. E. (2006). Why innovation in health care is so hard. Harvard Business Review, 84(5), 58-66.
3. Porter, M. E. (2010). What is value in health care?. New England Journal of Medicine, 363(26), 2477-2481.
4. Shi, L., & Singh, D. A. (2019). Delivering Health Care in America: A Systems Approach. Jones & Bartlett Learning.
5. The Commonwealth Fund. (2020). International Health Care System Profiles. Retrieved from https://www.commonwealthfund.org/international-health-policy-center/countries.
