Introduction
The group of initiatives, or strategies, that a company uses to market its name or products is collectively known as the marketing mix. The four Ps make up a conventional marketing mix: pricing, product, promotion, and place. The mix needs to be thoroughly understood, researched in the market, and discussed with many different stakeholders. Therefore, this essay breaks down the marketing mix into various categories for East Regional Health System to illustrate it better.
East Chestnut Regional Health System (ECRH) Marketing Mix Strategies
Product Strategy
Value Proposition
On the basis of customer value, ECRH would want to focus on pregnant women of all ages, as well as adolescents and young adults, by offering more services for women. Offering breast care, NICU care, women-centered education, and women’s services will assist draw in more female clients. All insurance plans will be accepted, and payment options for additional services will be made available for those who are uninsured, ensuring that no woman is turned away from obtaining care at ECRH.
In terms of collaborator value, any managed healthcare facility in the area is welcome to collaborate with ECRH to enhance the provision of quality services. ECRH is to establish connections with the local fire and rescue services, nursing homes, clinics, and private physician practices. Hence, the vast assortment of services that ECRH offers can assist people who take part in Medicaid programs (“University of Phoenix,” n.d.). Medicaid has developed into one of the most important components of the patient services’ health care protections.
For company value, it is essential to offer services that are competitive with those of the competing hospitals so that people will always want to come to ECRH. To do this, ECRH must achieve all of its objectives, including increasing obstetrical deliveries, staffing the emergency room and the cardiology department, as well as creating a neonatal care center. They must use innovation to acquire a competitive edge over BMC by providing top-notch services from professional employees, and all of this is accompanied by minimal wait times and the best possible patient results.
How the Products or Services Differs from that of the Competition
The ECRH system offers primary and specialist office visits, and lab as well as radiology services, just like other healthcare systems. However, ECRH also provides additional products and services which makes it more unique from its competitors. The most prominent of the extra services is the upcoming inauguration of a new cancer center (“University of Phoenix,” n.d.). Some of the nation’s top oncologists, nurses, and radiology personnel work at this brand-new cancer center.
Pricing Strategy
Pricing is the value assigned to a product, and it is influenced by several direct and indirect factors, including manufacturing costs, supply and demand, and a wide range of other variables. As a result, ECRH will bill for the services given on a per-visit basis. The health center will utilize some techniques to determine the cost of each service, with each visit costing $100. The price of the visit is determined by the cost of providing the service, the cost of comparable services, and the cost of other services provided by the health facility. The cost of providing one visit to the Women’s Health Clinic for a certain service serves as the basis for the new pricing approach (“University of Phoenix,” n.d.). The insurance coverage for the same or similar service serves as the main source of marketing research support for the new price plan. The cost of similar or identical services offered by competitors serves as secondary marketing research evidence in favor of the new pricing approach.
Placement Strategy
Placement strategy involves the point of sale hence, in every sector, the basic goal of an effective distribution or “place” approach is to draw the consumer’s attention and make it simple for them to purchase a product. Therefore, East Chestnut Regional Health will need to offer its new or updated product or service through several marketing channels. The company will have to make use of conventional media, such as print and broadcast, as well as emerging media, including social media, email marketing, and internet advertising. Additionally, East Chestnut Regional Health will need to make sure that its sales and distribution channels can effectively reach its target market. ECRH can use different types of placement to sell and market its products. The types can include:
- Intensive: An intensive placement strategy is when a firm places its product in as numerous stores as possible.
- Selective: A selective placement strategy is when a business places its merchandise in only a few retail stores.
Promotion Strategy
Through a range of conventional and digital methods, East Chestnut Regional Health will advertise its newly released or updated product or service. Print advertisements, billboards, radio or television spots, and direct mail are examples of traditional advertising components that can be used. To reach a larger audience, the health system will also make use of social media sites such as Facebook, Twitter, and Instagram. The website will also be used to direct users to the health system’s online booking gateway and to offer information about the product or service.
Conclusion
To ensure the product or service receives favorable media attention, a public relations strategy will be put into place. This might entail preparing for press conferences or events, hosting tours for the media of the facilities, and collaborating with regional influencers. To create buzz and awareness, a special event or promotional features, such as a competition or giveaway, may also be used. Furthermore, a unified, coordinated message emphasizing the advantages of the good or service will be present in all promotional materials.
Reference
University of Phoenix. (n.d.). Case Study: East Chestnut Regional Health System