Introduction
The modern healthcare system requires medical facilities to employ strategies commonly used in business. One of those strategies is the marketing mix, where four significant factors that every business should consider for a successful marketing strategy are presented: price, place, product, and promotion. The demographic analysis conducted by The Bay Area Medical Practice showed that 40% of the patients in local hospitals are the generation of baby boomers who are currently retiring. This essay will discuss recommendations to address the marketing mix considering the retirement issue of baby boomers.
Price
The recommendation for improving the price of the services in the hospital is to pass new pricing politics. One of the highest price rates is in the United States, and therefore clinics should find a balance between profit and affordability of the products (Catana & Toma, 2021). Expensive rates for healthcare might not enable patients to receive a range of hospital services. On the other hand, reduced prices for simple tests and appointments can attract patients to come to the hospital. Baby boomers are also that kind of patient, meaning the new pricing would interest them to arrive at the hospital. Consequently, patients might purchase more expensive services after using simple and cheap procedures.
Place
The place of the hospital is one of the essential factors for the hospital’s development. Often customers choose the service or goods provider depending on the business’s location. The recommendation for medical centers that are in the process of selecting the place for the hospital would be to pick a spot near apartment complexes or other living areas. This location will ensure constant patient flow and hence permanent earnings. In addition, retiring baby boomers might not be able to afford to travel long distances; consequently, they would prefer a hospital that is located near rather than far. Hospitals should also consider transferring services to an online format and offer delivery of the services to patients’ homes.
Product
It is crucial to continuously work on improving the product in business. In the healthcare field, the products are doctor appointments and treatment. Customers pay attention to the doctor’s experience and people’s reviews regarding the meeting; therefore, hospitals must pay significant attention to choosing specialists. According to Catana and Tome (2021), products in healthcare can be tangible and intangible, which further presents that hospitals need to make a range of services suitable for all age groups. Another instrument that might help make a positive impression on patients is an individualized approach to every client and constant work on products using customer feedback. Baby boomers can also provide feedback that can help improve healthcare services, considering their recommendations.
Promotion
The role of promotion for healthcare facilities is to deliver knowledge about the existence of this facility to the patients. Promotion strategy should consider that “only sick people need a doctor, and healthy do not”, hence the promotion shall consider the needs of the target audience (English Standard Version Bible, 2001, Matthew. 9:12). Without a proper marketing strategy, a hospital with the right location, quality services, and affordable prices might become unknown and hence unprofitable. The research conducted by Rajath and Santhoshkumar (2020) showed that using medical goods and services heavily relies on promotion. In the study, researchers found that packaging and advertisement should be attractive and massive so that patients could hear about the medical facility or products (Rajath & Santhoshkumar, 2020). The promotion includes distribution channels like social media, banners, print flyers, and a website. Promotion tools help attract patients to the hospital, which is the first step toward successful sales.
Conclusion
To conclude, marketing mix is the most appropriate strategy for the healthcare system with mainly intangible services. Products are recommended to be diversified for all ages, including baby boomers. Price should also consider that baby boomers are a specific audience with different values, hence another pricing view. The place is one of the most important factors because retiring people might not be able to go to a top-tier hospital located afar. And lastly, promotion should be attractive and massive, and delivery channels should be diversified.
References
Catana, S., & Toma, S. G. (2021). Marketing mix in healthcare services. Ovidius University Annals, Economic Sciences Series, 21(1), 485-489.
Rajath, K., & Santhoshkumar, N. (2020). Effectiveness of marketing strategy of ‘neera health drink with reference to the 4P’s of marketing. IJ360MR, 7(4), 2320-7132.
English Standard Version Bible. (2001). ESV Online. Web.