Assignment 1: Product Development
Due Week 3 and worth 160 points
Health services continue to affect the gross domestic product,
and this dramatic transformation has great demands on each dollar
spent to deliver patient-centered products. Health care marketing
must be repeatedly applied and practiced strategically to include
environmental dimensions, such as technology, socioeconomics,
competition, and regulatory.
That being said, in today’s global economy, investors and
potential entrepreneurs must tap into the so-called “unexplored”
market. In this aspect, health care establishments must utilize
marketing, advertising, as well as sales strategies when pursuing
new customers (e.g., suppose a health care investor wanted to build
a small hospital in a rural community); this would entail
exploration and logistical experimentation to determine who will
patronize the facility. In an impoverished neighborhood, the
feasibility of having lucrative profits may see diminishing
returns, and so the venture may be not worth the effort. Also,
suppose that the potential investor wants to sell mosquito
deterrents (e.g., bedside netting in malaria-infested regions of
Asia or Africa); then it would be wise to investigate the number of
beds that are actually in the village, and who would be willing to
purchase them. These activities take into account the investor
portfolio, as well as the feasibility of marketing and selling the
product. Such exploration also examines competitors, cultural
differences, and—most important—identification of the customer.
Identify a local health care establishment (e.g., hospital,
rehabilitation center, emergency medical center) and determine its
product development practices. Utilize concepts from previous weeks
to substantiate information, as needed. You may develop the
discussion based on the ideas presented here, but feel free to
inject any salient marketing strategy that you believe might
support your presentation.
Write a three to four (3-4) page paper in which you:
Justify the purpose of the selected health care establishments’
product(s) / service (s) and their associated life cycle(s).
Suggest one (1) strategy to improve the marketing mix of the
selected health care establishment. Support your strategy by
highlighting one (1) benefit of (1) portfolio analysis and
providing two (2) examples that display differential advantages.
Assess the importance of technology in providing patients with
clear and accessible information about health care organizations
and the product(s) / service(s) that they provide. Outline a survey
to capture patients’ expectations regarding the delivery and / or
accessibility of product(s) / service(s) identified. Use at least
three (3) quality academic resources. Note: Wikipedia and other
Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12),
with one-inch margins on all sides; citations and references must
follow APA or school-specific format. Check with your professor for
any additional instructions. Include a cover page containing the
title of the assignment, the student’s name, the professor’s name,
the course title, and the date. The cover page and the reference
page are not included in the required assignment page length.
The specific course learning outcomes associated with this
Analyze how products evolve through the four stages of the
product life cycle. Determine the appropriate product succession
planning efforts of health care services. Examine the marketing
research process and market segmentation strategies in the health
care industry. Evaluate marketing research tools involved in the
marketing process. Use technology and information resources to
research issues in health services strategic marketing. Write
clearly and concisely about health services strategic marketing
using proper writing mechanics.
Assignment 1: Product Development