Market Analysis for Pocahontas Memorial Hospital Rural Satellite Clinic
For health care centers to remain competitive, it is important for them to conduct a comprehensive market analysis to properly understand important issues affecting their health care marketplace (Ginter, Swayne, & Duncan, 2012). An effective market analysis consists of the following elements: industry overview, target customers, market segmentation, competition and market needs, growth, and trends (CSU-Global, 2015). This paper discusses the components of a valuable market analysis and strategic thinking map for Pocahontas Memorial Hospital’s (PMH) that will help them when making strategic decisions and developing strategic alternatives for its’ proposed rural satellite …show more content…
Incorporated within PMH’s strategic thinking map are directional strategies including elements such as mission, vision, values, and goals (Ginter et al., 2012). Consequently, directional strategies lead to adaptive strategies that include expansion of scope strategies such as diversification, forward vertical integration, market development, product development, and penetration. Diversification and forward vertical integration strategies provide PMH opportunities to diversify its’ markets and grow towards its’ patients’ health care needs (Ginter et al., 2012). Market development strategies are concerned with entering new markets utilizing current products in the hope of better serving consumers (Ginter et al., 2012). For instance, its’ satellite clinic will expand PMH’s current services to towns within Pocahontas County that may not have been able to easily access PMH’s main hospital. In addition, product development deals with presenting new products to current marketplaces (Ginter et al., 2012). Thus, the satellite clinic can provide PMH’s current consumers with accessibility to more specialty health services if they develop strong partnerships with specialty physicians who are willing to provide different services to the satellite clinic (Porter & Lee, 2013). Moreover, penetration strategies involve using promotional, distribution, and pricing approaches to better market health care services (Ginter et al., 2012). Thus, PMH’s marketing officers can advertise the use of their patient health portal in the satellite clinic that facilitates increased communication and accessibility to health care providers and services via social marketing venues like Facebook and television ads (Hackworth & Kunz,
For health care centers to remain competitive, it is important for them to conduct a comprehensive market analysis to properly understand important issues affecting their health care marketplace (Ginter, Swayne, & Duncan, 2012). An effective market analysis consists of the following elements: industry overview, target customers, market segmentation, competition and market needs, growth, and trends (CSU-Global, 2015). This paper discusses the components of a valuable market analysis and strategic thinking map for Pocahontas Memorial Hospital’s (PMH) that will help them when making strategic decisions and developing strategic alternatives for its’ proposed rural satellite …show more content…
Incorporated within PMH’s strategic thinking map are directional strategies including elements such as mission, vision, values, and goals (Ginter et al., 2012). Consequently, directional strategies lead to adaptive strategies that include expansion of scope strategies such as diversification, forward vertical integration, market development, product development, and penetration. Diversification and forward vertical integration strategies provide PMH opportunities to diversify its’ markets and grow towards its’ patients’ health care needs (Ginter et al., 2012). Market development strategies are concerned with entering new markets utilizing current products in the hope of better serving consumers (Ginter et al., 2012). For instance, its’ satellite clinic will expand PMH’s current services to towns within Pocahontas County that may not have been able to easily access PMH’s main hospital. In addition, product development deals with presenting new products to current marketplaces (Ginter et al., 2012). Thus, the satellite clinic can provide PMH’s current consumers with accessibility to more specialty health services if they develop strong partnerships with specialty physicians who are willing to provide different services to the satellite clinic (Porter & Lee, 2013). Moreover, penetration strategies involve using promotional, distribution, and pricing approaches to better market health care services (Ginter et al., 2012). Thus, PMH’s marketing officers can advertise the use of their patient health portal in the satellite clinic that facilitates increased communication and accessibility to health care providers and services via social marketing venues like Facebook and television ads (Hackworth & Kunz,