COURSE STRATEGY GUIDE



COURSE STRATEGY GUIDEMHA/506 – Ethical Marketing: The New Health Care EconomicsThe learner will explore the emerging intersection of marketing and economics in the health sector. Topics include consumer behavior, market segmentation, and identification of new market opportunities in health care as well as regional/system commoditization, value proposition and differentiation, branding, and social media strategies in the health sector.Course Objectives:The learner will explore the convergence and divergence of the disciplines of marketing and economics in the health sector.The learner will analyze the intersection of ethics and marketing in a health care context.The learner will examine the concept of consumer choice in the health sector and the implications for marketing.The learner will assess the value of social marketing, social media, consumer-centrism, and other emerging marketing strategies in the health care space.Weekly TakeawaysWeek One Topic: Fundamentals of Strategic MarketingWeek Two Topic: Commoditization of Health CareWeek Three Topic: Marketing HealthWeek Four Topic: Creating Collaborator Value in the Health Care MarketWeek Five Topic: Health Care Branding StrategiesWeek Six Topic: Health Care Marketing CommunicationWeek One: Marketing and Economics in Health CareFundamentals of Strategic MarketingValue exchange Building the architecture of value creation by defining the entities, factors, and processes involved in demonstrating and delivering value in the health care marketplace The value-based relationship between key stakeholders includes the patients, physicians, and hospital based systemsValue proposition In marketing, it is an innovation, service, or feature intended to make a company or product attractive to customersFunctional valueHow the product or service provide solutions to consumer needsConsumers select products or services based on the expected utility of the translatable benefitsPsychological valueHow does the product make consumers feel and express themselves?Understanding the consumer’s perception of technological use in diagnostic medicineMonetary valueThe price of the product or service relative to its perceived worthDemonstrate the understanding of the concepts of health care pricing, reimbursement, and self-pay as well the impact on supply and demandSocial valueHow the product or service has an impact on population healthUnderstanding the concepts of population health care managementMarketing mixThe combination of controllable factors that will be employed to influence consumers to purchase their productsSix marketing tacticsProduct—key functional characteristics and channels of health care products and services being offeredService—understanding that health care services are inseparable as they are created and consumedBrand—understanding and respect for the branding of health care servicesIncentives—effective use of incentives when negotiating brand name services. For insurers or employers this would include volume discounting as well as negotiated reimbursement reductions. Leveraging the scarcity of services and understanding market monopolies. Communication—effectively communicating brand services in a competitive market. Leveraging market strength.Distribution—delivering retail products in the health care marketBusiness model dynamicsDual model considerationBusiness models are not stable but dynamicDual model components are needed for effective marketing plan development This would not only include the 5 C but also the 7 P model framework Awareness of suboptimal value proposition in product or service conditions needs to be effectively monitored and managed for change The Five Cs Framework—using benchmark performance measures to compare your system operations to others of similar market positionCustomersMarket size and growthMarket segmentsBenefits that consumer is seeking, whether tangible and intangibleMotivation behind purchase (value drivers, benefits vs. costs)CompanyProduct lineImage in the marketTechnology and experienceGoalsCollaboratorsDistributorsSuppliersAlliancesCompetitionActual or potentialDirect or indirectProductsPositioningMarket share analysisStrengths and weaknesses of competitorsContext (Climate)Political and regulatory environmentEconomic environmentSocial and cultural environmentTechnological environmentThe Seven P’s Framework ProductAn item that satisfies the consumer's needs or wantsPrice The amount a customer pays for a productPromotion Marketing communicationsPlace Distribution and customer accessPositioningThe process that produces the product’s image and places it in the consumer’s mind.People The employees who represent the company's values to customersPackaging The procedures, mechanisms, and flow of activities by which service is deliveredEconomic ConsiderationsCurrent status of the Affordable Care Act (ACA)The ACA is currently under legislative reconsideration, which includes significant modification to complete repealThe probability of change in this legislation is extremely high The current condition of this act will need consideration in the economic impact on health care organizations Health care insurance and reimbursementGovernmentEconomics of Medicare and Medicaid programsRegulatory environment for government insurance programsCommercial insuranceCurrent economic status of commercial insurersUnderstand mergers or acquisitions within the current insurer marketPatient and self payCharity care managementDiscounting for quick paymentManaging delinquent accountsManaged care contractingUnderstanding the basicsManaged care plan characteristicsFinancialOperationalMedical managementTechnology dynamicsClarify the definition of technologyClarify how technology is driving the economics of health care as well the perception of the consumerEconomics of the local marketUrbanPopulation demographicsSocial structureHousehold incomesHealth insurance market penetrationSuburbanPopulation demographicsSocial structureHousehold incomesHealth insurance market penetrationRuralPopulation demographicsSocial structureHousehold incomesHealth insurance market penetrationWeek Two: Commoditization of Health CareMarketing the Value Chain The process or activities by which a company adds value to an article, including production, marketing, and the provision of after-sales serviceDeveloping the value propositionReference point departureDependence (pricing in health care)Loss aversionUnderstanding the value chain (G-STIC)GoalCorporate goal setting (guides all marketing activities)Goal focus (monetary, strategic)StrategyTarget market (value proposition)Benchmarking (quantitative, temporal/timeframe)Objectives (customer, collaborative, internal organizational, competitive)TacticProduct, service, and brandPricing, incentives, distributionImplementationOrganizational infrastructure (strength and weakness of organization, organizational structure by service line)Business processes (resource management)Implementation scheduleControlEvaluate performance Monitor the environmentGap analysisEconomic Value AnalysisCompany valueMonetaryFunctional value (performance, reliability of brand, durability of outcome, compatibility to health status, design of the service, customization)Monetizing the function valuePsychological Monetizing the psychological value (emotional benefit, the Mayo Clinic effect)Margin analysisGross profit marginContribution analysisReturn on investmentReturn on marketing investmentRelevant concepts in break-even analysisWeek Three: Marketing Health The Market and Competitive ForcesDeveloping a competitive advantageCreating superior customer valueDetermining competitive advantage to meet customer needsCreating a competitive value map—customer value and service attributesDetermining attributes of competitive advantageDetermining attributes of parityDetermining attributes of competitive disadvantageStrategies for creating superior customer valueImprove performance on a given attributeAdd new attribute, which offers advantageIncrease the perceived importance of an attributeSingle or multi and holistic benefit positioningSingle: value delivered by single attributeMulti: value delivered by multiple attributesHolistic value delivered in the entirety of the organizationThe value functionValue to performance reference pointCompetitive positioning mapOffering performance relative to competitorBased on attributes of the variable offeringsCreating Value by Managing Revenue, Cost, and ProfitsProfitabilityRevenue and cost basedPrice and volumeCostsCosts of services soldOperational costsCapital costsAdministrative costsOtherCapitalization differencesFor-profitNot-for-profitWeek Four: Creating Collaborator Value in the Health Care MarketMarket CollaborationEssence of collaborationCollaboration of key stakeholders for service line performance improvementExamples include: oncology services, medical education, other clinical service lines of businessInitial steps in integrated system developmentAdvantages and drawbacks of collaborationAdvantagesEffectivenessCost efficiencyFlexibilitySpeedBrand name improvement ExpertiseDisadvantagesLoss of controlLoss of competenciesEmpowering the competitionCultural barriersLevels of collaborationMedical directorshipsService line managementShared servicesFull integrationAlternatives to collaborationIntegrationVerticalHorizontalConflictsEthical and Economic Considerations in Collaborative EffortsPhysician resource assessmentPurchased versus owned or employed professionalsRecognizing economic constraintsEconomically incent key providersPhysiciansMidlevel providersOther paraprofessionals (e.g., audiologists, optometrists, dentists, physical therapists)Regulations in collaboration (review of current laws, fair market value)Pharmaceutical dilemmaPricing and rebatesReimbursementPatient responsibility and assistance programsSunshine ruleTechnology issuesHealth information technologyElectronic Health RecordsElectronic Intensive Care Unit (eICU)High-end technology advancementsRadiology services (PET scanning)Oncology services (genetic studies)Individualized medicine (genomic-based medicine)Week Five: Health Care Branding StrategiesMarketing Products and ServicesProduct and service management (the value creation process)Consideration in services offeredCompanyPatients and customersCompetitorsCollaboratorsContextProduct and service decisionsPerformanceConsistency and reliabilityCompatibilityEase of access or useTechnological considerationsDegree of market customizationFormStyleBrand ManagementOverviewBrand identityBrand meaningValue Creation5 C’s CustomersCompanyCollaborationCompetitorsContextBrand hierarchyIndividual brandingUmbrella brandingSingle brand for all company productsBrand dynamicsReaction to changing needs of customersNew target marketsChange in competitor’s positionResponse to legal challengesBrand extensionsVertical and horizontalEconomics of BrandingMeasuring brand equityCost-based approachMarket-based approachFinancial approachWeek Six: Health Care Marketing Communication Marketing CommunicationDeveloping a communication planGoalFocusPerformance benchmarksStrategyTarget audienceValue propositionRetail strategyMessageBrand and serviceBrand messagingPricingDistributionMediaAdvertising (pattern of communication, frequency, and market reach)Social mediaDirect marketingPersonal sellingEvent sponsorshipProduct-based communicationProduct or service (free sampling)Creative solutionAppealExecution styleImplementationProcessInfrastructureControlAssess market effectivenessMarketing EconomicsBudget projectionsGoal drivenCompetitive parityLegacyAffordabilityPricing for retail servicesDemand forecastingManaging the economics of a product’s life-cycleExtending product life through innovationEconomic considerations in product line positioning map ................
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