This week you will develop the Marketing Mix strategies you recommend that East Chestnut Regional Health System will implement.
Individually, create your marketing mix strategy by completing parts I–IV below.
Part I: Product Strategy:
Prepare a 150- to 300-word summary of your product or service strategy for a new or revised existing product or service you recommend that East Chestnut Regional Health System develop. Include the following:
State your value proposition. Include the following elements:
- Customer value
- Collaborator value
- Company value Explain your product/service strategy. Include the following elements:
- Describe the new or revised product or service in terms of product/service features and resulting consumer benefits.
- Explain how the new or revised product/service strategy satisfies consumers’ needs.
- Describe how the product or service differs from that of the competition. Part II: Pricing Strategy: Prepare a 150- to 300-word summary of the pricing strategy for the new or revised product or service for East Chestnut Regional Health. Include the following:
- Description of your pricing strategy (How will you set the price for your product or service. For example, what do you plan to charge for a visit to the Women’s Health Clinic for a particular service provided?)
- Cost basis for your pricing strategy (What does it cost to produce or deliver one product or element of service, for example, to deliver one visit to the Women’s Health Clinic for a particular service provided?)
- Cost basis for your pricing strategy (What does it cost to produce or deliver one product or element of service, for example, to deliver one visit to the Women’s Health Clinic for a particular service provided?)
- Primary and secondary marketing research support for your pricing strategy (For example, what is normally covered by insurance? What does the competition charge for the same or similar service?) Part III: Placement Strategy: Prepare a 150- to 300-word summary of how East Chestnut Regional Health will distribute the new or revised product or service. Part IV: Promotion Strategy: Prepare a 150- to 300-word summary of your recommended promotional strategy for how East Chestnut Regional Health will promote the new or revised existing product or service you recommend. Include the following:
- Traditional advertising elements and budget
- Social media and online advertising elements and budget
- Website use
- Public relations strategy and budget
- Special event and/or promotional elements and budget
- Description of a consistent, coordinated message to be presented through all promotional elements
Post your marketing mix strategy to your team forum for review.
Expert Solution Preview
Introduction:
In today’s college assignment, the task is to develop a Marketing Mix strategy for the East Chestnut Regional Health System. This strategy will cover the four Ps of marketing, namely product, pricing, placement, and promotion. Each part will require a 150 to 300-word summary, with specific details about the product or service, pricing, distribution, and promotion.
Answer:
Part I: Product Strategy:
The new product or service that we recommend for the East Chestnut Regional Health System is a mobile application that will allow patients to access their health records, medication schedules, and appointments. The value proposition for this app is to provide convenience, accessibility, and improved patient engagement.
For customers, the app’s convenience will allow them to access their health information instantly, without having to wait on hold for an operator or travel to the hospital in person. For collaborators, the app’s benefit is that it will reduce the workload on hospital staff, freeing them up to focus on other tasks. Finally, for the company, the app’s value is that it will increase patient engagement and satisfaction, leading to better outcomes and increased revenue.
The app’s features will include a simple user interface, reminders for medication schedules and appointments, and the ability to receive test results electronically. This strategy satisfies patient needs by providing them with convenience, improved access to information, and increased control over their healthcare. The app differs from competition because it offers a comprehensive solution to patients’ needs in one place.
Part II: Pricing Strategy:
The pricing strategy for the mobile app will be to offer it for free to patients, covered by insurance for all covered patients, with an optional fee for patients who do not have insurance. The cost basis for pricing is straightforward since most of the app’s development costs will be absorbed by the hospital management system. However, there will be a marginal cost for maintenance, IT support, and administrative costs for the hospital staff. Primary and secondary research supports our pricing strategy since many hospitals in the same region provide online portals and mobile applications for free to their patients.
Part III: Placement Strategy:
The distribution strategy for the East Chestnut Regional Health System’s mobile app will be a two-pronged approach. First, it will be available for download in Google Play and the App Store for patients to access remotely. Second, it will be available to access through the hospital website for patients who wish to access their health records online. This strategy will provide all patients with an easy-to-use interface for managing their health information.
Part IV: Promotion Strategy:
Our recommended promotional strategy for East Chestnut Regional Health System’s healthcare app includes traditional and online advertising, website use, public relations, and special events/promotions with a consistent messaging approach. We will market the app as a free service that provides convenience and accessibility, emphasizing its user-friendly interface and the ability to access test results and medication schedules on-the-go. The advertising campaign will target patients using healthcare services and the general public. We will use the hospital website and social media platforms to promote the app, provide information about its features, and offer user instructions. A public relations strategy will include press releases, media outreach, and story placements about the app. A special event/promotion strategy will include contests and events to attract new users of the app. With a coordinated message approach, we can present a consistent, holistic view of the mobile app’s services and value proposition.
