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HSM 338 - Chapter 8: Marketing Strategies
- 1. Jenna Finnery, Luis Garcia, Victoria Gordon CHAPTER 8: Marketing Strategies
- 2. Three Takeaways 1. Strategy development is critical to an organization’s success. 2. A marketing strategy should focus on a specific target market or product/service line. 3. Branding enables a customer to distinguish your product from a competitor’s product.
- 3. Defining Strategy The marketing strategy is reflected in the initiatives the organization applies to target markets, the marketing mix it selects, and the marketing expenditures for which it budgets. A general approach taken to meet market challenges.
- 4. Strategy Development Provides Direction Focus on one strategic option Differentiate the organization
- 5. Strategy Development Unify the organization’s actionsChannel the organization Marshal the organization’s resources
- 6. PROVIDE THE ORGANIZATION WITH A COMPETITIVE EDGE. JUST LIKE NIKE! https://www.youtube.com/watch?v=4Uugz5Y7u6M&list=PLDAC24B779BBED703&index=3
- 7. Strategic Development Context 1. Strategic Planning
- 8. Strategy Development Context 2. Market Positioning ● Placement of where an organization, or a product sits in the mind of the consumers. ● Ex: Lindt Chocolates, Rush, John H. Stroger Hospital
- 9. Strategy Development Context 3. Call to Action • A statement that encourages the audience to take initiative regarding the good or service being promoted. • “Make an Appointment.” • “Join Our Email List.” • “Learn More.” http://loyolamedicine.org
- 12. Goals vs. Objectives 1. Goals are the results that an institution is committed to achieve. a. Broad b. Intangible c. Abstract d. Long-term 1. Objectives are the steps that an institution takes to achieve those goals. a. Specific b. Tangible c. Measurable d. Mid to Short-term
- 13. Goal or Objective? • Audi wants to capture maximum market share. • I want to achieve success in the field of genetic research and do what no one has ever done. • Rush wants to capture 25% of the market.
- 14. 1. SWOT Analysis Selecting a Strategy 2. The 4 Ps 3. Product-Oriented Strategies 4. Market-Oriented
- 16. The 4 Ps 1. Product Strategy 2. Pricing Strategy 3. Place Strategy 4. Promotional Strategy
- 17. Product-Oriented Strategies New ProductExisting Product NewMarket ExistingMarket Diversification Strategy Market Penetration Strategy Market Development Strategy New Product Strategy
- 18. Market-Oriented Strategies Three categories:The Leader Compete for the Top Maintain Your Position
- 19. Market-Oriented Strategies Leading Organizations: ● Dominance Strategy
- 20. Market-Oriented Strategies ● Frontal Attack Strategy ● Flanking Strategy Competing for the top:
- 21. Market-Oriented Strategies Maintaining your position: ● Second-Fiddle Strategy ● Niche Strategy
- 22. Brandin g 3 1. What is a Brand? 2. Brand Identity 3. Brand Image
- 23. Why Brand??
- 25. Corporate Branding ❏ Planned ❏ Strategically Focused ❏ Integrated ❏ Focus ❏ Leadership ❏ Clarity of Purpose ❏ Motivation for Success
- 26. Brand Association Characteristics Reason to buy Quality Benefits Superior Products Promotions Industry Advertising Word of Mouth Competition Effective Brand = Positive Attributes
- 27. Why is branding useful? Barriers for Health Care Industry? ● Local ● Advertising ● Evaluation
- 28. Evaluating a Brand: #1 Identifier?? Organizational Performance! Assess and Adjust! Brand Revitalization
- 29. Health Care Retailers Branding is Essential! Consumer Model: 1. Decide what to brand! 2. Identify brand message 3. Communicate message ● Internal ● External Clear Consistent Continuous
- 30. Chapter 8: Marketing Strategies 3 Takeaways:1. Strategy development is critical to an organization’s success. 2. A marketing strategy should focus on a specific target market or product/service line. 3. Branding enables a customer to distinguish your product from a competitor’s product.
- 31. Questions?
- 32. Resources Ann & Robert H. Lurie Children’s Hospital of Chicago (2015). Homepage [screenshot]. Retrieved from https://www.luriechildrens.org/en-us/Pages/index.aspx Apple Inc. (n.d.). Apple Logo [png]. Retrieved from http://ia7md.com/wp-content/uploads/2014/01/ Blue Buffalo Co., Ltd. (n.d.). Freedom [png]. Retrieved from http://bluebuffalo.com/ Burberry Group plc. (n.d.). Burberry Check [image]. Retrieved from http://www.burberryplc.com/media_centre/media_library?WT.ac=Media+Library Chicago Orthopaedics & Sports Medicine, S.C. (n.d.). Logo [gif]. Retrieved from http://chiorthosports.com/ Dashboard Spy (n.d.). Purdue University Strategic Planning Dashboard [jpg]. Retrieved from http://dashboardspy.com/strategic-planning-dashboards/ Doors Options [jpg]. (n.d.). Retrieved February 19, 2015 from http://cdn2.hubspot.net/hub/238/file-13152694-jpg/images/doors-options.jpg Fork in the Road [jpg]. (2012). Retrieved February 19, 2015 from http://blog.jabbrag.com/wp-content/uploads/2012/12/ Golden Egg [jpg]. (n.d.). Retrieved February 19, 2015 from https://media.licdn.com/mpr/mpr/p/1/005/06b/145/2fa753b.jpg Goto, J. (2011). Decision Making [drawing], retrieved February 19, 2015 from http://www.flickr.com/photos/69839732@N08/6342981450 Handshake [jpg]. (2013). Retrieved February 19, 2015 from http://successfully-speaking.com/wp-content/uploads/2013/11/handshake1.jpg HealthCare Recruiters International (2015). Homepage [screenshot]. Retrieved from http://www.hcrnetwork.com Health Strategies and Solutions, Inc. (n.d.). Strategy Planning Process [jpg]. Retrieved from http://www.hss-inc.com/strategy-services/strategic-planning/execution Hyundai Motor Company (1986). Hyundai 1986 Excel Advertisement [jpg]. Retrieved from http://www.thetruthaboutcars.com/2010/11/curbside-classic-1988-hyundai-excel-the-damn-near-deadly-sin/hyundaiexcel-ad-8 7/ In-N-Out Burgers, Inc. (n.d.). In-N-Out Logo [jpg]. Retrieved from http://pixgood.com/in-n-out-logo-vector.html Jetimpex (2012, Sept. 19). Brand Positioning Perceptual Map [jpg]. Retrieved from http://www.webdesign.org/web-design-basics/design-principles/9-mistakes-designers-make-when-creating-a-logo.22011.html Johns Hopkins Medicine (n.d.). In Facebook [fan page]. Retrieved from https://www.facebook.com/Johns.Hopkins.Medicine Marketing Strategy [jpg]. (n.d.). Retrieved February 19, 2015 from http://mainstreamcorporatetraining.com/five-ps-social-media/ MOM Brands. (n.d.). Malt-O-Meal Tootie Fruities [png]. Retrieved from http://www.malt-o-meal.com/product/tootie-fruities/ Nike, Inc. (n.d.). Nike Swoosh Logo Black Original [jpg]. Retrieved from http://news.nike.com/news/nike-media-resources Loyola University Health System (2015). Homepage [screenshot]. Retrieved from http://www.loyolamedicine.org PepsiCo Inc. (n.d.). Pepsi Logo [png]. Retrieved from http://logo-kid.com/pepsi-logo-transparent-png.htm The Rocket Science Group. (n.d.). MailChimp Logo [jpg]. Retrieved from http://www.chrisvanpatten.com/mailchimp-awesome-email Rush University Medical Center (2011). Tower Holiday Image [jpg]. Retrieved from https://rushinperson.files.wordpress.com/2011/12/towerholidayimage.jpg Stanton, Liz (Producer). (2014). Last Week Tonight with John Oliver [Television Show]. United States: HBO Study Abroad Guide [jpg]. (n.d.). Retrieved February 19, 2015 from http://www.hisd.com/uploads/study-abroad-guide1.jpg Thomas, R. K. (2015). Marketing Health Services (3rd ed.). Chicago, IL: Health Administration Press. Walmart Stores, Inc. (2007). Rollback: Smile, you’re saving even more. [jpg]. Retrieved from http://news.walmart.com/news-archive/2007/10/18/wal-mart-rolls-out-15000-rollbacks-up-20-percent-from-last-year