Health Care Marketing Analysis

Paper Summary:

In this article, the writer first describes the Akron General Medical Group target market, including demographics and psychographics data. The 4Ps (products, price, place, and promotion) associated with Akron General Medical Group are then presented. Finally, the relationship between the Akron General Medical Group's marketing and its partnerships is examined with a focus on how and why those partnerships are valuable to the organization.

Outline:
Akron General Medical Group
Target Market
Market Mix
Partnerships
Conclusion

From the Paper:

"Typically, the price an organization sets for a product significant affects a product's marketability. This aspect of market mix in the healthcare industry does play a role in consumer utilization rate but not to the same extent as other industries. Traditionally, the availability of a products or services determines its elasticity (adjustability) of the products prices. The more available a product is the more elastic the price is. The less available the product is the less elastic a product is. This aspect is linked to the supply and demand model of economics. A second major factor that affects price is cost. It is simple economics that the cost of production must never exceed the revenue from sales. Failure to obey this law will only lead to fiscal instability. Although in most consumers good cost is a significant factor that directs consumer choices, in healthcare this is not always the case. Healthcare is special due to two facts. First, consumers typically do not concern themselves with cost of a service during life threatening events. Second, prices and appropriateness of services are usually negotiated and set between insurance companies and healthcare organizations with little to no input of the consumer. In the case of AGMG the price varies based on the several different factors ranging from complexness of the procedure to pre-negotiated fee structure set between different insurance companies. "

Sample of Sources Used:

• AllBusiness. (2009). Demographics and Psychographics. Retrieved September 18, 2009, from http://www.allbusiness.com/marketing/market-research/426-1.html.
• Akron General Medical Center. (2009). Akron General Health System. Retrieved September 18, 2009, from http://www.akrongeneral.org/portal/page?_pageid=153,10497216&_dad=portal&_schema=PORTAL
• Akron General Medical Center. (2009). Akron General Locations by Services Retrieved September 18, 2009, from http://www.akrongeneral.org/portal/page?_pageid=153,10421103&_dad=portal&_schema=PORTAL
• Answers Corporation. (2009). Psychographics. Retrieved September 18, 2009, from http://www.answers.com/topic/psychographics.
• Bureau of Economic Analysis. (2009, August 27). GROSS DOMESTIC PRODUCT: SECOND QUARTER 2009 (BEA 09-37). Washington, DC: U.S. Government Printing Office.

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