Unit 4 Health And Social Care Case Study
Justify the fundamental reasons that marketers should closely monitor the actions of rivals in order to proactively address developing issues, events, and circumstances. Provide one (1) example of such successful close monitoring to support your rationale.
The healthcare sector is an area that experiences the most intense levels of competition and rivalry. Therefore, in order for companies to seize the opportunity in the marketplace they must serve specific target markets. These target markets can include children clothes, old residents in a community, or healthcare suppliers. Knowing the system and understanding the basic wants and needs for consumers, companies will be rewarded with growth and increased market shares. The main lining …show more content…
Having more than one factor in the picture, it is vital for healthcare marketers to closely monitor the competitors. Another important marketing tool to assist with situations as such is through Lehman & Winer’s Level of Competition Model. Two individuals, Donald Lehmann and Russell Winer, developed a diagram that depicts levels of market competition. There are "four competitive levels that make up this diagram and they are product form, product category, generic and budget" (Fortenberry, pg.200, 2010). These four levels are depicted by for centric circles that surround the product under evaluation. The inner level of circle represents more competitive products than outer levels that represent less advertised …show more content…
Just as marketing automation gives marketers great analytics, competitor monitoring tools such as the Lehmann and Winer’s Level of Competition Model helps today’s marketers to better manage risk and function well with information available on the World Wide Web. There are many healthcare organizations that have become concerned about the increasing degree of consolidation in both provider and insurer markets. A wise choice for all healthcare organizations would be to use competitive approaches to overturn the competition in their
The healthcare sector is an area that experiences the most intense levels of competition and rivalry. Therefore, in order for companies to seize the opportunity in the marketplace they must serve specific target markets. These target markets can include children clothes, old residents in a community, or healthcare suppliers. Knowing the system and understanding the basic wants and needs for consumers, companies will be rewarded with growth and increased market shares. The main lining …show more content…
Having more than one factor in the picture, it is vital for healthcare marketers to closely monitor the competitors. Another important marketing tool to assist with situations as such is through Lehman & Winer’s Level of Competition Model. Two individuals, Donald Lehmann and Russell Winer, developed a diagram that depicts levels of market competition. There are "four competitive levels that make up this diagram and they are product form, product category, generic and budget" (Fortenberry, pg.200, 2010). These four levels are depicted by for centric circles that surround the product under evaluation. The inner level of circle represents more competitive products than outer levels that represent less advertised …show more content…
Just as marketing automation gives marketers great analytics, competitor monitoring tools such as the Lehmann and Winer’s Level of Competition Model helps today’s marketers to better manage risk and function well with information available on the World Wide Web. There are many healthcare organizations that have become concerned about the increasing degree of consolidation in both provider and insurer markets. A wise choice for all healthcare organizations would be to use competitive approaches to overturn the competition in their