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How Pricing Is Critically Important to the Marketing, Research Paper Example

Pages: 2

Words: 522

Research Paper

Pricing is regarded as one of the major 4Ps in marketing. The issue of pricing is powerful in every marketing strategy and marketing mix. Accessibility, cost, and quality of healthcare services and products are interlinked. This means that an increase in the cost of healthcare services and products will lead to an increase in quality and accessibility. Similarly, an increase in the quality and accessibility of the healthcare services and products will automatically lead to an increase in the cost (Medicare Payment Advisory Committee, 2003).

Healthcare providers can obtain better incentives by increasing their prices and improving the quality of services and products. Alternatively, they can offer better quality at reduced costs by minimizing unnecessary services and using cost effective, methods to manage consumers (Chassin, 2008).

Some consumers prefer to be given the best medical services regardless of the costs involved. Other consumer would trade off crucial qualities such as quality for prices that are lower. For example, some consumers would opt to travel in order to obtain services at cheaper costs while others would prefer to travel in exchange of quality services. Pricing plays a vital role in promoting competition among providers of medical services and products. The choice of each of these factors is vital for effective competition in the healthcare industry (Kissick, 2004).

Factors that play a role in the pricing decision

Individual actor: this is the end user of the healthcare services and products. This factor may be a community, an individual, or a family seeking for healthcare services or products. The consumer determines the scope of healthcare and services. These services and products must appease the consumer. The consumer prefers that the quality of healthcare services and products must be maintained or improved at a reasonable cost (Kissick, 2004).

Enterprise actor: this refers to the suppliers of the healthcare products and services. They include providers of emergency services, ambulatory services, nursing or a stay at the hospital. They can also be a supply or support entity such as a drug company, lab, provider of preventive services or a store distributing drugs. The enterprise is always profit-oriented. This means that they make their decisions based on economic factors, but forces such as organizational and political also influence their decisions (Medicare Payment Advisory Committee, 2003).

The government: the government represents the people and aims at using private and private resources efficiently and defectively. This is for maximizing the outcomes and health status of the population. The government makes policies and sets boundaries for enterprises and individuals. The goal of the government is to ensure that individuals are satisfied and ensure that farness of price is maintained between enterprises (Chassin, 2008). The government is the public’s advocate and has the final say regarding the prices, taxes, and quality of healthcare services and products. This is achieved through ensuring that providers of these services follow the set regulations and rules in their activities.

References

Chassin, M. (2008). Is Health Care Ready for Six-Sigma Quality? Michigan: Lexington Books

Kissick, W. (2004). Medicine’s Dilemmas: Infinite Needs versus Finite Resources. New Hampshire: Barron’s Educational Series.

Medicare Payment Advisory Committee (2003). Report to Congress: Variation and Innovation in   Medicare. New York: Penguin Press.

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