Sales Forecasting & Market Potential, Term Paper Example

Introduction

Three healthcare systems will be evaluated in this presentation with respect to how they function within the 5ps marketing context. The three organizations selected are Norton hospital foundation,  Kosair children hospital and Uofl healthcare. Apart from discussing how 5ps is utilized individually within each system a strategy assessment will be conducted predicting the marketing potential of each.

5 P’s of healthcare marketing

Healthcare in United States of America functions as a business. Since the emergence of 5ps marketing framework organizations and systems have made their unique adaptations according to te product being sold. 5ps means product, which essentially is healthcare in the form of a services. There are a wide range of healthcare services encompassing gynecology maternity, pediatrics specialist,  primary care and many more too  numerous to mention. The second P is price, then place, position and promotion.

Norton hospital foundation

This is a healthcare system designed to market healthcare products such Cancer research Women, Heart, and Orthopaedic care; Neuroscience research and Chuck Olmstead Memorial initiative. This is accomplished by organizing funding for these ventures. In relation to pricing of these products there is no monetary amounts placed on dispensing the services, but value it has to customers who are beneficiaries of research findings and subsequent advanced treatments. The place where these operations are conducted is at 234 E. Gray St., Suite 450
Louisville, KY 40202 functioning within the Norton health care delivery system. The distinctiveness in position of the foundation within the health care industry is its efforts made to fund essential services outside of any supporting entities, stakeholders or using surpluses from the hospitals’ income. As such, promotions efforts including activities are magnified on its websites and communicated through the organizations’ newsletters ( Norton HealthCare ,2015).

Kosair children hospital

This is a health care organization marketing the product pediatric care encompassing neonatal services and other specialist care.  Prices of care vary with the  type of healthcare coverage the individual has. Attempts are made to accommodate uninsured patients through a plans provided by charitable agencies. The hospital functions as a for profit entity. The place where operations are conducted is located within the boundaries of 231 E Chestnut St Louisville, KY 40202.  It cannot be said that this healthcare entity’s position is exclusive to the industry, but it is within the location. As such, there is no exclusivity as it pertains to pediatric care, but excellence has been established in its neonatal services. These services are promotion through network marketing collaboration. Besides, the hospital has a significant web presence.

University of Louisville Healthcare.

This healthcare product is delivered as teaching service instead the direct of a direct healthcare service intervention within a patient provider setting. The product is healthcare higher education whereby doctors and specialist receive the required education to function as healthcare providers. Importantly, the price of education varies among institutions. University of Louisville Healthcare functions as a teaching hospital. As students learn essential care is given to patients who serve as learning material. This healthcare organization is located at 215 Central Ave, Louisville; KY 40208.The business is strategically placed within a community of other healthcare organization. This business is positioned to be very productive because there is an increasing demand for doctors and specialists. The business is promoted as healthcare education through its marketing teams.

5 P’s of healthcare marketing impact on the Marketing potential of a healthcare organization.

According to analysts patients are currently more apprehensive in selecting healthcare services than endorsing of providers and their product. As such, the 5ps of healthcare marketing is essential to the industry. Presently, medical practitioners must engage in 5ps of heath care marketing for their product to reach the right customers. Already there many of the same items being sold in the industry. 5ps is a marketing strategy that enables the producer of care to develop an identify brand that promotes distinctiveness. Distinctiveness forges the attraction of customers specifically interested in a product being marketed due to difference. No amount of experience can replace a marketing strategy that works. Hence, the impact of 5ps marketing in healthcare is huge in enhancing production in as it pertains to quality of care (Montoya & Kimball, 2012).

Conclusion

Assessment of marketing potential

This section discuses the marketing potential of Norton Health foundation, Kosair children hospital and University of Louisville Healthcare. Norton Health Foundation while it could be considered a health care service organization the product is not likely to be marketed that easily. It is the desire to fund and the target populations are stakeholders, investors and persons who have an interest in contributing towards helping persons who cannot afford to buy the healthcare product marketed in other organizations. Kosair Children’s Hospital the product seems to be visible and it is likely that persons would gravitate more to that product as a health care service rather than the funding aspect of it.

Education definitely is another tangible product. When students graduate evidence of the product being bought is expressed. However, with respect to position, place, promotion and price pediatric care seems to have the advantage above the other two organizations.  Marketing expert Gupa (2013) contends in his article Sales Forecasting & Market Potential: Best Practices in India contends that market potential is merely a quantitative assessment of total possible sales by the organization itself or firs within an industry. However, sales forecasting is essential in making these estimates. The product, price, place, position and promotion capacity greatly influence this projection (Gupa, 2013).

References

Gupa, A. (2013). Sales Forecasting & Market Potential: Best Practices in India. International Journal of Advanced Marketing and Research. 1(1); 1-7

Montoya, I., & Kimball, O. (2012). Nursing services: an imperative to health care Marketing Journal of Nursing Education and Practice. 2 (4), 19 – 22

Norton HealthCare (2015). Norton Healthcare Foundation. Retrieved November 12^th, 2015 from https://nortonhealthcare.com/pages/nortonhealthcarefoundation.aspx