Show:
Overview
Marketing Mix (The "5 Ps")
Pricing Strategies
Terminology
Terminology Part 2
100

activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (AMA)

What is Marketing?

100
  • Products: Tangible and discernible, can be displayed, Standardized, Can be sold or transferred to another customer, Can be stored/inventoried
  • Examples: pharmaceuticals, supplies, education materials, durable medical equipment
  • Service: Intangible benefit, only experienced, Inconsistent/customized, Inseparable, Cannot separate service from deliverer, Perishable/non-inventoried, Once delivered…it is gone
  • Examples: online refill, delivery, medication synchronization, MTM

What is the product?

100

1. Set pricing objective (break even vs. make profit)

2. Determine demand

3. Estimate costs

4. Analyze competitors’ pricing strategies

5. Set final price

6. Evaluate and reconsider if needed

What are steps for setting prices?

100

Using a name, term (slogan or motto), sign, symbol (logo), or design to help target customers to gain loyalty

remember or identify products or services

differentiate your product or service from that of competitors

What is branding?

100
  • Adjust communication style or the service itself to fit customers’ needs

What is adaptability?

200

Features and benefits demanded: 

  • Positive patient outcomes
  • Cost-savings
Who are payers?
200

How will we price our service to meet the demands of our target market, provide value, AND portray our desired image concepts?

What is price?

200
  • Using different pricing for different market segments, based on time of usage, time of reservation, time of purchase, or location of consumption
  • Examples: Senior discount days; student discounts on immunization services

What is differential pricing?

200
  • Narrow definition: the use of a customer database to select preferred customers for a promotional program, such as direct mailing of a special coupon or offering a discount to a limited group of customers
  • Broad definition: a practice that encompasses ‘all marketing activities directed toward establishing long-term relationships with a targeted group of patients and other partners

What is relationship marketing?

200

Using marketing strategies to attract and retain highly-qualified and satisfied employees

What is internal marketing?

300
Features and benefits demanded:
  • Knowledgeable/trusted service
  • Makes their job easier
  • Reliability
  • Positive patient outcomes
  • Ease of referral

Who are physicians and prescribers?

300
  • Is our service available when/where our target customers want it?
  • Meet them where they want you, meet demand for convenience, initial impression forms lasting image, image of “place” must match image of other Ps, bricks (building, waiting area, counseling room) and clicks (website, online service, apps, social media)

What is place?

300
  • Offering 2 or more services or goods in a single package for a special price
  • Examples: Free test strips at first diabetes management session; 50% off nicotine patches with enrollment in smoking cessation service

What is price bundling?

300

Initiating a one-on-one dialogue with the patient, using effective questioning and listening skills to identify the individual’s unmet health needs, and persuasively presenting a service that meets explicitly stated and mutually agreed-upon goals

What is personal selling?

300

Communicating information to the public through media

Focus on public awareness

Communication comes from a third party

Usually free of charge

Generate publicity: speak to community/group on health topic, free screenings, sponsor public service announcements

What is publicity?

400

Features and benefits demanded: 

  • Convenience/location
  • Positive health outcomes
  • Privacy
  • Accessibility
  • Value/cost savings
  • Personal care
  • Online services

Who are patients are caregivers?

400
  • How will we raise awareness of our service among our target market? How will we increase demand for our service among our target market?
  • Communication of the “features and benefits” of your product/service
  • Word of mouth is key!
  • Networking/collaboration
  • Community/professional visibility/publicity
  • Direct selling/detailing
  • Utilizes various formats and channels (Print materials, media, internet)

What is promotion?

400
  • Reducing price for multiple sessions
  • Structure can be based on duration (limited/unlimited) and usage level (limited/unlimited)
  • Example (limited use and limited duration): 4 blood pressure management sessions in November for $40
  • Example (unlimited use and limited duration): unlimited number of body composition checks over 6 months for $60
  • Example (limited use and unlimited duration): 5 MTM sessions for $150

What are multiple-use discounts?

400
  • Most important element for developing and maintaining buyer-seller relationships
  • Take the time to fully understand and meet the customer’s goals
  • Revise workflow to free up pharmacist time and evaluate store layout to ensure it is designed with the customer in mind
What is customer orientation?
400

Promoting products or services to a target market through various channels, such as print or digital

Communication directly from business; may be less credible

Expensive

What is advertising?
500
  • WHO demands it?
  • WHAT do they demand?
  • WHEN will they want it?
  • WHERE do they want it?
  • WHY do they want it?
  • HOW much are they willing to pay for it?

What are aspects of demand?

500
  • How will we prepare our personnel to meet the demands of our target customer?
  • Deliverer of intangible services
  • Deliverer of image
  • Communication skills are essential!
  • Verbal: professional, clear, concise, confident
  • Nonverbal: body language, eye contact, open posture
  • Restructure personnel to reflect desired image/positioning strategy by training and credentialing

What is personnel?

500

 

  • Patients enroll in a “program” and pay a recurring (e.g., monthly) fee
  • Whether it covers costs depends on how often the customer uses the service

What is capitated service?

500
  • An emphasis on ensuring service quality
  • Continuous quality improvement (CQI) and total quality management (TQM)

What is service orientation?

500
two types of communication strategies
What is verbal and non-verbal?