Ethical Marketing-The New Healthcare Economics

Ethical Marketing-The New Healthcare Economics

Question One: Porter’s Value Chain Model and the 4Ps Marketing Framework

There are various ways through which I can utilize Porter’s value chain model and the framework of the 4Ps in my work scenario to align organizational requirements with marketing strategies. The value chain model identifies areas of competitive advantage by analyzing an organization’s internal operations (Pal & Altay, 2019). The operations are classified into primary and support activities upon which emphasis will be put to align the firm’s needs with marketing strategies. Regarding the inbound logistics, primary activities, outbound logistics, marketing, operations, sales, and services will be evaluated to establish sources of competitive advantage. Regarding support activities, business infrastructure, technology development, human resource management, and procurement will be evaluated to ascertain sources of competitive advantage.

An example of how I will align the organizational needs with marketing strategies using inbound logistics will entail renegotiating with suppliers for better prices. The prices will help the company to offer lower prices and thus attain a competitive advantage. Regarding the operations element of the value chain, I will streamline the company’s production process to reduce waste and enhance efficiency. As a result, costs will reduce, and marketing needs of lower prices will be attained. Upon establishing the areas of competitive advantage above, the 4Ps framework will come into play to develop a marketing mix that aligns with the company’s organizational needs. For example, once we establish that the production processes of the organization are efficient, the price will be the primary focus to source for a competitive advantage. One way the price can be used is by lowering it significantly compared to competitors. As a result, price-conscious customers will be attracted. Alternatively, I will work on promoting the quality of our products if I realize that the organization has a highly skilled workforce in using Porter’s value chain.

An example of when changing demographics or emerging technologies impact the organization can be traced to the advent of e-commerce. E-commerce dramatically changed how the organization conducted its activities, shifting from being a brick-and-mortar retailer to an online shopping platform (Toleuuly et al., 2020). The change resulted in a shift in consumer behavior, and the business had to react swiftly to incorporate these changes in the marketing framework.

Question Two: Beneficial Assignments and Learning Activities from the Course and Improving My Learning Experience

There are specific assignments and learning activities learned in this course that I find beneficial. One of the assignments was the Competency 1 assignment. The assignment enabled me to understand the practical applications of various frameworks, such as the 4Ps marketing framework and Porter’s value chain model. The models made it easier for me to understand how an organization can undertake marketing activities. During the same assignment, I was able to appreciate the need to consider an ethical perspective in all marketing activities undertaken not only by healthcare organizations but all businesses within society. For instance, I learned that ethical marketing improves product acceptability in the market and improves customer satisfaction. Another beneficial assignment was Competency 3. The assignment gave me insight into branding strategies that can help a firm to succeed in the marketplace. Going forward, I have numerous branding strategies, such as product extension, that I can rely on to ensure my organization improves its image to potential customers. Overall, the course delivery was effective. However, I think my learning experience could have improved if we had been given an opportunity to study healthcare as a whole and the present cases of organizations on how they meet or fail to meet what was learned in class.

References

Pal, R., & Altay, N. (2019). Identifying key success factors for social enterprises serving base‐of‐pyramid markets through analysis of value chain complexities. Journal of Business Logistics, 40(2), 161-179.

Toleuuly, A., Yessengeldin, B., Khussainova, Z., Yessengeldina, A., Zhanseitov, A., & Jumabaeva, S. (2020). Features of e-commerce risk management in modern conditions. Academy of Strategic Management Journal, 19(1), 1-6.

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Consider how the three competencies of this course might directly apply to your life and work environment when answering the questions below.

Review the 3-course competencies. Think about how they might directly apply to your life and work environment when answering the questions below.

Competency 1: Utilizing Porter’s Value Chain model, along with the 4Ps marketing framework, you will identify strategies that apply to effective and ethical healthcare marketing. You will also analyze healthcare marketing strategies from a financial and ethical perspective.

Competency 2: Utilizing a variety of frameworks and models, you will analyze competitive forces at play in the healthcare market, as well as branding strategies. You will also explore the role of collaboration, networks, and merger strategies to achieve competitive sustainability in the rapidly changing healthcare market.

Competency 3: You will describe successful strategies that contribute to a marketing plan for a health care organization, utilizing both branding and marketing communication frameworks. You will also analyze how economics and finance shape a healthcare marketing plan.

Question 1: How could you utilize Porter’s Value Chain model, along with the 4Ps framework, in your own work environment to better align the needs of your organization with marketing strategies? Provide an example, from either your work environment or society at large, of when changing demographics or emerging technologies had an impact on an organization.

Question 2: What specific assignments or learning activities from this course did you find particularly beneficial? What do you feel could have been improved or added to your learning experience in this course?

Submit your reflection.