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Assignment 1: Product Development
Due Week 3 and worth 160 points
Health services continue to affect the gross domestic product, and this dramatic transformation has great demands on each dollar spent to deliver patient-centered products. Health care marketing must be repeatedly applied and practiced strategically to include environmental dimensions, such as technology, socioeconomics, competition, and regulatory.
That being said, in today’s global economy, investors and potential entrepreneurs must tap into the so-called “unexplored” market. In this aspect, health care establishments must utilize marketing, advertising, as well as sales strategies when pursuing new customers (e.g., suppose a health care investor wanted to build a small hospital in a rural community); this would entail exploration and logistical experimentation to determine who will patronize the facility. In an impoverished neighborhood, the feasibility of having lucrative profits may see diminishing returns, and so the venture may be not worth the effort. Also, suppose that the potential investor wants to sell mosquito deterrents (e.g., bedside netting in malaria-infested regions of Asia or Africa); then it would be wise to investigate the number of beds that are actually in the village, and who would be willing to purchase them. These activities take into account the investor portfolio, as well as the feasibility of marketing and selling the product. Such exploration also examines competitors, cultural differences, and—most important—identification of the customer.