Marketing Research and Segmentation - 275 Words

Marketing Research and Segmentation (Research Paper Sample) Content: Johns Hopkins Childrenà ¢Ã¢â€š ¬Ã¢â€ž ¢s Centre, Maryland Name Institution Johns Hopkins Childrenà ¢Ã¢â€š ¬Ã¢â€ž ¢s Centre, Maryland Market Segmentation and Marketing Strategies Description of the facility or organization Johns Hopkins Childrenà ¢Ã¢â€š ¬Ã¢â€ž ¢s Centre is a pediatric hospital located in Maryland. It is a reputable healthcare facility that integrates multidisciplinary collaborative practices. Johns Hopkins Childrenà ¢Ã¢â€š ¬Ã¢â€ž ¢s Centre was established in 1912, and it is one of the largest childrenà ¢Ã¢â€š ¬Ã¢â€ž ¢s hospitals with over 92,000 annual hospital visits and 9,000 admissions. 85% of its patients are from Maryland. The essay explores potential market segmentation strategies that the center can use to increase its competitive and revenue Research method Effective market segmentation and marketing strategies depend on an extensive market analysis that seeks to define the target population regarding demographic, social, political, and consumption behaviors. A comprehensive research was conducted using a review of existing market insights from consultant companies such as Deloitte, county health profile reports, consumer satisfaction reports, service design research, customer consumption trends and brief survey of customers. The aim of conducting a review of secondary data was to gain insights, not only of healthcare services and products consumption in the area but also the competition level and the activities of the competitors and future trends. Data from these sources was mined and categorized into themes Databases and findings The leading databases involved in the study include the Centre for Disease Control and Prevention (CDC), the U.S National Library of Medicine, BCC Research, Frost Sullivan and PharmaMedTech Business intelligence. CDC database provides insightful reports on the healthcare system in the USA including regional health profile reports. The U.S. National Library of Medicine also provides nation-wide and regional data such as data charts and series. It also contains useful information on various trends in healthcare. BCC Research offers comprehensive b2b market research reports with detailed statistical and analytical information on the structure of the healthcare industry, major players, market dynamics and industry forecasts. Frost Sullivan provides market research reports on healthcare and other industries. The research also integrated information from the Maryland State Department of Health and Mental Hygiene. The psychographic information provided by most of the sources is accurate . Although there are minor variations from governmentà ¢Ã¢â€š ¬Ã¢â€ž ¢s produced statistics, the psychographic data is meaningful for the purpose of developing a segmentation strategy. Some of the important findings relate to county insurance coverage rate, poverty level, infant mortality, lifestyle behaviors, leading causes of deaths, prevalence of various health conditions, and healthcare services and products consumption behaviors. Understanding the disease burden in the region is critical in designing and marketing various services. According to (2015), the leading cause of deaths in the area includes diseases of the heart, malignant neoplasms, chronic lower respiratory diseases, diabetes mellitus and nephrosis. The infant mortality rate is 6.5% with blacks and Hispanics having the highest mortality rates of 10.6 and 4.4%, respectively (Maryland-2015 State Health Profile). According to Maryland 2020 objectives, the state seeks to improve the health status of the children and their well-being by addressing the burden of non-communicable diseases. Insurance coverage in the area is relatively high compared to other states with approximately 78% of the population having insurance coverage. Disparity is observed in that Black community and Hispanics have the lowest insurance coverage with 57% and 62% coverage respectively (Maryland-2015 State Health Profile). Regarding business competition, Johns Hopkins differentiates itself as the only children hospital in the region that uses collaborative care approach. Additionally, the hospital differentiates itself through a strong brand management compared to its competitors. It acts a referral center for a large number of primary care centers and other private facilities. However, a comparative cost analysis with its competitors in the Baltimore area and the wider Maryland indicates that Hopkins Childrenà ¢Ã¢â€š ¬Ã¢â€ž ¢s Centre is expensive. Segmentation strategies Currently, Hopkins in Maryland is using demographics segmentation by focusing on the upper-class, according to its price strategy. Although the hospital offers premium services and products at relatively high prices, it can use geographic segmentation and strategic segmentation. Strategic segmentation plays a vital role in discovering, innovating and developing medical services and products. Hopkins Childrenà ¢Ã¢â€š ¬Ã¢â€ž ¢s Centre can explore the driving and constraining factors that may enhance or act against its strategic segmentation. The majority of these forces are associated with limited resources and considering that Hopkins Children Centre has a strong revenue, strategic segmentation is likely to be successful. A strategic segmentation strategy will improve its resources allocation and create a customer-focused organization with improved bottom-line performance. Maryland has a total of 60 hospitals with 15 of these being located in Baltimore City and 18 systems with Fede rally Qualified Health Centres (Maryland State Department of Health and Mental Hygiene, 2014). Rural areas are faced with limited access to care centers and safety net providers. Using geographic and gerontographic segmentation techniques, Hopkinsà ¢Ã¢â€š ¬Ã¢â€ž ¢ Childrenà ¢Ã¢â€š ¬Ã¢â€ž ¢s center can exploit these uncovered rural areas. A gerontographic segmentation technique can combine demographic characteristics of the population and geographic distribution of the region to identify areas with the greatest potential based on health care needs, health burden, insurance coverage and health care services consumption trends. Market profile and organization brand Maryland ...