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Transcript of Product
Meaning of Products
Nondurable good vs. Durable good
-the entire range of products a firm offers.
Hospital Positioning Strategies
Jon de Leon
Understand the issues of product line formation
Identify the strategies for product pricing and positioning
Know the strategic implications of alternatives branding strategies
Target Market Strategies
1. Mass Marketing:
Hospital tries to attract the larger
Example: Medical Group
The firm can either follow the
2. Niche Strategy:
Facility selects a narrow segment or segments of the market
Example: Hernia Repairs in Shouldice Hospital
3. Growth Market Strategy:
Facilities target those segments that are going to expand
Example: Oncology before 1980 due to shift from cost-based to predetermined rate
What is product positioning?
Common Mistakes of Positioning
1. Under Positioning
2. Over Positioning
3. Confused Positioning
4. Doubtful Positioning
What is a Center of Excellence?
1. Define your product / service
2. Highlight the benefits
3. Be clear about the strengths and weaknesses of the product / service
4. Know your competition
5. Determine who your market is for your product or service
an item that can be consumed in a defined period of time
a product that lasts over an extended period of time
ex: a CT scanner
ex: food products
Product lines - groups of related services
2 Key Concepts:
Breadth - the number of different product lines in the mix
Depth - the number of product items within each product line
- when a company's own product steals market share from other products within the company's line.
Main emergency department
Free-standing ER department
-skimming: setting a high initial price relative to competing products or substitutable services
-penetration: setting a low initial price relative to competing goods or services
-loss leader: a product sold at a loss to attract customers
Product Life Cycle
The 5 "I"s of Service
5. Interaction with customers
Any name, term, colors or symbol that distinguishes one seller’s product from another.
Trade Name: The commercial name under which a company does business.
Trademark: A brand name or trade name given legal protection.
Added value a brand name gives a product through associations made by the consumer.
A process that gives the consumer the assurance that products accepted for use are safe and fit for the purpose.
Company places one brand name on all the products in its line.
Company places a different name on each item.
One company sells its product under the name of another company.
A company offers a product under the name of the reseller and under its own brand name.
Example: Michelin makes tires that are sold under its own name and that are also marketed under the Sears name.
The organization markets its name alongside another brand name.
Diffusion of Innovation
Individuals that have traditionally been the first to adopt a new product.
People who are leaders in their social setting, act as opinion leaders, and are above average in education.
Early and Late Majority
are deliberate decision makers who have many informal social contacts.
The late majority is far more skeptical of new products and is below average in social and economic status.
This group is usually the last people to adopt. They have a strong fear of debt and are price conscious.
The rate at which a product is adopted by the market.
Factors Affecting Adoption
Pace of Innovation
Norms, Roles and Social Networks