The Fundamentals and Practice of Marketing

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The Fundamentals and Practice of Marketing

Table of Contents

Introduction
Organisational Objectives
Marketing Strategy
Types of Services Offered
Pricing Decisions
Location Choice
Promotion Strategy
References

There is a huge demand for elderly health care services because the number of senior citizens in need of assisted living care is high. In this paper, a marketing strategy of an elderly home, Golden Ages, is analysed. The organisation will use a multi-segmented marketing strategy to penetrate its two market segments. These two segments include the post-discharge patients and the elderly. It will employ a unique, patient-focused approach to compete effectively in the market. The organisation will use a differentiated pricing strategy, a strategic location, and a pull promotional model to expand its market share.

Introduction

Over the past few years, the number of people (aged 65 years and above) in need of assisted living care has grown significantly. This can be attributed to a number of factors. First, unlike in the past, nowadays, due to financial constraints and time limitations, families are not able to take care of their aged relatives. In the past, women had time to provide care to family members since they had no careers or other commitments. Thus, currently, an increasingly high number of seniors are taken to elderly nursing home for assisted care.

Second, the baby boomers generation is nearing the age of 65 years (Somers, 2006). This means that the demand for health care homes will continue to rise. In this paper, a marketing strategy for a healthcare organisation, Golden Ages, is presented. It includes the organisations objectives, services, pricing decisions, location choice, and promotion strategy. Golden Ages will offer part-time and full-time assisted living care to the elderly population. It will also target invalids discharged from hospitals to go and recuperate at home.

Organisational Objectives

As aforementioned, the demand for elderly care services is high. In this regard, the Golden Ages mission is to position itself as the health care organisation of choice for seniors in need of assisted living care. Wilmshurst and Mackay (2002) write that an organisations mission reflects its objectives, purpose, and action plan. Golden Ages will endeavour to provide quality and client-focused care to the elderly. This unique model of care will enable Golden Ages to emerge as a market leader in this sector. Besides non-medical care, the facility will offer recuperative remedies to invalids and seniors with chronic conditions such as Alzheimers disease, hypertension, and diabetes.

The Golden Ages objectives are as stated below:

To offer quality and holistic assisted living (non-medical) care to the elderly and aged invalids. Golden Ages will achieve this through high nurse-patient ratios, which will increase the number of contact hours with the client.
To create a homelike care environment that has scalable premises, social support, and high bed capacity. An initial bed capacity of 260 beds is projected within the first year of operation. An effective marketing will help increase the bed occupancy rates.
To provide post-discharge care services to clients with diabetes, Alzheimers disease, and high blood pressure, among others.
To offer integrated care services to the at-risk clients, i.e., those with complex health care needs. Integrated care will involve the services of different healthcare professionals who will facilitate the management of chronic diseases in order to improve the health outcomes of the elderly patients.
To develop staff capacity to provide care that meets the complex health needs of the elderly patients. This will involve training of the nursing staff and other caregivers.

Marketing Strategy

An effective marketing strategy can help an organisation achieve its goals. Golden Ages will employ target marketing to grow its market share and become competitive in the elderly care industry. Reibstein (1994) states that a marketing strategy allows a firm to pursue specific customers within its chosen environment and guides the allocation of resources. This entails a situational analysis to determine an organisations strengths and weaknesses. Golden Ages will target seniors and aged invalids recuperating in their homes. Since the organisation will target two distinct segments, different marketing strategies will be used to penetrate the market. Kotler and Armstrong (2013) describe this approach as multi-segment marketing strategy, whereby an organisation uses multiple approaches to reach out to its target population groups.

As indicated earlier, Golden Ages will target the older population. This will include seniors recuperating from illnesses, lacking assisted care, or living with family members. Golden Ages will establish partnerships with nearby hospitals to allow discharged patients to receive recuperative care in the facility. It will also target the older generation living alone or with family members. Although a multi-segmented strategy will be used to reach the two market segments, the organisation will employ a uniform approach when marketing its services. Representatives will visit clubs frequented by the elderly and educate them about their complex health care needs and Golden Ages services. Thus, the organisations care services will be communicated to potential clients via the word of mouth.

Besides informing them of the organisations services, the marketing efforts will also aim to alleviate the stigmas associated with senior centres. Most people believe that health care homes are places for people with terminal illnesses. Golden Ages will market itself as a place that offers a serene environment and quality client-focused care for elderly patients. Since most elderly homes use the hospital-care model, this marketing strategy will portray Golden Ages as unique in this industry.

Types of Services Offered

Golden Ages will offer a range of services specifically tailored for its elderly market segment. It will primarily offer assisted living care to senior clients who cannot perform basic self-care. These will include activities of daily living (ADLs) such as bathing, eating, walking, dressing, and toileting, among others (Somers, 2006, p. 48). A high nurse-patient ratio will ensure that clients receive quality care.

Golden Ages services will also include physical wellness. A community wellness centre will be built to house activities like swimming, yoga, physical training, massage, and aerobics, among others. The Centre will give the elderly clients an opportunity to train under the guidance of professionals. This will keep them healthy and improve their health outcomes.

The third set of services the organisation will offer includes primary and specialist care services. Elderly patients have complex health care needs that need specialised services. Golden Ages will offer integrated care services for patients with diabetes, hypertension, and neurological conditions. Individualised care plans will ensure that the complex health needs of each client are met.

Golden Ages will also offer psychosocial support services to its clients and their family members. New clients will become members of a large community of seniors who support one another socially and emotionally. Counselling services will also be available to clients and their family members who may suffer from distress and anxiety over the welfare of their loved ones.

Pricing Decisions

Pricing is one of the elements of a marketing mix (4Ps). It describes the price strategies that a firm employs to enter and compete in its target market segment. Besides price, place (location), promotion, and product make up the other components of this strategy. Golden Ages will employ a differentiated pricing strategy, whereby different segments of customers will be charged altered prices for similar services (Kotler & Armstrong, 2013). In this way, the home aims to attract both high-end clients and those from low-income category. It will also enable Golden Ages to acquire a competitive edge in this market, which has recently attracted many players due to the sharp rise in demand for elderly care services. This pricing strategy will also allow the facility to attract both self-sponsored clients and those under insurance cover.

Location Choice

The home will be located at a strategic place in Derby County. The county has one of the highest proportions of the elderly population. The location will be near major hospitals in the county to make it accessible to post-discharge patients. It will also be located near residential homes (a 30-minute drive) to allow family members to visit their elderly relatives as often as possible. A central location will also allow clients to register for part-time care services.

Promotion Strategy

Promotion or advertising refers to the communication strategies a firm uses to reach out to potential clients and persuade them to consume its products or services (Goldman, 1997). Golden Ages will use a pull promotional strategy to create a loyal client base and manage its customer relationships. It will invest in public relations to help in brand development. It is evident that its unique client-focus model will enable it to attract many clients. Promotion of its services will be conducted via the word of mouth in senior citizens clubs. Since the senior citizens rarely use other forms of media, the promotion will not involve online channels.

References

Goldman, J. (1997). Public Relations in the Marketing Mix. New York: McGraw Hill.

Kotler, P. & Armstrong, G. (2013). Principles of Marketing. New York: Prentice Hall.

Reibstein, D. (1994). Marketing, Concepts, Strategies, and Decisions. New York: Prentice Hall.

Somers, M. (2006). Elder Care Made Easier: Doctor Marions 10 Steps to Help You Care for an Aging Loved One. Omaha, NE: Addicus Books.

Wilmshurst, J. & Mackay, A. (2002). The Fundamentals and Practice of marketing. Oxford: Butterworth-Heinemann.

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