Marketing Lecture Notes Review

Flashcards for reviewing lecture notes on marketing concepts.

Marketing

Strategic process of attracting and maintaining a customer.

Public Relations

Communications tool designed to influence attitudes toward the organization.

Marketing Environment

A vibrant interactive ecosystem in which conditions are constantly changing.

Customer

The discretionary buyer who selects where a laboratory test is performed.

Captive Market

Customers whose test must be performed by the hospital laboratory.

Discretionary Buyers

Entity that decides which laboratory will perform the test.

Dimensions of Value

Best product, best total solution, best total costs.

Product (in marketing)

Performing laboratory requests/tests and releasing of results.

Laboratory Service Differentiation

Service-related items such as turnaround time, price, convenience, payment options, reputation for quality.

Price (in marketing)

The numerical value given for laboratory services.

Price

Must be reasonable to attract and maintain several customers.

Price Competition

Especially important in bidding for laboratory portions of managed care and prepaid capitative programs.

Place

Marketing component often such a dominating factor that it dictates the rest of the marketing environment.

Physical Access

Includes channels of care and physical design.

Time Access

Includes travel and waiting time.

Information and Promotional Access

Involves obtaining referrals and getting the customer to the provider.

Advertisement

Commercial presentations paid by the organization to promote its products and services.

Sales Promotion

Short-term purchase incentives such as discounts and gift programs.

Personal Selling

Selling through personal contact using medical representatives.

Publicity

Includes non-commercial educational materials, news releases, and seminars.

Word of Mouth

Promotion done by customers satisfied with services offered by a clinical laboratory.

Marketing Plan

A formal strategy for maintaining, identifying, and attracting customers.

Internal Record System

System that monitors medical, financial, and operational parameters for marketing information.

Marketing Intelligence System

System that obtains everyday information about developments in the marketplace.

Marketing Research System

System organized to collect, study, and report findings about specific marketing opportunities.

Analytical Marketing System

System that uses statistical and marketing model techniques to evaluate data.

Market Overview

Section of the market proposal that identifies and reviews market segments, competitors, and changes.

SWAT Analysis

Analysis that compares strengths, weaknesses, and tactics of competitors and your lab.

Opportunities

Section that lists specific dimensions of value based on market opportunities.

Approval

Section that requests permission to pursue the plan and states required actions including staffing and budgeting.

Rule 1 of Marketing Success

Provide the best offering in the marketplace by excelling in a specific dimension of value.

Rule 2 of Marketing Success

Maintain the best quality of standards that your laboratory can offer.

Rule 3 of Marketing Success

Dominate your laboratory by improving your services year after year.

Rule 4 of Marketing Success

Build a well-tuned clinical laboratory dedicated to the provision of reliable services to the community.

External Analysis

A way of understanding how external forces impact the business.

Francis Aguilar

Harvard professor who created the external force analysis in 1967.

External Force Analysis

Should be included in every business plan as part of risk management and strategy design.

PESTLE Analysis

Strategic management tool that identifies macro-economic factors a business must consider.

PESTLE

Political, Economic, Social, Technological, Legal, Environmental

PESTLE Analysis

Tool that helps management decide between developing services/products and expanding to new locations.

PESTLE analysis

Analysis that helps find opportunities, threats, strengths, and weaknesses in more detail than SWOT.

Macro-economic factors

Broad indicators of financial growth or decline that affect an economy.

McKinsey 7S Model

Model used for internal analysis of strengths and weaknesses.

Strategy (McKinsey 7S Model)

Defines key approaches for an organization to achieve its goals.

Structure (McKinsey 7S Model)

Organizes resources within a company into business groups and teams.

Systems (McKinsey 7S Model)

Refers to business processes and technical platforms used to support operations.

Staff (McKinsey 7S Model)

Includes type of employees, remuneration, and how they’re retained.

Skills (McKinsey 7S Model)

Refers to capabilities to complete different activities.

Style (McKinsey 7S Model)

Describes the culture of leadership and staff interaction.

Shared Values (McKinsey 7S Model)

Summarizes the organization’s vision or mission and reason for existence.

Core Services

Basic consequence of availing services that a customer expects for charges and fees; commodities or central components that provide the main value as perceived beneficial to the customer.

Supplementary Services

Set of services that facilitates or enhances the value or benefits of the core services.

Facilitating services

Type of supplementary service that is needed for service delivery or helps use the core product.

Enhancing services

Type of supplementary service that adds extra value for the customer.

The Flower of Service

Model that offers a comprehensive experience to engage customers and foster loyalty and patronage.

Flower of Service

In a well-managed service organization, the petals and core should appear fresh and well-formed.

Market positioning strategy

Helps determine which supplementary services should be included in the Flower of Service.

Consultation

Enhancing element that provides advice and consultation tailored to the customer’s needs and situation.

Hospitality

Enhancing element that treats customers as welcome guests who invest time and effort in visiting.

Safekeeping

Enhancing element that helps customers avoid worrying about their personal possessions.

Exceptions

Enhancing element that offers flexibility for special requests and responsiveness when problems occur.

Information

Facilitating element that provides information on how to obtain and use services.

Order Taking

Facilitating element that involves securing commitment to service delivery.

Billing

Facilitating element that should be clear, accurate, and intelligible to customers.

Payment

Facilitating element that is more effective when the transaction is simple and convenient.

Information services

Directions, schedules, prices, reminders, warnings, conditions, change notices, documentation, confirmations, summaries, receipts.

Order Taking services

Applications, order entry (on-site, mail, phone, web), reservations/check-in (seats, rooms, rentals, appointments).

Billing services

Statements of account activity, invoices, verbal statements, self-billing, machine display.

Payment services

Self-service (machines, EFT, checks, online), direct payment, automatic deduction.

Consultation services

Customized advice, personal counseling, tutoring/training, management/technical consulting.

Hospitality services

Greetings, food/beverages, toilets, waiting areas, weather protection, magazines, entertainment, transport, security

Safekeeping services

Childcare, pet care, parking, coat rooms, baggage handling, storage, deposit boxes, security personnel.

Exceptions services

Special requests (dietary, medical, religious), handling communications (complaints, compliments, suggestions), problem solving, restitution.

Restitution

Refunds, compensation, free repair of defective goods