Health Care Marketing Discussion Response

Health Care Marketing Discussion Response

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Health Care Marketing Discussion Response

Description

Two large multispecialty medical groups have recently asked you to conduct audits using the BCG matrix. For the first group, your analysis reveals the following distribution of services:

Cash cows—65 percent;

Stars—10 percent;

Problem children—20 percent;

Dogs—5 percent.

In the second group, the distribution is:

Cash cows—20 percent;

Stars—60 percent;

Problem children—15 percent;

Dogs—5 percent.

Provide your analysis to each group and how you reached your analysis.

Student Response;

The Boston Consulting Group developed a way to determine if companies need to create new services or products to promote growth through relative market shares and rate of sales called the BCG Matrix (Berkowitz, 2017).

Multispecialty medical groups can take care of patients dealing with several illnesses or health concerns. Determining strategies to make sure they are growing while providing patient-centered care can be a task being that some strategies make work for others, and some may not. A formula to determine what is needed is crucial to the practice’s success.

Note: A reply of 450 words required for below student post. students must support their assertions with at least 2 peer reviewed citation. one course text citation, and one biblical principle. Should be in APA format.

First Group

The multispecialty groups can provide supplies based on the specialty. For example, if they offer physical therapy, they can offer supplies to help with the process or a medication that will lower inflammation that promotes healing. This is what I consider to be the cash cows at 65 percent. There will be an influx of cash that is coming in from medication alone that can be a part of the patients’ treatment plan.  Stars are 10 percent which means there needs to be a service or a product that will increase the market share and growth. A strategy this medical group should consider is providing a service where all specialties represented can see the growth in their department. Dog percentage of the first group is at a low percentage which is not a bad thing because that means they do not provide services or products with low shares and growth (Berkowitz, 2017). Having a low dog percentage means the business is focusing on growth and omitting what is needed to move forward. Overall, the business needs to make a few changes that will increase the overall growth rate

Second Group

The cash cows for this group are 20 percent which means there is room for growth. They have developed a strategy where their services and products have a high market share, and they will continually grow. For example, most patients will get their medical supplies from another location whereas this multispecialty medical group provides everything they need in the office.  They can provide great products that usually cost them more elsewhere by packaging them into a bundle if they purchase directly from them. The 15 percent is for products/services they offer is a low market share but has a high growth rate (Berkowitz, 2017). This shows that they are headed in the right direction. The second group is doing well based on the 60 percent cash cows which means they have found a way to continually grow.

Of the two groups, the second group is doing well based on cash cows which means they have found a way to continually grow while making the necessary changes.

Reference:

Berkowitz, E. (2017) Essentials of Health Care Marketing. Fourth Edition

 

Health Care Marketing Discussion Response

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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