Strategic Marketing
Strategic marketing is performed to gain a competitive advantage. Strategic marketing requires an organization to understand their customers (patients)
demographics and buying habits to be competitive. Goals (targets) must be established with a focus on the Four P’s of marketing which are:
1. Product
2. Price
3. Place
4. Promotion
Your strategy should not be performed all at once. Focus on each aspect of the Four P’s examining each to fill a potential need that can be marketed.
Strategic marketing is a long-term process and requires the insights and support of the financial department as well as the executive staff to be effective.
Strategic marketing must address the following criteria:
1. Budget: How much money do you have?
2. Demographics: Socio economic status and health status should always be included with other pertinent demographic data.
3. Methods: How will you market? Think about your budget and what cost are associated with marketing promotions such as television, radio, wraps, social
media, etc.
4. Evaluation: How do you know that your marketing promotions are successful? Clicks, word of mouth, surveys, etc.
Strategic Marketing Questions:
1. Define your product for your marketing presentation.
2. Define your price for your marketing presentation.
3. Define your place for your marketing presentation.
4. Define your promotion for your marketing presentation.
5. Your budget is $100,000 for the discussion (this is different from the marketing presentation assignment).
6. Describe your demographics.
7. Describe your methods (research the actual cost and cite). An example would be a radio ad for two minutes Monday through Friday from 12:00 pm to
12:02 pm is $500.00 for a local radio station.
8. Describe your evaluation methods (research and cite).