MHA 506 Wk 5 – Group: Marketing Mix Strategy

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MHA 506 Wk 5 - Group: Marketing Mix Strategy
MHA 506 Wk 5 – Group: Marketing Mix Strategy
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MHA 506 Wk 5 – Group: Marketing Mix Strategy

This week you will develop the Marketing Mix strategies you recommend that East Chestnut Regional Health System will implement.

 

 

Individually, create your marketing mix strategy by completing parts I–IV below.

 

Part I: Product Strategy: 

Prepare a minimum 150-word summary of your product or service strategy for a new or revised existing product or service you recommend that East Chestnut Regional Health System develop. Include the following:

 

State your value proposition. Include the following elements:

  • Customer value

  • Collaborator value

  • Company value

 

Explain your product/service strategy. Include the following elements:

  • Describe the new or revised product or service in terms of product/service features and resulting consumer benefits.

  • Explain how the new or revised product/service strategy satisfies consumers’ needs.

  • Describe how the product or service differs from that of the competition.

 

Part II: Pricing Strategy: 

Prepare a minimum 150-word summary of the pricing strategy for the new or revised product or service for East Chestnut Regional Health. Include the following:

  • Description of your pricing strategy (How will you set the price for your product or service. For example, what do you plan to charge for a visit to the Women’s Health Clinic for a particular service provided?)

  • Cost basis for your pricing strategy (What does it cost to produce or deliver one product or element of service, for example, to deliver one visit to the Women’s Health Clinic for a particular service provided?)

  • Primary and secondary marketing research support for your pricing strategy (For example, what is normally covered by insurance? What does the competition charge for the same or similar service?)

 

Part III: Placement Strategy:

Prepare a minimum 150-word summary of how East Chestnut Regional Health will distribute the new or revised product or service.

 

Part IV: Promotion Strategy: 

Prepare a minimum 150-word summary of your recommended promotional strategy for how East Chestnut Regional Health will promote the new or revised existing product or service you recommend. Include the following:

  • Traditional advertising elements and budget

  • Social media and online advertising elements and budget

  • Website use

  • Public relations strategy and budget

  • Special event and/or promotional elements and budget

  • Description of a consistent, coordinated message to be presented through all promotional elements

 

Post your marketing mix strategy to your team forum for review.

 

As a team, review each team member’s strategy and utilize the discussion to ask questions, provide input, or make suggestions on their project.

 

Each member should write a minimum 100-word summary of the feedback they received from their team as well as an explanation of why it did or did not help them refine their marketing mix strategy.

 

Combine the responses into a single document.

 

Submit your assignment.