Rasmussen College Product Development Paper

Week 3 Assignment – Product DevelopmentHealth services continue to affect the gross domestic product, and this dramatic transformation
has great demands on each dollar spent to deliver patient-centered products. Health care
marketing must be repeatedly applied and practiced strategically to include environmental
dimensions, such as technology, socioeconomics, competition, and regulatory.
In today’s global economy, investors and potential entrepreneurs must tap into the so-called
“unexplored” market. In this aspect, health care establishments must use marketing, advertising,
as well as sales strategies when pursuing new customers. For example, suppose a health care
investor wanted to build a small hospital in a rural community—this would entail exploration
and logistical experimentation to determine who will patronize the facility. In an impoverished
neighborhood, the feasibility of having lucrative profits may see diminishing returns, and so the
venture may be not worth the effort. Also, suppose that the potential investor wants to sell
mosquito deterrents (such as bedside netting in malaria-infested regions of Asia or Africa). In
that case, it would be wise to investigate the number of beds that are in the village, and who
would be willing to purchase them. These activities consider the investor portfolio, as well as the
feasibility of marketing and selling the product. Such exploration also examines competitors,
cultural differences, and—most important—identification of the customer.
Using the health care organization you identified in the learning activity last week, determine its
product development practices. Use the concepts from previous weeks to substantiate
information, as needed. You may develop the discussion based on the ideas presented here, but
feel free to inject any relevant marketing strategy that you believe might support your
presentation.
Write a 3–4 page paper in which you:
1. Justify the purpose of the selected health care establishments’ product(s) / service (s) and their
associated life cycle(s).
2. Suggest one strategy to improve the marketing mix of the selected health care establishment.
Support your strategy by highlighting one benefit of portfolio analysis and providing two
examples that display differential advantages.
3. Discuss the impact of possible economic decline on product-market expansion and how it can
affect business planning based on global operating environment.
4. Assess the importance of technology in providing patients with clear and accessible information
about health care organizations and the product(s)/service(s) that they provide.
5. Use 3–4 sources to support your writing. Choose sources that are credible, relevant, and
appropriate. Cite each source listed on your source page at least one time within your
assignment. For help with research, writing, and citation, access the library or review library
guides.
This course requires the use of Strayer Writing Standards. For assistance and information, please
refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your
professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
•
Propose product development strategies for a health care organization that impact the marketing
mix, the use of technology, and marketing research.