MARKETING PRODUCT

Marketing Healthcare Product

Marketing Healthcare Product

Introduction

The concept of the marketing process involves the planning and implementation of concepts or perceptions of ideas, goods and services and pricing, promotion and distribution to create the exchange that is able to achieve the objectives of individuals and institutions. In a contemporary marketing sense, it is a set of integrated activities that guide the organization through which resources for the opportunities are available in the market and are prominent socially and economically. The main purpose of marketing is to reach out the customers in order for the usage of products and services by consumers. The marketer has various techniques and options to display information about the product or service to the consumer. The 4Ps in marketing that covers the whole idea about the subject has a vital role for meeting the needs of the consumer. The 4Ps that include Product, Pricing, Promotion and Place highlights all aspects of marketing subjects. The product is the main feature that is demanded to gain satisfaction. Pricing is a factor that gives the customer an option in terms of quantitative measure to purchase the product. Promotion helps the marketer in promoting the products and services to the consumer via various channels. Place refers to the factor where the product or good is delivered to the customer, or, it primarily refers to the distribution of goods and services.

Overview of the Healthcare Sector

Health care costs in the United States will represent 19.8% of national expenditure in 2020 from 17.6% and in 2009; the government paid a greater share of the total amount. The report was published online by the Journal of Health Affairs which was a projection of health spending by 2020. The researchers estimated that portion of budget that the government will have to face is 45% to 49% in nine years. According to report, the average annual growth of national health spending will be 5.8%, or 0.01 percentage point higher than it would without the law of Affordable Health, exceeding the annual growth of GDP. There is one economist at the Centers for Medicare and Medicaid Services known as Sean Keehan who said "We project a decline in the share of money coming out of pocket (consumer), but that does not mean the consumer load is reduced substantially. It was especially because they believed that the health spending will grow at a faster rate than economic growth and personal disposable income (Gaynor, 1999).

In 2010, researchers estimated that health spending grew at a historically low rate of 3.9% to U.S. $ 2.6 billion. The statistic was attributed to the weak economy, which has led many consumers to delay medical treatment. The spending will grow faster in the future, fostering concerns about how to reduce the deficit, a topic that is being fiercely debated among lawmakers ahead of a deadline to raise the debt limit of the government. The greatest increase in health spending would occur in 2014, when CMS forecast a rise of ...