LifePoint HealthCare Marketing Plan

Document Type:Research Paper

Subject Area:Health Care

Document 1

The plan has various sections which help to cover better the description of what the firms intend to achieve concerning marketing activities. The sections are the introduction which states the objectives of the marketing plan and the market analysis which describes the services that LifePoint Healthcare offers. Other important sections are environmental analyses, marketing mix, and plan evaluation. Environmental analyses present a discussion of internal environmental including leadership structure, employees, and culture in the organization. The marketing mix section details the firm’s strategies about promotion, products, pricing, and location. The LifePoint mission is to make communities healthier. The mission statement is also enriched with the vision of creating a suitable environment for people to seek medical attention, for physicians to practice duties and employees to enjoy working (LifePoint Health, n.

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d. Further, the strategic goals of the LifePoint are guided by honesty, ethical compliance, inclusion, compassion, and integrity. Additionally, it is of value to note that strategic goals can also be achieved by having guiding principles. Firstly, the firm offers surgical and medical services such as general surgery, emergency room care, coronary care, internal medicine, and radiology (Business Analysis of LifePoint Health, n. d. Secondly, LifePoint also provides specialized services including neurosurgery, heart surgery, and psychiatric care. Thirdly, LifePoint Health provides outpatient services in most of its branches. The services include x-ray, sports medicine, imaging and laboratory services. There are golden opportunities in the healthcare market that the firm can grasp. An improved technology across the world means that the company can invest in the latest technological facilities that will result in low care costs.

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The company's desire to achieve its strategic goals may be threatened by stringent government policies and regulations on the private sector, increased competition and slow adjustment to technological advancement. The management will need to focus so much on these areas if the objectives are to be met (Chernev, 2018). It is imperative as it helps the firm gain a competitive advantage by adjusting the marketing activities about pricing, promotion, and segmentation. Also, the firm has a culture that encourages openness, teamwork, and integrity. It is intriguing to note efficient communication and culture are the driving force for firms to retain customers as well as to convert prospects. About the external environment, LifePoint Health operations are impacted by political, economic, social, technological, environmental and legal factors.

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Political factors include government policies including tax and labor policies that impact on business operation. A firm needs to adjust the marketing policies to fit the current and emerging legislation in various states (Baines, Fill, & Page, 2011). Basing on the Boston Consulting Group Matrix, LifePoint’s services fall under two quadrants of the matrix: the star, and cash cow quadrants. Due to higher competition from other healthcare firms, the firms need to invest more in the marketing of some services to retain its market share (McGrath & Bates, 2017). Contrary, the firm offers excellent services that other firms have failed to compete with. Such services fall under the cash cow quadrant because the firm generates most revenue with little cost as a result of economies of scale.

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Marketing Mix The marketing mix refers to the strategies that a firm adopts regarding strategic pricing, promotion, distribution and product development with the aim of gaining a competitive advantage (Fifield, 2012). About this, the firm integrates both the offline and online communication channels to advertise products to consumers. With the increased usage of technology, the firm is capable of achieving email marketing with customized information to different customers. The approach is useful because it enables the firm to communicate necessary information to customers in need of different services (Baker, 2012). More importantly, the firm also invests in community-related activities such as the corporate social responsibility to communicate to potential customers. Finally, to curb competition, LifePoint Health focuses on pricing strategies. More importantly, customer and competitor’s response can also be used to evaluate the effectiveness of a marketing plan (Strauss & Frost, 2017).

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