Question

Marketing Growth,Strategic Planning, Market Expansion, & Drivers Management

• Justify the assembly of a balanced product portfolio by marketing managers as a means of ensuring extended success in the health care market industry. Provide two (2) real-life examples to support your rationale.
• Assess the importance of portfolio planning in the health care industry, and determine at least one (1) approach to portfolio planning that can help marketing managers to ensure productive marketing operations. Provide at least two (2) specific examples of portfolio planning in a health care organization with which you are familiar.
• Interpret the importance of continually pursuing opportunities for growth within the health care marketplace, and identify expansion opportunities available to health care institutions through the use of Igor Ansoff’s Product-Market Expansion Grid. Provide support for your response.
• Assess the critical pursuit of identity management and its role in helping health care entities build strong, recognizable brands. Provide at least two (2) specific examples of identity initiatives within a health care organization.

Answer 1

Through the assembly of balanced product portfolio enables the mangers to manage their brands in a coordinated way to help the company avoid confusing its customers and the investment in overlapping product development and marketing efforts. This will thus enable the marketing managers to focus resources on stronger brands and positioning them in a distinctive way in the market. An example is the repositioning of therapeutic devices to ensure optimal performance for its clients and to counter competition from other product lines. Another example is the repositioning of Obesity products to include the provision of dietary management to complement the drug therapy.

Portfolio planning is important in the health care industry because it enables pharmaceutical companies to optimize their companies R&D portfolio. The planning also enables the firms to analyze their operational capabilities and identify human and capital resources required to execute their portfolio strategy. One of the approaches to portfolio planning is the screening and prioritization of target indications in order to drive research and development. This involves the screening of all potential health applications for technology that are most likely to add value to the clients in the industry. Health care organization have expansion opportunities through the use of diversification and market development. Through the diversification strategy, they can be able to introduce new products in new markets and thus getting the opportunity to serve an unfamiliar market. Market development involves the identification of new opportunities of the current products in new markets in different geographical areas to stimulate demand and increase product expansion opportunities.

The identity management is critical in health care organizations. This is because of the movement of health record from paper to electronic and thus giving the rise for the need of rules of identity and access management. The use of identity management systems in health organizations thus will be useful in protecting the security of patient data through the prevention of unauthorized access. Examples of identity initiatives within a health care organization is the use of smart card technology and underpinning analytics e.g. pattern recognition and predictive analytics.

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