marketing

JJshortpaper.docx

Home >Business & Finance homework help >Marketing homework help >marketing

HCM 325 Module Two Short Paper Worksheet

Identify the target market for your selected product/service. Consider the following methods by which you can segment and describe your target market. Select the three that are most relevant for your project; conduct research in order to describe your target market in each of the three areas.

Part I. Target Market

Identify the specific target market for your selected product/service:

The target market for the Pace Greater New Orleans is the older people that are subject to complete care. The program is aimed to help the adults who are suffering in one way or the other due to the impact of Hurricane Ida. The program is established to provide a conducive environment for the victims to interact and get health care needs around the New Orleans area. Understanding customers' needs lead to a better selection of target market (Raza & Turiac 2016).

Part II. Target Market Profile: Select three of the following segmentations to describe the target market:

Geographic segmentation:

The target market is specific to the New Orleans area based on geographic segmentation. Therefore, the older adults who live in Greater New Orleans area are the potential customers to get more of the services and products offered. The consideration of focusing on this area is due to the need to focus on the urgent wants of the potential clients who need healthcare.

Demographic segmentation:

Based on the demographic segmentation, the target market is specific to the adults who are elderly. The reason to focus on older adults is that special needs are needed, and they need to have companionship to interact with other people. The services to be provided to the older adults includes home care services, nutritional counseling, rehab programs, pastoral care, and transportation services from and to their residential places.

Psychographic (lifestyle) segmentation:

Psychographic segmentation splits the potential customers based on their lifestyles, beliefs, social status, activities, and opinions. The services provided to the elderly in the Greater New Orleans area respect the belief that the group undertakes and the activities are undertaken. The services provided are based on the social status of that community; that is why free transportation and counseling have to be provided to them.

Part III. Use the information from the work completed in Part II to answer the following question:

How are customer needs relevant in marketing your healthcare product or service? Support your response with specific examples from your target market profile.

Customers' needs are relevant in marketing healthcare products and services. For example, it helps the company produce products that meet the needs of potential customers. Based on the demographic segmentation, older adults are subject to healthcare issues, and hence the provision of counseling and nursing care to them is crucial. In addition, the company can plan to ensure all customers' needs are covered. For example, based on geographic segmentation, the company can identify the region to focus on and the number of people in that region to produce products and services to all the potential customers.

Part III. Use the information from the work completed in Part II to answer the following question:

How are customer needs relevant in marketing your healthcare product or service? Support your response with specific examples from your target market profile.

References:

Raza, S. A., & Turiac, M. (2016). Joint optimal determination of process means, production quantity, pricing, and market segmentation with demand leakage. European Journal of Operational Research, 249(1), 312-326.

References