Overview:
With an evolving market in the various fields marketing, companies needed to readjust their and update their marketing strategies. Centuries ago, a company that needed to market for its products would just post a paper note at the main town street and if people liked the product it would be sold. In the 21st century, marketing became an essential field and necessary branch in any company that plans to succeed. Aetna recognized this necessity and while analyzing the company’s strategies and structure, one can recognize the un-doubtful organization in identifying their target market. Through the creation of different subsidiaries, Aetna, Inc. is able to organize its target market and classify their various services based on the target market’s specific demographics.
Primary and Secondary Target Markets
Being a giant in the insurance market in the United States, Aetna, Inc’s target market is widely spread and can’t be simply classified in primary and secondary targets. The company’s target market’s however, can be divided into two general markets with each having different classifications. Aetna’s target markets can be divided into an American market and an international one. Within the American market, Aetna divided itself into subsidiaries each concentrating on a specific target market. Outside of the American market, Aetna created Aetna International to specifically target various non-American markets.
Within Aetna’s primary target market, there are seven subsidiaries that target the various American markets. Six of these subsidiaries aim at the various markets in the United States while the seventh aim towards improving the collective services offered by Aetna through the delivery of various health ...
... middle of paper ...
...
About Medicity. (2011). In Medicity. Retrieved March 10, 2012, from http://www.medicity.com/about-medicity.html
About Us. (2012). In ActiveHealth Management. Retrieved March 10, 2012, from http://activehealthmanagement.com/
Aenta History. (2012). In Aetna. Retrieved March 9, 2012, from http://www.aetna.com/about-aetna-insurance/aetna-corporate-profile/aetna-history/index.html
Aetna Subsidiaries: Standalone Companies Owned by Aetna. (2012). In Aetna. Retrieved March 9, 2012, from http://www.aetna.com/about-aetna-insurance/aetna-corporate-profile/subsidiaries.html
Miles, J., & Armstrong, R. (Narrator). (2011). Rivalry: Aetna vs Humana [Online video]. Fox News: Business. Retrieved April 6, 2012, from http://video.foxbusiness.com/v/3893197/rivalry-aetna-vs-humana/
Our Mission. (2012). In SRC. Retrieved March 10, 2012, from http://www.aetna.com/src/about/index.html
In light of an evolving market, faced with new competitors, and after a careful analysis of their current customers, the Vanguard Group (hereinafter referred to as “Vanguard”) realizes it must rethink its entire marketing strategy. However, in order to protect and leverage their competitive advantage, which is their low management fees, and to optimize the loyalty that their customers continuously demonstrate toward their organization, they must now target the most profitable segment for them, and develop the best way to serve and delight these customers.
Abelson, Reed. (2013, March 20). The Face of Future Health Care. Retrieved on November 2013 from http://www.nytimes.com/2013/03/21/business/kaiser-permanente-is-seen-as-face-of-future-health-care.html?_r=1&
Aetna, Inc. was established in 1853 and offers health insurance options for purchase. The main product portfolios include health insurance products with medical, dental, pharmacy, behavioral health, group life and disability plans. This essay will analyze the company’s structure and environment and provide recommendations on strategies that the company could take to improve performance.
McFarlan, F. Warren. CareGroup. Ed. Robert D. Austin. N.p.: Harvard Business School, 2005. 1-22. Print.
Health plans face a set of strategic choices in maximizing plan objectives. First, plans must decide whether to diversify product lines (e.g., HMO, PPO,etc.)(Anton, 1996). Medicinal services cost ascended at double the inflation rate from the mid 1980 's to mid-1990 's making a 1 trillion dollars’ industry that represented 14% of the US GDP (Gross Domestic Product). Before the end of century, the medicinal services industry had developed to more than 1.5 trillion dollar or 18% of GDP. In 1995 about 3 quarters of American specialists were guaranteed by HMO (Health Maintenance Organizations), PPO (Preferred Provider Organization) and POS (Point-of-Service) arranges up from just 27% in 1987.
Davidson, Stephen M. Still Broken: Understanding the U.S. Health Care System. Stanford, CA: Stanford Business, 2010. Print.
Traurig, G., (2008/2009). Turmoil in the healthcare industry: what about the patients? The Americas Restructuring and Involvency Guide. Retrieved from http://www. americasrestructuring.com/08_SF/p100-106
Varying in size, these companies act as a middleman between the patient and the medical facility finance office. All having slight variations, the abundance of insurers can cause confusion and often times incorrect billing. Insurance companies unlike individuals are able to negotiate a discounted payment with the hospital, but at a steep price. Of the considerable amount of money the United States put into the health industry, 35% of it went to paying for administration cost of both the insurer and the hospital (Brill,Steven, pg.34-43, Time). It should be no surprise then that the United States leads the world in every category of health care cost, often times charging twice more than the second most expensive country.
This article, which was published in The New York Times on Sunday, November 12, discusses the American Medical Association’s recent plans to pull out of a deal that it had originally signed with the Sunbeam, Corp. and has signed a new deal to sell its subscription and membership list to a database marketing firm.
Marketing is not just about selling and advertising products and services. In general, marketing is associated with identifying the particular wants and needs of a target market of customers, and then working to satisfy those customers better than the competition. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution or place (Bethel, 2007). Understanding ways to identify the target market is crucial in developing market strategy. This paper is intended to define target marketing and examine a market analysis of Stacy's Pita Chip Company.
Due to longer life expectancy and the rapid increase of the world’s population, the pharmaceutical industry is becoming increasingly important. The problem of aging population and high healthcare cost is particularly serious in Japan. This essay will focus on a Japanese drug maker – Takeda Pharmaceutical Company Limited (Takeda, the company). First, in order to provide background information, the current business model and relevant information of Takeda will be outlined and analysed based on financial data and the company’s annual reports. Second, the essay will examine the most significant challenges that the company has faced over the past five years, including the cause and effect behind this challenges. Finally, the discussion will be looking at the pharmaceutical industry as a whole, exploring the merger and acquisition activities of large pharmaceutical firms in the world, i.e. Big Pharma.
According to Harry A. Sultz and Kristina M. Young, the authors of our textbook Health Care USA, medical care in the United States is a $2.5 Trillion industry (xvii). This industry is so large that “the U.S. health care system is the world’s eighth
Healthcare organizations are designed to meet the healthcare needs of individuals and promote a healthy community. The three healthcare organizations that interest me are: The Heart Hospital Baylor of Plano, Texas Health Center for Diagnostics & Surgery Plan, and Parkland Health and Hospital System. Due to evolving healthcare industry, focusing on just patients and physicians is no longer a marketing strategy. According to Mycek (2015), “Marketing teams need to expand their consideration set and focus on the new 5 P’s of Healthcare Marketing” (p. 1). The new 5 P’s of marketing now impact the marketing potential of healthcare organizations by offering changes in sales rep – physician access, purchasing, formulary decision making, and growing patient empowerment. The new 5 P’s of marketing are: Physicians, Patients, Payers, Public, and The Presence of Politics.
Medicine, medical supplies, and medical treatment are multi-billion dollar industries crucial to the wellbeing of the public. Doctors and other members of the health-care industry do their best to provide excellent care for the nation’s sick and injured, while scientists and researchers work to develop new drugs and technologies to fight disease. We often view medical care as a basic human right; something that all persons, rich or poor, should have access to in times of need. But despite our notions of what healthcare should be, those who make a living in this industry, specifically owners of firms, must contend with the same economic questions facing businesses in any industry. To learn more about this vast service industry, I interviewed Dr. Martin Slez, a dentist/oral surgeon and owner of a medical practice that provides both general care and specialized treatments for oral diseases. Of the topics discussed, firm goals, pricing, costs, and technology stood out as particularly interesting and unique facets of the organization, as they differed considerably from those in other industries.
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.