The value of branding in health care.
What is branding? Branding has been advocated as a potentially successful response to heightened market concentration; it offers the possibilities of centralized control and format standardization, and an added value or cost driven strategy can be used to differentiate the retail offering and reinforce market positioning. Brands provide informational cues for buyers about the store's merchandise quality, and favourable images of brands positively influence patronage decisions." Successful retail branding can provide a form of "insulation" against price competition and states: "Where the store brand name is itself a brand name based on a quality appeal, it will be easier to position the own brand as a premium product under the same name" (Schmidt, R., & Pioch, E., 2005). Further as consumers, we tend to think about brands as symbols like the Nike swoosh or McDonald’s golden arches; the working definition of a brand is broader. A brand is usually defined as a name, logo, symbol, words, or combination of these, intended to distinguish a particular company’s offerings from those of competitors. In this sense, the modern use of the word “brand” harkens back to its older meaning which is a distinguishing mark or burn to identify wine, livestock or other commodities by their owner (Koehn, N., 2013).
The value of branding in healthcare is very important because the changes happening in health care today will put a new premium on strong and trusted brands. As health care leaders, we recognize the value of great brands in this sector such as the Cleveland Clinic, Kaiser Permanente, or Mayo Clinic. Strong brands can play such important roles, including creating strategic and thus fi...
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...he worldwide web on January 2014 at http://smallbusiness.chron.com/advantages-disadvantages-branding-identity-23586.html
Lofgren, Diane Gage & Cantu, Debbie (2010, Summer). Thrive. Retrieved from the worldwide web on January 2014 at http://www.marketingpower.com/ResourceLibrary/Publications/MarketingHealthServices/2010/30/3/Five%20lessons.pdf
MSNBC staff. (2004, October 6). Report: Vioxx linked to thousands of deaths. Retrieved from the worldwide web on January 2014 at http://www.nbcnews.com/id/6192603/ns/health-arthritis/t/report-vioxx-linked-thousands-deaths/#.Usvg2UaA1Zc
Schmidt, Ruth., & Pioch, Elke A. (2005). Community pharmacies under pressure - can branding help? International Journal of Retail & Distribution Management, 33(6/7), 494-504. Retrieved on January 2014 from Proquest at http://search.proquest.com.ezproxy.trident.edu:2048/docview/210942979
The painkiller Vioxx was introduced in 1999 by Merck & Co. It has been used by over 20 million Americans since it was put on the market. Vioxx remained on the market for approximately five years without adequate warnings about its risks. In September of 2004, Merck took Vioxx off the market after a study revealed that it doubled the risk of heart attack or stroke for patients that used it for more than 18 months. Although Merck claimed that they had no idea of these possibly lethal side effects, some internal documents imply that they had been aware of the problem for years and had not made moves to change it. Over 300 lawsuits have been filed against Merck, and it is expected that thousands more will arise.
In 1999, the US Food and Drug Administration (FDA) approved a painkiller for osteoarthritis called Vioxx. The documentary Prescription for Disaster covers the negative side effects of this drug and how it impacted people who took it. Almost immediately after the FDA approved the drug, its side effects became apparent. Patients that took Vioxx developed heart problems and stroke that, many times, resulted in death. It is estimates that of the 88,000 Americans that had heart attacks caused by Vioxx, 38,000 of them died. The effects of Vioxx were both short term and long term. Although Merck refused to admit to that the drug had effects if taken for less than 18 months, Vioxx was eventually taken off shelves. Vioxx brings light to important issues
Lofgren, Diane Gage & Cantu, Debbie (2010, Summer). Thrive. Retrieved on November 2013 from http://www.marketingpower.com/ResourceLibrary/Publications/MarketingHealthServices/2010/30/3/Five%20lessons.pdf
Persuasion has always played an intricate role, in many ways, when it comes to promotion of a Fortune 500 companies like C.V.S. corporation. With the largest pharmacy chain of over 7400 stores in United States; no wonder they are at the top five largest pharmacies in the United States based on revenue generated from prescription only. However it's not only prescription is sold in stores; there are assortment of general merchandise including food, sundries, beauty products as well as health products sold there. In one of the stores I visited for this paper, located at 39th and Main street, I noticed that the products were sold in minute quantities so as to reduce the price of the merchandise.
In every given business, the name itself portrays different meanings. This serves as the reference point and sometimes the basis of customers on what to expect within the company. Since personality affects product image (Langmeyer & Shank, 1994), the presence of brand helps in the realization of this concept. Traditionally, brand is a symbolic manifestation of all the information connected with a company, product, or service (Nilson, 2003; Olin, 2003). A brand is typically composed of a name, logo, and other visual elements such as images, colors, and icons (Gillooley & Varley, 2001; Laforet & Saunders, 1994)). It is believed that a brand puts an impression to the consumer on what to expect to the product or service being offered (Mere, 1995). In other application, brand may be referred as trademark, which is legally appropriate term. The brand is the most powerful weapon in the market (LePla & Parker, 1999). Brands possess personality in which people associate their experience. Oftentimes, they are related to the core values the company executes.
In this unit, we will be discussing real-life healthcare organizations, the 5 P’s of healthcare marketing, and evaluation strategies that may be used to determine marketing potential.
Increasing awareness of a personal and unique identity distinguishes us from the pack. A brand mantra differs from a tagline, explains Guy Kawasaki, as a mantra describes internal business, a standard for a company to abide by. A tagline is for customers and what they can expect to be delivered (Martinuzzi, 2014). John Jantsch, founder of Duct Tape Marketing defines branding "the art of becoming knowable, likable and trustable” (Martinuzzi, 2014). Many specialists on the subject agree that trust building is essential in success. Being honest is one of the top five steps Forbe’s advises when it comes to brand building (Biro, 2013). Some suggestions to follow from, How to Build an Unforgettable Personal Brand (2014) include, making sure customers are provided what is promised, leading with unwavering quality and being consistent in making good on one’s word. The article also warns that the public will assign a default brand if a
The use of branding in the healthcare industry is an important tool for building an organizations reputation and relevance to the community and to payers while differentiating from other healthcare organizations and services. Consumer experience, satisfaction, trust, and attachment are important considerations when deciding on how to brand an organization or product and service. “Brand experience is conceptualized as sensations, feelings, cognitions, and behavioral responses” stemming from a brands image to its environments (Chinomona, 2013). Brand experience includes how a consumer views and seeks out information about that specific organization Brand satisfaction, according to Chinomona’s article, refers to consumer fulfillment and level of expectation achieved that result in overall satisfaction of the product or service or organization. Brand trust is the idea that consumers believe a product, service, or organization will actually do what they are intended to and allows consumers to rely on its viability. Brand attachment refers to a consumer’s deep connection or self identification to the brand while fulfilling consumer
Tanner and Raymond (2014) describe branding activity as “strategies that are designed to create an image and position in the consumers’ minds” (c.6). When branding messages coincide with its offerings’ characteristics, it establishes consumer trust, and brand strength. For example, when first introducing Dove brand in 1957, by labeling its product as a “beauty cleansing bar . . . [with] ¼ moisturizing cream, that rinses cleaner than soap” (Unilever, 2016), we can see that marketers associated the brand to moisturizing and beauty, and disassociated the brand from common soap. Over the years, this consistent message coinciding with product performance has strengthened the Dove brand. Strong brand equity is derived from consistent, strategic branding that establishes perceived quality and emotional attachment (Entrepreneur, 2016); therefore, consumers are more likely to pay higher prices, as well as purchase new offerings connected to the
Kotler’s (1997) definition of branding is that: “A name, term, sign, symbol or design, or combination of them, intended
American Marketing Association (AMA) defines brand as a “name, term, sign, symbol, or design, or a combination of them intended to identify the goods and services of one seller or group of sellers to differentiate them from those of competition” (Strategic Brand Management, P. 31). In this era of diversities, different brands compete with one another to be the most recognized in the market. They attempted to create the “wow” shopping experience that will make people come back for their brands. Wharton’s marketing professor by the name of Stephen Hoch once stated, “Peoples’ expectations are pretty high. It’s easy to fall short of those expectations, and hard to eclipse bad experiences, even with something that’s over-the-top.
Brand; - brand is known as uniqueness in term of what products or service the company provides. Brand is also set of insight or image that represents seller. Brand defines symbol, name, term or feature of company’s service or goods. Example of popular brand is apple, Amazon and Samsung.
A company’s brand is one of its most valuable assets (Green and Smith 2002). Brands owners invest millions of dollars every year in advertising and promotion to raise awareness and create demand for their brands.
Aaker (1991) indicated that establishing a corporate brand is not enough to give a company an edge over other existing companies. There is a need for firms to move a step further ...
The shifting of the consumer’s taste of simple products to high quality branded products is not sudden. It grew out in the middle of the 20th century and the companies selling various products needed a new way to differentiate their products from the others giving it a unique identity.