Meaning of Market Segmentation
Market segmentation is the division of a large product or company market, usually consisting of current and potential customers, among consumer categories (recognized as segments) centered on some kind of particular characteristics. Investigators typically look towards common features such as mutual desires, common interests, identical lifestyles, and even similar demographic characteristics when separating or fragmenting markets (Correia et al., 2015). Market differentiation is followed by targeting, which would be related to finding the industry segment that is successful.
Meaning of Targeting
Market targeting is a method in which the target market is chosen from the whole audience. Target market comprises of tribe/communities of customers to whom the company wishes to appeal or for whom the item is created, prices are set, marketing efforts are made which the distribution network is ready. Nonetheless, there is a distinct line amongst them (Sheth, 2018), people generally misunderstand market segmentation as well as market targeting mechanism.
Difference between Market Segmentation and Targeting
Market segmentation is the method of classifying the market by geographical, regional, behavioral including psychographic characteristics into different groups. The target demographic is the segment of the market which a specific item or advertising strategy is centered on by the company. This is the greatest difference between these two huge marketing approaches (James, 2016). The company initially opts for the method of market segmentation wherein they split the population into different segments it is defined as market segmentation, and afterward, the company identifies one or more segments as their objectives to determine their needs and produce products as per them. The segmentation, or even business selected activities, was considered to be crucial to any industry. Just like in the case, the industry is segmented into different groups based on certain factors that were targeted by NHSC for the correct segment.
Analysis of Segmentation of Customers or Audience in the Case
Market segmentation in healthcare determines the target audience of the healthcare unit, says what motivates you to achieve the goals of the care facility, and thus allows you to establish persuasive positioning and advertising for the services and products which the healthcare unit offers (Heuvel et al., 2010). In the HRSA case, user segmentation was guided by HRSA data that recognized the NHSC healthcare facilities and clinics with the highest demand for specific clinical disciplines. The entire healthcare provider industry in that area is divided by contrasting them with rural requirements and needs on the grounds of the healthcare provider’s desire, capacity, and need (McKinley, 2012).In these areas, the strategies of marketing centered on those current as well as upcoming physicians with a motive of helping those with minimal scope to healthcare. It is considered the primary goal behind the HRSA program’s consumer segmentation because it can help achieve the right customer category at the right moment. The target audience included doctors, assistants to physicians, nurse practitioners, dentists including dental hygienists. In this targeted audience, all the possible healthcare experts are viewed as the target, which in turn will help people in key rural areas to provide effective care services. Such audiences have to sought and addressed in such a way which can be the NHSC brand and membership benefits were clearly communicated.
Higher Response Rates (in the case)
The NHSC brand has been re positioned to include the clinician representatives of the system. It is done with the help of grant of $ 300 million given by government agency to FHI 360, which is a nonprofit marketing organization, to help the NHSC in getting marketed and reestablish their services as well as products in the market. The campaign started and managed by FHI 360, which showed many positive results. The response rate for the NHSC initiative is raised at higher rates after the initiative as the value proposition gives customers the ability to promote service as well as professional training. They have influenced NHSC’s customization marketing of facilities, which is the repayment of loans and scholarships to application members.
History of Improved Results (in the case)
According to the report of US Department of Health as well as Human Services, the biggest amount of NHSC facilitators in history more than the 10,000 are discussing the healthcare to the communities across whole country. It was almost the three times the number of NHSC facilitators which were 3 years before (deWit & Williams, 2013). A beneficial response rate of 2-3% to the customized campaign of direct mail, that is more than those of the industry’s average of 1 to 2%, culminated in 800 to 1,200 new loan reimbursement registrants (NHSC). The number of trips to the NHSC webpage (456,836 more visits) rose by almost 208 million from February to July 2011, corresponding period in 2010. These all factors showed that the final results opt from the re-establishment of product of NHSC for its members and client so that they can get more attracted towards the program, helped the organization in getting more deserving healthcare service providers in rural areas.
Contributing factors forImproved Results
There are many factors which contributed higher rates and positive results for the NHSC program. It is done with the help of a well-managed and designed marketing program. FHI 360, the NHSC application marketing company, modified the NHSC logo as well as all application elements to reflect the current personality of the brand. Among the success contributing factors there were many ways that company’s marketing partner followed such as short video stories were introduced that expressed the values of brand via the voices of the members (Gillespie, 2015). The marketing and re position of the NHSC products took place in the market by considering the needs and wants of its probable clients, which in turn helped the company in identifying and attracting more members for the program and their wiliness to cater healthcare services to rural people (Lumen, 2019). FHI 360 can also use targeted mails that are direct including paid campaigns of advertising for micro-targeting the main groups of clinicians. Earned media activities referred to a national media tour as well as public selling for local newspapers (Suki, 2010). The work of the NHSC Ambassador has been recognized to support as well as encourage the program more explicitly. Plans have been in the works for an education program.
NHSC’s marketer also opts for social media marketing through the Facebook page of the NHSC, which has been turned into an active service for customer platform as well as has became a developing major section for current as well as future members. Refurbished orientation competitions reflect the new company as well as add more time for networking process. FHI 360 modified the NHSC website to preview members, highlighted the Corps Experience by providing members as well as prospective members with relevant resources and content, and offered a platform for participation. The digital marketing as well as general marketing helped the NHSC in reestablishing the brand name and its services. The advertising program’s goal was to make it easier for NHSC clinician member to prove to be the best seller. They also wanted a forum to share their passion, engagement and excitement about the program’s life-changing potential.
Marketing mix of NHSC
A promotional mix directs to the series of actions as well as strategies that a business uses to advertise its brand or service. It mainly includes some marketing components denoted by P. There have been basically 4 P’s in either company’s overall marketing combine strategy, but there are also 7 P’s (Jackson & Ahuja, 2016). The strategic mix of the NHSC software and services advertising campaign driven by FHI 360 involves many important elements that work together in a way that brings profitability to the strategic plan and its eventual success. The marketing mix of NHSC is as follows:
Product: The product of NHSC is the grant for education loan as well as the scholarship to boost up the moral of the members.
Price: According to the case there is not any price for buying the offer of NHSC or becoming its member. The main price the members have to pay is to serve the underserved healthcare region for at least two years in order to avail the products of NHSC.
Place: The place was the underserved healthcare regions, where the high-profile doctors are not reaching or cannot reach. The program focused on serve the people living in those areas with a view to attract doctors, nurses, etc. as members of the Program.
Promotion: Before the FHI 360 marketing campaign the NHSC was using its website, print media as well as some digital media tools to market themselves, however they were not putting efforts in it (Chong, et al., 2016). They needed a well-defined and managed marketing plan which was later facilitated by FHI 360 programs.
Merits and demerits of marketing mix of NHSC
The marketing mix needs a great deal of awareness, market analysis and interaction with multiple individuals, from end users to manufacturing to buying and selling and several others (Moriarty et al., 2015 d). In this way there are some merits as well as demerits of marketing mix of NHSC according to the case, such as:
Merits
Demerits
Influence of marketing mix NHSC’s objectives and Company’s Success
The effect of the advertising mix on the successes and failures of NHSC’s goals lies in its ability to help a company assess a product or agency’s suitability for a specific target consumer base. All marketing mix components influence one another (Singh, 2012). We make up a company’s strategic plan and treated it correctly, which will give it a great success. Yet wrong done and it could take years for the company to recover. It is not only the collection of marketing tools to business uses to sell its targeted customers’ products and services (Venkatesh, 2011). NHSC’s marketing combination elements allow it to make successful marketing decisions at all rates. These decisions help in successfully accomplishing the NHSC’s objects.
While working through the components of NHSC’s marketing mix, the FHI 360 will be able to create a plan that will efficiently attract buyers, make sales, and quickly and effectively expand NHSC’s customers.
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