Based on this article below, pick a company. Where does the company fit on the market turbulence/market complexity grid? What type of marketing strategy does your company presently use? Could your company adapt a hybrid strategy? Why or why not?
1. Based on this article below pick a company. Where does the company fit on the market turbulence/market complexity grid?
Have you read the article yet? It is very informative. Let's go with a long-term care facility funded by the federal governemnt.
On the turbulence/complexity gird proposed by Smith (2004), it seems that a long-term facility (you can choose one near your location, as the industry is similar regardless of location) to be best placed as low complexity/low to medium turbulence.
It is rated as low-complexity because it has one significant customer group (e.g. aging individuals) and relatively simple decision-making units and processes. Up until recently, it did not have any significant competition as all longer-term were federally funded through Medicare and Medicaid, but with the rise of managed care in the 1990s, when some private (few) insurers began to fund long term care. However, this is still low and private insurers are still not a key player (Pratt, 2004), so it is probably best to rate it as having only one significant competitor and no significant indirect competitive forces as opposed to medium complexity, which is defined by Smith (2004) as having several significant competitors or indirect competitive forces, which is not the case, yet. Perhaps as more private insurers consider funding long term care (Pratt, 2004), the facility might be better classified as moving towards medium complexity, but for ...
Based on an example of a company, this solution examines where the company fits on the market turbulence/market complexity grid, the type of marketing strategy the company presently uses and if the company could adapt a hybrid strategy, why or why not.