Interpret the importance of continually pursuing opportunities for growth within the health care marketplace, and identify expansion opportunities available to health care institutions through the use of Igor Ansoff's Product-Market Expansion Grid. Provide support for your response.
Assess the critical pursuit of identity management and its role in helping health care entities build strong, recognizable brands. Provide at least two (2) specific examples of identity initiatives within a health care organization.
It is important for the health care industry to continually pursue growth opportunities in the marketplace. The health care industry is comprised of hospitals, clinics, home health agencies as well as other healthcare organizations whose ability to capitalize on growth opportunities will determine their sustainability. Igor Ansoff's Product-Market Expansion Grid is an expansion matrix for detecting growth opportunities. It is shown below.
EXISTING PRODUCTS NEW PRODUCTS
EXISTING MARKETS Market Penetration Product Development
NEW MARKETS Market Development Diversification
The four ways an organization can grow are through Market Penetration, Market Development, Product Development and Diversification. Healthcare marketers can use this grid to devise expansion strategies. Each of the strategies is explained below.
Market penetration is a strategy that uses existing products in existing markets, whereby the ...
This solution provides an explanation for identify management and its role in health care entities. It is answered in 553 words.