Complete the following problem related to market research and segmentation
Take on the role of a marketing representative at a local hospital or medical facility with which you are familiar. Provide a brief description of the facility. Conduct research on the consumers in the area using at least two lifestyle analyses and marketing research databases.
1. Write a lifestyle profile for the neighborhood that can be used as the demographic profile for potential patients at your facility.
a. Based on your research, describe two ways the facility could segment their market.
b. How does this profile provide you with insight on how the people in this neighborhood will perceive your facility?
2. Based on your research, assess the lifestyle profile you have developed.
a. In your assessment, is the demographic and psychographic information you found accurate? Why or why not?
(1,050 words) APA Formatted
Marketing Research and Segmentation Problem
Butterfly Hospital (BH) is a cancer-treatment facility that was founded in 1970 and is located Boston, Massachusetts. The hospital is equipped with 31 specialty clinics, a staff of approximately 3, 600 who attend to the hospital's 500,000 patients' who visit yearly. With 800,000 square feet acreage, the hospital houses 180 inpatient beds, 400, 000 square feet of innovation and research space as wells as 22 MRI and radiation treatment hubs. BH is one of the largest comprehensive cancer treatment facilities in the world and the largest in the state. The Butterfly hospital sees approximately 1,500 patients daily, with the capacity to deliver follow-up care and diagnostic treatment to approximately 300,000 patients and their families yearly. In 2012 BH received over 20, 000 new patients, and administered over 7, 000 cancer-related surgeries, and close to 30, 000 chemotherapy treatments in its outpatient facility, 510 stem cell transplants and 15, 000, radiation treatments. In addition, the hospital provides a teaching hospital, education and research, and innovation, and embraces the most updated, state-of-art oncology technology and domestic and international best-practices to set their expectations and standards for patient care.
Lifestyle Analysis and Marketing Research Databases
With the help of lifestyle analysis and marketing research databases, BH can conduct research on its consumers in the areas. The Claritas PRIZM® Lifestyle Segmentation System, can be used to segment the biographic, geographic, demographic, geographic, and consumers' lifestyle data, by dividing this into sixty-two lifestyle profiles(Claritas, 2012). Each of the profile will then include lifestyle habits and demographic characteristics, including rural, suburban and urban, households. Prizm examines the census data and consumer lifestyle according to zip code to help develop a geographic and demographic profile. The concept behind PRIZM and the segmentation it offers BH is a "birds of a feather flock together" mentality(Claritas, 2012; Hilestad & Berkowitz, 2012). In other words, similar groups of people will tend to 'huddle' or 'cluster' together and in similar residential areas. As such it would be helpful for BH to target site locations for possible wellness or holistic satellite clinics and other related health care facilities (Claritas, 2012).
Additionally, BH can use Geographic Information Systems(GIS) to combine lifestyle data with other types of data and display the different types of data in a geographic format as well(Hilestad, & Berkowitz, 2012). GIS match lifestyle profiles to a specific, or defined geographic area,size, zoning and location and can map consumers' lifestyle data by using a combination of a variety of data to analyze industry markets and their potential (Hilestad & Berkowitz, 2012 ). Although a Lifestyle Data cannot fully provide complete solutions, and answers to BH's marketing concerns and questions. it can however provide very important pieces of the puzzle, and is especially useful if linked or combined with data including but not limited to: Demographic, market and industry trends, geographic, consumer expenditures(Hilestad & Berkowitz, 2012).
The Hospital Product Line Preference Report (HPLPR)is also an excellent marketing healthcare database that BH helped to decipher the preferences of its consumers for a variety of medical and health care services and is especially advantageous for BH as it also provide data on cancer treatment, and also measures the ...
Marketing research and segmentation problems are analyzed. The lifestyle profiles for the neighborhood is written.