Week 7 Discussion Forum: Healthcare Marketing

Week 7 Discussion Forum (MKT6250 Healthcare Marketing) 1. Discuss The

Discuss the value of monitoring market share compared to using the absolute measure of performance. Discuss the scope of an organization’s marketing audit and elements of that audit.

Paper For Above instruction

Monitoring market share and performance metrics stand as fundamental practices for assessing a company's positioning and competitiveness within a given industry. Market share refers to the percentage of total industry sales that a company's products or services capture, providing insight into its relative strength compared to competitors. Absolute performance measures, such as total sales revenue, net profit, or units sold, offer a direct view of a company's scale and financial health but may overlook the company's market positioning.

The value of monitoring market share lies in its ability to contextualize a company's success relative to industry dynamics. It enables organizations to assess whether they are gaining or losing ground in competitive markets, identify emerging threats, and evaluate overall market positioning. For instance, a company with increasing sales but a declining market share may be expanding in absolute terms but losing relative strength, signaling potential competitive issues. Conversely, focusing solely on absolute sales figures might lead to misconceptions if the total market is shrinking, giving a false impression of success.

Moreover, market share analysis aids strategic decision-making by highlighting areas where growth is achievable or decline is imminent. It allows managers to allocate resources more effectively, devise targeted marketing strategies, and benchmark performance against industry leaders. Monitoring changes over time provides insights into the effectiveness of marketing initiatives and product offerings, fostering proactive responses to market shifts.

The scope of an organization’s marketing audit encompasses a comprehensive review of internal and external elements influencing marketing performance. It typically involves examining the company's objectives, strategies, and resources to determine strengths and weaknesses. Key elements include an analysis of the marketing environment (economic, social, technological, competitive, and regulatory factors), the target market, and internal capabilities such as branding, product portfolio, distribution channels, and marketing communications.

Additional components involve evaluating the effectiveness of current marketing plans, assessing customer satisfaction and loyalty, reviewing sales and market data, and analyzing competitive positioning. Conducting regular marketing audits ensures alignment with organizational goals, facilitates adaptation to market changes, and fosters continuous improvement. By systematically assessing all relevant elements, organizations can identify gaps, exploit opportunities, and implement strategic actions that enhance overall marketing effectiveness.

References

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