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AtricleZine - Seven Ways to Use Market Segmentation at a Health Plan
Let’s face it! Most of us know there are important information and records we should have readily available at our fingertips, If you had five minutes to evacuate your home, what would you take with you? What are your wishes in case of a life- threatening medical emergency? Where is the safe deposit box key? Who should your spouse contact in your company in case of a disaster? Even if you know where to find the information, could someone else if you were not available? Libraries and websites are full of recommendations about crucial records – but how many of us ever get down to organizing what
Eight becomes Six, Six becomes Five, Five becomes Four, Four becomes Three? Well, for those of you who are not well versed with the top four Accounting firms, this would sound like a Montessori school lesson.Big4.com-a website catering to Big4 alumni- receives periodic updates on the latest news and trends at the Big Four accounting firms. The present Big 4 firms were all a part of the previous Big 8. The Big 8 term reflected the extensive dominance of the eight largest accounting firms in the world. Mergers of regional accounting firms led to the birth of Big Eight.The Big Eight comp
First, market segmentation research is needed to identify and define market segments. This process is fairly involved and is described elsewhere. (See for example the whitepapers at www.deftresearch.com.) The research helps firms decide which segmentation strategy to use. These strategies may be based on purchasing behavior, consumer characteristics, lifestyle information, or other market information.
Second the team must ask, “which segment or segments does the health plan wish to target?”
The market research will provide objective information facilitating this decision. Most experts would agree that it is foolish to target a segment to which you do not now have a reasonably good fit (e.g. the GMC truck division pursuing a "green", hybrid-oriented segment).
Finally, the fun begins. Once target segments have been decided on, there are at least seven ways to use segmentation.
1. Positioning. Take health care as an example. Most health plans offer multiple plans where premiums and access to branded drugs and providers differ. There are segments of the market willing to trade lower premiums for more restrictions on access. But other segments are not willing to make this trade. Market segmentation will help companies re-position their “basic” and “premier” plans to match segments’ motivations and concerns Sticking with health care for an example, some seniors are motivated to act because of service, convenience, or help with health maintenan
We all know how difficult and expensive it is to advertise your contracting, interior design, or remodeling business locally. A tiny yellow pages ad in your local phone book can cost many thousands of dollars per year. Most small contractors, framers, plumbers, painters, etc. can't afford this type of advertising and still make a living. If you choose to take the plunge and take out a yellow pages ad, all your competition is right there above, below and beside you. Now why would anybody choose your little ad over somebody else's big color ad? Radio and TV advertising are also outside most small bus
Second the team must ask, “which segment or segments does the health plan wish to target?”
The market research will provide objective information facilitating this decision. Most experts would agree that it is foolish to target a segment to which you do not now have a reasonably good fit (e.g. the GMC truck division pursuing a "green", hybrid-oriented segment).
Finally, the fun begins. Once target segments have been decided on, there are at least seven ways to use segmentation.
1. Positioning. Take health care as an example. Most health plans offer multiple plans where premiums and access to branded drugs and providers differ. There are segments of the market willing to trade lower premiums for more restrictions on access. But other segments are not willing to make this trade. Market segmentation will help companies re-position their “basic” and “premier” plans to match segments’ motivations and concerns Sticking with health care for an example, some seniors are motivated to act because of service, convenience, or help with health maintena
Wholesale Distribution is truly one of the best businesses in the world and one of the oldest ones. You can manufacture your products, import them or just buy them and sell them. Ether way there is plenty of business out there, it's profitable, it's fun, it's waiting!Becoming a wholesale distributor is more than just a trend. By taking out the middle man in your profits, you will enable yourself to reap the benefits of all the work you do, instead of paying someone else and seeing only a percentage. However, if you want to be a successful wholesale distributor, you will need to understan
The market research will provide objective information facilitating this decision. Most experts would agree that it is foolish to target a segment to which you do not now have a reasonably good fit (e.g. the GMC truck division pursuing a "green", hybrid-oriented segment).
Finally, the fun begins. Once target segments have been decided on, there are at least seven ways to use segmentation.
1. Positioning. Take health care as an example. Most health plans offer multiple plans where premiums and access to branded drugs and providers differ. There are segments of the market willing to trade lower premiums for more restrictions on access. But other segments are not willing to make this trade. Market segmentation will help companies re-position their “basic” and “premier” plans to match segments’ motivations and concerns Sticking with health care for an example, some seniors are motivated to act because of service, convenience, or help with health maintena
Our DSL service was supposed to be up and running a couple of days after we moved into our new house. Three weeks later, I was still trying to figure out what had gone wrong. I spent hours on the phone, waiting for people to “look up my account” and “talk to their supervisor.” Turns out, someone had mysteriously cancelled my order. How did that happen? No one knew, but everyone I spoke to was “very sorry for your inconvenience,” and assured me he “would get to the bottom of this and get it resolved.” To this day, I have no idea what happened, or why it took so long to get my complaint resolve
1. Positioning. Take health care as an example. Most health plans offer multiple plans where premiums and access to branded drugs and providers differ. There are segments of the market willing to trade lower premiums for more restrictions on access. But other segments are not willing to make this trade. Market segmentation will help companies re-position their “basic” and “premier” plans to match segments’ motivations and concerns Sticking with health care for an example, some seniors are motivated to act because of service, convenience, or help with health maintena
As an engineer, my job has never been to built it and sell it. If the product isn't any good, you build no brand loyalty and don't boost brand identity. But the job is not mine alone. From engineer to manager to production technician to the guy that sweeps the floor, quality begins with the figurative low man on the totem pole. To me it's very much like the butterfly effect or ripples on a pond. One thing ties to the next, ties to the next. It's all very synergistic. And that's no exaggeration. Now I'm not saying every facility should be as clean as a hospital, but if you start here it begi
2. New markets. Products or brands could be positioned to meet the needs of a segment the company does not now serve very well. For example, many limited income seniors have been automatically enrolled in Medicare’s Part D plans, but they don’t have to stay there. If a health plan knows what this segment’s concerns are, it could induce them to switch.
3. Geography. Health plans have found it productive to emphasize different products and selling strategies in different geographies depending on the mix of segments in those geographies.
4. Direct marketing is all about segmentation, but it is often focused narrowly on internal sales analysis. Segmentation can leverage the value of in-house data and make additional data worth the cost.
5. Advertising agencies often drive segmentation research and use it well. For example, the client has chosen to target the "mass affluent" as defined by some combination of assets and attitudes. Media buyers need to know the magazines this segment reads and the types of web sites and search engines they use. Copy writers will incorporate the deep values of this segment into commercial scripts. Creative directors will insist that the visual imagery of advertising be consistent with what the "mass affluent" look like,
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