Marketing Research and Segmentation Problem
When the concept of market segmentation occurs in person’s mind, he/she tries to understand things in relation to lifestyle, norms, values, beliefs, and behaviors of the geographical inhabitants surrounding the area under study. However, this term is of use in broader perspective. Fundamentally, market segmentation is a term that connotes partitioning of a market on basis of likeness. By this it is meant that a market is divided in correspondence to similarity of the members that are involved. For instance, it can be subdivided on the basis of the culture of the people in the area and their lifestyle mode among others. Market segmentation is a managerial strategic move that is taken across the globe to help a firm to remain in a competitive edge.
This paper seeks to undertake a market response of a Baptist Hospital of Miami in Florida and is based on the assessment that was undertaken to give ways in which the health facility can segment its market in order to secure its high competitive position. More attention will be given to the basic lifestyles of the consumers of its products as well as services.
Baptist Hospital of Miami owes its inception back in 1960 and has recorded substantially growth up-to-date, admitting patients across the globe. It has emerged among the top health facilities that have a great impact of health issues in South Florida. It is strategically located nearby Miami International Hospital and it only takes one 20 minutes from this airport to where it is located. It has been a place to go for huge number of people seeking health due to its technological and medical advancement. Furthermore, its environment offers a cool atmosphere for the patients, more particularly, in relation to its architectural design. Over the years, it has been accredited for its better services, one of which being chosen as a magnet hospital. It is generally run in a motive of not making profit at all, and it is a general medical and a surgical health facility with 678 bed sitter.
Most of people in Miami depend on tourism and construction industries for their means of subsistence. Following economic recession of the two main sources of income, economically, people have been left in a devastating position risking their ability of access to better health care. Income hardship is one of the challenging factors for the people of Miami. Though it is a renowned area for tourism industry, poverty is a very common issue for people of Miami. Miami is one of the metropolitan areas that record a high number of unemployed people as well as low income earners. Almost a third of the Miami’s population is unemployed and is likewise health uninsured. Though there is high poverty rate, there exists income variation in Miami as for differentiating people who are extremely rich, those in middle class as well as those in poverty. Southern environs are homes for the rich, while northern and western ones are mostly inhabited by middle-income earners. Central Miami has been designated in the county for poor people who are characterized with poor housing and the general environment which poses a threat to their health.
What concerns religion, there is a belief that it has a great influence on health issues and practices. For instance, some religions are against certain health practices that are offered in hospitals, while others allow their followers to seek medical attention from the hospital. It is also argued that the believers have a higher chance of having a healthier life as opposed to their counterparts. This is due to the fact that non-believers are exposed to risky lifestyles that include smoking and drinking alcohol among others. In addition, it is said that believers have lower rate of depression than non-believers. In Miami, only 39.6% are religious, meaning the higher population is non-believers. There exist different religious beliefs which might have different health implications. For example, there is Catholic Church, Jewish, Southern Baptist Convention, and Seventh - day Adventist Church among others.
Based on the above mentioned analysis, as one of lifestyle profile of Miami people, Baptist hospital can formulate a strategic plan that will aim at market segmentation of their products and services. One of the most effective segmentation that is applicable in this case is that of geographical segmentation whereby the hospital should establish health facilities in accordance to regional income variance. For instance, the hospital should design a plan to install a health facility in central Miami, which would be different from other geographical areas, which is a pocket friendly to the low income dwellers in this area. This, as a result, will ensure that everybody in Miami County is able to access health non-discrimination.
Looking at religion as one of lifestyle analysis in Miami, Baptist Hospital can suggest an extensive plan that aims at covering all religious beliefs regardless of their perception in relation to health issues. For this reason, they can achieve expansion of market and improved provision of goods and services for the people in Miami through critical analysis of the religion and thereby segmenting the market on the basis of religion.
With all above mentioned, the neighborhoods will view Baptist hospital as a facility of community not for chosen few and will experience a great influx of patients from all over the religion. This is because it puts in place the interest of all people notwithstanding economic disparity and religious beliefs.
In nutshell, improved market for any firm is such a very important thing for any firm this is not exemption to Baptist hospital of Miami which can achieve this through lifestyle segmentation specifically on income segmentation and religion segmentation.
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