1.Provide a comprehensive overview of Micheal Porter\'s value chain. a) Explain
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1.Provide a comprehensive overview of Micheal Porter's value chain. a) Explain it's purpose, components ,uses, and benefits. b) Discuss how the model reminds healthcare marketers to focus on the big picture. 2. Provide a detailed overview of Ries and Trout's Market Warfare Strategies. a) Identify and explain each of the identified strategies,their criteria for use, and associated implications for the healthcare industry. b) What are your thoughts on the accuracy and viability of the war analogy that Ries and Trout use to describe marketing? 1.Provide a comprehensive overview of Micheal Porter's value chain. a) Explain it's purpose, components ,uses, and benefits. b) Discuss how the model reminds healthcare marketers to focus on the big picture. 2. Provide a detailed overview of Ries and Trout's Market Warfare Strategies. a) Identify and explain each of the identified strategies,their criteria for use, and associated implications for the healthcare industry. b) What are your thoughts on the accuracy and viability of the war analogy that Ries and Trout use to describe marketing? a) Explain it's purpose, components ,uses, and benefits. b) Discuss how the model reminds healthcare marketers to focus on the big picture. 2. Provide a detailed overview of Ries and Trout's Market Warfare Strategies. a) Identify and explain each of the identified strategies,their criteria for use, and associated implications for the healthcare industry. b) What are your thoughts on the accuracy and viability of the war analogy that Ries and Trout use to describe marketing?Explanation / Answer
Answer Q.1. Harvard Business School's Michael E. Porter was the first to introduce the concept of a value chain.He discussed the value chain concept in his book "Competitive Advantage: Creating and Sustaining Superior Performance" (Free Press, 1985).
"Competitive advantage cannot be understood by looking at a firm as a whole," Porter wrote. "It stems from the many discrete activities a firm performs in designing, producing, marketing, delivering and supporting its product. Each of these activities can contribute to a firm's relative cost position and create a basis for differentiation"
a) Explain it's purpose, components ,uses, and benefits.
i) Purpose of value chain: To look at every production step required to create a product and identifying ways to increase the efficiency of the chain. To deliver maximum value for the least possible total cost and create a competitive advantage.
ii) components of value chain: The primary activities of Michael Porter's value chain are inbound logistics, operations, outbound logistics, marketing and sales, and service.
The secondary activity is operations and encompasses all efforts needed to convert raw materials into a finished product or service.
Support activities facilitate the efficiency of the primary activities in a value chain. The four support activities are procurement, technological development, human resource management and company infrastructure.
Uses of value chain:
The most critical processes can then be broken down into value activities for more detailed analysis of what the business is trying to achieve and how it is currently operating. That opens the opportunity for focused process improvement on the areas of constraint which offer most leverage.
Benefits of value chain:
b) Discuss how the model reminds healthcare marketers to focus on the big picture.
The Healthcare Supply Chain organizations across the value chain, focused on working together to solve challenges involving supply chain inefficiencies and healthcare quality. Leaders are building data-driven capabilities to enhance efficiency and improve patient outcomes.
The most critical processes can then be broken down into value activities for more detailed analysis of what the business is trying to achieve and how it is currently operating. That opens the opportunity for focused process improvement on the areas of constraint which offer most leverage. Hence the model reminds healthcare marketers the main objective High Quality patient care at optimum Economic cost.
Answer: Q.2 Marketing warfare strategies represent a type of strategy, used in commerce and marketing, that tries to draw parallels between business and warfare, and then applies the principles of military strategy to business situations, with competing firms considered as analogous to sides in a military conflict, and market share considered as analogous to territory in dispute.
a) In the book ‘Marketing Warfare’, Al Ries and Jack Trout argue that there are four possible strategies for fighting a marketing war:
Implications on Healthcare Industry: It will promote competition between healthcare industries and this will result in better service to patients and will increase quality research in manufacturing of medicines.
b) What are your thoughts on the accuracy and viability of the war analogy that Ries and Trout use to describe marketing?
Answer: This is a practical technique for analysing competitors’ strengths and weaknesses, in order to devise a winning competitive strategy, is Charting the Competition.
It teaches us that competitors are not only a business’s immediate rivals; competition may come from new entrants, substitute products.
Henc this technique is very useful in acheiving success in global competitive market.
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