Various perspectives must be considered if the study is to be counted valid within the current market (Borrowers, 2006). To determine market share and saturation, multiple tools are available. When a marketer begins reviewing current resources several important points should receive credence.
Primary data sources are those that contain original information.Secondary sources are those that analyze primary sources and may consist of books, newspaper articles, web sites, or statistics. Data, whether primary or secondary, should be current and relevant. One of the first actions of a marketing consultant involves identifying the desired market and determining the market potential (Borrowers, 2006). Analysis of current supply and demand and the likelihood that the market can sustain projected growth helps the marketer create a forecast for future performance.All these steps, along with sensitivity for regulatory requirements, form the foundation for a robust market analysis (Borrowers, 2006).
- Thesis Statement
- Structure and Outline
- Voice and Grammar
Scenario In this exercise, a marketing consultant is retained by a for-profit cancer center that is considering entering the Indianapolis, Indiana market. Using secondary sources of data, the consultant will advise the client regarding an assessment of the market. The consultant will review current data that is publicly available and free. Data will be credible, objective, and aligned specifically to the market being assessed.Initially, a review of the volume and variety of cancer centers currently operating in Indianapolis will give the consultant a place to start. Step two involves determining the specialties of NY of the current cancer centers and their populations served. Next, the consultant will review cancer rates and types for the Indianapolis area and the mortality rates. This combination of information should prove helpful in answering key questions regarding the potential viability of the Indianapolis market for the addition of a new for-profit cancer center.
Secondary Sources Secondary sources of data are one resource for determining the value of a particular market. In this case, the market is for-profit cancer centers in Indianapolis, Indiana. Questions requiring answers are regarding the duration of for-profit cancer centers, the incidence of new cases of cancer in Indianapolis, regional mortality rate, leading types of cancer in the area, and main payer sources.
Chosen secondary sources of data are included in the table below: Table 1 Secondary Sources Of Data Related to For-profit Cancer Centers in Indianapolis, Indiana No.Resource Pathway USA Today, June 2, 201 2 Pediatrics could be a model for adult cancer center treatment http://i. NNW. Saturdays. Com/news/health/story 2. Cancer Facts and Figures 201 2 www.
Cancer. Org/ACS/groups/content/@piped 3. Indiana Cancer Control plan 2012 www. N. Gob 4.
Journal of Medical Internet Research.. Cancer Survivorship in the age of you tube and social media: A narrative analysis. Www.
Jims. Org/issue/year/2011 5. Nielsen Prize Segmentation http://www. Clarita. Com/Embellishments These resources give the consultant a broad view of for-profit cancer care from multiple perspectives.In example number one, the USA Today article was written to offer a slightly different look at the delivery of cancer care. This is important because it could be necessary to be creative in order to remain competitive in the market.
Example two is a document from the American Cancer Society that lists mortality rates by state and county along With prevalence tables and other similar metrics. Example three is the plan for the state of Indiana for cancer care within the state. Comparisons between and among counties can be viewed in one report and is easy to interpret.
Example four is a journal example that suggested the value of social media in a marketing plan and finally, example five is the Nielsen Prize ratings that make available the demographics of the market area. This is important information in that detailed demographics can help a consultant understand owe much of a for-profit entity the market can bear. Source Validity Each of the secondary sources listed were reviewed for accuracy and validity prior to posting. Using reliable sources helps save time and makes it more likely that the information will be credible.Sites such as Wisped and other non-peer reviewed sites are unlikely consistently to contain information that can be assumed to be valid. One exception to this is the use of newspaper articles as secondary sources. A newspaper article could qualify as either a primary or a secondary source and the credibility of the article must be determined by the reader.
Secret shopping is one way to learn what current customers are accustomed to receiving or paying with regard to certain services.In a secret shopping scenario, an imitation customer calls or visits a business pretending to be a current or potential customer. Information regarding pricing and a variety of services is collected and shared with potential competitors. For this exercise, some difficulty was encountered in finding suitable secondary sources that specifics Ill assisted the consultant to validate Indianapolis, IN as an appropriate market for a new for-profit cancer retirement center. Alignment with Scenario Ensuring appropriate alignment of research sources with the topic being studied is of utmost importance.This ensures the relevance of the research to the topic and to the market. One problem associated with the collection of secondary sources is the issue associated with the cost for viewing some of the data.
Free sources are available, but they are more difficult to uncover. Possibly, a consultant could mistake cost for value and could waste considerable time and money following leads that might not be worth the time or the effort. Most likely, state or federal reports will be readily available as long as the consultant is familiar with the process for requesting them.Competition is one of the key drivers for health care marketing (Forerunners, 2010). When an organization is working to gain market share, the customer must not be forgotten.
Customers are the tangible elements that determine an organization’s position in the marketplace. Value of Secondary Sources for Market Consulting Making a decision to expand a business into a new market is much more involved than first meets the eye. Intense and detailed planning and research s necessary to ensure that the market will bear an additional strain on the current business platform.Creative use of resources will help a consultant collect the most complete and accurate data for potential customers (Forerunners, 2010). Remembering competition, customers, and careful regard for cost and credibility will likely bring about the desired result for health care entities wishing to grow their share of the marketplace.