Should a multispecialty medical group want to segment the market in the community by income levels and further go on to target such a niche group of middle-aged, white-collar professionals who are married, with both spouses working outside the home then they would need to consider a few things in their marketing strategy. A niche group is a very small and specialized market segment with a highly defined set of needs (Berkowitz, 2019). The niche strategy targets this special group with specialized products and/or services. The sociodemographic segmentation here includes the middle-aged aspect and then both genders are included.
Now how does the medical group tailer to this niche group? They can figure out the Four Ps:
- Product – targeting middle-aged people means the 40-65 age range. You need to provide services such as preventative screenings (colonoscopies and mammograms), emergency services, health wellness programs, immunizations (Health screenings for men ages 40 to 64, n.d.) (Health screenings for women ages 40 to 64, n.d.).
- Price – pricing should remain competitive with other local medical groups. While they are working now, middle-aged individuals are getting ready for retirement.
- Place – Services would be offered in the medical groups business and might offer a concierge component for a price. There should be extended hours since they are working professionals.
- Promotion – The medical group can promote on social media such as Facebook, coffee shops, even popular podcasts. Anything that the adults in that area are into. Maybe doing a small neighborhood survey to see the best ways to advertise and what the community needs could help.
Marketing is essential for any business and/or organization as it promotes the buying and/or selling of a specific product or service. The activities involved in the marketing process refer to selling, advertising, and delivering of products to other business and/or consumers (Marketing in Business: Strategies and Types Explained, 2022). In order for a business or company to implement the best marketing strategies/practices that reach their target audience, they must incorporate a specific appeal, and have a vast knowledge of the 4 P’s of marketing (Team, n.d.). The 4 P’s of marketing include product, place, price and promotion, and the five separate marketing appeals that organizations should have great knowledge on which include: emotional, fear, humor, logical and bandwagon appeal Berkowitz, 2016).
The multispecialty group that has decided to segment its market according to income, has conclude their target a small niche of middle-aged, white collar professionals who are married. The middle age age group that is being targeted in this case are between the ages of 45-65 years old. The marketing plan should address the needs and wants of their audience which should emphasize on the following:
Health care coverage that offers preventative care measures and monitoring for diseases that are common in this age group such as hypertension, heart disease, hypercholesterolemia, arthritis, diabetes and obesity. Coinciding with this preventative care, should focus on ensuring that both spouses have an annual check up, for monitoring of any potential changes that may have occurred within both individuals (Study.com | Take Online Courses. Earn College Credit. Research Schools, Degrees & Careers, n.d.). An appropriate contributing marketing plan for this type of a circumstance would be to also include children of the spouses being covered in and underneath the family health plan. One final marketing plan for this target audience would be to offer late evening appointments to allow for appointments to be made for the couple since they are fully employed.