The medical practice development cycle majorly reflects around the strategic planning, marketing and the management of the project. The growth of the medical practice revolves around these key elements that are critical for the management practice in the modern days. The field has progressed and changed rapidly, unlike any other area. Through strategic planning for the unknown, health care facilities have been equipped better for the uncertainties that might prevail themselves. This has also enabled the facilities to manage their projects effectively and even understand the market of the healthcare hence laying better marketing strategies that have contributed to the development cycle. The three functions in the medical practice field have been crucial and of great help to the practice overall life cycle.
The SWOT analysis in medical practice also plays a significant role. The analysis implies the determination of the strengths in practice and working to better them and also identifying the weaknesses and trying to improve them for the better improvement of the practice. The analysis also dwells on a maximum utilization of the opportunities that may avail themselves as well as working on the threats that may hinder the development of the medical practice in the facility. The SWOT analysis has been an essential tool in strategic planning. It assists to self examine in these attributes from a perspective stakeholder both externally and internally. In strategic planning, the analysis is applied to determine better ground rules for exercise performance in such a way that it gives the most necessary information.
The 4 Ps of marketing has been critical marketing tools and to effectively promote and foster the unique value of the brand and enable it to withstand from the competition; they should be united. They include the product, price, place and promotion. A product is any intended item in the satisfaction of the targeted customer’s wants and needs. A better understanding of the products concepts by the marketers is essential before the products are successfully marketed. The marketers should therefore understand fully the product they are selling, what will make their product be above the competition and how it will meet the requirements of the targeted market after the product follows the determination of the value of the product which is the price. It describes the value of the product is not only monetary terms but also the customer’s effort or time that he is willing to expend for acquiring it. Price determination is a crucial determinant for the product as it impacts demand, supply, profit and the spending way of the marketers in the marketing strategy.
The place is the provision of the product’s access to the customers and also considering their convenience. This will put into consideration of the location of the targeted customers and how convenient and comfortable they will access the product. Finally, promotion mainly refers to the communications of marketing. The communications use mediums like sales promotions, advertising, public relations and others. The promotion helps to create awareness of the product to the targeted customers.
Determination of return on investment is essential as it helps to determine the worthiness of the investment. There are various methods of determining the return on investment, which includes division of the net profit by the value of the total assets. One of the benefits of this technique is that it is clear and simple and also easy to understand. The method is also flexible in terms of the changes involving the assets in the business. Another way is through the long-term projections. The technique helps the investors to have future aspirations of the business that motivates them in practice. Another method is the consideration of more than money. The technique helps in putting the strategy of the business under scrutiny and assists in prioritizing the most important and unique.
Force field analysis is referred to as a vital tool for decision making that assists the investors to analyze the forces against and for a change and assists in the decision making. It is a strategic planning strategy that helps in determining whether or not to continue with the difference in strategic or marketing planning. Through the force field analysis, one can develop an action plan after assessing the situation and understanding the effects of change and the problems.