September 2023 Business & Finance Assignment
|Do you think Americans will allow their health care to be influenced by a brand name?||3/24/17, 10:28 PM|
Good evening class, The public is in a social media driven world today. Many organizations outside of the health care industry understand the importance of branding strategy as I discussed earlier this week’s chat session. Brand associations link a consumer’s memory to a brand. For examples, McDonald’s is linked by Ronald the clown or the Golden Arch, Nike is linked to the swoosh, AFLAC is linked to the Duck. Or, the saying, “where’s the beef?” Was linked to Wendy’s. That a brand is important to a product or organizations is unquestioned.
As organizations develop multiple sites or products, they guard or protect that equity like Fort Knox. Here is one benefit of branding in healthcare. The possibility of national brands looks large. Large, brand-name systems have the power to negotiate for more business, leverage in negotiating contracts, capital and market control. Furthermore, as the Fortune 500 companies, along with major health care insurance companies such as Blue Cross Blue Shield begin to shop for customers (patients) and physicians, dealing with a national brand in health care is efficient and effective in marketing. Will health care organizations follow? What is your take on this?