Julie Youngquist posted Mar 5, 2019 9:24 AM
Both non-profit and for-profit organizations have the same objective, which is to bring in money. This is the same whether it’s trying to sell a product or service or whether it’s trying to recruit donors or volunteers for a cause; either way, revenue is essential. With that, effective marketing strategies are needed to bring in the revenue. This is where the differences of non-profit and for-profit are pronounced. The first difference in the two are how each generate revenue. For-profits make money because consumers like you and me go to the store or online and purchase a product or service (Horwitz, 2005). Nonprofits make money through donations. This difference significantly affects how these companies are marketed. On one hand, you’re buying something; and on the other, you’re giving. The next difference are the means of attracting customers or donors/volunteers. With for-profit companies, this strategy typically takes the approach of educating consumers about what the product or service does and how you will benefit from it (Horwitz, 2005). Nonprofits attract customers by building awareness of an issue or cause, typically by appealing to consumers’ emotions. Another difference is how customer satisfaction is provided. For-profits use marketing to build up hype around a product or service so people are excited to buy it. They create an experience around the purchase by educating the benefits of buying that particular item. Nonprofits focus their marketing on how satisfying it feels to give back and help others. Since the donor isn’t the physical beneficiary, the marketing strategy is all the more valuable (Horwitz, 2005). The last difference is the Brand-Buyer relationship. For-profits do place an emphasis on establishing a relationship with customers, but it isn’t always to the extent that nonprofits do. Nonprofits thrive on this element because they want donors to feel a connection to the cause they are supporting. Since they aren’t the beneficiaries, it’s important to build and nurture that relationship.
Marketing today is vastly powered by technology and has become stronger than ever. This marketing transformation has happened due to the behavioral change of consumers as they spend more time on mobiles, tablets, and laptops (Rust & Espinoza, 2006). So, we can call this ‘Impact of Technology’ on marketing. Improved technology has always been the trendsetter in business and marketing and takes it in different directions. These marketing directions include: search engine optimization, social networking, banner ads, social medical marketing, blogging/vblogging, and reviews or ratings (Rust & Espinoza, 2006). Most notably, the amazing part of digital marketing is technology influences both organizations and consumers.
Rust, R. & Espinoza, F. (2006). How technology advances influence business research and marketing strategy. Journal of Business Research, 59(10), 1072-1078.
Aaron Timmons posted Mar 4, 2019 11:36 AM
Profit and nonprofit businesses ultimately have the same objective: make money, but they go about it a bit different. For-profits make money because consumers like you and me go to the store or online and purchase a product or service. Nonprofits make money through donations. Profits give consumers something for there money, why nonprofits must make people realize they don’t get something physical and that donation show that every dollar counts and can help someone going through a tough situation. This isn’t always pleasing to people. This makes it harder to obtain money and grow as a non-profit. Taxes however can be charged of where taxes are paid by each consumer in a profit. For-profits use marketing to build up hype around a product or service, why nonprofits must focus their marketing on how satisfying it feels to give back and help others. nonprofits often try to establish and maintain a relationship with their donors through letters, and flyers. They must get the donors to feel connected to the organization, where profit just must sell a quality product, either something they need or want, which is easier for them (Speier, 2015).
How technology impacts both health care marketing and marketers.
Mobile is becoming the primary means of communication between providers within healthcare systems. Technology has helped the medical field for some time. As it advances, so does how people communicate with each other. Marketing in healthcare has also advanced. Dr communicate with patients in more unique ways than ever. This has also given the marketers more way to advance information in the health care. With smartphones and lap tops at everyone’s fingertips, marketers have exploded this resource by creating apps for people to uses and advertise on apps that are health related. They even advertise on music and social apps as well Mons (2016.)
Kim Speier (2015) Marketing For-Profit vs. Nonprofit Businesses: What Are the Differences? Retrieved from https://www.mainstreethost.com/blog/for-profit-vs-nonprofit-business-marketing/
Jenna Mons (2016) Mobile Technology’s Impact On Healthcare Marketing Retrieved from https://www.mediapost.com/publications/article/266756/mobile-technologys-impact-on-healthcare-marketing.html
Atisha King posted Mar 10, 2019 11:56 PM
The overarching aim of marketing in healthcare is to attract potential patients by learning and understanding their needs and desires, in order to best serve them (Radu, Solomon, Gheorghe, Hostiuc, Bulescu, & Purcarea, 2017). However, there are underlying differences in the reasons for marketing between non-profit health organizations and those medical facilities who stand to make a profit. As compared to for-profit hospitals, non-profits utilize marketing to raise awareness about their philanthropy and support of community, and to subsequently receive funding to sustain their efforts (Blery, Katseli, & Tsara, 2010). Non-profit health organizations use marketing strategies to heighten their image and community presence, in order to increase local support for their cause and generate funding and resources, which enables their care programs to continue. Contrarily, for-profit care facilities are not solely motivated by community service. They employ marketing strategies to attract and retain customers (patients) in order to generate income.
While for and non-profit healthcare centers may differ in why they market, their methods for attracting patients are largely alike. As noted in the module background video on the marketing mix principles, we now live in an era that is highly reliant on technology and digitization. Thus, healthcare marketers are increasingly targeting and engaging with patients via the internet, email, and social media (Radu, Solomon, Gheorghe, Hostiuc, Bulescu, & Purcarea, 2017). These platforms facilitate communication between physicians and patients, allow for immediate and economical advertising, and empower marketers to easily access a specific, targeted audience through use of keywords and filters (Radu, Solomon, Gheorghe, Hostiuc, Bulsescu, & Purcarea, 2017). And, with immediate access to patients via the internet, email, text messaging, or video chat, medical teams and marketers can conveniently satisfy the needs of their patients while advancing their own interests, whether they are members of a for or non-profit healthcare organization.
Blery, E., Katseli, E., & Tsara, N. (2010). Marketing for a Non-Profit Organization. International Review on Public and Non-Profit Marketing, 7(1), 57-68
Radu, G., Solomon, M., Gheorghe, C., Hostiuc, M., Bulescu, I., & Purcarea, V. (2017). The Adaptation of Healthcare Marketing to the Digital Era. Journal of Medicine and Life, 10(1), 44-46