The baby boomers are regarded as the wealthiest people in the United States of America owing to the fact that they were born a time that the industrial revolution was taking place after the World War II (Shafer et al., 2020). Notably, the baby boomers are regarded as the category of people that were mostly between the period between 1946 and 1964. The particular generation of baby boomers has disposable wealth and is known to defy traditional values that are seen to be archaic or out of date. The Bay Area Medical Practice should inculcate the 4 P’s of marketing such as the product in this case healthcare service, place, price and promotion to take advantage of the 40% baby boomers that are retiring.
One of the 4Ps of marketing is the product that an organization offers to a group of people. For the Bay Area Medical Practice to have a formidable marketing strategy, that understands the needs of the baby boomers (Shafer et al., 2020). Notably, as the baby boomers are retiring, their health needs changes. After the age of 60, lifestyle diseases such as diabetes become rampant among the senior citizens, which should prompt the strategic team to include health services that are tailor-made to match the requirements of baby boomers. An excellent of meeting the needs of the baby boomers is by investing a huge number of resources to dialysis centres and physiotherapy units.
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Also, the place of offering services is integral in coming up with a 5-year strategy of the Bay Area Medical Practice. Notably, the majority of baby boomers have health issues that derail their mobility from one place to another (Abraham, 2020). Therefore, the strategic team should increase the introduction of health facilities that are near the retiring baby boomers. Additionally, there should be the introduction of home-based care initiatives to meet the growing demands of patients that are bedridden or in critical conditions that do not allow them to move from one point to another.
Moreover, the price or the cost of healthcare services is another critical factor to look at when designing and implementing the 5 years strategic program. It is imperative to note that most baby boomers do not engage in active employment, not unless they offer essentials services such as health (Montgomery, Chester & Kopp, 2018). It is therefore important that the cost of healthcare is affordable to tap on the growing population of baby boomers. Also, healthcare facilities should bank on the fact that baby boomers have more health conditions than any other generation hence they will be making more trips to the hospital; hence, hospitals will enjoy economies of scale when providing healthcare services.
Furthermore, promotion is an essential factor and recommendation that should be made when designing the 5-year strategic plan of The Bay Area Medical Practice. Promotions entail pushing the services offered by various medical and hospital to baby boomers (Lamberton & Stephen, 2016). One of the most common factors to consider when promoting health services is the mode or channel of promotion. Most of the baby boomers tend to get information from the mainstream media channels such as TV, radio and newspapers which the strategic team should adopt as a mode of promoting the services of the health services.
References
Abraham, J. (2020). Individual Market Volatility and Vulnerability, 2015 to 2019. RSF: The Russell Sage Foundation Journal of the Social Sciences, 6 (2), 206-222. doi:10.7758/rsf.2020.6.2.09
Lamberton, C., & Stephen, A. (2016). A Thematic Exploration of Digital, Social Media, and Mobile Marketing: Research Evolution from 2000 to 2015 and an Agenda for Future Inquiry. Journal of Marketing, 80 (6), 146-172
Montgomery, K., Chester, J., & Kopp, K. (2018). Health Wearables: Ensuring Fairness, Preventing Discrimination, and Promoting Equity in an Emerging Internet-of-Things Environment. Journal of Information Policy, 8 , 34-77. doi:10.5325/jinfopoli.8.2018.0034
Shafer, P., Anderson, D., Aquino, S., Baum, L., Fowler, E., & Gollust, S. (2020). Competing Public and Private Television Advertising Campaigns and Marketplace Enrollment for 2015 to 2018. RSF: The Russell Sage Foundation Journal of the Social Sciences, 6 (2), 85-112. doi:10.7758/rsf.2020.6.2.04.
