Demand, Cost And Price Adaptation

“Demand, Cost and Price Adaptation”  Please respond to the following:

  • Referring to the same novel health care product or service you came up with last week (Week 6 Discussion), determine how you would assess demand for and the cost to produce your product or deliver your service and establish a price. Provide a rationale to support your response.
  • Describe a situation that would require you to adapt the price of your product or service. Consider the impact of government and private payers on your pricing strategies. Provide specific examples to support your response.

Last week response

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{{{{Determine the best way for the health care provider to distinguish and differentiate its product offerings from those of its competitors. Provide specific examples to support your response.

Offering quality healthcare is the best way to differentiate and distinguish products from those of competitors. Ferrell (2011) stated that quality healthcare involves keenness in testing, taking health professionals to training to improve competency and high service level. When patients are offered quality health care, they become repeat customers. The satisfied patients will be obliged to refer their friends and family to the healthcare provider for healthcare services. Quality health care is the best means of staying ahead of the pack of competitors for one can differentiate and distinguish their services as being better.

Describe a novel product or service (please be as creative as you like) and briefly discuss a brand management strategy.

Highmist bottled water does surprise market research on the product perception. The firm will research on the kind of bottle being used whether it is perceived to be organic. According to Meier (2013), the researchers should find out if the product is available at the retail shops near residential places of customers. The researchers focus on establishing what their competitors are doing better than them. Every repeat customers are offered a bonus of a bottle for every ten bottles of water bought. The firm keeps on reviewing and improving the water production process from harvesting to packaging to ensure no iota of contamination.

Discuss the steps in the development process and identify the step that may pose a major challenge. Provide specific examples to support your response.

The steps in development process are idea generation, idea evaluation, market evaluation, develop prototype, market testing and product launch. An idea is developed through brainstorming or market search and its evaluated whether its commercial  (Ferrell, 2011). Samples are developed and distributed in market to establish their demand level before it is launched. Converting an idea to a product is the most difficult part. Putting a water idea to bottle and setting it apart from the many rivals in the market is the daunting take that Highmist firm faced.}}}}