The use of SWOT framework within a healthcare setting can be highly beneficial as it allows for managers and leaders of the enterprise to gain insights into the functions of the firm and the market. As such, the identification of these factors can lead to the selection and implementation of appropriate market strategies that will provide the firm with numerous long-term benefits (Kent State University, 2020). A SWOT analysis can be similarly used within a healthcare context as it is used for other industries and businesses, which special focus on clinical operations and unique factors of the market. Strengths can be summarized by what the medical business does well, unique qualities of the services provided, internal resources which can include skilled physicians, and other assets such as loyalty to the firm.
Weaknesses can be defined by areas in which the medical business is lacking, limitation of resources, the strengths of competing facilities, and a lack of a noticeable brand or relationship with a patient population. Opportunities include undeserved populations and markets, emerging needs for certain services, interventions, or procedures, media coverage of the medical firm, and low competition. Threats are reflected through knowledge of increasing competition, the highly changeable regulatory factors of healthcare, negative coverage by the media, and adverse patient perception of the firm. In the case that a hospital has adequate understanding of where the firm is in regard to these factors, it may be possible to implement an appropriate market strategies that address the necessary issues (Milwaukee Area Technical College, n.d.). Similarly, a SWOT analysis informs a company or hospital in the strengths that are present and can be used to increase patient and customer interactions. Overall, marketing is an often overlooked component of individual hospitals, but can largely improve the financial and service-delivery features of a firm. Healthcare settings benefit from informative marketing most, with communication channels such as online platforms, educational pamphlets, and community initiatives being influential.
References
Kent State University. (2020). Marketing research: SWOT. Kent State University. Web.
Milwaukee Area Technical College. (n.d.). Creating a marketing plan. Milwaukee Area Technical College. Web.