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Journal of the Academy of Marketing Science

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12-10-2019 | Conceptual/Theoretical Paper

Emerging technologies and analytics for a new era of value-centered marketing in healthcare

Authors: Ritu Agarwal, Michelle Dugas, Guodong (Gordon) Gao, P. K. Kannan

Published in: Journal of the Academy of Marketing Science | Issue 1/2020

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Abstract

The healthcare system is undergoing a fundamental transformation fueled by regulatory shifts that reward value over volume, coupled with unprecedented advances in technological capabilities. To address the processes involved in defining, measuring, and delivering value in this shifting landscape, we develop the framework of value-centered marketing (VCM). Building on existing approaches in both healthcare and marketing, we propose three core dimensions of value in VCM: preferences, precision, and process. We also provide an overview of a trifecta of technological advances including the digital capture of health data, improvements in methodologies for data analysis, and exponential increases in processing power and storage capacity, which have created a perfect storm of opportunity for VCM. We describe how these emerging technologies can be combined with insights from marketing science to develop successful VCM strategy and highlight critical research questions. Finally, we discuss potential unintended consequences in the use of tech- and analytics-enabled healthcare.

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The concept of value in VCM is similar to the notion of customer value, which is the customers’ subjective net valuation of the perceived benefits accrued from an offering (Anderson 1998; Kumar and Reinartz 2016), but with some subtle differences. In VCM the construct of benefits is more broadly defined to include the elements of well-being from both micro (Malhotra 2006) and macro (Sirgy and Lee 2006) perspectives. The concept of value in VCM, therefore, accounts for more than the direct benefits derived from goods and services as in the definition of customer value.

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Title: Emerging technologies and analytics for a new era of value-centered marketing in healthcare
Authors: Ritu Agarwal
Michelle Dugas
Guodong (Gordon) Gao
P. K. Kannan
Publication date: 12-10-2019
Publisher: Springer US
Published in: Journal of the Academy of Marketing Science / Issue 1/2020
Print ISSN: 0092-0703
Electronic ISSN: 1552-7824
DOI: https://doi.org/10.1007/s11747-019-00692-4

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