175 – 265 words
Cite at least one (1) peer-reviewed reference
Respond to the following peer. Be constructive and professional. Further the conversation. Ask a question.
Nonprofits usually target how to benefit the communities they serve, which can captivate their neighbors and add a less noticeable but still valuable service. As a non-profit hospital, it will do everything possible to provide the best quality care possible. For a for-profit, you can make more decisions about which services you will offer and what services you will not. A for-profit organization needs to focus on profitable services as frequently as possible.
Both for-profits and nonprofits want to generate revenue and attract potential customers; however, the process is different. Profits are made by for-profit businesses, usually educating customers about what the product or service does and how they will benefit from it. On the one hand, non-profits attract customers by building awareness of an issue or cause by appealing to consumers’ emotions.
Marketing in the for-profit environment usually lets potential customers in your target know about your product or service and how it can benefit them to sell in exchange for money. A nonprofit organization markets its work or the cause it supports instead of a product or service.
Nonprofits must meet the organization’s healthcare needs. Nonprofit hospitals do not need to pay taxes. For-profit systems gain from investor funds and have resilience in the services they administer, usually based on the most profitable ones. Nonprofits exhibit a community benefit on their tax forms to maintain their nonprofit stature and exemption from federal, state, and county taxes.
In terms of their decision to offer services and their motivation to function, for-profit institutions are more prone to financial incentives than nonprofit institutions. For-profit institutions are more likely than nonprofit institutions to restructure when dealing with financial difficulties. For-profit healthcare providers have a bargaining advantage over nonprofits concerning managed care contracts. For-profit make money because consumers go to the store or online and purchase a product or service. They have it easier in sales and marketing because consumers get something in return for their money.
Sandilands, T. (1990). Difference between for profit & not for profit marketing
Retrieved from http://smallbusiness.chron.com/difference-between-profit-not-profit- marketing-20804.html
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