Key Characteristics of the Users Maryland General Hospital offers wide range of services to its customers with different characteristics and with different needs and requirements. The hospital is based in Baltimore City, which is the largest city of Maryland. A sharp decline can be found in the Baltimore’s poverty line. Most of the people who find themselves under the federal poverty line are moving to the suburban areas from the urban or metro cities. In the city of Baltimore, there are more than 21,000 people who are below poverty line, but recently a major decline in the rate of the poor population has taken place. Maryland General Hospital targets people from both the metro and suburban area of the Baltimore. They offer specialized premium services for the premium patients with high income level and also offer general service for the mass. They also offer different special services to different demographic strata, such as children care, senior citizen care and women care. For example, Heart catheterization is provided to adult and children separately. The Hospital offers some specialized service within the framework of women care. The Competitive Environment of the Health Care Provider The competition generally arises on one or more elements like quality, price, convenience etc. Competition eliminates the inefficiency of the players. But in case of Maryland General Hospital, there is no such price competition among the leading players in the market as 75% of total cost for the treatment of an individual is provided by the health insurance company (Kronick, Goodman & Wennberg, 1993). Different hospitals try to differentiate its services on the basis of quality. If Porter five forces model is applied for Maryland General Hospital it will be clear that most of the competitions are coming from the rival hospitals. The competition is immense for Maryland General Hospital. There are 14 hospitals in Maryland. All the hospitals provide customized services. A study suggests that 58% of the patients recommended for going again to Maryland General Hospital while 77% people recommended for going Greater Baltimore medical centre. Many people also recommended for Good Samaritan Hospital. Even in this respect the Mercy Medical Centre Inc has also got high points than Maryland General Hospital. The hospital faces quite low bargaining power from the suppliers as there are many suppliers present in the market. The timely delivery of equipment and medicines are very essential for the hospital. The hospital needs to depend highly on its suppliers to maintain goodwill in front of the customers as most of the hospitals are competing mostly on the quality and not on the price. There is no such threat from a new entrant in the market as the set up cost is very high for any new entrant and the physical evidence is the most important factor for any hospitals so the new entrant has to face a tough competition from the old players as the physical evidence is very strong of the old players. There is no such substitute in hospital’s product as it is a necessary service for all. The buyers bargaining power is also strong but as mostly the insurance company pays the bills, the bargaining power gets reduced. Tools of Marketing Mix Marketing comprises of seven elements. For the health care sector all the 7P’
Maryland General Hospital has been serving people for more than a century. The hospital also provides special facilities to the patients. This report will emphasize the key characteristics of the patients, competitive environment of the health care sector and the strategic solutions for the organization…
This study looks into marketing mix as a general concept used to explain the different kinds of choices that firms have to formulate in the entire process of bringing about a product or service to a given market. As highlighted by Ehmke et.al , marketing a business organization or a firm is all about how an organization or a firm positions itself in order to satisfy its marketing needs.
48-49). Usually, details regarding marketing mix are planned by the organization after the overall strategies are decided. The marketing mix is comprised of almost all the elements that are used to influence the condition of demand of a particular product.
On the other hand, Google is developing rapidly and causing troubles to all major IT companies such as Microsoft, Facebook, Amazon etc. In 2005, Google joined the list of 100 most powerful companies in the world. While most of the other IT companies struggling, Google is one company which develops gradually.
The role of effective marketing campaigns and use of proper marketing mix are very important in successful marketing of a product. Companies launch effective marketing campaigns and make a good use marketing communication tools to create awareness among people about the newly manufactured products and services.
Moreover, it influences other elements of marketing mix like features of products, decisions channels and brand promotion. The discussion will outline how to determine pricing strategy, what drives the strategy and how pricing strategy influence product equity Discussion While there is no chosen criterion of determining pricing strategy, some sequence steps are commonly used in new products pricing strategy.
Choosing the right price for the product sold in a market is very important. This is because it helps in conveying the price-quality signal. Normally, price signaling occurs when the prices charged for a particular product reflects the quality of the product sold (Landsburg, 2011).
According to the report pricing strategy is the task of the top management with the help of middle level and low level management. This is done by analyzing the local and the international market, clear method of analyzing the conditions where a successful marketing can be carried out. Pricing is the process of influential decision.
Under the ‘Hill’s’ brand, the company also manufactures products, especially for veterinary purposes. Its headquarters is on Park Avenue, Midtown Manhattan at New York City. Moreover, the company is also considered as a leading global manufacturer as well as the marketer of soap, toothpaste and a wide range of hygiene care products.
These variables are; product, price, place and promotion (Ferrell, 2010).
Products serve to be the first variable in the marketing mix. Every organization must make product decisions first before making any marketing plan. Product can usually be divided
There are many factors which are considered when any company develops short-term and long-term pricing strategy for its business such as support to the brand, reach the market share goals and revenue goals and maximization of
4 pages (1000 words)Research Paper
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