New York Presbyterian Hospital
Organization
The organization under evaluation is New York Presbyterian Hospital. Like many other hospitals, the hospital gains its revenue from donors and patients who are the clients to the hospital. The revenue generated from the operations of the organization is used to expand the hospital and cater for its operation cost. The organization has to ensure that it offers a variety of services to ensure that it has adequate clients to cater for its operations. The hospital offers clinical services, online services, research and clinical trials and has a health library. Diversification of services enables the organization to receive referrals from other small hospitals and clinics. The organization has a website where clients can learn more about the organization and book appointment. Marketing mix with regards to the organization will be evaluated in the paper. Focus will be on the four P’s.
Four P’s
Marketing has enabled the organization to increase its client base and cater for a large number of customers. New York Presbyterian Hospital provides quality inpatient, preventive and ambulance services in all fields of medicine. The hospital has five branches located in the highly populated city of New York. This location places the hospital in dense market to exploit. Location is vital for every business. The business should be located as close as possible to its clients to ensure that the clients have fewer options. The location of the hospital branches gives the organization a competitive advantage compared to other rivals in the market. The organization has also ensured that the outlets are well spread across the State to ensure that they can sustain the clients in the market effectively (Wolper, 2011).
New York Presbyterian Hospital uses various ways to ensure that the organization get market awareness. The organization has a website that is used to interact with potential clients and communicate with existing clients. By using the website, the organization uses the internet to expand its market beyond New York City as the Organization is able to address a global market. The organization also allows referrals from other organization thus increase awareness about the hospital. The organization also uses the media to advertise the organization to ensure that the local market is aware of the hospital. The organization prints news letters to inform patients and workers of the changes in the organization. The news letters are also present in the website advertising the organization in the local and international market.
The Hospital offers a variety of services that constitute the product offered by the organization. Offering a variety of services ensures that the company attracts many customers compared to an organization offering specialized services. An organization offering many services is likely to attract returning customers compared to an organization offering specialized services. The hospital attracts a wider market due to a variety of services as it is able to maintain its operations all the time. The organization will increase the organization awareness in the market due to its client base. An organization is likely to ensure a steady flow of patients because it offers many products (Greenfield, Hart, & Johnston, 2005).
The organization also uses competitive pricing for the product offered to ensure that it maintains a high number of clients in the market. The organization advises its client to have medical insurance to cover their medical expenses. The cost of healthcare is expensive in America thus the need for medical insurance. Patients with medical insurance find it easy to pay the medical bills. Pricing of the services in the medical institution enables the organization to cover its operational cost. The funds from insurance companies are used to expand the operations of the organization by increasing the staffing needs and acquisition of new equipment.
Relationship between the organization’s marketing and its partnerships
Marketing plan of an organization should be considerate of the partners to the organization. The organization should ensure that the objectives of marketing do not sideline the objectives of other organizations partnering with the company. Through marketing, an organization is able to improve its image in the market. Complementary organization can partner to ensure that their marketing efforts reach more clients thus generate more revenue in the long run. Elements of competition should be eliminated in the marketing strategy of the company. New York Presbyterian Hospital partners with many organizations that refer patients to the organization and provides equipment to the company (Plunkett, 2007).
The facilities offered by the hospital are advertised in the company’s website. On the website, the organizations partnering with the company have advertised the services they offer. Advertising is crucial to the partners and to the hospital as it enables the organization to attract new customers. The company has joined social media networks to enable it to communicate effectively with the market. Through the social media network, the company has been able to interact with customers in the international market. The organization has many centers of excellence, which interact to ensure that the client benefits from quality healthcare.
Partnerships provide free advertising for the organization. The organization is able to attract customers in the market through other organizations. The organization is able to save on advertising cost as a marketing strategy and channel the funds to other activities, which will generate more revenue. Organizations working together are able to collectively attract customers. The hospital partners with credible organizations; this enables the hospital to attract clients that have visited the other organizations. Clients will associate the organization with quality as long as the partners visited offered quality services or products.
The partners also provide the hospital with emergency staffing incase of an emergency. Organizations working together are able to share staff and equipment when need arises. Partners provide financing in the event the organization needs financing for its operations. Selecting partners that will enable the organization to grow is necessary. The management should ensure that the organization and the partners both benefit from the partnership.
Target market
The target market refers to the people that the organization targets to ensure that it makes high sales. New York Presbyterian Hospital is located in an area with a high population thus the location of the hospital in New York. The high population provides a high number of people that may have health complications. New York provides a ready market for the services offered by New York Presbyterian Hospital. The company has ensured that its branches are located in areas of high population to maximize the benefit of being located in a high populated state. The high population is comprised of people of all age groups and a high population of old people who are at the risk of health complications.
The state of New York has a population of over 19 million people. This provides the New York Presbyterian Hospital adequate clients to compete for in the competitive field of healthcare. This population is evenly distributed among its outlets to ensure that the resources are efficiently used. Majority of the population in the state is comprised of the whites who are about 45% and have most of the resources in terms of wealth. This enables the organization to attract all the ethnic groups in the market and to strategize on its diversification strategy (Cohn & Hough, 2008).
Understanding the market is vital for any organization. The management should ensure that they understand the target market to ensure that the marketing plan is accurate. The marketing plan enables the organization to plan on how resources are going to be allocated to ensure that the organization maximizes its benefits. With adequate information about the target market, the organization will know where to set up the hospital and the mode of advertising used to ensure that the organization reaches many clients. Understanding the target organization also enables the organization evaluate its products and formulate pricing strategies that will ensure that the organization attracts customers.
Conclusion
New York Presbyterian Hospital is a medical facility offering a wide range of services in New York City. The organization is located in the densely populated location providing the organization with a large client base. The organization offers a wide range of products to ensure that the market is covered. The organization ensures fair pricing of its products to ensure that the organization generates income. The organization also uses various promotion methods to ensure that it receives adequate awareness in the competitive healthcare market. These elements of the marketing mix enable New York Presbyterian Hospital to maintain a high number of clients in the market.
References
Cohn, K.H., & Hough, D.E. (2008). The business of healthcare. Westport, Conn: Praeger.
Greenfield, J.M., Hart, T., & Johnston, M.W. (2005). Nonprofit internet strategies: Best practices for marketing, communications, and fundraising success. Hoboken, NJ: Wiley.
Plunkett, Jack W. (2007). Plunkett’s Advertising & Branding Industry Almanac 2007: The Only Comprehensive Guide to Advertising Companies and Trends. Plunkett Research Ltd.
Wolper, L.F. (2011). Health care administration: Managing organized delivery systems. Sudbury, Mass: Jones and Bartlett Publishers.
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