New York Presbyterian Hospital (Term Paper Sample)

New York Presbyterian Hospital Student’s Name Institutional Affiliation Abstract Marketing mix refers to the idea where the business evaluates the marketing tools used to sell its products in the market. Marketing is an essential element in a business as it ensures that the organization disposes its product in the market earning revenue. Marketing mix is synonymous with the four P’s. This four P’s are price, promotion, place and product as the main features that the organization needs to focus on to ensure it makes sales in the competitive market. 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. The 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. The 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 the 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 gets 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 another 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 newsletters to inform patients and workers of the changes in the organization. The newsletters 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 health care 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 advertise on 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 health care. 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 in case of an emergency. Organizations working together are able to share staff and equipment when the 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. The 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 numbe...