To prepare for this assignment, read this week’s required article by Firshein (1996). For your Final Project, you will compile the work you have completed throughout the course to develop a 10 page marketing plan that supports the goals of a strategic plan for a real-world healthcare organization, incorporating instructor and peer feedback as appropriate. The Marketing Plan must contain the following sections:
Executive Summary
Provide a brief summary of the marketing plan.
Introduction
State the objectives of the strategic plan.
Explain how your marketing plan will achieve specific objectives and support the organization’s business plan and strategic plan.
Market Analysis
Describe the organization’s products and services
Explain how these products and services meet the needs of the organization’s determined customer base.
Include relevant aspects from the SWOT analysis you conducted in Week Two.State the competitive advantage your plan provides.
Environmental Analyses
Internal: Include an analysis of the role of leadership and employees, the communication processes, and the culture of the workplace.
External: Include an analysis of socioeconomic, legal, ethical, political, and technological factors that could affect the organization.
Describe how data, based on the quadrants presented in the Boston Consulting Group Matrix, would apply to your marketing plan.
Marketing Mix
Describe the marketing opportunities and marketing goals for your chosen HCO.
Explain the marketing strategies that are employed in your plan.
Apply market segmentation to your plan based on the target markets you have identified.
Explain how database marketing was used or why it was not included in your marketing plan.
Plan Evaluation
Discuss methods of performance evaluation and monitoring that will be used to evaluate the success of your chosen healthcare organization’s marketing plan.
Explain why reports for a particular timeframe (weekly, monthly, quarterly) would be important and how you would use feedback in these reports to control the future of your marketing.
Conclusion
Provide a conclusion that summarizes your marketing plan. Include persuasive statements that explain how your marketing plan supports the goals of your chosen healthcare organization’s strategic plan.
The Marketing Plan
Must be 10double-spaced pages in length (excluding the title page and references pages) and formatted according to APA style as outlined in the UAGC Writing Center.Must include a title page with the following:
Must utilize at least 10 scholarly sources (in addition to the course text) that were published within the past five years. At least three of these sources must be from the UAGC Library.Must document all sources in APA style as outlined in the UAGC Writing Center.Must include a separate references page that is formatted according to APA style as outlined in the UAGC Writing Center.
Marketing Plan
Executive Summary
The needs analysis revealed that Newark Beth Israel Medical Center has been operating in a changing operating environment in recent years, particularly because of medical policy reforms. The changes have created the need for changes in marketing objectives to address the current medical needs. The hospital management needs to formulate marketing objectives to achieve its wealth maximization goals and meet the changing needs of patients. The management should ensure that the new objectives focus on the needs to grow and expand. One of the things that cause society to demand change is the COVID-19 pandemic. The change will help to address the current and future needs caused by the pandemic. Besides, the organization should create new marketing strategies to achieve the objectives. The new strategies will align with the commitment to provide quality health care services to patients and their families.
The changes in the care process will create a healthier community for all patients regardless of their medical conditions. The marketing plan outlines the anticipated benefits that the organization and its clients will gain regardless of changes that threaten instability and success. The plan will analyze the objectives, the internal and external environments, and strategies to achieve the business and organizational goals to grow Newark Beth Israel Medical Center beyond the COVID-19 crisis. The plan also includes financial analysis for the implementation and expected outcomes. The organization will profit from the revenue generated from the new products and services. Payments for the services will include out-of-pocket and insurance payments (both private and public) for services.
Introduction
Newark Beth Israel Medical Center is one of the prime healthcare organizations focusing on providing quality healthcare to patients. The organization aims at providing specialized health services with innovative tools and resources that improve patient satisfaction. The primary objective is to provide the highest quality and comprehensive health services and qualified, skilled, and non-skilled health care services. The hospital is well-known for innovative treatment for various conditions, such as cancer, diabetics, and hypertension, using highly skilled and professional health care providers (“Newark Beth Israel Medical Center,” 2021). The organization’s marketing objective includes marketing the facility as the provider of the highest quality specialized care to improve the quality of life in the local communities. The organization aims at providing qualified, skilled, and non-skilled health care services. During the current difficult economic times due to challenges, such as the COVID-19 pandemic, the marketing team should market the organization as different from competitors to attract more and improve revenue and profits. To achieve the business goal, the management also focuses on non-specialized medical services (Ali & Anwar, 2021). Regardless of the changes, the organization will also maintain the quality of products and services (Purcarea, 2019). The management hopes to improve patient’s expectations and satisfaction.
The marketing team should achieve all the objectives within the stipulated time to improve the quality of products and services and maintain customer loyalty. The marketing team will create strategies to target and market to the target population through database marketing and achieve the stated objectives. The marketing team will use the customer research-driven to understand what customers want and what they are willing to pay for. The marketing team will retrieve information from databases to establish their lifestyles, occupations, ages, and preferred treatment criteria. With the information, it will be possible to target the right clients to achieve the marketing objectives. The organization could easily achieve its objectives by analyzing database marketing results because it has all data in the same place to achieve all objectives (Akob et al., 2021). With the information, the organization will know the right products and services to provide and approach them to achieve the objectives. With the real data, they will also understand potential changes in the new environment and address them in a way that meets customer expectations. Knowing the things that affect customers and how they want them addressed will achieve the organizational goals and improve customer expectations and satisfaction. The goals will also be achievable by having a well-defined organization’s business plan and strategic plan.
Market Analysis
Newark Beth Israel Medical Center, established in 1901, aimed at providing comprehensive health care to the local communities (“Newark,” 2019). The organization provides both inpatient and outpatient services in over 700-bed capacity facilities. The organization worked under quaternary care services, providing comprehensive health care to patients through specialized systems (“Newark,” 2019). According to customer ratings, the hospital is the best comprehensive health care provider in the region. It has the highest bed capacity and the number of professional care providers, including specialist professionals who provide care for diverse illnesses, including cancer, diabetics, and hypertension. The organization has more than 1000 physicians, 3000 causal employees, and 200 volunteers, all of who work together to ensure a high quality of care (“Newark,” 2019). Apart from the specialized health care services, the organization is committed to adding non-specialized medical services and, at the same time, maintain the high quality it has been known for (Ali & Anwar, 2021).
The products and services meet the needs of the organization’s determined customer base by ensuring that there is a service for every customer segment. For example, by expanding to non-specialized medical services, the organization will increase its customer reach because it will also serve clients who require general services. Besides, the organization will improve the quality of services and products by investing in innovative technology to improve treatment and therapies. As a result, it will meet the needs of patients who require advanced care for chronic and other complicated medical conditions, such as cancer. Newark Beth Israel Medical Center intends to be a go-to hospital for patients with all types of medical problems.
SWOT Analysis
The SWOT analysis includes the internal and external forces that will affect the organization’s operations (Stevens, & Silver, 2015).
| Strengths
1. Internal resources and capabilities as a source of competitive advantage in the healthcare marketplace. 2. Outstanding and comprehensive corporate culture 3. An incomparable management team, staff’s experience, innovativeness, and quality role performance 4. Organization-focused interventions |
Weaknesses
1. The frequency in the level of patients, especially from a perspective of the increased number annually. 2. Not quite able to address healthiness concerns among New Jersey community. 3. Not sufficiently positioned to achieve the high quality of services |
| Opportunities
1. The opportunity to build a state-of-the-art care and sophisticated therapy techniques based on technological advancements. 2. The opportunity to exploit and implement exciting schemes, such as the anticipated New Jersey’s Expansion Project. 3. Partnerships with other organizations, such as Rutgers Cancer Institute of New Jersey |
Threats
1. Tensions attributed to technical and social factors 2. Struggle among personnel due to COVID-19 pandemic. 3. Challenges in the desire to sustain its reputation. 4. ever-increasing technology transformation and ill-fated social happenings |
Regardless of the weaknesses and threats, Newark Beth Israel Medical Center will have an edge over competitors. One of the ways the hospital will achieve the strategic objective is blending the specialized and non-specialized care into the comprehensive service model. With such model, the organization will compete with hospitals that provide specialized care only and those that focus on non-specialized care only. Another source of competitive advantage for the organization is the investment in advanced treatment technologies for treatment. Many clients with chronic and terminal illnesses require advanced therapies. They require complex systems to meet their needs, which the hospital offers. Another important source of competitive advantage is the availability of competent and professional health care providers. The factors work together to make the hospital the most preferred in the region.
Environmental Analyses
The environmental analysis will provide the marketing team with an idea of the opportunities they should take advantage of to achieve the marketing objectives. The analysis includes the internal and external factors that inform the organization’s opportunities. The internal factors include the role of leadership and employees, the communication processes, and the culture of the workplace, while external factors include the socioeconomic, legal, ethical, political, and technological factors that could affect the organization.
| External Considerations | |
| Political/Legal/Economic Environment | Consumer/Market Analysis |
|
1. The organization operates in Newark, New Jersey and serve customers from Newark and the Northern Jersey region. As of 2017, the population of Newark was 285,154, creating a sufficient consumer population for the organization (Newark Beth Israel Medical Center: About, n.d.).
2. The population is aware of the organization and through marketing, it will effectively create awareness about any addition to its services and improvement of current services. Thus, the market is appropriate to achieve the marketing objectives. |
| Social/Cultural/Technological Environment | Competitive Analysis |
|
Newark Beth Israel Medical Center experiences competition from other hospitals in the region and the wider new Jersey, such Saint Michael’s Medical Center, University Hospital, and Clara Maass Medical Center. The hospital should ensure better quality services to remain on top of the competition.
|
| Internal Considerations | |
| Purpose | Resources |
| Newark Beth Israel Medical Center’s purpose is to ensure strategic management process and the development and delivery of health services to diverse individuals in a quality-focused environment. The purpose of the marketing plan is to expand the comprehensive care model by adding non-specialized treatment options to increase customer base and improve revenue and profits. | The organizational resources that the marketing plan will focus on include the technologies for advanced treatment of diseases, such as cancer, other medical resources, including different drugs, and the human resources (than 1000 physicians, 3000 causal employees, and 200 volunteers). |
| Objectives | Opportunity Ranking |
| The marketing objective for Newark Beth Israel Medical Center is to take advantage of current changes in the operating environment to improve the services provided to patients and their families. In the wake of economic challenges emanating from the COVid-19 pandemic, the organization seeks to improve services and products, including adding non-specialized services, to increase the diversity of revenue streams and remain profitable and competitive. The marketing team will focus on the changes to achieve organizational goals. | Newark Beth Israel Medical Center will take advantage of the three main opportunities in the healthcare market to remain competitive and profitable. The ranking of the opportunities is as below:
1. The opportunity to build a state-of-the-art care and sophisticated therapy techniques based on technological advancements. 2. The opportunity to exploit and implement exciting schemes, such as the anticipated New Jersey’s Expansion Project. 3. Partnerships with other organizations, such as Rutgers Cancer Institute of New Jersey |
Data in the Boston Consulting Group Matrix will play a key role in the marketing plan since it details the market and how the marketing team should approach it to achieve the stated objectives. The information helps in long-term strategic planning to allow the marketing team to consider opportunities for growth by analyzing the products and services and decide where to invest, quit, or develop new products (Morrison & Wensley, 1991). For Newark Beth Israel Medical Center, the main priority is to develop technology and innovative treatment approaches to create new products and services. The organization will then use the existing schemes in creating a different product portfolio, such as non-specialized care options. Generally, the matrix will help the management determine the most profitable opportunities to invest its finances for the greatest profitability and competitiveness.
Marketing Mix
The marketing opportunities for Newark Beth Israel Medical Center can be summarized using the marketing mix to establish the changes necessary to take advantage of the presenting opportunities, including innovation and new technologies, new schemes, and partnerships.
Product
Newark Beth Israel Medical Center already focuses on a specialized comprehensive care model. Still, it intends to add non-specialized services to the product mix and invest in new technologies, such as cancer treatment.
Place
Newark Beth Israel Medical Center will still operate in Newark, New Jersey, and serve Newark and the Northern Jersey region. However, through specialized and non-specialized options, the organization will appeal to clients from adjacent regions.
Price
The price will depend on the type of treatment, but the non-specialized services will be less expensive than specialized comprehensive services without compromising quality.
Promotion
The marketing team will use an integrated communication model for promotion purposes, including different channels, such as social media, conventional media, and print media (flyers and brochures). The marketing strategies will enable the marketing team to reach as many potential consumers as possible.
The marketing team will use consumer demographics in terms of market segmentation, such as age and medical conditions. For example, the hospital will serve adults and pediatrics in separate wards and outpatient units. Another segmentation criteria are the type of medical condition, including specialized and non-specialized care. The hospital will have facilities for different medical conditions, such as chronic and non-chronic.
Database marketing was used in the marketing plan to provide adequate patient information to inform segmentation and targeting. The method provided information about customer preferences and behaviors to help the marketing team understand what the customers want and deliver effectively (Kunle, et al., 2017). They could retrieve information from databases, such as clients’ lifestyles, occupations, age, and preferred treatment options. Thus, the information informed the marketing approaches and strategies to the target customers.
Plan Evaluation
Performance evaluation is critical in marketing plans to establish whether it has achieved the strategic objectives. For example, the marketing team will collect data from the hospital regarding the potential increase in the number of patients and revenue and profitability changes since the program implementation. The success of the healthcare organization’s marketing plan will be informed by positive changes in the two areas and patient satisfaction collected from customer reviews. Thus, the team will collect quantitative and qualitative data for evaluation and monitoring every month and quarterly to measure the progress in objective achievement. They will provide evaluation reports to the management after the timeframes for decision-making. For example, if the plan achieves its objectives by increasing customers and profitability, the management will continue to support it and make critical changes if the objectives are unachieved. The feedback will also inform future marketing plans for the organization depending on the outcome of the current project. The marketing team could make major or minor adjustments to the current marketing initiative to improve performance and competitiveness in the future.
Conclusion
The marketing plan includes marketing objectives for Newark Beth Israel Medical Center to accommodate changes in the operating environment, especially in the wake of challenges emanating from the COVID-19 pandemic. The plan includes the goals of improving current services and adding non-specialized care to increase the number of customers. The organization seeks to be the most competitive in Newark and the larger New Jersey by developing the services that patients and their families want and deserve. Thus, by understanding the market and the internal and external factors that affect the organization, the marketing team has developed a marketing plan to help the organization achieve its organizational goals. The management will focus on the opportunities, in the listed priority, to create the competitive edge for Newark Beth Israel Medical Center to overcome the challenges and remain the leader in the healthcare market in the region and the United States.
References
Akob, M., Yantahin, M., Ilyas, G. B., Hala, Y., & Putra, A. H. P. K. (2021). Element of marketing: SERVQUAL toward patient loyalty in the private hospital sector. The Journal of Asian Finance, Economics, and Business, 8(1), 419-430.
Ali, B. J., & Anwar, G. (2021). The Effect of Marketing Culture Aspects of Healthcare Care on Marketing Creativity. International Journal of English Literature and Social Sciences, 6(2), 171-182.https://doi.org/10.22161/ijels.62.25
Health Insurance Portability and Accountability Act. HIPPA for consumers. Retrieved June 17, 2021, from https://www.healthit.gov/topic/privacy-security/hipaa-consumers
Kunle, A. L. P., Akanbi, A. M., & Ismail, T. A. (2017). The influence of marketing intelligence on business competitive advantage (A study of diamond bank Plc). Journal of Competitiveness, 9(1).51-71
Morrison, A., & Wensley, R. (1991). Boxing up or boxed in?: A short history of the Boston Consulting Group share/growth matrix. Journal of Marketing Management, 7(2), 105-129.
Newark Beth Israel Medical Center. (2021). Welcome to Newark Beth Israel Medical Center: Over 100 years of health care services in Newark. https://www.rwjbh.org/newark-beth-israel-medical-center/
Newark Beth Israel Medical Center: About. (n.d.). Newark Beth Israel Medical Center. https://www.rwjbh.org/newark-beth-israel-medical-center/about/
Newark. (2019, May 6). Newark Beth Israel Medical Center recognized as a world’s best hospital by Newsweek Newark Beth Israel is 1 of only 5 New Jersey hospitals to earn this recognition. https://www.rwjbh.org/blog/2019/may/newark-beth-israel-medical-center-recognized-as-/
Purcarea, E. V. L. (2019). The impact of marketing strategies in healthcare systems. Journal of Medicine and Life, 12(2), 93-96.https://dx.doi.org/10.25122%2Fjml-2019-1003
Stevens, R., & Silver, L. S. (2015). Strategic planning and marketing in healthcare organizations. Retrieved from https://content.uagc.edu
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