BSBMKG502 Establish and Adjust Marketing Mix Editing
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Establish and Adjust Marketing Mix Editing (BSBMKG502)
Added on 2020-04-21
BSBMKG502 Establish and Adjust Marketing Mix Editing
Establish and Adjust Marketing Mix Editing (BSBMKG502)
Added on 2020-04-21
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Running head: Marketing mixMarketing assignmentMarketing mix
Marketing mix1Assessment 1Question 1. Conduct a situational analysis for a company from your research and identify its SWOT.Company chosen: Royal Children’s hospital, AustraliaThere are various internal and external factors that affect the performance of the hospital. In any healthcare industry, internal factors comprise of qualifications of doctors, infrastructure of the hospital, efficiency of their service and the number of patients the hospital can accommodate. On the other hand, the external factors throw light on factors which are not in control of the hospital. This refers to the existing competition in the industry, the political and economic status of the country and its impact on the hospital and the social or cultural habits ofpeople that affect their behavior (Huang, 2014).StrengthsWeaknesses1.Strong brand name.2.State of the art infrastructure3.Qualified doctors4.Impeccable work record and history5.334 beds1.Predominant focus only on children2.Only one branch of the hospital in entire Australia3.Lack of exposure through marketing efforts4.Expensive servicesOpportunitiesThreats1.Social media can be used as a tool for better promotions2.Funding campaigns to increase flow of money3.Facilities could be expanded in order to increase more services.1.Privately practicing pediatricians are increasing2.General physicians can be consulted for smallissues and they charge much lesser. Question 2: Segmentation, Targeting and Positioning of Royal children’s hospitalSegmentation: Market segments would be divided demographically and geographically Targeting: Children under the age of 15 are target customers who stay in and around Melbourne.Positioning: the hospital has positioned itself as a one stop shop for all children’s needs.
Marketing mix2Question 3: Pricing is one of the most important aspects of any business. Pricing the products or services correctly is very crucial (Armstrong, 2015). For my own practice, I would start with a market penetration pricing strategy where I would be keeping the prices low to attract customers. This market penetration strategy involves pricing the products really low initially to attract customers and then slowly increasing prices to make profits.Question 4 (A): Distribution channels:Distribution channels are the ways in which the product reaches from the manufacturer to the consumer (Hollensen, 2015). There are three distribution channels of the healthcare center which are as below:1.Promotions: The advertisements on television, social media and billboards on the roads will be the tools used for promotion and this promotion would be an efficient distribution channel to reach out to customers (Mintz, 2013).2.Sales team: The center would also hire a sales team who would be tying up with corporates to insure their employees with the hospital3.Pricing: The market penetration pricing strategy would also be used as a tool to reach out to more customers.Question 4 (B): The three distribution channels were chosen because each of them have their own pros. 1.Promotions: This would help build a brand image for the hospital and attract more customers. Today everyone is reading newspapers, travelling by roads and is an active social media user. Hence these promotion tools will help reach out to a larger audience (Buil, 2013).2.Sales Team: This distribution channel is used because all the patients who visit the hospital are not fixed. Whereas if tie ups can be done with corporates then it would be a fixed source of income.3.Pricing: This distribution channel would be effective because a quality service offered at a lower price will begin a chain reaction and the hospital would become famous by word of mouth (Khan, 2014).Question 5: Changing the “Product” component of the marketing mixRecently, after coming in contact with a group of oncologists, it has been decided that the center would also open a wing of oncology and expand their services to cancer patients. This change is product has been a part of the hospital’s expansion plan. It has impacted other components of marketing mix as given below (Hamzah, 2016):
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