Marketing is a type of communication between business and customers with the objective of selling your goods and service to them. Communicating the worth of your product and service is a vital factor in marketing in any form of business. Marketing can also denote the adaptation of the commercial practices and application of institutions by the firm with a goal to stimulate behavioral alteration on a short-term or long-term basis. Thus, marketing is a very powerful tool for business to succeed. Marketing also involves action plan.
Action planning refers to a process that aids in the business or organization to focus on ideas and decide the appropriate steps or procedures one need to follow to achieve the set goals the business may have. The goals and objectives that are established by the firm in marketing strategies target the customer. A client or, in other words, a customer or even a purchaser is the recipient of the services or goods. The client is also referred as the recipient of ideas as well as the products. These ideas may be obtained from a vendor, supplier or seller through a financial transaction or exchange that involves money or any other valuable consideration. The firm must have outstanding product or service.
In marketing environment, a product is whatever thing that can be presented to a market that may please a need or want. For the product to be effective, it must meet the needs of the customers. As a result, the organization must place an affordable price on the product. The price refers to the amount of compensation or payment given by the single party to another one in return for services and goods. For the property and services to reach the customer, they must be promoted to create awareness.
Promotion involves the act of raising consumer awareness of a brand or product, making sales, and forming brand reliability. It is solitary of the four fundamental components of the marketing mix that encompasses the four P's: promotion, place, price, and product, and to some extent the seven Ps.
The Priory Mental Hospital Marketing Audit
A marketing audit can be termed as an essential part of the marketing development process. It is carried out not solitary at the starting of the process, but as well at a sequence of points throughout the realization of the plan. The marketing review or audit deals with both internal and external factors on marketing planning, in addition to the evaluation of the strategy itself.
Priory Mental Hospital has been applying a marketing audit that is an all-inclusive, self-governing, systematic, and periodic assessment of a firm's or a commerce unit's marketing. The hospital has a market auditing plan that is meant to assess marketing resources and actions in the perspective of market setting and exploit the resulting investigation to assist the firm in planning. An audit should handle both a scrutiny of the external condition facing the firm and a comprehensive analysis of internal marketing objectives, strategies, systems, processes, and, capabilities and should result in actionable suggestions for this firm.
The Macro Environment & PEST Analysis
For the Priory hospital success to thrill, it must be predisposed by factors that involve external environment. This firm can, therefore, increase it is triumph by acquiring strategies which influence these aspects to its advantage. A successful company will not only comprehend existing issues however also anticipate modification so that it can benefit from the transformation in the settings in which it carries out its daily activities.
A PEST analysis is applied to recognize the external forces touching an organizations Macro Environment (Hiriyapaa, 2008). This is an easy analysis of an organizations social, political, technological and economic environment. A PEST analysis involving legal and environmental aspects is known as a PESTLE analysis.
The first constituent of a PEST analysis that is used by the Priory Hospital is an investigation of political aspects. Political factors manipulate the hospital in various ways. Political aspects can build advantages and chances for the firm. On the other hand, they can place obligations and responsibilities to the hospital. Political factors that may affect the mental hospital operations may encompass market regulations, voluntary practices and orders, tax breaks and tax levies, trade tariffs, agreements or restrictions, legislation on minimum wages and discrimination law as well as the governments regimes i.e. democratic.
If the hospital fails to conform to these legislative obligations, it can result in sanctions such as imprisonment, fines and adverse publicity. Inefficient voluntary practices and codes will frequently lead to governments bring in legislation to control the actions covered by the practice and systems.
The second component of a PEST analysis engages an evaluation of economic factors. Every business is impacted by national and global economic aspects. National and international interest rates, as well as monetary policy, are set to economic states. The economy climate dictates how suppliers, consumers and other firms stakeholders such as creditors and suppliers act in society. An economy experiencing recession will have elevated unemployment rate, little expenditure power as well as stumpy stakeholder assurance. On the contrary, a thriving or rising economy will have reduced unemployment, high expenditure power and raised stakeholder self-confidence.
For the Priory hospital to remain successful, it will react to and stakeholder behavior and economic conditions. also this firm will require evaluating the effects industrial states are having on their contestants and act for that reason. In the present business world, businesses are impacted by economies all through the globe and not only the nations in which they are grounded or operate from. Thus, the Priory hospital needs to be conversant with the economic states globally to guarantee that it engages strategies that guard and endorse its business throughout economic conditions all over the world.
The third factor of PEST concentrates its consideration on forces in society such as colleagues family, neighbors, friends as well as the media. Social forces influence our opinions, attitudes, and interests. These forces structure which we are as humans, the manner we conduct ourselves and eventually what we buy.
Population alterations as well have a direct effect on organizations. Changes in the structure of a population will influence the demand and supply of goods and services in an economy. Declining birth rates will lead to reduced demand and superior competition as the number of customers falls.
Therefore, Priory hospital must be capable of providing products and services that seek to benefit and complement individuals behavior and lifestyle. If the firm does not take action to changes in people, they will drop market share as well as the demand for their goods and services.
Obviously, the fourth component of PEST is technology; technological advances have changed the way in which organization function. The Priory hospital, in this case, utilize technology in several manners, such as the use of the internet to share information, use of various software in business management and technology hardware that involves mobile phones, fax machines, computers and photocopiers to record and transmit information.
Technology has shaped a society which evaluates instant outcomes. This technological uprising has amplified the tempo at which information is shared among stakeholders. A quicker sharing of information can promote businesses as they are capable of responding quickly to alterations in their working environment.
The task environment of any given firm usually affects the abilities of the enterprise to reach business objectives. Any dealing or customer with the direct connection with an institution may be a portion of the task environment. The task environment that may affect the Priory hospital operations may involve customers, labor supply, competitors and suppliers.
Nature of Customers
As a market orientated organization, Priory Mental Hospital deals with clients who are mentally ill, counting Obsessive Compulsive, addiction rehabilitation, and correlated disorders.
Since this hospital was established, it has created an outstanding reputation for offering the utmost standards of care to its customers. For individuals anguishing from mild to moderate psychological health problems, such as anxiety and stress, the hospital provides a range of outpatient rooted therapy services such as personal and collection based cognitive behavioral remedy. For those individuals needing inpatient concern for more severe mental health sickness such as depression, addiction or mental illness or, there are built-up facilities for 52 that can accommodate 52 sick persons. Priory has a vastly skilled team of mental health experts and support workers, which comprise nurses, consultant psychiatrists, therapists and psychologists.
The clients are provided with the best services from Priory hospital and those with the mental challenges visit the institution to get a remedy to their problems. The hospital has come up with various strategies involving positioning, segmentation and targeting to reach all it customers worldwide.
The Priory hospital faces stiff competition from other institutions that offer similar services in the market. The biggest challenge they face is most the establishments of substandard firms to provide mental care services. This upcoming centers that deal with mental illness services sometimes provided services at lowered fee, and this results to compromising the Priory to reduce the charges for its services provision. Putting mind the quality of the Priory hospital, the firm has been very active in the country and has competed favorably with its rivals and, at last, making a good profit that sustains the hospital affairs as well as its staff.
Some of the marketing strategies that this firm has decided to apply to attract more customers and widen the market for its services to a level that far much above that of its competitors. The set strategies that help the firm achieve its goals and avoid much of competition by reaching many customers include the marketing mix, and other marketing plans The marketing mix strategies that the firm utilizes the 4Ps; price product, place and promotion. The company also employs the 7Ps.
Nature of Competition
No business can operate on an island. It has to carry out its activities in an environment where there is competition from other firms. The same case applies to the Priory hospital. It faces stiff competition from other similar service providers organizations in the market. Some of these organization provide substitute services when it comes to treating and manage mental illness. They lower the prices of their products and services to attract a lot of customers to their roofs. Since most customers are highly confused when it comes to choosing the best service provider, based on price and quality of the product, and services offered, those who are new in the market as well those who do not carry out enough pre-research on the firms history may end up being carried away thus making the Priory hospital lose some customers who would have boosted sales.
The Priory Hospital faces a lot of competition from its contenders. The competitors are always busy working out hard to promote their services in a manner that would outdo the Priory hospital in the market. These competitors try even to copy what this firm is doing and apply some of the techniques that would make the customers get confused on when choosing the services that they need and who to...
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