Product, Price, Distribution and Promotion Essay

Product, Price, Distribution and Promotion - Essay Example The choice of market assumes significance considering the high economic growth of the nation as well as the demand for quality healthcare in the nation. Intensity Level India emerges as one of the most favorable destinations for setting up a healthcare unit for cardiac ailments because of the huge market size. A research reports currently values the Indian healthcare industry at about 34 billion US dollars. This value is expected to reach up to the tune of 40 million dollars by the end of 2012. In addition to this the burgeoning population of the nation also adds to the profitability of the Indian market. In addition the lack of facilities with the government hospitals acts as a lucrative opportunity for the private sector considering the fact that approximately 80 percent of the healthcare spending is being done by the private sector in the nation (PricewaterhouseCoopers, 2007, p.1-2). Marketing Mix Product The proposed cardiac super specialty center would have all the aspects that would provide world class treatment facilities. The hospital would have a narrow breadth with regards to the product offering and would only focus towards cardiac and heart ailments (Berkowitz, 2006, p.218, 219). Apart from separate wings like emergency, and outdoor, the hospital would also have dedicated Intensive Cardiac Care Units, High Dependency Units that would be equipped with latest machinery and equipments. In addition to equipments the hospital would also have quality paramedical staff including qualified nurses and attendants to regularly cater to the patients. Highly expert doctors would be kept as specialists for different ailments related to cardiac problems. In addition to this the hospital would also have tie ups with leading hospitals abroad and would have video conferencing facilities that would help the doctors to consult expert doctors from across the globe. The hospital would also have outdoor facilities for the patients. The hospital would have a 24 hour dedica ted emergency facility for catering to any emergency. Specialized trauma care centers would also be established to cater to patients suffering from severe trauma. Price The new healthcare unit would follow a premium pricing strategy that would be based on the level of specialized healthcare facilities being provided to the organization. A skim based pricing strategy would be adopted as the hospital would be targeting only premium segment patients who are more concerned about the quality of treatment and do not bother about the costs. This would help the hospital to earn better margins to maintain its sustainability and profitability. Maintaining a premium pricing strategy would help in generating greater financial viability and sustainability for the organization to grow and prosper in the future. The hospital would also have tie ups with leading insurance providers and would also provide cashless treatment to the patients based on the quantum of insurance coverage. High level of tr ansparency would be maintained in the billing section with prior consent from patients before initiating any treatment. As a part of corporate social responsibility the company would also provide free treatment to the needy patients. Three percent of the total bed strength would be reserved for charitable purposes. Place/Distribution The new hospital would be located in any of the top four metros of