1. a. Discuss threedifferent methods you used to determine that there is both a need as well as an existing global market for these products and/or services.
b. Explain onecompetitive advantage that the company will gain by offering these new products and/or services to a global market.
c. Discuss twoinherent risks associated with launching the new products and/or services to a global market and how to minimize these risks.
2. Discuss the customer relationship management (CRM) software system you prescribe to track product and/or service inquiries and sales.
a. Explain how the information generated by the CRM software will be used to continue to drive CRM practices and track sales in a global market.
3. Discuss at leastone distribution channel for the two new products and/or services.
a. Analyze key considerations for entering a global market (e.g., regional trade alliances, agreements, environmental forces).
b. Analyze how the global supply chain may affect the product or service.
4. Discuss a major pricing strategy (i.e., cost plus pricing, competition-based pricing, break-even-based pricing, penetration-based pricing, premium pricing) aligned to your products and/or services’ position within the overall market strategy of the global marketplace.
a. Identify costs associated with developing and launching the new products and/or services.
b. Evaluate consumer acceptance of the price set for the new products and/or services.
c. Evaluate competitor prices for similar products and/or services.
5. Discuss the promotional strategy you will use to promote your products and/or services in a global market.
a. Identify twomass media and two social media channels you would use to promote your new products and/or services in a global market.
i. Justify why you chose these channels based on market segmentation (e.g., demographics, psychographics, behavioral characteristics)
This article will talk about cosmetic surgery and cosmetic medical tourism. Cosmetic tourism and non-surgical treatment are the talks of the generation. Everyone believes these services can make them more attractive. The movie actors and TV personalities are using these services. People have been influenced by their activities. These new treatments and posture correction are becoming popular. Plastic surgery experts are experimenting new ideas to fulfill the dreams of ordinary people around the globe (Turner, 2012).
Med Tourism Corporation is a growing cosmetic tourism company. It has opened several clinics and service contracts with best hospitals around the world. They are targeting a global audience by giving best service and facilities. Tourism firms have introduced many packages, which are proving invaluable. The pricing strategies they are using also managed to influence clients further. Pricing strategies like psychological pricing, discount pricing, offer pricing and special pricing have proved accessible to the clients. Over the last few years, much improvement in the patient count has been drawn (Uchida, 2015).
Medical cosmetic tourism is a fast-growing industry all over the globe. In the US, there are several healthcare companies doing business. Some of them have extensive healthcare facilities and have branches all over the world. In this article, the discussion will be done on Medical Tourism Corporation of US. Med Tourism Corporation has their branches in as many as ten countries. It has collaborated with some of the finest plastic surgery experts from these countries. Doctors from medically advanced nations like Taiwan, Korea, India, Thailand, Canada, Mexico, Spain, and Belgium are working with Med Tourism. Med tourism has used some methods to evaluate their business in this industry (Turner, 2012).
This method is CLV or Customer Lifetime Value Analysis. Med Tourism has been analyzing their customers CLV for treating them better. Second, Tourism firms are using non-surgical treatment procedures to attract clients from different regions. Many of the patients were reluctant to go under the knife, so this company has identified their fear correctly. They are giving healthcare suggestions and own guidelines to explain all the queries of clients. Customers who have used med tourism’s non-surgical treatments are returning to use other cosmetic treatment also. The Satisfaction levels of clients are good enough to suggest why Med Tourism is one of the leaders in US market. Third, Med Tourism has configured the value chain of multiple cultures. Customers had their reservation to travel outside their countries. Med Tourism, therefore, has opened their medical centers in every continent. In Asia, the rise of cosmetic treatment has been remarkable. That is why Med Tourism Corporation has made their branches in India, Thailand, Korea, Taiwan, and other Asian countries to capture the market. They have appointed the best doctors from these regions in the hospitals and clinics (Uchida, 2015).
A method for growing medical tourism business would be four P’s of marketing. It is also known as marketing mix model. Product, Place, Price and Promotion are the four parameters. Product has to be matched with the requirements of clients in international market. A medical tourism company needs to make their service so good that clients cannot complain about it. Price should be more friendly and compatible to the global clients. Place is another parameter which sets the benchmark for any company. Med tourism has managed to float its wing in Latin American countries, Asian and north American countries. Promotion is the most important tool for the creative team of a company. Med Tourism has set the promotion in such a way that customers can immediately attract to their service facilities.
Another one method would be SMART technique. In it Specific, Measurable, Attainable, Relevant and Timely are the parameters. Med Tourism has managed to attain their specific goal of reaching its relevant limit of measurable clients throughout the world. Thewo decades, they have outsmarted other similar business companies to take a pole position.
There are many competitive advantages in this industry. One such is the innovation of new techniques and services in medical cosmetic surgeries. The US is a global leader in the medical field. They have several multi-facility hospitals. Med Tourism has developed new services that are not available in other countries. Treatments like chemical peeling, blepharoplasty, otoplasty, labiaplasty, spider veins and thread lift are some innovations they are offering. The businesses of medical cosmetic tourism have embraced medical cosmetology and medical tourism, which are the world’s fastest growing industries. The channels of customer awareness are increasingly diversified and matured (Asi, 2013).
There are some inherent risks associated with launching new products to a market. The two possible inherent risks are associated with customer safety and service quality control. Customer security is a risk factor related to clients traveling outside their country for treatment. People from developed countries are willing to go anywhere to get the best facility. They can afford the best care as they have higher income and an oversea trip comes as an opportunity. However, the clients from third world countries and underdeveloped countries cannot risk it. They fear for safety in the treatment they have applied for. Another risk is service quality control, so the need of the hour is to collaborate with government and to get their support in cosmetic medical care. Collaboration with tourism firms should be a goal too, so that clients would not facing difficulty regarding travel guide. In order to minimize these risks, Med Tourism has taken corrective measures to protect the risk areas. They have collaborations with government, tourism companies, and they have opened their hospital branches and clinics in several countries to help customers minimize their travel time.
Medical service companies should use the customer relationship management (CRM) software system to track down the requirement, inquiry and sales. It is advised that Med Tourism should use Microsoft Dynamics GP and Microsoft Dynamics CRM software to track down the element. The medical industry and hospital industry are using IT as a tool with an immense effect. Top pharmaceutical companies are already using CRM software for enjoying an edge over others. This software has helped to attract more and more customers. As it isknown, clients get attracted to eye catchy technologies, which are why the technological upgrading proved vital.It is highly effective to track down customer base, sales, market share and requirements of clients (Asi, 2014).
The information generated by these software systems will continue to drive practices and track sales in the global market. Many cosmetic medical organizations have been remarkably successful in attracting more patients from all quarters. It is partly due to innovative medical expertise and equipment. They are getting a technological advantage over others in customer relationship management and appointment follow up. They are maintaining the lead in premium healthcare range without applying in pricing strategy. Software dependence would increase the service quality. In an industry where human capital is an invaluable resource, a well-oiled IT infrastructure can give a tremendous impact on cost controlling and patient care. It would also increase employee productivity and overall competitiveness.The distribution channels are well constructed these days. Companies have successfully orchestrated the link between tourism service and medical practices. Over the few years, the growth in this sector has been phenomenal. This suggests the effectiveness of the method.iGlobalcare is an integrated platform which supports medical tourism and medical referrals. They have their enterprise facility method for interacting with health tourists and patients. Med tourism has managed to take their service to a level that they are doing collaboration works with IGlobalCare. The web based CRM module allows business entering customized content, such as any number of health tourists, doctors’ information, and hospitals and Health care facilitators. It also supports the network between the hospitals with the tourist.
Medical tourism has been growing under the guidance of travel community. Med tourism has their distribution channel adamant. It has been very successful in managing channel distribution to attract more and more customers. These tour companies are simply a conduit between patient and service. They see it as other packaged tours. This is becoming very helpful to both the healthcare industry and tourism industry. Med Tourism need to invest in its distribution channel every time to maintain its position. They need to connect with the thought process of overseas providers in a safe and profitable manner. Every other company in the market is now investing in their distribution and logistics channels to cut off the intermediaries. They are making collective awareness marketing programs and advertisements. They are planning to do everything themselves. Center for Disease Control and Prevention (CDC) has reported that up to 750,000 residents of US travel abroad each year for health issues. At least 2,000 people Google searches about medical tourism through the internet. Therefore, Business to Consumer Channels (B2C) is crucial for a start-up business growth. Google is the number one ranked site to connect to customers’ network worldwide. Business to Business, Channels (B2B) will come along once the business foundation has built.
The key considerations for entering the global market are environmental forces, trade alliance, etc. Med Tourism has successfully derived all the necessities to get into the world market. Their mission is to treat patients globally and to make happy global tourists. They have managed to break the trade alliances by engaging them in the business. Med Tourism has got their success by making super-facility hospitals and clinic around the world. The environmental barriers of political and legal factors have been carefully monitored. They were helped by US government backing, thus enabled them to get a direct entry to everywhere. They also identified the need for patients by proper identification techniques.
Global supply chain might affect Med Tourism in future. If other US healthcare companies start to give better and reasonable service, then it might affect the business of Med Tourism. Touring issues, delay in the journey or lack in quality of duty might come as credible threats. Supply chain management and logistic should be fully supervised. Proper identification and self-actualization can help to fight these threats. The quality of product and service should never be compromised. Decline in service quality or unnecessary price hike on duty should be avoided. Supply of high quality product in branches of other countries should be monitored.The emergence of global supply chain has helped to counter many growing challenges. Every medical tourism company has managed to develop well-oiled supply chain team. They are fighting it out with each other to be the market leader in US.
Med Tourism is giving their clients reasonably priced packages. It is cost saving for them too, as they have collaboration with top doctors and professionals and travel partners. Attractive packages with a medical trip, which they are affording, are quite likable for patients. They are giving hotel accommodation, pre and post checkup, airport pickup, English speaking help managers, hospital stay and surgeon’s fees in one assembled package. Med Tourism has introducedseveral tour packages; they have done it in a way so that anyone can use their service. They have arranged the packages in a reasonable rate as a ploy to be the business leader in their territory. Med tourism has different price packages that would help even the patients from poorer countries. New technologies and techniques for more improved treatment procedure have helped the customers more than anything (Holliday & Bell, 2015).
Consumers around the world have been attracted to Med Tourism. Med Tourism has created a uniform rate so that clients from the different part of the globe can avail the service. Patients from Asian countries have outnumbered others in availing cosmetic services. They are attracted by the service quality they are getting at a nominal rate. Weight loss surgery, hip replacement, knee replacement, facelift, spinal disc replacement, dental implant and bypass surgery are some of the services they are giving at a cheaper rate than others are. These packages range from 3,500 dollars to 12,000 dollars. Med Tourism hasdeveloped several cost effective methods to margin out their competitors. Their main contribution is that they have arranged similar price packages for global patients (Iorio, 2014).
On the other hand, other firms of similar interest have set their price at higher rates. Competitor pricing strategies of other companies have helped Med Tourism in attracting more clients. Other companies have their price ranging from 4,500 dollars to 12,500 dollars. This is quite high from Med Tourism. Not only this, the assembled package does not include so many facilities like a personal manager, airport pick up, etc. The clients are getting better guidance from doctors as the best cosmetic surgeons are contracted with Med Tourism. Med Tourism also has numerous service facilities, which are unique yet accessible. Uniform rate would help them more to attract customers. In recent years, the client rate has been grown tremendously. Consumes have also accepted the price ranges of their service packages. These attractive packages are more useful for the clients treating for major skin diseases (Snyder et al., 2013).
Pricing strategies like money saving, added benefits, psychological pricing and discount pricing are the principal strategies used by Med Tourism. Currently, they are giving 75% discount on the gastric sleeve 70% discount on spinal disc correction, for face-lift they are giving 70-80% off. Other medical services are also very affordable as if they are giving 90% off on bypass surgery. In branches of other countries, too they are offering a similar discount. Psychological pricing like $ 699 on dental care can hit the psychology of patients. Added accommodation of relevant guideline, direct consultation with the doctor, loan options, passport-visa assistance, and global network are giving new reputation to the brand. Med Tourism has screened best hospitals in Belgium, Spain, Costa Rica, Thailand, Korea, and India. Med Tourism has proven record of accomplishment, doctor’s credentials, international accreditation and joint commission international, which others are lacking. The customers have also impressed by the business plans. Many clients around the world from different areas have used the services to good effect. The statistical Data from the American Society for Aesthetic Plastic Surgery shows the average for surgeon’s fees for facelift was $6,629 nationally. The facelift cost is $4,124 in Belgium, $5,691 in Spain, $3,232 in Thailand, and $4,780 in Mexico. The cost savings for medical tourists seeking healthcare abroad can be significant. For example,a knee replacement would cost $30,000 in the United States, hospitals in India would only charge $12,000 and hospitals in Singapore charge $18,000. Cardiac surgery that costs only $4,000 in Apollo Hospital in New Delhi, India would cost $30,000 in the United States; a partial hip replacement that costs $8,000 to $12,000 in hospitals in Argentina, Singapore or Thailand, the United States charge double the price(Sinicropi, 2014).
A) Mass and Social Media Channels
Media plays a vital role in branding and product promotion. Media types like mass media and social media have the largest role in Promotion. Social medium nowadays is most influential to the young generation. Med Tourism can use Face book and Twitter for engaging clients in getting regular updates, details, discount and latest offers. They can check the new facilities which are coming and who are the doctors assigned at that particular time. The media choosing is a vital aspect. The media has played a defining role in the development of any successful business plans. This particular company has used psychological pricing strategy perfectly. Med Tourism has used social platforms and digital media for brand endorsement. Advertisement in social media, creating a Face book page and online service website as well as e-commerce portals can get huge success. Mass media caters to anywhere in the world TV, magazine, radio, journals can be effective to attract more and more audience. New paper ads can be dynamic if right promotional tactics are used. People from the subcontinent, South Asia are the ones who are exposed to social media. They can be attracted easily by social ads. Printing ads, Television commercials, health-related programs could reach to the mind of the patients (Altinay, 2015).
Market segmentation should be done appropriately to target the audience. Demographic, geographic, psychographic and behavioral segments are the segments that need to be checked. Demographic parameters to be used to identify the per capita income, some heads, people per square km, etc. Behavioral segments to be done to analyze customer behavior in a region how they behave in a particular situation. Ethnicity, culture, and religion also play a role in human behavior. Med Tourism should print or make ads and made promotions according to the choice and preference of the mass. The wordings and catch lines can influence the choice, so particular experiment and homework need to be done to utilize psychological factor. Geographic segmentation should be done to attract the people to that particular state. Like the US, people may not be drawn to the ads, which features celebrity from another country or doctors from other nations (Iorio, 2014).
Promotional events influence more to the clients. Game shows, reality events, sweepstakes, contests, coupons, offer code, goody bags can immediately affect individual preference. Med Tourism can apply coupon codes and game shows based on medical related topics and win a chance to consult with favorite doctors can be useful. Med Tourism is a healthcare company so these kinds of ads can be most influential. These tools will be unique and beneficial to increase the sales volume. A company like Med Tourism that enjoys greater acknowledgment from clients globally can add more dimension to its glowing profile by using these tools (Lunt, 2014).
It can be concluded that cosmetic medical tourism will be a major sector in future. The increase of health-related issues in people and ever-growing pollution level is alarming. Med Tourism is going to the right direction to penetrate the clients taste. Their various projects and programs are a key factor influencing their rise. They are targeting the mass from different continents. Med Tourism has been successful in their plans. They are giving multiple facilities in one package. Price saving is their mission, which is foremost for targeting the mass. Reasonable pricing strategy and access to best doctors are helping them to surface to the top chart in the US.
However, some areas need proper identification. CRM software would be beneficial for reforming the profitability and identification of the customer. It will reduce the operation cost also. Many companies are using different CRM software, which caused their rise. A money making a brand like Med Tourism can add their market share if they manage to develop their IT support system. Mass media and social media are the two tools that if use to good effect can cater to larger audience. Segmentation of clients can target more and more customers.
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