(Marketing in Healthcare) Select a hospital that you are familiar with, or go onto the hospital’s...

(Marketing in Healthcare)

Select a hospital that you are familiar with, or go onto the hospital’s website, to determine their product portfolio.

a.Name the hospital and list its products/services.

b. Using the BCG matrix, classify each product (e.g., Dog). Provide your rationale for each.

c. Based upon this analysis, what would you say about the business strategy of the hospital?

Solutions

Expert Solution

a. The hospital being analyzed is the Mayo Clinic, Rochester, Minnesota.

The services provided by the hospital are divided into 4 major categories as shown below:-

Cancers
Cardiovascular Diseases and Surgery
Transplant
Neurology and Neurosurgery
Orthopaedics

b. The BCG matrix for the hospital can be drawn as shown below:-

The reason for the department Cancer and Cardiology being " STARS" is due to the fact that the Mayo Clinic has the reputation of being one of the 5 best hospitals in providing treatment related to these two departments. These categories, therefore, have both "high" market share and "high" market growth rate due to the increase in the incidence of diseases like cancer and cardiovascular diseases due to the changing lifestyles.

Orthopaedics is a cash cow because the hospital has good the reputation of being one of the 5 best hospitals in providing treatment related to orthopaedics however it is now a growing segment as compared to cardiovascular and cancer, so the company can use the revenue generated by this department to fund further development and research in its cardiovascular and cancer departments . Similarly, the transplant department is a "Dog" because the hospital is neither very reputed in this area nor there is much scope for the growth of organ transplant in the coming years.

c. As per the analysis, it is clear that the hospital is well poised for growth in the future as it has two important departments which would help to generate revenue in the future and are the fortes in which the hospital already excels.

keosha answered 1 year ago

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