Product promotion is crucial for each organization, and NYU Langone Health is no exception. NYU Langone Health is a medical center in New York City’s five boroughs, Long Island, New Jersey, Westchester County, and Florida. The organization’s mission is to allocate high-quality, attentive, culturally competent, and comprehensive healthcare services in a teaching and research environment (HYU Langone Health, n.d). The company’s vision includes taking considerable gratification in securing that their patients and their families are guaranteed a compassionate and nurturing environment. The scope of services includes a broad diversity of specialties, including inpatient and outpatient care, women’s health, pediatrics, endocrinology, cardiac and vascular care, and many others (HYU Langone Health, n.d). Therefore, the introduction aims to observe the organization and product promoted in the strategic marketing proposal.
Marketing Goals
The first marketing goal is to boost the organization’s brand engagement. NYU Langone Health aims to accomplish this by identifying its client’s needs, consistently sharing meaningful content, and personalizing communications. The second marketing goal is to significantly increase brand awareness. The company intends to have its products associated with quality and cultural competence, as outlined in its mission and vision statements. Brand awareness is essential for the acquisition of new clientele and the communication of the services an organization offers. NYU Langone Health’s determination to address substance abuse tells the story of its commitment to serving communities. It also highlights the organization’s determination to engage stakeholders and address pressing social challenges.
The final marketing goal is the establishment of industry authority. The health sector is highly competitive, given the high number of players that are determined to fortify their positions as market leaders. The company’s desire to remain relevant in an ever-changing market informs its marketing strategy. The proposed products are all intended to ensure that industry players and clientele view the institution as a dependable and reliable company that guarantees the delivery of quality service.
Target Markets
NYU Langone Health’s marketing strategy revolves around the prevention of drug abuse and misuse. The opioid epidemic is particularly rampant in urban areas, and one of the key demographics affected is the youth. Therefore, the facility company targets individuals between the ages of 18 and 25, given their higher propensity to abuse illicit substances. The creation of a rehabilitation product is ideal given the fact that it addresses the need for intervention among individuals suffering the effects of debilitating drug addiction. The fact that the youth are often plagued by feelings of inadequacy and social anxiety increases their propensity for using mind-altering agents (Centers for Disease Control and Prevention, 2020). NYU Langone Health understands the severity of the problem and is determined to provide a solution that will help affected individuals lead meaningful lives.
Industry Context
The high frequency of drug use among the youth is a well-documented fact. According to the Centers for Disease Control and Prevention (2020), 15% of high school students report having used drugs such as ecstasy, inhalants, cocaine, or heroin. In addition, 14% have misused prescription opioids, and a high number are at risk of contracting a disease such as HIV due to the use of contaminated injections (Centers for Disease Control and Prevention, 2020). It is worth noting that a family history of substance abuse, parental substance use, and low academic achievement are some of the factors that predispose youth to drug use. NYU Langone Health understands the aforementioned demographic factors and is determined to address the identified population’s needs in its marketing strategy.
There are a variety of factors that determine success in the healthcare industry. First, the regulatory influences from the government and regulatory bodies impact access to funding, insurance, and the implementation of programs. The healthcare sector employs 11% of the U.S workforce and accounts for 24% of government spending (Nunn et al., 2020). The health and medical insurance market size in 2022 was 1.1 trillion dollars (IBISWorld, 2022). The payer mix in healthcare refers to the sources of funding for institutions. Many institutions are paid by government health programs as well as private insurers. Key success factors in the industry include management expertise, access to qualified staff, and the ability to control costs.
SWOT Analysis
SWOT analysis corresponds to the analysis of the strengths, weaknesses, opportunities, and threats of an organization. SWOT analysis assesses internal and external factors, as well as current and future potential. In this paper, NYU Langone Health, a medical center, will be analyzed based on the SWOT framework. Based on the examination, the experience on the market, ineffective marketing, market coverage, and niche customer base are the factors that impact the organization.
Strengths
The strengths of the organization describe what it excels at. Moreover, it highlights what separates it from the competition (Kenton, 2022). The organization’s mission is to allocate high-quality, attentive, culturally competent, and comprehensive healthcare services in a teaching and research environment. Therefore, experience and competence are one of the main strengths of NYU Langone Health.
Weaknesses
Currently, the mentioned service is communicated to potential customers poorly. Namely, the website provides all the information regarding care in English. However, the service is meant for international patients who might prefer or be fluent only in their native languages. Thus, marketing and innovation in IT could be possible weaknesses of the hospital. Moreover, these weaknesses can impact the inflow of patients in the future.
Opportunities
NYU Langone Health covers five boroughs in the USA, which gives it the opportunity to access a larger market. As well as that, their marketing initiative on rehabilitation revolves around individuals between 18 and 25 years (NYU Langone Health, n.d). The demographic is more likely to abuse the drug than any other age group, which is an extensive sample of the market.
Threats
The hospital focuses on very specific demographics, which increases the competition levels. As well as that, by mainly promoting rehabilitation services, NYU Langone Health can give the public a wrong impression, and they might not know the full scope of the services provided.
Competitor Assessment
NYU Langone Health has two main competitors in the healthcare industry. The first is the Cleveland Clinic which has a higher number of employees, a strong online presence, and notable workplace diversity (Cleveland Clinic, 2022). Its weaknesses include deplorable waste management practices, limited marketing initiatives, and reduced expenditure on research and development. The second competitor is Prime Healthcare, which generates higher revenue than NYU Langone Health. In addition, Prime Healthcare has a higher number of employees and operates in 14 states across America (Prime Healthcare, 2022). Its weaknesses include challenges in customer service, limited organizational commitment, and a challenging organizational culture.
Market Position
In conclusion, NYU Langone Health is a strong contender in the health sector. It occupies a commanding position in light of its intellectual property rights, robust infrastructure, and access to highly skilled international professionals. Its location in a highly robust domestic market allows it to maintain a competitive edge, as does its ability to reduce the cost of market entry. NYU Langone Health is poised to gain a significant share of the market, provided it addresses its diversity challenges and improves its environmental protection initiatives.
References
Centers for Disease Control and Prevention. (2020). High-risk substance use in youth. Adolescent and school health. Web.
Cleveland Clinic. (2022). Every life deserves world-class care. Web.
IBISWorld. (2022). Health & medical insurance in the U.S.: Market size. Web.
Kenton, W. (2022). SWOT analysis: How to with table and example. Investopedia. Web.
Nunn, R., Parsons, J., & Shambaugh, J. (2020). A dozen facts about the economics of the US health-care system. Brookings. Web.
Prime Healthcare. (2022). Saving hospitals, saving jobs, saving lives: Top 15 U.S health systems. Web.
HYU Langone Health (n.d) Our story. Web.