The Good Samaritan Hospital (GSH) is facing fierce competition from a neighboring hospital. This has resulted in the hospital losing its market share and a reduction in its revenue. The reason GSH is losing its market share is because of disruption in customer relationships.
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The customer relationship is fundamental to every institution that offers services. Customer relationship is the trust and commitment the people have in the hospital. The poor customer relationship is a result of poor service delivery by the staff which has led to a decline in the number of patients attending the hospital.
The hospital should focus on the creation of the development plan for staff which will develop strategies to improve service delivery. Expansion is a key stage in a business life cycle. It is a period where a business gains a new market share and increases its revenue and profit. The period requires extensive research and planning to propel the business forward. It focuses on improving service delivery and adding new services or products to the existing market.
Market research is the process of gathering data about a market through observations, surveys, and other techniques. The objectives of carrying out market research on GSH would be to determine the health of their existing product in the market. Another objective is to assemble data to aid in the analysis and accurate decision-making. Collection of data from the Bremerton Washington market and professional analysis would help in the determination of the actual problem in the GSH services and products.
The Third objective of market research on GSH is to enable us to understand the entire market, customers’ needs, current prevailing market prices, and the prevailing market trends. This is useful in the creation of customer databases, their lifestyle, their preferences, and the need to develop a strategy to improve sales.
The survey will be as used as the survey design mode. It will determine the behavior and attitude of the people on the service offered at the hospital. The survey will be a cross-sectional design and will target the people Bremerton area. Questionnaires and interviews will be used to collect data from the target population.
I will utilize the primary sources of data. Primary sources are reliable and authentic. Experimentation requires natural as well as artificial settings in which a logical study is undertaken to collect accurate data. These sources are highly recommended for medical studies. I have to ensure the controlled negative influence of extraneous variables in the results that we are searching for.
The target problems are easily addressed. We will be able to obtain entire control over the process of research. I will be able to streamline the undertakings addressing the scope and objectives of the GSH. This source will allow greater focus on unambiguous issues while utilizing the resources of time, human resources, and cost-effectively and efficiently.
A regression model is used in market research. The revenue is the dependent valuables. The purpose of the market research is to help the hospital make a profit, and the revenue is the outcome valuable. The population size, the hospital capacity, the average age of the people, and their income will be used as the independent valuables. The independent valuables are selected because we have the details about them and they do not change. Dependent valuables are dependent on other factors such as population size.