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Essay / Research Paper Abstract
This 3 page paper considers the sources of market research that the Mayo Clinic may have to use in order to assess the market their products and potential areas of growth. The paper outlines potential sources of secondary research and areas where primary research would be valuable. The paper is based on a case study provided by the student. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEmayocl.rtf
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Unformatted sample text from the term paper:
strategy will require careful attention to marketing to increase the demand for the services of the Mayo Clinic, or shifted way the demand is created services which provide more revenue.
When undertaking marketing the first stage is to undertake market research in order to assess the potential market including existing demand, fashions and trends as well as potential demand, with
this knowledge the company can plan the best way of achieving a match between the corporate goals and the available market. Ansoff (1957) has identified four ways in which
a company can increase its sales; it may seek to sell more of the same products to the same customers, it may try to sell the same products to new
customers (new markets), it may try to sell new products to existing customers (existing markets), or it might try to sell new products to new customers. The latter of these
is known as the suicide strategy as it is highly risky. The Mayo Clinic has a very specialised product in terms of the medical services it offers. There is the
potential for some diversification and services with the specialist being expanded, but it would appear that the most appropriate strategy would be to sell to the existing customers and to
sell its existing products and services to new customers. With this strategy in mind market research can be undertaken to determine the best way to realise the goal. The Mayo
Clinic need to determine where there is both a demand for their services and sufficient utility to pay for them. This means looking to new markets. New markets does not
necessarily mean new countries. The case study shows us that the clinic already attracts customers from more than hundred and 160 countries. The initial research can be undertaken using a
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