Marketing management assignment on: Report writing on Singapore Asian market

Answer 1.

As, the report and the article says that Singapore and even whole Asian market is one of the most booming and growing place for the medical tourism aspect and Singapore is one of the most growing market for medical tourism due to its various other perspective like the presence of world class infrastructure, hospitals, doctors and various other aspects which play an important role to attract and bind the patients/customers.

Singapore is already famous and well known for the honeymoon tourist place, so it is like an additional benefit for Singapore to position itself among the tourists who all come to Singapore to visit.

Other Asian countries are not so much developed or well known tourist spot, so this is an additional feature or advantage for Singapore to expand the medical tourism aspects for the patients.

In terms of facilities, cost, infrastructure and availability of services if we compare Singapore with other Asian countries then we come to know that Singapore has a huge advantage to position itself as a medical tourism hub.

So these all aspects make a better aspect to market itself as one of the best hub for medical tourism spot across the world.

Answer 2.

Parkway Eye centre is one of the largest chains of eye specialists in Singapore. They have a broad service packages and facilities for the customers to help them get treated effectively and at an affordable and competitive price. Parkway hospitals and various other chain of biggest hospitals and have initiated various Medicare services like LDLT, Living Donor Liver Transplant programme, stem cell treatment and various other innovation and scientific services which is really an add on benefit for Parkway Hospitals to enhance their market positioning in Singapore. If we talk about the branding and services of Parkway Hospitals and other big hospitals, then it is again very obvious with their name and fame that they are the biggest chain of hospitals in Singapore. They are continuously working to make their services more effective and in a better way. These are the strongest points for the medical tourism companies to place themselves as the mediator with these hospitals to help the customers to avail the medical services of these biggest hospitals at an affordable and lucrative price.

As per the study it is very much clear that the Asian countries are doing well and have long lasting future in medical tourism. Singapore is the fastest among these Asian countries to capture the untapped market for medical tourism. Parkway Hospitals have got huge success in terms of developing new medicare facilities and packages for the medical tourism.

If we talk about the development of new and scientific methodologies of treatment then again they are doing a lot of work in this aspect which is again visible by their new development of stem cells transplantation programme. When we talk about the pricing aspects, which is one of the most important aspect for the customer attraction then again they are providing various kinds of packages for the customers. Their cost is around 1/3 for the treatment of stem cells transplantation as compared to the costing of whole treatment in US.

These aspects are one of the most important aspects that makes a differentiation and supports the companies like Discover medical tourism.com to develop their market in Singapore and even worldwide. They are well known brand in Singapore so it is not very much difficult for them to expand their business to other places. In terms of strategies and other factors they are again having a great difference and uniqueness as compared to the other market players in Singapore and other market places like US and UK.

Apart of these, these companies and hospitals are also providing an add-on benefit for their patients the facilities of clinics like Chinese clinics and Japanese clinics and others. They are helping the patients and their family members to arrange their staying and other facilities like their transportation and other aspects that help the patients and their family members to understand the place and they do not feel like coming to an entirely new place.

These are really memorable and meaningful aspects to make a favourable perception in customer’s mind to attract them every time.

Answer 3.

Parkway Eye Centre has got huge success in terms of attracting the foreigners for getting treated in Singapore. They are providing various eye care services to the customers coming from across the world. They have a diversified aspect of treatments and the ranges as per the customer’s requirement and affordability.

Pricing is one of the most important aspects in this era of huge competition in the market. So it is very essential for companies to fix their prices after going through the research and analysis of various pricing aspects and expenditure concerns (Nagle, 1995).

They can adopt various pricing methods as per their convenience and suitability, such as

1. Psychological pricing: This is one of the most effective pricing strategy the can be adopted by the medical centres like Parkway Eye Centre and others to make a positive and effective impression to the customer’s perception (Nagle, 1995). Their psychological aspects should be given the utmost priority to understand the customer’s affordability while choosing the services for medical care and tourism purposes. It should not be too high and off course should not be too less. There should be a perfect matchup for the pricing aspects to make an effective place in customer’s perception.
2. Value based pricing: The pricing can also be fixed as per the value which is being served to the customers. Value plays an important role in fixing the pricing aspects for any services. They can make their pricing according to the value they are providing to the customers.
3. Target return pricing: Return on Investment is again one of the most important and effective pricing strategy that may be adopted by the company to make an effective and profitable aspect in the market.

For the effective distribution of services the collaboration with various transportation service providers, hospitals, hotels, and other service providers is very much essential. These are the various distribution systems that may help the company to increase and enhance their business worldwide.

Channel system can be adopted by adding more and more chain of hospitals, hotels, cab services to make their services broader and convenient for the customers.

1. Hospitals: Tie up with hospitals, Labs and specialists will make an effective market positioning strategy for the medical tourism to connect with the prospective customers by referring them to the Parkway Eye Centre, Singapore. To spread the services and their benefits is required for the development of medical tourism. This can be easily achieved by doing tie up with hospitals, specialists and other medical centres to make their medical services easily available and at a competitive price.
2. Travel services: Travel service providers are again an important channel partner for medical care centres that can add value to their services and can help them to connect with the customers 24×7.

Answer 4.

Hierarchy of Effects model plays an effective role in product promotion and market positioning for any services. Medical tourism is a new concept, so here the role of hierarchy of effects model increases to make the company more effective and competitive to understand the need and wants of customers proactively and to work upon it. To communicate with the customers is an essential aspect to make an effective position in market. The company can adopt various communication tools to place itself as an effective market player in Singapore.

1. Advertisement Campaign: Advertisement is order of the day now, to start any new project or services or product selling we need to go for advertisement. Here the same thing happens with medical tourism, to make the customers aware about the services and their advantages/differentiation, the company need to go for advertisement to catch the mass audience.
2. Lucrative offers and packages: Offers are one of the most effective communication tools to attract and catch the customer’s perception. The word offer itself makes a place for it in the consumer mind and perception. So to go for various offers and lucrative package is one of the effective communication tools to market and position the company in consumer perception.
3. Rewards and coupons: To retain the customers and keep them motivated to avail the services every time, it is very important to keep in touch with the prior customers (Palmer, 1993). Rewards and coupons are one of the most effective communication tools to retain and bound the customers towards the company. Time to time go for various coupons and reward points system to communicate with customers and make them aware about the new offering helps the company to keep the customers remind about the company and its services.

These are the various communication tools that can add value to the market positioning strategies of the company in Singapore market to attract the customers from worldwide.

To understand the customers need and want is essential and to make the strategy based on those dimensions is required to penetrate inside the customer’s mind and perception (Wright, 1974).

To attract a prospective customer from any region, these are the most essential tools to communication with them in an effective and lucrative manner. This will be like a win-win situation for both the parties including company and customers.

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