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Key Topics
Requirement
Read the provided case study and consider yourself as an applicant to join Chris's team.
Chris Smith is the Purchasing Director for a large chain of hospitals in the southeast of the US. Chris’ job responsibilities include everything from purchasing office supplies to high end medical equipment like MRI machines and surgical equipment. Chris is also active in her local university and likes to hire new, young graduates to work in the department. She prides herself on being a tough interviewer. She has found out that many people pursue a career in purchasing but do not have a good understanding of the basics. In the last few years she had to fire several new hires because they did not have the specific knowledge in order to succeed. Therefore, as part of the interview process Chris discusses the different types of purchasing that are done by the hospital. She asks the applicants to apply what they have learned in business school to the hospital’s specific purchasing areas. She tells them that she knows that they will not have intimate first-hand knowledge yet of what goes on in the hospital but she does expect them to be able to apply the academic terminology to the hospital setting and come up with ‘good guesses’ for how things work. She tells each applicant that the hospital makes three types of purchases:
1. Office supplies and routine purchases
2. Small medical items like bandages, scissors, tape, etc
3. Large scale medical purchases like new XRay and MRI machines As part of the analysis that each applicant is asked to prepare, Chris asks for the following sections to be addressed:
1. Demand – speculate on derived, inelastic, fluctuating and joint demand situations for each of the hospital’s three types of purchases.
2. Rebuy – consider straight, modified, and new for each of the hospital’s three types of purchases.
3. Buying center – speculate on who is part of the buying center (HINT: Chris looks to see how the make up of the buying center changes depending on what is being considered for purchase. Speculate on the members for each of the three types of purchases).
4. The B2B decision making process. (HINT: Chris looks to see that the applicant understands the differences between consumers making decisions about what to buy and businesses making decisions about what to buy so you might want to compare and contrast the B2B and consumers).
Solution
Cover Letter
Name
Address:
Email ID:
Phone No.:
Dear Ms. Chris,
As a dedicated & successful marketing person, I read your posting for a new Marketing Intern with interest. My experience, interest aligns well with the qualification you are seeking at your hospital, as a Marketing Intern & I will be of great valuable addition in your company.
With an in-depth study in marketing, I am adept & well versed with the daily hospital routine, purchasing operations & other medical machine purchases.
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Researching on derived demand & joint demand of office, routine supplies & of medical equipments.
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Increasing consumer satisfaction by B2B marketing, through outreach & promotional activities.
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Generating revenue, reducing costs through diverse medical purchases & marketing strategies.
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In addition to my personal interest & qualities I have passion for different types of buying situations in a hospital which depends entirely on the derived demand of people & other complexities such as-:
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New task buying-: First time purchase of a major product & risk in great. Information needs are high & evaluation of alternatives are difficult because of lack of inexperience. For example, the decision to buy a new X-ray modeled machine or to buy a regular one requires knowledge & hands on experience.
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Straight re-buy-: This is routine, regular & requires no considerations of alternatives due to existing satisfactory results with sellers. For example existing medical office supplies & routine equipments.
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Modified rebuy-: Since alternatives are considered as time, people equipped are re- considered for example diagnostics supplies which add new features & value addition to products & supplies.
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Derived demand-: The demand for hospital equipment goods is ultimately derived from the consumer goods. If the demand for the consumer good falls so will the demand for all the equipment goods entering to their production & monitor the buying pattern of ultimate consumers.
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Inelastic demand: The total demand for much medical equipment’s goods & services is inelastic that is not much affected by price changes & in the short run producers cannot make quick changes in their production methods such as diagnostic centers & machines.
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Joint Demand -: Joint demand occurs when one product is in lieu of existence of others to be careful while exceptions may be found. It happens due to the changes in product specifications such as pathology results.
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Fluctuating Demand-: When the demand of goods & services becomes volatile in nature & unpredictable then it's said to be fluctuating demand. Unpredictable demand happens for medical equipment & supplies. Consumer demand can lead to implied increase in demand of goods & supply or sudden fall in demand.
Understanding buyer requirement & seller consideration helps in price & quality of B2B decision-making process requirements. Since healthcare is a vast industry so B2B business & marketing helps in the word of promotion & advertisements. For example launch of new medicine word of mouth through doctors & pharmacy helps in promotion. Similarly, through new diagnostics, new equipment’s, machines through corporate tie-ups.
Thanks for your review & consideration.
Sincerely,
Name
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