As we noted in class, services are different from products. Service are performed, products are things. The creation of value through a service is therefore very different from that with a product. And services constitute well more than half the value in the GDP of a developed country. Finally, service businesses (JPM, Citi, Deloitte, PWC, E&Y, Facebook, Goldman, MorganStanley, KPMG, etc) are some of the biggest employers of NYU grads. The odds are you will be working for a service business in a few years. So this is very relevant.
The Mayo Clinic is an exemplar of excellence in service branding, and we will analyze it to get some sense of how value in services are created. Attached is an article which describes its history, structure, expansion, and branding. Also, please watch this Ken Burns documentary: Faith, Hope, and Science
https://www.youtube.com/watch?v=rEatycFRNR0
You should also consult these materials:
https://www.youtube.com/watch?v=0CDA7Rewr3I
https://www.youtube.com/watch?v=lCwYOdrtcF4
https://en.wikipedia.org/wiki/Mayo_Clinic
https://www.mayoclinic.org/
Also, on YouTube, you can find many videos made by patients who have spent time there. Hunt some of these down, and you can get a sense of what the patient experience is like.
Then submit to our NYU Classes, before class on 3/22, a 3-5 page analysis based upon the following questions:
What is the nature of the value created by the Mayo Clinic?
What market inefficiencies present challenges to the Mayo Clinic?
How does the Mayo Myth contribute to its brand value?
How does the non-profit structure contribute to its value?
How does physician compensation contribute to its value?
How does architecture contribute to its value?
What suggestions do you have for Mayo to increase its brand value?
