Benefits Of Co Branding Between Stanford Medical Center And The Hospital
Over the past decade or more, healthcare market has undergone drastic changes with the advancement in technology and implementation of innovative approaches for healthcare financing. Growing pressure and demands in healthcare market especially in the Western World have been overcoming this challenge by co-branding. Co-branding mainly works by providing the new brand associated with it a head start in the healthcare market. Therefore, co-branding provides the new brand the leverage plus the “valued associations” expecting it be carried over to the new brand as well, for instance, the potential co-branding of the Stanford medical Center with a major national hospital in Saigon, Vietnam (Cunha, Forehand, & Angle, 2015).
Benefits of Co-Branding
In this innovative era, to stay viable in a highly competitive marketplace, healthcare organizations now can maximize their reach to their consumers via effective co-branding. So, one major benefit of co-branding between Stanford Medical Center and the hospital in Vietnam is the expansion of their targeted consumers. Furthermore, the collaboration will further promote globalization of the healthcare market that will benefit both the parties involved in terms of resources, services, staff, and fame. Additionally, the financial investment can also result into a successful brand collaboration leading enhanced “cash flow” and cheaper medical treatment rates with the same service level as Stanford (Evans, Blitstein,…