View attached explanation and answer. Let me know if you have any questions.Product Development outlineI.II.IntroductionPurpose of the Selected Healthcare Establishments Products/Services and theirAssociated Life CycleIII.Strategy to improve the Marketing Mix of the Selected Healthcare EstablishmentIV.A Discussion of the Impact of Possible Economic Decline on Product Market Expansionand how it would Affect Business Planning Based on Global Operating EnvironmentV.Importance of Technology in Providing Patients with Clear and Accessible Informationabout Healthcare Organizations and the Products/ServicesVI.Conclusion1Product DevelopmentNameInstitution AffiliationDate2Product DevelopmentMt. Sinai Hospital is not only designed to deliver exceptional medical care but seeks toexplore local and global markets to meet unique healthcare needs. The capacity to deliver highquality healthcare services is the most significant factor in its product portfolio. For the NewYork market, a patient survey on the quality of services indicates its overall competitiveness.While Mt. Sinai Hospital is committed to research and education across different specialties,patient care is the most significant establishment. This includes the large regional ambulatoryfootprint that seeks to increase the economies of scale and efficiencies in improving quality andoutcomes (Mount Sinai, n.d.). The success of a patient care establishment depends on theeffective implementation of innovative tools to maximize the value proposition for the targetmarket (Lostuvali, Alves, & Modrich, 2014). Technology is an emerging and effectiveinstrument for all the four marketing tools, product, price, promotion, and place.Purpos…

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