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- Provide the names of the companies identified in each marketplace
- Describe the exchange (e.g., line of business, typical participant, etc.)
- Identify any special rules required to conduct business within the exchange or required to become a member of the 'marketplace'.
- Identify one (1) or more applications of e-procurement that may be applicable to the marketplace you are reviewing.
Modern firms are involved in the internet-based procurement process, which are components of e-business. The benefits of both sellers and buyers have been increased by the introduction of e-procurement. This report focuses on two vertical markets, i.e. Education and Healthcare markets in the US and the application of e-procurement in these two segments of the market.
The education market is basically categorised into four categories which are primary education, secondary education, senior secondary education and tertiary education. According to the fact sheet by Digest of Education Statistics 2015, till 2014, the number of public schools were 98,271, private schools were 33,619, post-secondary institutions were7,236 and degree colleges were 4,724. Some of the top colleges of United States include the United States Military Academy, United States Naval Academy, United States Air Force Academy, University of Virginia, College of William and Mary, University of California, University of Michigan, University of North Carolina, University of Wisconsin, University of Florida, University of Maryland, University of Illinois, Georgia Institute of technology etc. (Eureka Mokibelo, 2015). The second vertical market observed in this report is the health care system. According to a fact sheet by American Hospital Association 2017, the total number of hospitals registered in the US is 5,564 out of which 4,862 are community hospitals, 2,845 are non-government hospitals, 1,034 investor-owned community hospitals, 983 State government hospitals, 212 Federal government hospitals, 401 Non-federal hospitals of Psychiatry, 79 Non-federal long-term care hospitals and 10 institutional hospitals. Some of the top hospitals are such as Abbott Northwestern Hospital, Aspirus Wausau Hospital, Barnes-Jewish Hospital, Baylor University medical centre, Beaumont Hospital, Boston Medical Center, Carolinas Medical Center, Duke University Hospital, Florida Hospital, Houston Methodist Hospital etc. (Entrepreneurship on the rise at US universities, 2012). The above-discussed information is about the statistics and names of the top providers in the respective marketplace selected in this report, i.e. Education and Healthcare.
Description of Education and Healthcare markets and applicability of e-procurement
The description of the education vertical exchange includes K-12 education, which is provided by charter schools, magnet schools, and voucher programs schools. Charter schools now have a vital identity in the education market, and the existence of charter schools is positively related to public schools. The positive results for charter schools are due to the students from low-income strata(Tedin & Weiher, 2011). The students of charter schools in Chicago and Florida performed well enough as compared to other school students. The magnet schools are funded by the State government, and the state provides funds for the transportation of students. The magnet school selects the students by a lottery system, i.e. students “Won” and students “lost”. According to literature, children studied in magnet primary schools in Chicago had increased chances of getting enrolled in public high schools(Blanding, 2011). In the sector of higher education, the colleges in the US are categorised as community colleges, liberal arts colleges, and University colleges. Community colleges may offer two year’s associate degree or a four-year bachelor’s degree. Liberal arts colleges provide four years bachelor’s degrees and emphasise student research projects. University colleges provide bachelor’s degree, master’s degree, and PhD, such as medical schools which provide MD degree, Pharmaceutical Institute that provides Pharm.D, veterinary schools that provide DVM etc. (Nimkar, 2016).
The description of the health care market includes services and goods which would be applicable to treat patients. According to International Standard Industrial Classification, the healthcare system is classified as hospital strategies, medical & dental practice and human health strategies. Further, the healthcare industry is classified by Industry Classification Benchmark into two categories, i.e. equipment of healthcare and pharmaceuticals(Moody, 2011).