The purpose of this assignment is to get you started on crafting a successful marketing plan. You will be writing the marketing plan in a series of five drafts, each incorporating different sections of the plan. You will receive feedback on each draft, and finally you will compile all of the revised drafts into a single document, add a few critical elements (Executive Summary, Expected Results, and References) and your plan will be complete.
There are two parts to this assignment:
Part 1:
· Choose a subject for your marketing plan that is directly related to the health care industry. You might choose a new product (a new replacement joint), a new service (TAVR non-invasive heart valve replacement), or a new business (a consulting firm to guide employers through the Affordable Care Act changes). Please do not feel limited by these examples, but do select a subject that is clearly health care-related.
· Write a brief (1 or 2 paragraph) mission statement that answers the question “what business are we in?” It should identify a specific market or markets you intend to serve, and the benefits you believe are sought by those consumers.
Part 2:
· Conduct secondary research to locate the information necessary for the Situation & Competitive Analysis of your marketing plan. You will find the ProQuest Research databases for Business in the PMI Library very helpful in this process. Be sure also to explore government resources like the U.S. Census Bureau, non-governmental sources such as Pew Research and Nielsen, and trade associations like the American Hospital Association. It would not be unusual to use 15-20 credible sources in writing a Situation & Competitive Analysis.
· Write a 2-3 page analysis of the environment within which your product, service or business will be marketed. Please address all of these topics, citing facts and sources:
o Political/legal factors
o Economic factors
o Social and cultural factors
o Technology factors
o Competitive factors
Please combine all sections of this draft (Mission, plus Situation & Competitive Analysis) into a single document, following citation of sources.
Mission Statement
Corpo-Health is a new business that is dedicated to serving the needs of the working corporate in America by catering to the needs of health and fitness in the workplace. The business is of providing a customer centric occupational medicine program that will address a person’s total health needs in the workplace.
Marketing Strategy
The target market for this business will be corporate entities of varying sizes across the country and will operate in a B2B model. Snapshots of the various products that will be offered are as below
The needs that this service will satisfy are
Market Analysis
National Health Expenditure grew to 3.3 trillion USD in 2016 and on a per person basis, this number stands at $10,348. This accounts for close to 18% of the GDP. (Source: Center for Medicare and Medicaid Services, CMOS.gov). According to Bureau of Labor Statistics, there are over 1 mn work-related injuries that cause days away from work, that affect millions in terms of revenues for businesses. These numbers cry out a need for a robust nationwide program that can cater to these events in a structured, well defined manner.
In terms of promoting the products, the following will be done
Initial round of promotion would include leveraging the power of newsprint ads, local radios, social media promotion and TV Ads as well. Once the word is out there, word of mouth will be a great tool to promote the company.
Dedicated sales team will pinpoint employees within corporates who are solely responsible for wellness being and products will be pitched to them.
Regular health seminars will be held in local communities to explain the dangers of ignoring healthy life practices with physicians on panel to validate the sessions.
Tieups with various hospitals will be done to seamlessly offer specialized treatments to patients with serious problems.
Competition
As of now there are 2 national level competitors who are offering such a program, viz. Pfizer has a program and Company Care is another company. Both these entities have a national presence however the network that they have with various hospitals is low and also there is no ground level customization for employees of various corporate. These are the two concerns that will be addressed with Corpo-Health.
"Please note that Corpo-Health is just a cooked up name. I couldn’t have written a marketing plan without devising a brand name. You are free to use any name of your choice. Due to time constraints, I will not be able to write a 3 page report, however the above can serve as a base document to build on the content. Best of luck"
The purpose of this assignment is to get you started on crafting a successful marketing plan....
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