Marketing Plan Part I
In this assignment, you are going to complete the first four steps of a marketing plan outlined in the beginning of Chapter 2 your eTextbook. As you will recall, these are:
- Build a cross-functional team.
- Check the foundation and long-term business direction.
- Clarify the goals and objectives.
- Conduct a comprehensive analysis.
You can discuss a project that you are familiar with, make up a marketing situation, or choose from the scenarios below. Your plan must be specific to your project example and show your own personalized approach. Ensure that you:
- include specifics of what you would do, ask, or research in each step for the most effective outcomes;
- show evidence of applied business principles and demonstrate your understanding of course and unit concepts;
- explain how hospital (or other local) demographics factor into your plan; and
- be sure to address any concerns you may have with impacts from the quality and consumer data for your hospital/organization.
- Your practice has just hired a brand-new primary care doctor and needs to create a plan to start building a baseline of patients.
- The emergency management organization you work for has seen decreasing use of its services since a competitor came to town a few months ago. You have been asked to create a plan to market your services to the local hospital in hopes they will contract with your company.
- The executive team at your hospital has decided to start a brand new service offering acupuncture as a treatment for pain.
Expert Solution Preview
For this assignment, students are required to complete the first four steps of a marketing plan. These steps include building a cross-functional team, checking the foundation and long-term business direction, clarifying goals and objectives, and conducting a comprehensive analysis. Students can choose a project they are familiar with, create a marketing situation, or select from the given potential examples. The plan must be specific to their chosen project or example, demonstrate the application of business principles, show understanding of course concepts, consider hospital demographics, and address potential concerns with quality and consumer data.
To complete the first four steps of the marketing plan, you should follow these guidelines:
1. Build a cross-functional team:
Select individuals from various departments or areas of expertise to form a diverse team. This team should consist of representatives from marketing, finance, operations, and any other relevant departments. The team members will bring different perspectives and ideas to the table, contributing to the overall success of the marketing plan.
In this step, you should identify the specific roles and responsibilities of each team member. For example, the marketing specialist may be responsible for conducting market research, while the finance representative could provide input on the budget and financial feasibility of marketing initiatives. Ensure that each team member understands their role and the importance of collaboration within the team.
2. Check the foundation and long-term business direction:
Evaluate the current state of your organization’s business and its future direction. This involves assessing the overall goals and objectives of the organization, as well as its core values and mission statement. Understanding the organization’s foundation will help you align the marketing plan with its overall strategic vision.
Consider factors such as market trends, competition, and regulatory changes that may impact the organization’s business direction. Conduct a SWOT analysis (strengths, weaknesses, opportunities, and threats) to identify internal and external factors that could influence the success of the marketing plan.
3. Clarify the goals and objectives:
Define clear and measurable goals and objectives that align with the organization’s long-term business direction. Goals should be specific, realistic, and achievable within a given timeframe.
For example, if your hospital has decided to offer acupuncture as a new service, a goal could be to increase patient utilization of acupuncture services by 20% within the first year. Objectives could include increasing awareness of the service among target patient populations and ensuring that the necessary resources and infrastructure are in place to deliver high-quality acupuncture treatments.
4. Conduct a comprehensive analysis:
Perform a thorough analysis of the market, competitors, and target audience. This involves gathering and analyzing data related to market size, growth trends, customer preferences, and behavior. Use both primary research (surveys, focus groups) and secondary research (industry reports, academic studies) to gain insights into the market landscape.
Identify key competitors in the industry and analyze their marketing strategies, pricing models, and customer satisfaction levels. This information will help you identify opportunities and potential threats in the market. Consider the demographic characteristics of your hospital’s local area and how they may impact your marketing plan. For example, if the population consists mostly of elderly individuals, your marketing strategies may need to focus on reaching this specific demographic.
Additionally, address any concerns with quality and consumer data. Discuss how you will ensure the provision of high-quality acupuncture services and maintain patient satisfaction. Consider the impact of consumer feedback and ratings on the success of the marketing plan and develop strategies to address any negative consumer perceptions or experiences.
Overall, by following these steps and considering the specific context of your chosen project or example, you will be able to develop a comprehensive and effective marketing plan.