Free Essay About Healthcare Market Research And Analysis
Value of market research 3
Value of competitive analysis 3
Value of customer buying decisions 3
Value of customer switching patterns 3
Executive Summary 4
Situational analysis 5
Market trends 5
Marketing strategy 7
Promotional strategy 7
Internet strategy 8
Marketing projections and outlook 9
Value of market research
Market research has a very potent significance in any organization. It does not only help organizations to make money but also to save it. Market research enables companies to understand the market that they work in and, therefore, helps them make appropriate marketing decisions. Companies that understand the market are the ones that are successful.
Value of competitive analysis
Competitive analysis is a very important part of the market plan. Competitive analysis always begins by identifying both present and potential competitors in the market. The analysis allows companies to identify the threats and opportunities that competing companies face within the environment of competition. Competitive analysis helps demand and supply. It enables companies to come up with strategies to increase sales and market share. It is also very crucial when a company hopes to expand or introduce a new product into the market.
Value of customer buying decisions
Customers buying decisions and patterns are also very important to any company manager. For any company hoping to sell either goods or services to be able it make it in the market, it has to understand the customers buying decision process and patterns.
Value of customer switching patterns
Customer switching patterns should be of interest to company managers. Customers are people that depend on the company’s goods or services to satisfy their needs and desires. These people’s preferences keep changing from time to time. It is very important for company manager to identify patterns through which customer preferences change. When a company manager is aware of the consumers switching patterns, they can make strategic plans to ensure their product or service remains a priority. For instance, since social networking sites now influence switching patterns, a company could create accounts in popular sites to promote their products and services thus attracting more customers.
The following marketing proposal is designed specifically for Sunny Manor Nursing and Rehab Center. It is a based on an extensive study of market trends and analysis of data. It will provide a superb market strategy for the company to ensure it remains ahead of all competition
Sunny Manor Nursing and Rehab Center has been around a very long time. It is located in sunny beach, Florida. Sunny Beach was once owned privately before investors bought it years ago. The investors funded the renovation and development of the nursing home to make it a fully-fledged modern skilled nursing and rehab center. Just recently previous long-term care wings have been updated. A new wing that contains 20 new rooms has also been constructed. With this increase in facilities, Sunny Manor hopes to take the market by storm. The new wing will be dedicated to sub-acute rehab services. The facility also added a new therapy room for state of the art equipment. In addition to all these renovations and upgrades, the nursing home has hired more experienced staff.
Since sunny manor has been around a long time, it has earned the respect of sunny beach dwellers. The new improvements in facilities and staffing are going to go a long way in improving service delivery to the nursing home. Patients will be more satisfied due to these improvements, and since news of good services will spread, Sunny Manor will expand its market share and stay ahead of its competition.
Market trends are the things that allow companies to make profits.it doesn’t matter whether it Is over a long or short period, market trends are going to affect profits through the fluctuating the prices of goods and services (Mitchell, 2009). In the case of sunny manor nursing home, the following factors are expected to have an effect on market trends. They include the government factor, cross-city transactions, speculation and expectation and lastly supply and demand.
The government effect
The government has an undeniable impact in the highs and lows of the free markets. The government enforces fiscal and monetary policies that have a great impact in the service industry. If the government increases or cuts interest rates, it can effectively speed up or slow down the growth and expansion of Sunny Manor. Also, if the government increases its spending, fiscal policy, it can help stabilize the prices of services in Sunny manor.
Sunny Beach is a small town surrounded by much bigger cities. If more money leaves the town to other cities, sunny beach’s economy will weaken. It is, therefore, clear that if Sunny Manor will be affected negatively with such an eventuality. If however Sunny Beach can sell more products and services to other towns, its economy is likely to improve thus Sunny Manor will reap the benefits. Sunny Manor will, therefore, have an interest in monitoring transactions between Sunny Beach and other towns in a safe position. For instance, more inflow of money into Sunny Beach will mean that Sunny Manor should expand for there is a likely increase in service demand.
Speculation and expectation
This factor is a particularly important one for the development of a superb marketing plan for Sunny manor. Speculation and expectation of investors and stakeholders regarding the direction the economy is likely to take are very important. It is because it influences how Sunny Manor will act today in order to be in a safe position in case the speculations come to be. Sunny Manor, therefore, will pay special attention to the current speculations of economic experts and other sin order to be in a position to make informed strategic decisions. For example, it is expected that with the opening of a new hospital in the locality of Sunny Beach, there is likely to be an increase in referrals of patients to sunny beach. To be in a better position, therefore, Sunny Manor needs to employ more staff to handle the expected increase in clients.
Supply and demand
The supply and demand create different fluctuations in prices. For instance, when there is an increased demand for certain good of services and the supply is limited, prices are bound to go up. However, when the supply of a certain good or service increases beyond the demand for that particular good or service, the prices are bound to drop. These dynamics will be very instrumental in making market plans for Sunny manor. Previous trends in the demand for therapy and nursing services within and beyond the locality of Sunny Beach will be taken into account. Increase in demand will mean increase in prices of services offered by Sunny Manor and therefore increased profits.
Leading competitors in the Sunny beach area initially had an advantage over Sunny Manor for they had bigger wings housing more patients. However, with the expansion and upgrade of Sunny Manors wings, it is now in a position to compete. In fact, Sunny Manor is advantaged fro it has the most technologically advanced equipment in the whole of Sunny Beach. The population of Sunny Beach is very technologically informed therefore it is almost obvious that Sunny Manor will be the town’s favorite nursing home.
Sunny Manor is going to employ a number of promotional strategies based on the analysis above. The promotional strategies will be geared toward increasing awareness of Sunny Manor. Promotion will build a stronger relationship with the newly built hospital and expand a broader reach to the community. The following promotional strategies will be implemented; print media, surveys, brochures, radio and television.
Sunny Manor will utilize the influence of Sunny Beach’s print media to inform people of its reputable services. This will be through printing of information about the nursing home such as its location and technological superiority.
This will be the most important form of promotion. Surveys will be carried out to understand the changing community of Sunny Beach (Harkness, Vijver & Mohler, 2003). Planning and design of the research will be done, and the objectives set. The objectives will focus mainly on determining the demographics of the Sunny beach population. Questionnaires will be printed, and the survey conducted taking into account key formulas in statistics such as mean, mode and median. Primary and secondary data will be collected. Primary data is original data collected by a researcher after he or she has gained insight into a particular topic by looking at secondary research findings or by analyzing already collected primary data. Some common sources of secondary data include organizational records and censuses. Both primary and secondary data have their advantages. Primary data is very valuable for it is unbiased and original. Another importance of primary data is that it comes directly from the population and, therefore, will paint a clear picture of the people on the ground. The value of secondary data is that it is easy to access that primary data. The cost of acquiring it will be low as compared to that of acquiring primary data. All data collected will help Sunny manor connect with the community more by understanding their nature and preferences
Brochures with information about Sunny Manor will be printed and spread all over Sunny Beach to attract potential clients. It will also help showcase the company’s ability to handle various needs effectively thus increasing referrals
Sunny Manor will also run advertisements on the local radio stations
Sunny Manor will prepare a catchy advert to be aired on local and national television in order to appeal to a wide geographical area and thus increase the market for sale of services.
Though most of the residents of Sunny Beach are above 55 years of age, they are technological enthusiasts. Internet will, therefore, be a very important tool for reaching and building a relationship with the dwellers of Sunny Beach. Sunny Manor will use two strategies on the internet front. They are social media and email campaigns
The community of Sunny Beach has a very active social media page with a large following. Sunny Manor will create a profile on this page where the people will be able to communicate with Sunny Manors support staff (Lin, 2013). They will be able to give suggestions on service delivery improvement and ask questions. This will be crucial in creating a good relationship with the people and thus staying ahead in the market
Sunny Manor will have a program where it will send emails to willing subscribers to give them important news about health matters (Lin, 2013).
Marketing projections and outlook
The application of the above strategies is expected to improve greatly the relationship between Sunny Manor and the community of Sunny Beach. Patient satisfaction is on top of the nursing homes goals. The strategy will also increase the number of referrals from the recently built hospital. If everything goes according to plan, Sunny Manor will be the leading provider of nursing home health care.
The above plan will take approximately a year for its benefits to be realized. With effective implementation, however, the timeframe will be reduced to approximately one year. The Plan-Do-Study-Act tool will be used to assess the success of the strategy in order to make improvements.
Figure 1 PDSA
another model that can be used to evaluate the effectiveness of the development teams efforts is revising the goals of the team over given periods of time were they answer various performance related questions.
Create, send, track and sign documents online with PandaDoc, (2015). Marketing Proposal Template - Download Free Sample. Retrieved 6 March 2015, from https://www.pandadoc.com/marketing-proposal-template
Harkness, J., Vijver, F., & Mohler, P. (2003). Cross-cultural survey methods. Hoboken, N.J.: J. Wiley.
Kaeppel, J. (2009). Seasonal stock market trends. Hoboken, N.J.: John Wiley & Sons.
Lin, L. (2013). Promotion. Shanghai: Chris.
Mitchell, C. (2009). 4 Factors That Shape Market Trends. Investopedia. Retrieved 6 March 2015, from http://www.investopedia.com/articles/trading/09/what-factors-create-trends.asp
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