business plan

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timer Asked: Apr 1st, 2017

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two business plans

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1 RUNNING HEAD: REFIN YOUR MARKET PLAN Unit 5 Individual Project- Refining Your Marketing Plan Integrated Marketing for Entrepreneurs (ENTR 605-1701B-01 By Adriane Shackleford Instructor Dr. Islam Azzam March 30, 2017 2 Integrated Marketing Plan of California Home Health Care 3 Executive Summary California Home Health Care is going to open a health and medicare private agency business in California. Its target segment is the elder residents of California who make demand for home health and medicare services at their home. The home medicare, and medicaid service market of the California is getting competitive over the time period. But still the market is highly promising, and attractive. Current size of the California home Medicare, and Medicaid services market is $413.60 million. Over the last five years, home medicare and health care industry of California has experienced 6.5% growth. California Home Health Care will provide skilled nursing, surgical treatment, physical therapy, occupational therapy, intravenous or nutrition therapy, and speech therapy services. The price charged to the customers by the company will be higher than those by the average companies in the market. California Home Health Care will pursue both- traditional marketing tools and social media marketing tools. The services of the company will be rendered through its own hired, and trained nurses, physical therapists, occupational therapists, and speech therapists. Among the several digital medias available to the marketers, California Home Health Care will perform its digital marketing through online website, paid marketing, E-mail marketing, and mobile searching. California Home Health Care will have an own website. The SEO strategy of the agency will be of a purely an inorganic SEO strategy, and affiliated 4 marketing will in the heart of its Nonorganic SEO. Paid marketing and advertising tools to be pursued by it will include Google Search Ads, Banner Ads, Google Display Ads, PPC Ads, Facebook Ads etc. -mail marketing. Through E-mail marketing, it will send email with advertisements, request business, or in the personal e-mail addresses of the potential and existing customers. Customers will offered the option to search its name, and services in the smart phone through Foursquare. Facebook, You-tube, blogs etc. social media tools pursued will be well integrated to the functional webpage of it. 5 Table of Contents Executive Summary ........................................................................................................................ 3 Introduction ..................................................................................................................................... 6 Analysis of Market Environment .................................................................................................... 6 Market Competition .................................................................................................................... 6 Scale of the Market ..................................................................................................................... 7 Scope of the Market .................................................................................................................... 7 Market Focus ............................................................................................................................... 7 Trend and Prospect of the Market ............................................................................................... 8 Marketing Aim, and Objectives of California Home Health Care ................................................. 8 Marketing Aim ............................................................................................................................. 8 Marking Objectives ..................................................................................................................... 9 Marketing Mix of California Home Health Care ............................................................................ 9 Product ........................................................................................................................................ 9 Price........................................................................................................................................... 10 Promotion .................................................................................................................................. 11 Traditional Marketing Tools .................................................................................................. 12 Social Media Marketing Tools .............................................................................................. 12 Place .......................................................................................................................................... 13 Digital Marketing of California Home Health Care ..................................................................... 13 Online Website .......................................................................................................................... 14 Website and Web Contents.................................................................................................... 14 Search Engine Optimization (SEO) Strategy ........................................................................ 15 Paid Marketing .......................................................................................................................... 16 E-Mail Marketing ...................................................................................................................... 16 Mobile Searching ...................................................................................................................... 17 Integration of the Social Media Marketing (SMM) to the Functional Website of the Company ................................................................................................................................................... 18 People of the California Home Health Care ................................................................................. 18 Conclusion .................................................................................................................................... 18 References ..................................................................................................................................... 19 6 Introduction A new home health and medicare private agency is going to be opened by the ‘California Home Health Care’ in California. California Home Health Care’ in California will offer medicare, and healthcare services to the needing elder residents of California. The market of the home Medicare, and Medicaid services in USA is expanding rapidly due to aging of the majority population. Before launching a business organization, it is very essential to understand its external business environment, and design competitive & winning marketing strategies. Based on the analysis of external business environment, the prospect & competitive landscape of the industry is understood. Systematic market study helps to design and articulate marketing strategies and game plans (Keegan, 2013). This paper aims at conducting a comprehensive analysis & study of the market environment of the California Home Health Care, and designing of its overall marketing strategies including marketing mix & digital marketing plan. Analysis of Market Environment Market Competition The home medicare, and medicaid service market of the California is getting competitive over the time period. Due to barriers to enter into the market, new players are entering into the industry. According to the US Census, at the end of 2016, there were 1835 certified Medicare home health care agencies, and 1314 home care companies in the California state of USA (Home Health Care Agencies, 2017). The marketers in the industry are trying to solicit the market share with their own marketing strategies. 7 Scale of the Market Nearly about 13% of the total population (approximately 40 million) of the United States is of 65 years or older (Home Health Care Agencies, 2017). Nearly about 47% of that aged people is making demand, and taking for long-term care services in their elderly life. Based on the average hourly home care payment of $22.00, total market size of the California home Medicare, and Medicaid services can be considered as $413.60 million. Thus, the current market size of the home Medicare, and Medicaid services can be said as very large. The market is also in the expansion stage. By the end of 2050, rate of the 65 years or older people in the total population is expected to be double, and nearly about 67% of that aged people is expected to make demand for long-term care in their elderly life (Ellenbecker, Samia, Cushman, & Alster, 2017). Scope of the Market The business of the California Home Health Care will run its operation and business in the California state of the USA. Thus, the market location of the company will be the California of USA. Based on the geography of the market, the market of the California Home Health Care can be considered as regional market. Market Focus California Home Health Care will target to serve the aged people of the California state of USA with high quality health and medicare services. Thus, the agency is said to make the niche market focus. 8 Trend and Prospect of the Market The home medicare and health care industry of California is highly promising, and attractive. The future outlook of the overall market is very good. The entire industry of the USA is expected to be $84 billion by the end of 2020 (Home Health Care Agencies, 2017). Over the last five years, home medicare and health care industry of California has experienced 6.5% growth (Home Health Care Agencies, 2017). The demand in the market is growing rapidly due to the aging of the population, and increased tendency of the elder’ preference for medicare and health care at their homes (Home Care Business, 2017). The average hourly home care payment in the California State is higher than the national average hourly home care payment of the USA. Whereas the average hourly home care payment for overall USA is $22.00, the hourly home care payment in California is $22.50 (Home Care Business, 2017). With quality services offering, and proper marketing & promotional strategies, a company can easily gain success in the market. Marketing Aim, and Objectives of California Home Health Care The vision of the California Home Health Care is- “to be the great healthcare for improving people’s life”. The mission of the California Home Health Care is- “to be recognized as leader in home healthcare and medicare services through excellent & extraordinary services, and compassionate cares”. The marketing aim and objectives of the agency should support its mission and vision. More specifically, there should be better alignment in between the overall corporate aim & objectives, and marketing aim & objectives. Marketing Aim ‘Promote California Home Health Care as a renowned brand in the market, and gain 7.50% share of the total market with next five years’. 9 Marking Objectives • Create a competitive position, and grow market share through highly innovative and attractive medicare and health services. • Build strong customer loyalty. • Establish and promote strong customer relationship. Marketing Mix of California Home Health Care The marketing mix strategy of the California Home Health Care entails its product, pricing, placing, and promotional strategies. The product, pricing, placing, and promotional strategies of the California Home Health Care have been designed in consideration of the achievement of marketing aim & objectives. Product California Home Health Care will engage in offering and providing home health and medicare services to the local elder people of the California who need medicare and health care services at home. The services of the company will includeo Skilled nursing o Surgical treatment o Physical therapy o Occupational therapy o Intravenous or nutrition therapy, and o Speech therapy 10 Price California Home Health Care will provide premium category services through skilled and competent nurses, and medical practitioners. Thus, the price charged to the customers by the company will be higher than those by the average companies in the market. More specifically, for premium category services, California Home Health Care will charge premium prices. For per patient, the charge of the company will be $25.00 per hour per patient for services of physical therapists, occupational therapists, and speech therapists, and $22.00 per hour per patient for services of nurses. Maximum 30 days payment term will be allowed to the customers for making payment. Prices from the customers will be taken in both- cash and credit/debit card. Discounted charges will be offered to the highly loyal customers. Figure 01: Market Position Map of California Home Health Care 11 Promotion California Home Health Care will concentrate on rigorous marketing activities to promote its own name brand name, and services provided in the market. The marketing and promotional tools of the California Home Health Care will include both- traditional marketing tools and social media marketing tools. The budget of the agency for marketing and promotional activities in the first year of operation for traditional marketing, and social media marketing are as follows. Total Budget for Traditional Marketing Sources of Cost Test Marketing Cost Estimated $50000.00 Marketing Expense for television ads, ratio ads, local posters, $450000.00 banner & billboard ads, promotional offers, local participation, and personal selling Total $500000.00 Total Budget for Social Media Marketing Sources of Cost Test Marketing Expense for Facebook marketing, You-Tube marketing, and Cost Estimated $50000.00 $200000.00 blogging Total $250000.00 12 Traditional Marketing Tools o Television Ads: In the local TV channels advertisements of the services offered by the California Home Health Care will be placed. o Ratio Ads: In the local radio stations the advertisements with information about the services offered, quality of the services, and prices charged by the California Home Health Care will be placed. o Local Posters: The public will be informed regarding the services offered by the agency through posters in the important areas of California. o Banner and Billboard Ads: The services provided by the California Home Health Care will be promoted through Banner and Billboard Ads. o Promotional offers: Discount, and special offers will be offered on special days like international father day, independent day, women day etc. to promote the brand and services rendered by the agency. o Local Participation: California Home Health Care will in several arrange, or sponsors some local events (sports, cultural events) to promote its existence, and brand value. o Personal Selling: California Home Health Care will engage in direct personal selling through its some marketing officers. These marketing officers will move to the doors and houses of the people, and promote the services of the company. Social Media Marketing Tools o Facebook: California Home Health Care will open a page in its own name in the Facebook. Through this Facebook page, the company will try to maintain a regular and continuous interaction with the customers. News about the agency, promotional offers, photos of 13 the services renders etc. will be uploaded and shared on regular basis to customer’s community group up-to-date and well informed regarding the services of the agency. o You-Tube: California Home Health Care will rely on the You-Tube to provide and share videos of the services rendered by the company. From the video contents of the services of the company, customers will be able to observe the quality of the services rendered by the agency, and can take service acceptance decision. o Blogging: Blogging is an effective mean of marketer to promote its brand and services rendered to the people. It’s mean to share information, comments, and experiences about the services of the company to the targeted people. Through blogging, California Home Health Care will provide the news and comments of the people regarding the agency, and promotional offers to the potential and existing customers. Place The services of the California Home Health Care will be rendered through its own hired, and trained nurses, physical therapists, occupational therapists, and speech therapists. The service schedule and nurses & practitioners arrangement will be managed through a central time planning software. Upon contacts with the customers, the duty schedule of the nurses, physical therapists, occupational therapists, and speech therapists will be arranged in the home of the patients on daily and weekly basis. The nurses, and medical staffs will be placed at the patients’ locations with the own vehicles of the company. Digital Marketing of California Home Health Care Among the several digital medias available to the marketers, California Home Health Care will perform its digital marketing through online website, paid marketing, E-mail marketing, and mobile searching for marketing and promotional activities. 14 Online Website Website and Web Contents Web content refers to the textual, visual, or aural content of the websites that form a website (Keegan, 2013). For a website, web contents serve as the magnet to attract the visitors (Zarrella, 2010). California Home Health Care will create a website. The contents of this website will be designed and presented in very attractive way so that maximum number of visitors can be attracted. The tentative contents of the California Home Health Care’ website will be as follows. ✓ Compelling ‘About Us’ Page ✓ Service Gallery ✓ Practitioners and Nurses Profile ✓ Videos of Services ✓ Investor Information ✓ Contract Information ✓ FAQs 15 Figure 02: Tentative Website of California Home Health Care Search Engine Optimization (SEO) Strategy California Home Health Care will adopt SEO strategy to promote its web presence. The SEO strategy of the agency will be of a purely an inorganic SEO strategy. Affiliated marketing will in the heart of its Nonorganic SEO. The keywords of the SEO of the California Home Health Care will be its own name. 16 Figure 03: Keywords of the SEO of California Home Health Care Paid Marketing California Home Health Care will depends on paid online marketing for promoting itself and its services over the internet. The paid marketing and advertising tools to be used by the agency will include Google Search Ads, Banner Ads, Google Display Ads, PPC Ads, Facebook Ads etc. E-Mail Marketing California Home Health Care will pursue e-mail marketing. In this case, it will send email with advertisements, request business, or in the personal e-mail addresses of the potential and existing customers. 17 Mobile Searching California Home Health Care will offer customers the option to search its name, and services in the smart phone of the people. The services of the agency will be promoted through Foursquare, a local search-and-discovery service mobile app, by which people will be able to find out the name and services of the California Home Health Care in their smartphone. News of the discount offers, special offers etc. will be available in the hand of the mass potential and existing customers due to pursuance of the Foursquare marketing by the company. Figure 04: Search Option in ‘Foursquare’ 18 Integration of the Social Media Marketing (SMM) to the Functional Website of the Company Facebook, You-tube, blogs etc. social media tools pursued will be well integrated to the functional webpage of the company. Direct link of these to the website will enable the company to execute an integrated marketing function. Access to the news and information regarding the services of the company, and ultimate purchase will be easier from this integrated marketing function. People of the California Home Health Care California Home Health Care will consider its services, and internal people as key asset of the company. Efficient and skilled people will be hired by the California Home Health Care to execute the overall operation, and marketing activities of the company. Existing employees of the agency will be continuously developed through trainings and development programs. The highly skilled and competent nurses, and practitioners will help California Home Health Care to promote its brand image, and fulfill its marketing objectives through excellent & extraordinary services, and compassionate cares to the patients. Conclusion California Home Health Care will try to meet its marketing aim and objectives, as supportive to the achievement of overall mission and vision, through its well-designed marketing mix, and well integrated marketing strategy. 19 References Anderson, E. (2010). Social Media Marketing: Game Theory and the Emergence of Collaboration. Oregan, USA: Springer. Ellenbecker, C. H., Samia, L., Cushman, M. J., & Alster, K. (2017). NCBI Resources. Retrieved March 25, 2017, from Patient Safety and Quality: An Evidence-Based Handbook for Nurses: https://www.ncbi.nlm.nih.gov/books/NBK2631/ Evans, D. (2014). Social Media Marketing: An Hour a Day. New York: John Wiley & Sons Publication. Home Care Business. (2017). Retrieved March 28, 2017, from THE BEST RESOURCE FOR YOUR HOME CARE BUSINESS: https://homecarebusiness.net/california-home-healthcare-business Home Health Care Agencies. (2017). Retrieved March 28, 2017, from California Home Health Care Agencies: https://www.homehealthcareagencies.com/directory/ca/ Keegan, W. (2013). Global Marketing Management. New York: Prentice Hall International Editions. Kotler, P., & Armstrong, G. (2014). Principles of Marketing . New York: Pearson Education. Kusinitz, S. (2014). Blog.hubspot. Retrieved March 09, 2017, from 16 Stats That Prove Social Media Isn't Just a Fad: http://blog.hubspot.com/marketing/social-media-roistats.[Accessed: October 9, 2014]. Nurse Next Door. (2017). Retrieved March 25, 2017, from Build a Business with a Heart: http://homecare.nursenextdoorfranchise.com/?utm_source=google&utm_medium=cpc&utm_campai gn=business&utm_content=home_health_care&gclid=Cj0KEQjwtu3GBRDY6ZLY1erL 44EBEiQAAKIcvpy1XeGlFXFxNLrs4E0SBLJThOSx5pv8HZuHX8m18MaAg_H8P8HAQ Visiting Angels. (2017). Retrieved March 24, 2017, from Visiting Angels Franchises Average Nearly: http://visitingangelsfranchiseretarget.calls.net/?from=google&gclid=Cj0KEQjwtu3GBR DY6ZLY1erL44EBEiQAAKIcvl0xgiU9rgy2wURr6GXegueZW6vd4YU7CMEX1DajvEaAjrF8P8HAQ Zarrella, D. (2010). Social Media Marketing. Sebastopol, Canada: O'Reilly Media and Inc. .
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