Marketing Projectthis is a Marketing Project
Our idea we have come up with is the Nanopatch (needless patch for vaccinations). This product hasn’t been fully marketed yet, however we plan to be competitive in our marketing strategies for this project. We want to target Hospital and Clinics with this product right now, but in the future we want to get this product out worldwide. I need you to write the parts listed below following the instructions.
Please, check the Executive SummaryI have done; it has some facts and can give you a snapshot look at the project and what I’m trying to accomplish. also check the attachment, it is an example of someone’s work
I need you to write these sections 7-9 pages:
This includes 2 sections:
1. Determine your pricing objectives (AT LEAST ONE ) (use the book CH 9). Choose from the following and write a brief (one paragraph) rationale for your choice: YOU DO NOT NEED TO SET PRICING
2. Determine your pricing strategy (at least one) and provide a brief (one paragraph) rationale from the following:
B. Objectives / Strategies
· You must have 3 main quantifiable objectives (no more or less than 3)
o You must have 2 specific ADVERTISING strategies for EACH objective
SMART is used as an acronym in discussing objectives
S=specific, significant, systematic, synergistic
M=measurable, meaningful, motivational
A=achievable, agreed-upon, action-based, accountable
R=relevant, realistic, responsible, results-oriented, rewarding
T=tangible, time-based, thoughtful
Strategies are the ideas and approaches that are developed along with the specific actions, details and activities that must occur in order for the strategy to succeed in supporting the objective
Here’s one good example of the relationship between objectives, strategies this example represents only a few of the possible strategies and tactics for the sample goal.
Objective: Increase new patient volume by 20% in the next year
Strategy: Improve patient experience to inspire more word-of-mouth referrals
Advertise monthly in Indy Star and Indianapolis Recorder
Develop a radio ad to target market on WIBC and WFMS
Create and display a framed poster in reception area defining our practice’s unwavering patient satisfaction commitment
C. Advertising Schedule
This section will be focused on the advertising strategies of your plan.
o Identify the type of media schedule you will use and why (see the book and lecture on this)
o Choose the specific “media buy” you will make based on your target market. For example, if you use cable television will you advertise on The Today Show? FOX News? Modern Family? Will you advertise on radio? Which stations? Newspaper? Which ones?
D. PR/Earned Media plan
You must include a brief (one page)– develop 2 story ideas/press releases you can pitch to the media
E. Social Media plan
You must include a brief (one page) – develop a social media strategy you will use to reach your target market
This section needs a listing of your advertising expenses from your media plan. For purposes of this project we will assume revenue is steady. You will need to do some research (you may want to call some billboard companies or TV stations to inquire about rates)
Once you have done your media schedule and know what media you will use and when you are ready to estimate expenses. Please list each expense separately and then combine for a total budget number.
This section of the plan describes the actions that the company will take to reduce the differences between the planned performance and the actual performance.
This section includes 2 sections:
a. Metrics: In other words, how are you going to measure the success of your program or business line? For example: are you going to survey customers or track sales, leads, customers to your website?
b. Contingency: What if your plan goes awry? What will you do? How can you plan for the unexpected?
You MUST cite your sources – end of paper
Table of Contents:
Executive Summary…………………………………………………………………. 2
Situational Analysis………………………………….……………………………….. 4
SWOTT Analysis……………………………………………………………… 6
Environmental Forces………………………………………………………….. 7
Competitive Analysis…………………………………………………………. 9
Target Market……………..…………………………………………………………….. 10
Pricing Objectives……………………………………………………………… 12
Pricing Strategies…………………………………….………………………. 13
Media Plan……………………..………………………………………………………… 15
Media Schedule……………………….…………………………………………………… 17
TV Commercials…….……………………………………………………….. 17
Radio Ads………………………………………………………………………………………… 18
Facebook Page………………………………………………………………………………….. 18
Facebook Ads……………………………………………………………………………………. 19
Mobile Application……………………………………………………………………………. 20
As one of the nation’s leading pediatric hospitals and Indiana’s first and only comprehensive hospital dedicated exclusively to the care of children, we at Riley Hospital for Children have provided compassionate care, support and comfort to children and their families for 90 years (Riley). It’s that same compassionate care, support and comfort that has created a sense of trust and transparency with our patients, their families and the rest of our community. After seeing our dedication to changing and improving our patient’s lives, Memorial Hospital of South Bend decided to join our team.
About five years ago, Riley Hospital for Children partnered with Memorial Hospital of South Bend, creating the new Riley Hospital for Children at Memorial. Due to the challengers in the market, Memorial Children’s Hospital asked us to partner with them in order to give them a competitive edge over Saint Joseph Regional Medical Center, who is partnered with Peyton Manning Children’s Hospital. In order to make Memorial stand out in the South Bend area, we created a new service line: Riley Children’s Cardiac Wellness Center.
The goal of our cardiac wellness clinic is to entice current patients of Saint Joseph Regional Medical Center, while simultaneously attracting new pediatric patients by providing wellness services that no one else has. Most of our patients will be referred from Memorial and Riley physicians, but we will offer help to pediatric cardiac patients that are not referred as well. Some of the major services we offer include developing/maintaining nutrition and exercise plans, heart and health education including pre/post surgery living (if needed), and individual as-well-as group therapy sessions. We also offer a free mobile app that is exclusively used by our wellness staff in order to keep the patient’s families up-to-date with their child’s wellness plan.
When someone in the family becomes ill, it is the woman of the family that makes a majority of the health care decisions. This fact has caused us to focus on women as our target market. To be more specific, we are going to be targeting middle to upper class mothers in their mid to late thirty’s that have a child with cardiac problems. Our focus will include appealing to the well being of the children in this target market by increasing their quality of life, offering a peace of mind and ensuring long-term heart health.
It is important that we have a plan for the direction we want our wellness center to go in and several strategies looking at how we are going to achieve this goal. We propose using several objectives in order to try and measure our success. The first of these are pricing strategies. These strategies will allow us to base success off of our percentage of market share in the South Bend area and our ability to be self-sustaining or conclude the fiscal year with a black bottom line. We will also have three main quantifiable objectives, which will be used to examine community awareness, our percentage of new patient volume and overall patient satisfaction. All of our objectives will need to be met by the end of 2015. Part of our plan includes implementing surveys at the conclusion of each unit of service we provide. We can use these as an indicator for how well we are doing and also help us identify what we can improve upon moving forward. Although we will use these objectives as a road map for where we want to be by the end of the year, it is important that we remain flexible and realize that we can modify the plan if something goes awry.
Five years ago, Memorial Hospital of South Bend came to us and asked us, Riley Hospital for Children, if we would take control of their children’s hospital due to competition in their market. Memorial Children’s hospital had to compete with Saint Joseph Regional Medical Center, who partnered with Peyton Manning Children’s Hospital. Five years after the merger, to differentiate ourselves from the competition, we decided that we are now opening Riley Children’s Cardiac Wellness Center at Memorial. This wellness center will be specifically centered on youth cardiac services. The specific services we offer include:
• Nutritional services
o How to eat healthy/How to shop healthy
o Organizing/maintaining a balanced diet with a daily meal plan for heart health and/or weight loss
• Exercise services
o Organizing/maintaining a weekly exercise routine for heart health and/or weight loss
• Daycare services
o Available to families at the center during treatment times
• Patient centered care plans
o The “Who, What, When, Where and Why” a patient is receiving heart wellness care from our facility
• Education services
o Heart Wellness
o Pre/Post Surgery Procedures
o Wound care
o Getting back to a normal lifestyle
• Individual and group therapy sessions
• Financial counseling
• Physical therapy
• Mobile wellness app exclusive to patients and their families
o Nutrition plan and tracking
o Exercising routine and tracking
o Patient portal
o Digital support groups (social media within the application)
Our clinical staff will include: Nutritionists, Dietitians, Exercise Scientists, Physical Therapists, Nurse Practitioner, Nurses (RNs), Child Care Providers, Administrators, Psychologists and general front line staff. The target market incorporates all cardiac patients from Riley Children’s Hospital, Memorial Hospital, and any non-referred children with heart problems. We are expecting that the majority of our clients will be referred from Riley and Memorial physicians. However, we will accept non–referred clients. Our plan is that referred clients will be covered through their insurance, including Medicaid. Financial counselors will be available to help people navigate the financial burden that comes from not having insurance or not being referred.
As a part of Riley Children’s Hospital at Memorial, we want to target heart health in an area where there is little to no focus on children’s cardiac wellness. According to The Children’s Heart Foundation website, in America, congenital heart defects are the leading birth defect. In South Bend, there are only two major hospitals and neither have a specific focus on children’s heart wellness before and/or after surgery.
• We are a part of Riley Children’s Hospital and Memorial Hospital. We have access to their resources and patients.
• There is only 1 other major hospital in our service area, Saint Joseph Regional Medical Center. There is a Peyton Manning Children’s Hospital cardiology clinic through Saint Joseph Regional Medical Center, but it does not specifically focus on cardiac wellness and does not have the same brand recognition that Riley does.
• We provide financial counseling for families.
• We have a proactive approach for diagnosing heart conditions early.
• We offer nutritional services for maintaining a healthy heart.
• We are the only cardiac wellness clinic in the region.
• Location of the mother institution in Indianapolis.
• Living up to the high expectations of Riley Children’s Hospital.
• Cost of the services.
• Brand new patients.
• Currently only one major competitor in the immediate area.
• Easy to market because we already have a widely known brand.
• Easy to expand and add new features.
• Increasing demand of living a healthier lifestyle for children.
• No certificate of need in Indiana so anyone could open a children’s cardiac wellness center.
• Saint Joseph Regional Medical Center has partnered with Peyton Manning Children’s Hospital to provide pediatric specialty clinics in the South Bend area, including cardiology.
• After we open, anyone could easily duplicate our specialized care clinic.
• New technology in health care.
• Linking reimbursement to quality of care and health outcome.
• Increase in obesity rates in children.
• Inflation will make it more expensive for us to operate.
• The still struggling economy will make it harder for consumers to afford our services.
• It may be difficult to convince consumers that there is a need for our cardiac wellness services.
• Better tests, diagnostic procedures and interventional approaches for cardiac disease have increased the quality of care. We can concentrate our marketing plan on our focus, which is quality care for children cardiac patients.
• New technology increases the cost of care. We have innovative new technology, funded by Riley and Memorial.
• Social Media has become a big part of the flow of information. We will market our services on these websites, including Riley’s and Memorial’s websites as well.
• In the healthcare market, everything is regulated. We need to ensure we stay up-to-date with all current regulations and legislation in order to operate legally.
• FTC regulates deceptive or misleading advertising. We will need to ensure our marketing plan advertises exactly what we do without being deceptive.
• In order to avoid price fixing, we will need to ensure that we have accurate and fair pricing for insured and uninsured patients clearly listed on our website.
• In America, the number one birth defect is congenital heart defects. This group will be one of the main segments we target during our marketing campaign.
• During our marketing campaign, we will specifically be targeting mothers because they usually make the health care decisions for their families.
• Congenital heart defects affect all races and ethnic groups almost equally. Because of this, our marketing campaign will not specifically focus on one race or ethnic group.
Ann and Robert Lurie Children’s Hospital:
o Medical staff includes 1,245 physicians in 70 pediatric specialties
o Fantastic reputation (130 year legacy)
o Provide a large amount of charity care ($93 million in 2013)
o Only hospital in Illinois ranked in all 10 specialties and is one of 12 hospitals nationally to receive U.S. News & World Report’s Honor Roll award
o Rebranded themselves in 2012, causing brand recognition loss
o Location in metropolitan area with a high crime rate
o Living up to the reputation’s expectation for great service and care
• Competitive Advantage:
o High reputation as a multiple award winning hospital
o Provides an enormous amount of charity care, more than any other children’s hospital in the country
Saint Joseph Regional Medical Center partnered with Peyton Manning’s Children’s Hospital:
o Pediatric specialists from Peyton Manning Children’s Hospital
o Peyton Manning Children’s Hospital provides access to more than 300 pediatric subspecialties
o Peyton Manning Children’s Hospital has the largest group of emergency pediatric physicians in the state
o Name recognition in an area where Peyton Manning is popular
o Hospital is dependent on Peyton Manning upholding his good reputation
o Peyton Manning Children’s Hospital only offers basic services for children in South Bend, while the more complicated and in-depth procedures require a referral to their main hospital in Indianapolis
o Religious affiliation may deter patients who do not hold similar religious beliefs
• Competitive Advantage:
o Good reputation based on the Peyton Manning name
o Largest group of emergency pediatric physicians in the state
In any situation that includes children, we must assume that a parent or guardian is going to be at the forefront of their care. Therefore, when thinking of our target market, not only do we need to understand the children that we will be serving, but also the people in the parent/guardian roles who will be making the health and finance decisions for the family. With that in mind, research has shown that the woman of the house normally makes the health and wellness decisions for the family. Thus, she will be the main target in our marketing plan.
As we open our new wellness clinic service line, we have to keep in mind that education is a large portion of wellness. Knowing the educational demographic of our target market will be vital in creating the educational services to offer. According to the Bureau of Labor Statistic, 82.4% of South Bend residents are high school graduates. At the same time, 22.8% of South Bend residents hold a bachelors degree. Education is key to living a happy and healthy lifestyle.
Target Market Geographics:
• South Bend, Indiana is approximately 41.88 square miles.
• The most recent Census Bureau data counts 2,440 people per square mile with the total population at 100,886.
• Geographically segmenting our target market from Indianapolis to South Bend allows us to tailor our marketing plan to an area where there is a lack of focus on children’s cardiac wellness.
Target Market Demographics:
• We are targeting mothers in their early to mid-thirties who have one or more children, aged newborn to eighteen years old, with cardiac complications.
• Our target market will ideally be middle to upper-middle class mothers who have insurance.
• Our target market will, at minimum, have a high school diploma, but ideally will have completed post-secondary education as well.
Target Market Psychographics:
The benefits of our heart wellness clinic, while not quantifiable, are ones that every parent looks for when dealing with a child who has a heart condition. Parents will invest in our wellness clinic services for the following benefits:
• Peace of mind
• Child’s improved heart health
• Nutrition education for the whole family
• Maximizing the child’s quality of life
• Lifelong support in the pursuit of a healthy heart
• Market Share – Currently, Riley Children’s Hospital at Memorial has less than 50% of the market share in South Bend, as there was more recognition with Peyton Manning Children’s Hospital before our merger. Our goal is to increase the market share of Riley Children’s Hospital at Memorial to 60% over the next 5 years.
• Profit – Even though profit isn’t our main objective, we do have an interest in producing a black bottom line. Due to Riley’s cardiac wellness service line being brand new, it is important that we start out strong and are financially self-sustaining.
• Bundled Pricing – Our bundled pricing feature will be an option for patients who need cardiac surgery as well as wellness services. We will need to be sure the parents understand that they are getting a discount by combining these services. By bundling these two together, we will be able to accept Medicaid.
• One-Price – Some patients will be referred to us who may not need surgery while other children will not have insurance at all. For these patients, we will enforce our one-price policy, with discounts available. Discounts will be available if the patient prepays for our services, or if they agree to a set payment plan.
Objective 1: Develop community awareness for Riley Children’s Cardiac Wellness Center to 50% by the end of 2015.
Strategy: Use a popular public figure in South Bend who has a personal tie to children’s cardiac care to endorse us.
• Advertising – Run a commercial during the evening news to appeal to parents in our target market.
• Social Media – Create an informative Facebook page for our Wellness Clinic and use it to provide the community with personal experiences from those who have used our services.
Objective 2: Through the end of 2015, we want new patient volume/referrals to reach 10%.
Strategy: Entice current Peyton Manning Children’s Hospital patients/families to switch to Riley.
• Advertising – Develop radio ads at the beginning of the month for Sunny 101.5, u93, NPR, and 99.9 offering a free heart scan for your child through the end of the month. This ad will run every 3 months.
• Social Media – After completing the first objective, use our Facebook page to create ads on Facebook explaining new children’s cardiac wellness services in the South Bend area.
Objective 3: Build patient satisfaction by 20% by the end of 2015 in order to enhance Riley’s overall image.
Strategy: Improve the overall quality of care and build a relationship founded on trust with the patient and their family.
• Advertising – Purchase multiple billboards in the South Bend area in order to describe our dedication to providing the best quality care for our pediatric patients.
• Social Media – Create a mobile wellness app for parents so they can be an active part of their child’s nutrition, fitness, and overall wellness. They will have access to ask a Physician forums and an entire community of parents whose children are also utilizing Riley Children’s Cardiac Wellness services.
(Note: these stories will be possible after our clinic has been open approximately 2 years)
For our first media story, we will talk about the popular public figure in South Bend whose child was diagnosed with a heart condition. After this person brought their child to Riley Children’s Hospital at Memorial for surgery, they also utilized our Cardiac Wellness Clinic services in order to help their child recover. At first, the new lifestyle presented by our wellness clinic was tough for the family to adapt to; we emphasized clean, healthy eating, the importance of slowly becoming active again, proper wound care, and the value of participating in-group and/or individual therapy sessions. Day after day, the family came to our clinic and we helped them adapt to this new lifestyle that they would now need to maintain in order to keep their child’s fragile heart healthy. After approximately 6 weeks, the child was fully recovered from their surgery and no longer in dire need of our services. However, the family continues to frequent our clinic because they know that we will be lifelong advocates for their child’s heart health.
The second media story will entail hearing the story about a little boy from South Bend with congenital heart disease. This young boy did not experience symptoms until he was six years old and was diagnosed at Riley Children’s Hospital. All of the sudden, he had trouble keeping up with other kids his age. He was experiencing shortness of breath when he would try and exercise. The physicians at Riley discussed the importance of nutrition, the correct prescriptions, and exercise. Since Riley Children’s Hospital was so far away, it was hard for this child to make any improvements. When our Riley Children’s Cardiac Wellness Center at Memorial was established, he was able to get the attention he needed and was able to have surgery in the city where he lives. “If the cardiac wellness center had not opened in South Bend, I don’t know what we would have done both emotionally and financially.” said the young boys mother. After 6 weeks, the young boy was once again active and playing with the kids his age again. The family now knows they have a cardiac specialist that will monitor and help them throughout their lifetime.
January February March
TV Commercials x x x
Radio Ads x
Facebook Page x x x
Facebook Ads x x x
Billboards x x x
Mobile App x x x
TV Commercials: By purchasing commercials with a specific TV airtime, our goal is to attract our target market by showing them the services that we offer, the benefit of using them and the success stories that follow. “TV is the top way in which Americans learn about new products and brands” (MarketingCharts). Our TV advertising will consist of two distinct ads that will run a total of four times a day on two popular South Bend TV stations: WNDU (NBC) and WSBT (CBS). The ads will play two times during the 6am/7am South Bend morning news (on both networks) and two more times during the 6pm/7pm South Bend evening news (on both networks). With our target market being early to mid 30 year old mothers, the idea is that they will be watching the news in the morning while getting ready for work. And/or while getting the kids ready for school. We expect the same result after they get home from work/school and are doing their evening tasks (e.g: preparing dinner, helping with homework, folding laundry).
Radio Ads: Advertising on the radio will yield many benefits for our marketing campaign. The first of these would be to ensure our target market hears our advertisement by playing it while most mothers are on their way to work from 6 a.m. to 9 a.m. and coming home from work from 5 p.m. to 8 p.m. By choosing the most popular radio stations in the South Bend area, such as Sunny 101.5, u93, NPR and 99.9, we will be able to reach more people. Radio advertisements are also cheaper and do not take as much time to create. The final advantage is going to be making people aware of our new cardiac children’s wellness center. We will be talking about the importance of children’s cardiac wellness. The advertisements will talk about Riley Children’s Cardiac Wellness Center at Memorial offering free heart scans for children during the month of January. Every three months we will offer these heart scans so that is why we will have radio ads playing every three months.
Facebook Page: With an ever-changing market, social media has come to the forefront for people to express their thoughts about a product/service and provided the ability for businesses to connect on a more personal level with their customers. At this day and age, almost everyone has a Facebook page. By creating a Facebook page for Riley Children’s Cardiac Wellness Center at Memorial, we will be able to connect with our target market and provide them an avenue to post questions, share stories and interact with one another. This page will allow not only our patients to interact with one another, but also with us. We can see what is working and what they like or make adjustments for things they may have issues with. Another advantage to creating a Facebook page is that it is free but still lets us reach more people at a much faster rate than other communication channels.
Facebook Ads: As mentioned above, Facebook is a vital tool in our ever-evolving market. To be able to reach our target market more effectively, we will use ads through Facebook to engage young, active mothers. Facebook ads provide us a cheap way to target this section of the population. The ads provide a high level of exposure and are set up to display on the newsfeed of friends who ‘liked’ our Facebook page. This type of ad is one of the most popular and successful ads on Facebook. With that said, normally parents who have a child with a chronic cardiac condition also have some type of support system around them that includes other parents who are going through or have already been through the same condition. Therefore, with the assumption that they will be connected through Facebook, we can use that to our advantage by spreading news of our new service line.
Billboards: Billboards will be another way for us to effectively advertise our new cardiac wellness center. We will strategically place these billboards near our competition, close by Notre Dame University, and on 31 North, which is the connecting highway between Indianapolis and South Bend. These are all areas with a lot of traffic so there will be a higher level of exposure. There are a variety of different types of billboards. Based on our needs and objectives, we are choosing to use the large billboard format. This design is the most effective for generating brand recognition and letting the community know that we exist. In a brief message on the billboards, we will emphasize the quality of care that we provide for our pediatric cardiac patients, which will strengthen our position in the South Bend population.
Mobile App: Smartphones and tablets are everywhere, and it seems like everyone has one. With the creation of our Riley Children’s Cardiac Wellness Center app, we are ensuring word-of-mouth referrals from our clients who find technology to be an integral part of their child’s health care. Our mobile app will allow patient’s parents to have access to all of their child’s health records and up-to-date appointment information. We will also provide a social media aspect to our app as well; parents will be able to start and join forums in order to reach other parents who are also utilizing Riley Children’s Cardiac Wellness Center services. These forums can be as simple as discussing services that the parents and children enjoy or as complex as searching for advice or support during their child’s time of need. In order to aid the parents in their pursuit of a healthy lifestyle for their child, we will also provide round-the-clock, up-to-date access to their child’s current wellness plan in order to help the parents stay on track.
Metrics: We are going to measure our success based on several different factors relating specifically to each of our three objectives.
Objective 1: Develop community awareness for Riley Children’s Cardiac Wellness Center to 50% by the end of 2015.
• We will develop a survey through four different mediums: the news stations, in the mail, online surveys and Facebook. We are going to ask three questions in order to gauge community awareness.
o Are you from the South Bend area?
o Have you heard about Riley Children’s Cardiac Wellness Center at Memorial?
o If yes, how did you hear about our service?
These questions will allow us to see if our advertising has been effective and through what communication channel has been the most successful.
Objective 2: Through the end of 2015, we want new patient volume/referrals to reach 10%.
• The best way that we will be able to measure this is by looking at our own patient data. Important ratios to consider would be those that compare the number of new patients/referrals to the number of existing patients in our system.
Objective 3: Build patient satisfaction by 20% by the end of 2015 in order to enhance Riley’s overall image.
• The most effective way to measure customer satisfaction is by handing them a survey after they have received the product/service. Healthcare is no different. At the conclusion of each service (e.g. surgery, rehab services), our plan is to hand each patient a paper survey that includes questions about their experience and the quality of care they received. A web link will also be provided to take the survey online, if they would rather do that. The surveys will not be linked back to a patient’s account, but we will be able to tell who hasn’t returned one. Approximately two weeks after they are handed the paper survey and we have not received a response back from them, we will send them an email reminder including the online survey link.
Contingency: In the event that a piece of our plan should fail, we would react promptly with a well thought out decision. We will analyze the data we have collected from our metric controls. Based on this information, we can evaluate what advertising strategies have been working and revisit the areas that have not. It is important that we are flexible and adjust parts of our plan accordingly, so that we do not dismiss the entire wellness center concept. Our plan needs to be viewed as guidelines that will keep us headed in the right direction, but do not hinder us if something doesn’t go as proposed.
“About Us.” Ann & Robert H. Lurie Children’s Hospital of Chicago. Ann & Robert H. Lurie Children’s Hospital of Chicago, 1 Jan. 2014. Web. 17 Nov. 2014. <https://www.luriechildrens.org/en-us/Pages/index.aspx>.
Alleger, Jason. “How Much Do Ads on Facebook Cost?” Penna Powers. Penna Powers, 3 Apr. 2013. Web. 17 Nov. 2014. <http://www.pennapowers.com/how-much-do-ads-on-facebook-cost/>.
“Billboards in South Bend.” Billboard Advertising & Outdoor Advertising. Billboards.com, 1 Jan. 2014. Web. 17 Nov. 2014. <http://www.billboardsin.com/indiana/south-bend>.
Chomko, Roy. “Maintaining an App Is Critical to Its Overall Success.” FierceDeveloper. FierceDeveloper, 25 May 2012. Web. 17 Nov. 2014. <http://www.fiercedeveloper.com/story/maintaining-app-critical-its-overall-success/2012-05-25>.
Cicero, Karen. “10 Best Children’s Hospitals.” Parents Magazine. Parents Magazine, 1 Mar. 2013. Web. 17 Nov. 2014. <http://www.parents.com/health/doctors/best-childrens-hospitals/>.
“IU Health.” IU Health. IU Health, 5 Aug. 2010. Web. 10 Nov. 2014. <http://iuhealth.org/newsroom/detail/riley-hospital-to-open-first-phase-of-simon-family-tower-in-january1/>.
“Pediatric Specialty Clinics.” Saint Joseph Regional Medical Center. Saint Joseph Regional Medical Center, 1 Jan. 2014. Web. 17 Nov. 2014. <http://www.sjmed.com/pediatric-specialty-clinics>.
“Riley Hospital.” Riley Hospital. Riley Children’s Foundation, 1 Jan. 2014. Web. 19 Nov. 2014. <http://www.rileykids.org/about/riley-hospital/#.VGo8xL5hlnE>.
Russell, Jennifer. “At Home.” Recovering from Heart Surgery: How You Can Help Your Child. AboutKidsHealth, 15 Jan. 2010. Web. 17 Nov. 2014. <http://www.aboutkidshealth.ca/en/resourcecentres/congenitalheartconditions/athome/pages/default.aspx>.
“The Facebook Ads Benchmark Report.” Sales Force Marketing Cloud. Sales Force Social, 1 Jan. 2013. Web. 17 Nov. 2014. <https://www.salesforcemarketingcloud.com/wp-content/uploads/2013/06/The-Facebook-Ads-Benchmark-Report.pdf>.
“United States Census Bureau.” South Bend (city) QuickFacts from the US Census Bureau. United States Census Bureau, 8 July 2014. Web. 17 Nov. 2014. <http://quickfacts.census.gov/qfd/states/18/1871000.html>.
“U.S. News Best Hospitals 2014-15.” US News. U.S.News & World Report, 1 Jan. 2014. Web. 17 Nov. 2014. <http://health.usnews.com/best-hospitals/rankings>.
“US TV Ad Spend and Influence.” MarketingCharts. MarketingCharts, 23 Dec. 2013. Web. 17 Nov. 2014. <http://www.marketingcharts.com/uncategorized/data-dive-us-tv-ad-spend-and-influence-22524/>.
The nanopatch should become the leading vaccination method in the healthcare realm especially for individuals that are apprehensive about of using common needles. The company seeks to grow its reputation in the healthcare industry by introducing an innovative product that diminishes pain during vaccination. Its objectives of producing a cost effective and painless vaccine include improved immunology, no cold chain, and painlessness during vaccination as it is made of micro-projections that deliver vaccines to immune cells on the outer layer of the skin. Moreover, it reduces needlestick injuries, and it is cost-effective because a physician uses less vaccine when compared to traditional injection techniques. Furthermore, costs are saved because minimal vaccine is used as the innovative micro-projection ensures equal distribution of the vaccine to immune cells.
Nanopatch will change the vaccination experience for children, minimize needlestick injuries, and provides an ambient temperature stability of the vaccine. The Nanopatch is pain-free since it does not project deep enough to make contact with nerve endings in the skin. In fact, in the recent product testing stage using animals, the Nanopatch proved to be reliable, as it delivered flu vaccine with a significant success rate when compared to the normal syringe. The Nanopatch technology will reduce chances of cross-contamination of needle-borne diseases such as hepatitis and HIV, which will improve not only patient satisfaction but also the corresponding hospital experience.
To sell the product and ensure consistency as per the set objectives, the Nanopatch will first target parents with children below the age of six years in the vaccination market segment, then, it will be expanded to the entire hospital structure. For the children’s vaccination segment, the product uses the notion that parents and children do not like painful needles. Also, the strategy seeks to capitalize on the high number of vaccinations that children below the age of five are subjected to; as such, they will form a huge market segment for the product. The product will be availed for both high and low-end markets with a one-fit-all pricing strategy to ensure the available market is not discriminated and ensure uniform brand performance in the industry.
Given that the major target consumers are parents with children below the age of six years, marketers will target pediatric hospitals and clinics as niche markets using a focus strategy. However, there will be parallel marketing activities in adult hospitals, especially those offering care to the elderly. Another target market includes convenient drug stores that sell self-administered drugs such as insulin and supplements that require the use of a syringe. The pricing strategy will combine both the penetration and skimming techniques to enter the market. The penetration pricing strategy will take into consideration existing competition and cost of innovation. Depending on market reception, the firm will decide on the maximum price of the product; however, a premium price will be charged if demand during the test phase exceeds expectation. Based on the psychological selling point of the Nanopatch syringe, the company is projecting a positive consumer reaction that might increase sales volumes during the initial product launching stages. The Nanopatch will be sold at a discount rate to customers based on purchase volume and repeat buys. Emphasis will be placed on word of mouth marketing and mass print media advertising especially in pediatric healthcare centers and innovation fares. Key features such as painlessness, cost effectiveness, zero-disease infection, and use of low quantities of vaccines will be the main selling points of the product.