New Marketing Plan
Overview of Company
Dawn is a startup company that plans on making the most of the prospect that is the entrance into retirement age of the Baby Boomer generation. The company perceives this as a business opportunity to offer services to this population. In particular, the company will serve as a housing community that offers the product package or services to active seniors who have attained 55 years of age and above. This will encompass assisted living that could be partial or full-time, depending on the needs of the client. Dawn intends to not only offer these services, but also other amenities that will make life comfortable for the adult patients. The company plans on setting up its premises in Boston. The following is a marketing plan that is purposed on creating a profitable business model for the company.
Market Research Strategies
The company will make use of several research strategies to not only understand its situational analysis, but also its business environment and the proper market strategies. One of these research strategies is the SWOT Analysis. SWOT Analysis is a beneficial and profitable approach used for determining and ascertaining an organization’s strengths with reference to its strong suits and weaknesses, as well as flaws and faults. The approach is also helpful in determining both the opportunities open to the organization and the threats that the organization is vulnerable to (Ferrell and Hartline, 2014). Another research strategy that will be used by the company is competitive analysis. This strategy, in particular, is important and beneficial as it will enable the business to have an understanding of the competitive environment within the market place, sector and industry of operation. This will encompass analyzing the top companies that appear to have a competitive advantage, and making differentiation or contrasts to the company (Ferrell and Hartline, 2014).
Segmentation and target market analysis is another research strategy that will be employed by the company. It is imperative for the company to seek out its target consumer market as it increases the efficacy and productivity of the business. Segmentation of the market encompasses aligning the different consumers of the company into segments or groups that have common interests and needs, and the same reactions to actions in the market. This includes segmenting the consumers demographically, geographically, psycho-graphically, and also behaviorally. Once this is done, the company will be able to select and point out its target consumers or markets (Pride and Ferrell, 2010). The company will also use the marketing mix strategy. In description, the marketing mix is a business strategy or approach used in marketing products, and is considered to be very significant when making attempts to determine the unique selling point of a product being offered by the company. The marketing mix approach is made up of four components, which include: product, pricing, promotional and place strategies. In addition, the company will also use marketing metrics in research studies to understand its marketing environment (Hanssens et al., 2014).
Analyzing Macro-environment-PEST Analysis
PEST analysis is a strategic research tool that is made up of four aspects, which are the political factors, the economic factors, the social factors, and the technological factors. With respect to political factors, the company attains the capability to determine the sort of role that the government plays within the industry. For instance, does the government undertake interventions in the normal forces of demand and supply? It also considers whether there are any government rules and regulations. The economic factors take into account the details of the circumstances in which the domestic and the international economies are in. With respect to social factors, these are the substantial aspects that highlight the pertinent changes or alterations anticipated in issues such as lifestyle, consumer preferences and attitudes, demographics, in addition to the cultural principles and buying patterns of the customers. On the other hand, the technological factors take into account the technological changes in the industry (Henry, 2011). The following is a PEST analysis of Dawn Company.
i. Changes in Regulations
The government might alter the Affordable Care Act considering the nation is about to enter into presidential elections for a new administration.
ii. Forthcoming U.S. Presidential Elections
As the nation is about to go into presidential elections in the coming year, there is political uncertainty with regards to the changes that will be made (River Clyde, 2014).
i. Forthcoming U.S. Presidential Elections
As the nation is about to go into presidential elections in the coming year, there is economic uncertainty with regards to the changes that will be made. For instance, inflation might increase, which might increase the cost of goods and services. This will adversely impact Dawn‘s operations.
ii. Substantial Areas of Local Unemployment
This encompasses aspects such as the loss of income and residualisation of the neighborhoods that are adjacent to Dawn’s business operations.
i. Consumer’s Expectations
The expectations of the consumers might constantly change and go beyond what Dawn can offer. For instance, this can include lifestyle changes and the needs for assistance.
ii. Training and Education
The company might require to constantly train and educate the personnel to ensure that they are up-to-date with the health care methods and approaches.
iii. Demographic Change
The great number of elderly individuals that the company is counting on might die or even shift to different regions, which can adversely impact Dawn.
iv. Competition Intense competition from other elderly housing communities, and assisted living entities can also impact Dawn’s business operations in the future (River Clyde, 2014).
i. Systems Development and Intricacy
With the advancement in technology, this factor might instigate the development of systems which are much complex and complicated to use. Therefore, Dawn would need to train its personnel on how to use such systems, hence the need to increase their budget.
ii. Reliance on Computer Systems
The company might have to depend on computer systems for every day’s work, such as keeping records of patients. This necessitates technological competency.
iii. Communication and Access to Services
This encompasses certain aspects, such as access to the right equipment needed to get the job done, and whether the company is able to afford them. Communication channels are also important for the company to consider (CAIRN Housing Association, 2012).
Ferrell, O. C., Hartline, M. (2014). Marketing Strategy. Ohio: South Western Cengage Learning.
Pride, W., Ferrell, O. C. (2010). Marketing. Ohio: South Western Cengage Learning.
Hanssens, D. M., Pauwels, K. H., Srinivasan, S., Vanhuele, M., & Yildirim, G. (2014). Consumer attitude metrics for guiding marketing mix decisions. Marketing Science, 33(4), 534-550.
Henry, A. (2011). Understanding Strategic Management. New York: Oxford University Press.
CAIRN Housing Association. (2012). Business Plan 2012-2017. Retrieved 29 September 2015 from: http://www.cairnha.com/Upload/Documents/24_31239CairnHABPbrochure.pdf?ts=20130128062540
River Clyde. (2014). Homes Business Plan 2014-2019. Retrieved 29 September 2015 from:http://www.riverclydehomes.org.uk/sites/www.riverclydehomes.org.uk/files/Business%20Plan%202014_Web.pdf
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