Mini-Marketing Plan for Student’s Fictional
Health Care Product or Service
Students will be creating, or modifying, a new or existing health care product or service for their new business venture. Students can also create, or modify, a product or service that specifically addresses a need for seniors, which may or may not be healthcare focused.
As long as your product or service addresses the senior market or health care market, it’s acceptable.
The marketing plan template is divided into 10 sections with each section worth 5 points each for a total of 50 points. Students can use this template to document their mini marketing plan.
Some sections that you would find in a traditional marketing plan were left out intentionally. For example, this plan does not have a section for students to address the financial impact of their marketing plan, simply due to time constraints in this course.
So, if you recommend using TV advertising, you are not required to find out how much that will actually cost but you will need to explain why you think that is the best course of action. Just assume you have a limited budget, since you’re a new start-up.
There is no requirement on the length of your plan, however, it must be thorough enough, logical, and demonstrates you understand marketing concepts addressed in this course. If it’s too brief, it could lower your grade.
Opportunities (or unmet needs) within the health care industry are what should inspire your (real or fictional) business. This assignment is about demonstrating your knowledge of the key concepts related to health care marketing. Students are not being graded on the type of health care or senior product or service created.
Any sources (websites, articles, companies, blogs, books, meetings with people) that you use to gather information for your marketing plan, must be cited at the end of each section.
People often struggle deciphering the difference between goals and objectives. In addition to your book, this link will take you to another resource for defining each concept with easy to understand examples: https://blog.hubspot.com/marketing/goals-vs-objectives
Provide an overview of your product/service and what need you believe it is serving in the market.
Identify where you think your product or service is in the Product Life Cycle (CH 6). You will also address competition in this section, whether your product/service will have it or not. If you feel there is no current competition, make sure you thoroughly explain why. If you find information about a potential competitor for your product/service reveal that information as well.
SWOT (strength, weakness, opportunity, threats) Analysis (Chapter 9)
Write out a SWOT analysis for your business. It doesn’t have to be lengthy, maybe two or three items under each category that demonstrates you understand how to use the analysis.
Identify at least one form of market research that you will conduct prior to launching your product or service, or to help you market your product or service, and then describe in detail why you believe this type of research is the best format for collecting some data for your new product or service.
Explain the various segments for your business. You must identify at least 3 segments for marketing purposes that will tie into your goals & objectives.
You will identify which segments of your market you are going to target and briefly explain why. Assume you have a limited budget and cannot go after every segment of your market.
You must identify 3 marketing goals for your product/service.
