thesis pointers
Amie1997
HCA698_CHAPTER1.pptxHCA 698 – Final Project / Business Plan
CHAPTER 1
1
Chapter 1
Marketing Plan &
Analysis
2
Rubric for Chapter 1 (Sub-headings)
[First Paragraph]
Introduction
Company Analysis
Marketing Definition, Potential, & Demand
Competitor Analysis
Customer Analysis
Marketing Objectives & Goals
Marketing Strategy
3
Getting Started
First Paragraph
Clearly presents the business and its focus
Brief description of what will be covered in the full Market Analysis chapter
Orientation for your readers
Introduction
Clear & concise introduction
Purpose of the marketing plan and analysis
4
Rubric for Chapter 1 Company Analysis
General description of business
What?
Where?
How?
Why?
5
Class Exercise – “Start with Why”
Vision
Strengths
What we do
How we do it (standing out from the crowd)
Why we do it (belief, cause, purpose)
To __(contribution)___________ so that _______(impact)_______________
(Sinek, Mead & Docker, 2017)
6
Rubric for Chapter 1 Market Definition, Potential, and Demand
Group of consumers or buyers for your product or service
Who are they?
What do they need?
What is missing in the market to meet the need (supply)?
What would they be willing to pay for?
Target Market is a specific demographic you are trying to reach
Demographic variables
Age, marital status, sex, occupation, income, and location
Benefit variables
Convenience, cost, style, trends (depending on the nature of the particular new venture)
7
Market Analysis
Secondary Data
Information that has already been compiled.
Advantage: Less expensive and available
Disadvantages: outdated, lacks specificity, questionable validity
Primary Data
New information that is gathered specifically for the research at hand.
Surveys
Experimentation
© 2017 Cengage Learning®. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
YOU NEED DATA!
8
Rubric for Chapter 1 (some) pictures can be good!
Hospital Adjusted Expenses Per Inpatient Stay
Source: Kaiser Family Foundation
Data/Demographics of the market
9
Rubric for Chapter 1 Market Definition, Potential, and Demand
“Triple Bottom Line”
Economics
Social Responsibility
Environmental Impact
https://sustain.wisconsin.edu/sustainability/triple-bottom-line/
Sustainability
The effect on people and the planet in addition to the pure economics of a company
10
https://www.youtube.com/watch?v=572u47xgdHI
Gary Cohen
In the News
11
Competitor Analysis: Identifying your competitors
Who?
Where?
What do they provide?
What do they charge?
What is the gap that you can fill between customer need and competitor offerings?
What are their strengths or weaknesses?
What is your value proposition and how can you differentiate yourself from the competitors? It is not always price.
12
Rubric for Chapter 1 (some) charts can be good!
Primary vs. Secondary Competitors
Actual vs. Potential Competitors
13
Rubric for Chapter 1 Customer Analysis – driven by Market Research
Who are they….really? Where do you find info?
A customer analysis (or customer profile) is a critical section of a company's business plan or marketing plan. It identifies target customers, ascertains the needs of these customers, and then specifies how the product satisfies these needs. A customer analysis can be broken down into a behavioral profile (why your product matches a customer's lifestyle) and a demographic profile (describing a customer's demographic attributes).
https://www.acsbdc.org/resources/small-business-topics/marketing/customer-analysis
Surveys
Focus Groups
Interviews
Government Agencies
Trade Associations
14
Rubric for Chapter 1 Marketing Objectives & Goals
A goal is a brief, clear statement of an outcome to be reached within a timeframe such as 3-5 years. A goal is a broad, general, tangible, and descriptive statement. It does not say how to do something, but rather what the results will look like. It is measurable both in terms of quality and quantity. It is time based. It is achievable. It is a stretch from where we are now. Above all, it is singular. Goals can be described or defined as “Outcome statements that define what an organization is trying to accomplish both programmatically and organizationally.” General direction of the company.
In comparison, an objective is a specific, measurable, actionable, realistic, and time-bound condition that must be attained in order to accomplish a particular goal. Objectives define the actions must be taken within a year to reach the strategic goals. For example, if an organization has a goal to “grow revenues”. An objective to achieve the goal may be “introduce 2 new products by 20XX Q3.”
A goal is where you want to be and objectives are the steps taken to reach the goal. Tactic is the tool you use to pursue the objective (what).
15
Goals
Objectives
Tactics
Rubric for Chapter 1 Marketing Strategy
1, 3, 5 year plan
A strategy is the approach you take to achieve a goal (how) – convince customers that your product/service is best through marketing means such as websites, social media, advertising etc.
Strategy is the organization's approach to compete with other organizations to absorb more customers in order to achieve the objectives. It implies the marketing and advertising campaigns that are planned to attain the objectives.
16
Social Media Marketing
Social Media Marketing
The use of social networks, online communities, blogs, wikis, and other online collaborative media tools for marketing purposes.
Effective Social Media Marketing
Create value with an event, a video, a tweet, or a blog entry, that attracts attention and becomes viral.
Enable customers to promote a message themselves with multiple online social media venues.
Encourage user participation and dialogue that fully engages customers with online conversations.
© 2014 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.
Example
Goal: Make our product/service a leader in sales revenue by year 3
Strategy: persuade customers that our product/service is the best option by associating ourselves with X
Objective: retain X% of identified target market by Q4 2022
Tactic: Through creative use of a blended social media and personal outreach campaign to referring providers includes messaging of key value proposition.
18
Summary Questions to Consider:
Will your business be entering a crowded market or creating a market?
Will your business have longevity?
Will your business sustain your passion?
“A business plan is not merely a written document required for funding, but a call to action”
-- “Business Plan Writing for Physicians” (p. 116)
19
Identify your business
Class Exercise
What type of business are you considering?
Who are your customers?
What is the product or service?
Why did you select this?
Can you describe your business in one or two sentences?
Review Sample Ch. 1
Using the rubric, evaluate the sample
From the description provided, do you have a good idea of what the proposed business wants to do? If not, what is missing?
Do you have a good idea of who the customers are? If not, what is missing?
Does the market analysis provide sufficient market research, data, etc. to support the argument for the creation of the business being proposed?
What constructive criticism can you provide to make this market analysis more robust?
If you were a funder providing capital, would you support this business venture? Why or why not?
References
Cohn, K. H. & Schwartz, R. W. (2002). Business plan writing for physicians. The American Journal of Surgery, 184 (2002), 114-120
Kuratko, Donald F. (2017). Entrepreneurship: Theory, Process and Practice, 10th edition. Cengage Learning: New York
Sinek, S., Mead, D. & Docker, P. (2017) Find Your Why. Penguin Random House: New York
