Promotion and Pricing Strategies

Feasibility Studies on Blisspark Healthcare Center

Nadia Perrier

Professor Christopher P. Chin

Strayer University

BUS 402

May 10, 2019

* Comment by Christopher Chin: There should not be this much space before you begin your paragraphs.

It is a general practice to analyze a project scope before taking any further steps. That is where the feasibility study comes in. This study includes estimations of the level of expertise required, identification of crucial factors, carrying out both the qualitative as well as quantitative assessments of possible outcomes, operational risks as well as operational gaps. In other words, this study will determine the viability of Blisspark Health Business. The thorough analysis of the practicality as well as sustainability of this concern brings together all the elements that aid in realizing whether Blisspark project justifies the value of its investment. For this project the feasibility study will comprise of industry and market feasibility, service feasibility, financial feasibility and finally entrepreneurial readiness.

Industry and Market feasibility

There is no doubt that healthcare business is one of fastest growing industries in the world. The main reason behind this rapid upsurge is because the wealth of a nation depends on its health. Obviously there are hardly any places where healthcare industry is not handled with utmost seriousness. In fact, Mclaughlin (2018),tells us that this industry is well known to quaff over 10 percent or so of the GDP of most countries. The healthcare industry is indeed a massive investment project since we have estimated the growth rate for this year to be at 4 percent with revenue worth $7 million at the end of this year. Basically this information is a great encouragement as well as a big motivator for Blisspark health center. Currently the facility comprises of healthcare providers who are licensed to work as medical practitioners providing medical treatment and education to help patients deal with health issues. Comment by Christopher Chin: Avoid using "Qualifiers" in your paper(s). "Qualifiers" express doubt; they leave your reader wondering if you know what you are talking about. Some Qualifiers are: Basically, Essentially, Generally, Kind of, Mostly, Probably, possibly.etc.

On the other hand, the market trends are thriving in this dynamic industry. With the aid of technology, it is becoming easier to sell educational products to patients in wide or remote regions. Moreover, our products are becoming increasingly recognized in the market segments since we have seen demand for our products surging up over the last few years. There is no doubt that this surging is bound to continue because the aging baby-boomer generation in the U.S is expected to drive increasing demand for health care services. Since we haven’t established ourselves fully in the market, we target both customers who have insurance cover and those who do not. However, it should be noted that our open door policy to a wide range of customers will not by any means stop us from abiding to the general regulations governing health centers. Comment by Christopher Chin: Do not use first person pronouns ("I", "we," "me," "us," "my," and "our"). Most readers know who is writing the paper, so you do not ever have to refer to yourself. Exceptions: some academic writing requires the use of first-person pronouns: reflection papers, ethnographic studies, etc. Tip: Never use the word “you”! Comment by Christopher Chin: Do NOT use contraction within your paper. For example: "doesn't " should be "do not," " can't" should be "cannot," "didn't " should be "did not," "isn't" should be "is not," "aren't " should be " are not," " wasn't " should be " was not," and " won't" should be "will not," etc. Comment by Christopher Chin: Do not use first person pronouns ("I", "we," "me," "us," "my," and "our"). Most readers know who is writing the paper, so you do not ever have to refer to yourself. Exceptions: some academic writing requires the use of first-person pronouns: reflection papers, ethnographic studies, etc. Tip: Never use the word “you”!

Service feasibility

Blisspark health facility has ensured that clients are well treated and taken care of. Our services are carried out by highly trained professionals who are dedicated to serving patients and providing them with high quality products that will improve their overall health. Our service team comprise of health counselors, opticians, doctors, physical therapists and other non-heath workers in the IT department who actually are dedicated to increase sales of our products online as well as provide health information among many other roles they play to ensure the business remains competitive. The healthcare services that Blisspark currently offer include outpatient care, physical and speech therapy among other online health services. Our service team welcomes clientele in person or on the telephone to answer or direct enquiries. Through these interactions, our client service executive uses every opportunity available to build client’s interest in our products and services. Comment by Christopher Chin: Instead, this sentence should read " The Blisspark service teams comprise...."

Financial Feasibility

Blisspark is dedicated to ensure that we do all we can to maintain the liquidity of this company as well as maximize the sales to generate more income. So far the contribution margin sales ratio is way above production costs. Since the business is still under its growth stage, this ratio represents a business that is stable and therefore puts us in good position to borrow as well as attract future prospects investors. We have finished most of our expenditure start-up budget and are only remaining with bank loan that we expect to clear by next year. To remain competitive and become one of the market leaders we are going to explore all available means to promote our health center. We plan to expand our facility in an attempt to increase revenue. Our plan is to construct a new block that will cost $5 million but with the forecasts we have conducted, the new block will increase the business revenue by approximately $4 million annually. At Blisspark we recognize that the future of business lies in the number of clients, employees’ competence as well as investment strategy. Comment by Christopher Chin: This part could be better phrased. Comment by Christopher Chin: Do not use first person pronouns ("I", "we," "me," "us," "my," and "our"). Most readers know who is writing the paper, so you do not ever have to refer to yourself. Exceptions: some academic writing requires the use of first-person pronouns: reflection papers, ethnographic studies, etc. Tip: Never use the word “you”!

Entrepreneurial Readiness

This industry is indeed dynamic; there is no doubt that there are several ways of providing healthcare services in this digital era. Health services are not only provided only in health facilities but can be offered at workplace, in the community or even at the comfort of your home. The health industry recently has begun consolidating due to the pressures of healthcare reforms. As entrepreneurs, in order to maintain an advantaged position in this competitive market we have sourced for most skilled personnel in every department to move this concern in the right direction, and indeed it is working pretty well. Profitability levels have surged over the past few years generally due to quality service we provide to our esteemed client and this will only get better.

* Comment by Christopher Chin: The reference list should be located at the end of a paper on a separate page called a "Reference Page" and contain the complete information for the reader to be able to locate the source that was used.

References

Chaffey, D. (2015). Digital business and e-commerce management. London: Pearson Education Limited.

Evans, C. J. (2010). Financial feasibility studies for healthcare. New York, NY : McGraw-Hill

Jansen, W. (2017). New business models for the knowledge economy. Routledge.

Mclaughlin, (2018). Health Policy Analysis. Burlington: Jones & Bartlett Learning, LLC

Vilcahauman, L., &Rivas, R.(2017). Healthcare technology management systems: Towards a new organizational model for health services. London: Elseiver