Marketing objectives and issues

Erin Murdock

James Hernandez

David Harrison-Trimble

Sheila Marie Stapleton

MKTG 525 Week 2

Dr. Clark

November 11, 2018

OUTLINE

I. Executive Summary

II. Current Marketing Situation

· Market Description

· Product Review

· Competitive Review

· Channels and Logistics Review

III. Strengths, Weaknesses, Opportunities and Threats Analysis

· Strengths

· Weaknesses

· Opportunities

· Threats

IV. Objectives and Issues

· First-Year Objectives

· Second-Year Objectives

· Issues

V. Marketing Strategy

· Positioning

· Product strategy

· Pricing

· Distribution Strategy

· Marketing Research

VI. Conclusions

Executive Summary

(Not required this week)

Current Marketing Situation

Marketing Description

Outreach to the aging population is a major problem due to isolation, lack of knowledge, lack of community support, poverty and English as a second language. Television and radio are popular venues to market product and services to the older individual and a plan to provide education at local community centers is warranted and welcome by the center. (name of product) target audience is this unrecognized and overlooked population when it comes to the technology age, which reflects the population predominately affected by the trend (Vaportiz, Clausen & Gow, 2017). (name) will be available in multiple languages, including American Sign Language (ASL), and maximization of print and volume incorporated in the system and anticipated to go live March 1, 2019. Older adults are slower to adopt new technologies than younger adults but will do so if those technologies appear to have value, for example, in maintaining their quality of life, independence, the product is a useful resource and it is accessible.

Product Review

(name of product or company) is a new technology that makes using Electronic Health Records (EHR) easier for the older individual, who may not be technologically savvy, with a more efficient system for monitoring their health, check test results, schedule appointments and request medication refills via a hand-held device. This technology features a one touch, finger print login for secure access and a voice activated system to ensure the ease and accuracy of the information that is inputted in addition to clarity of the details outputted. The aim of the product is to heighten awareness of the individual’s health care needs, recommendations, a healthier lifestyle and enhance accessibility, patient satisfaction and enhance outcomes. Since reimbursement is substantially based on patient outcomes and organizations are focused on the patient experience, outreach to this at-risk population is essential (Monica, 2017). The ability of the healthcare professional to handle and manage information is critical in providing quality care for our patients.

Competitive Review

“Electronic Medical Health Record and the ability to exchange health information electronically can help provide a higher quality and safer care for patients while creating tangible enhancements for organizations.” (How can I sell electronic health records to potential investors? n.d.). (Name of product or company) creates even more security in addition to the established security measure of the current EHR systems such as Athena or Next Gen. These two systems can be both web based or connected through the companies network and are secured by password protected log in but it only provides the limited amount of security that EHR systems solely provide. Our system adds another layer of protection which allows an even higher level of security that patients would appreciate. The fingertip touch and voice control technology is revolutionizing the security of this system and allowing patients to rest assure that their information will remain safe.

Channels and Logistics

“The new EHR accessibility would be distributed through a sales force that would sell this product to hospitals, medical centers, and clinics” (How can I sell electronic health records to potential investors? n.d.). They would use several types of resources to educate such as, peer reviewed journal articles, which can show the stories from similar providers that have tested or currently have this updated technology. Present a financial portfolio to remind the customer of the return on investment that will be generated when switching to EHR plus the security enhancement. This strategy will not only remind the customer of the importance of the system but allow to express further the purpose of security and how the enhancement benefits the patient’s privacy thus giving the company using the product positive credibility while remaining compliant with protection laws.

Positives

The (Name of the product or company) provides many positives for companies but here are two examples of positives that we would like to focus on: The security aspect and the marketing towards the patient demographic. This program will provide security enhancement to an already secure program for all patients. This will also keep the company compliant with governmental standards for patient privacy such as HIPAA. “HIPAA created a baseline of privacy protection. It overrides (or “preempts”) other privacy laws that are less protective” (Health Information Privacy Law and Policy, n.d.). Furthermore, it will provide the relief that all medical records are safe and only accessible by the patient or allowable guests (i.e. spouse or family member).

Our team will focus the marketing towards the older patients. We feel this patient demographic needs the most attention when it comes to keeping their security safe. With the change in technology, older people may not be able to keep up with the changes so any type of enhancement to make accessing information easier would be beneficial for them. One of our goals is to focus on the demographic that may be overlooked because of age.

Negatives

With any new product being marketed to the world, it’s inevitable that there may be some negatives that accompany the new idea. For (Name of the product or company), we have come up with two negatives which are: Selling an item that companies already have and keeping up with competitors. From the sales perspective, it will be difficult to sell an EHR system to companies that already use their own system since it will require changes to be made that affect the entire company. Which will require company time for the training that will have to be done during implementation.

The other negative would deal with the keeping up with competitors. As soon as this program is launched, this is where other developers will try to go above and beyond and come up with a different idea that will make our idea obsolete. We would need to consistently upgrade and keep up with technology in order to give companies the utmost security at all times. There will always be “the bigger better” company rising up and it will be our goal to remain on top for the sake of the patients and company.

Opportunities

Our system, (product name), have two main opportunities on how it can improve the efficiency of the patient portal for elderly patients who have trouble with navigating technology. The electronic health record patient portal voice recognition helps to eliminate confusion. In today’s healthcare world, many hospitals and facilities are turning to the electronic way of doing things as it is easier and quicker. One of these easier processes is the patient portal. The patient portal has many different links that carry important information from prior visits with the physician for the patient. Our elderly patients are not technology savvy and it is difficult to navigate through the portal without getting confused. With (product name), elderly patients will be able to use voice recognition with the patient portal to find the information they are looking for. This eliminates multiple phone calls to the physician regarding patient care and next steps. A second opportunity is improving communication. Patients will be able to utilize voice recognition to ask their physician questions about their treatment or medications. They will be able to use the same voice recognition to return to past communication messages they had previously with their doctor. This too eliminates multiple phone calls to the practice with repetitive questions as well as reduction in wait times for physician answers.

Threats

There are always some downfalls to any product that is being marketed. With (product name), there are various threats that could threaten the potential of this product. The first threat would be a difficult transition to the voice recognition application. Some elderly patients would still have difficulties transitioning to this technology as their skills are not strong enough. This would cause an increase in phone calls to the practice regarding the usage of the application. The second threat would be a confidentiality issue. Our application uses finger print login, and anyone can possibly get into the application. To clarify this statement, if the elderly patient is sleeping, a family member or friend can use their finger to get into the application getting ahold of their medical information. A third threat would fall on the lines on speech, speed, and accents. If a patient has a heavy accent or speaks slowly, it can cause the application to only record the words it understands clearly. This would cause the patient to become frustrated as they must constantly reiterate their questions and concerns. It could also delay answers to their questions as the physician or clinical staff would be unable to interpret what the patient is saying. A fourth threat would be issues with the background noises. With voice recognition, it could only produce what is put into it (DataMatrix Technologies 2017). There will need to be a session where the application is trained to recognize the speech patterns to distinguish the patient’s speech and the background noise.

References

DataMatrix Technologies. (2017). Disadvantages of voice recognition software.

Retrieved from https://www.datamatrixmedical.com/disadvantages-voice-recognition-

How can I sell electronic health records to potential investors? (n.d.). Retrieved from https://www.healthit.gov/faq/how-can-i-sell-electronic-health-records-potential-investors

software/

Health Information Privacy Law and Policy. (n.d.). Retrieved from