Week 10 assgmt

1

Running head: MARKETING PLAN

MARKETING PLAN2

Part C: ABC Marketing Plan (Boma Health Solutions)

Johnell Davis

MKT500 Marketing Management

Strayer University

Dr. Amans

March 8th

Question I

The information contained in part A provides comprehensive data on what Boma Health Solutions has endeavored to achieve since its creation in 2002. As a business organization in the healthcare industry specializing in the manufacture and supply of medical equipment, its plan for service provision to its customers and profit-making is on the right track. The company's readiness to utilize meaningful innovation, as stated in its mission statement, places it in a unique position to make use of the current technology to come up with improved and efficient healthcare equipment that make the lives of its customers easier (Khosravizadeh et al., 2021 p.959). This is more so for patients living with terminal illnesses such as cancer and diabetes and even patients with deafness who require hearing aids. Further, as part of two billion lives the company wishes to improve by 2027, the company should look to extend its products to marginalized groups and those living in remote and inaccessible and have a hard time gaining access to adequate medical care.

Part of the success journey of any organization is conducting a SWAT analysis of its organization so that it can have a clear picture of where it has come from and how far it is going. An organization can only take care of its weaknesses and threats after identifying them. Thus, thanks to the SWOT analysis conducted in part A, it's clear that its quest to offer reliable and affordable services plus prioritizing customer satisfaction has played a vital role in its success. The company's marketing plan will entail maximizing its opportunities by expanding its markets to online platforms that are the current trends earning companies’ significant revenues and saving them costs in marketing and advertisement.

Another essential marketing plan for the Boma Health organization involves impacting purchasing behavior through content marketing. This strategic marketing technique will develop and disseminate content appropriate to prospects' needs to captivate customers. Account Advertising and retargeting is a technique that gives several benefits to marketing and sales teams, such as a faster sales cycle, economic viability, and more economical use of marketing efforts. Another method is referral networks. A referral system is encompassing strategy businesses use to encourage consumers to tell everyone about their merchandise. Implementing unique affiliate networks, customer referral initiatives, and partner programs into a marketing strategy framework is intended to provide existing clients with instant legitimacy to build a client base.

The marketing mix is crucial because it is the only mix that produces a profit for the company; the remaining three p's are variable costs for any organization. It costs to manufacture and design a product, as well as to distribute and advertise it. These components of the mix must be supported by price. Pricing is complicated because it must take into account the market-driven connection. Pricing a commodity too high or very low may result in a loss of revenue. Price strategy is an essential and critical component of the marketing process. Pricing a product too low would harm the bottom line. Therefore, Boma company will use effective and comprehensive strategies for their products to help maintain a balance between supply and selling.

Question II

Numerous facts in today's brand communication are evolving. Because of the increasing variety of digital communication and advancement, brand awareness no longer focuses solely on promotional campaigns. Companies and business owners begin to move toward the unified communication procedure, which has arisen as a new idea and the significant communication advancement in branding in the twenty-first century. More and more businesses use IMC to communicate cohesive feedback about their commodities and brands to obtain a higher advantage and increase brand value.

An effective branding strategy for the Boma health solutions entails using the brand name Boma, which is a Swahili word meaning homestead. In most African countries, people in the rural areas live in secluded homesteads in separate huts for the parents, daughters, sons, and workers. All these members are headed by the head of the family, mostly the father, making up what is known as a boma. Although the contemporary structure of families and primarily those in urban areas no longer adhere to the living arrangement, most can associate with it. Thus, the branding name would predominantly focus on families and lower-income households to show that they care for their health and therefore manufacture health equipment suitable for their needs and affordable prices. The brand logo will be the symbol of Walgreens with a distinctive red, a popular color in the medical field. As a result, the logo will depict the organization's expertise in medical research. This brand logo will help more customers gain trust in the company. Hence more selling medical equipment manufactured. More focus will be geared towards the sick and elderly who mostly live in the bomas in rural areas and barely have the strength to take care of themselves nor the resources to access quality medical care.

The strategy would be part of the company's slogan, which is to improve the well-being and health of individuals through meaningful innovation. Their innovation would benefit those groups and individuals in the society in dire need of help. The group at the top of the pyramid is the elderly living with chronic illnesses. Further, the organization could partner with the government to develop a way that their customers could use their universal health insurance, such as the Obama care to pay for the products. That way, they do not have to feel the financial strain of purchasing the products. Any product or service focused on the families in the community focuses on the economy as they equip these families to be better builders of the economy.

Question III

As put forward in part one, one of the company's primary markets is in underserved communities, including African-American communities and people living with chronic illnesses such as hypertension and diabetes, mostly the elderly. The other underserved group comprises persons with disabilities who mostly rely on medical equipment such as wheelchairs, hearing aids, walking sticks, and even brail machines that the blind use in learning institutions. The other primary market includes clinicians who need the right tools to make accurate diagnoses and treat their patients. The organization is well-positioned to use technology to develop innovative equipment to make the lives of these groups better. A good example is electric wheelchairs that one can navigate easily; they need not push and require another person's aid.

Since a target market is a collection of people who share particular traits and have been recognized as possible clients for a company's products. Determining the target market influences a firm's decision-making procedure by designing, producing, and selling its product (Swenson et al., 2018). Under the described segments, Boha company primarily targets psychographic, behavioral, and geographic segmentation markets. Psychographic segmentation refers to groupings based on shared values, beliefs, passions, temperament, and lifestyle. It segments the population based on their ideas, feelings, and thoughts. Supportive comments to marketing strategies can lead to sales and increased involvement with the company. Behavioral segmentation refers to buying power and spending patterns, community rank, brand interactions, and exposure. Geographical segmentation; a section developed based on a neighborhood or locality, a city, a region, a country, or even the unique demands of a single continent. An area around the enterprise is frequently used to locate clients who work and live near the Boha company.

The organization's target market is thus diverse in the demographic profile—from the elderly, mostly living with chronic illnesses, to persons with disabilities of all ages, gender, and even race. Even African-Americans who fall under people of color comprise a wide range of gender and age (Odoom et al., 2021). Thus, the demographic profile is relatively large. However, when it comes to geographic profile, the primary market in Chicago and its surroundings is where the company is based. However, Suppose the company goes ahead and expands its operations to the online market. In that case, it can serve a more comprehensive market extending to other continents such as Europe, Asia, and even Africa (Farsi, 2021). With the online market, even helping the entire planet is possible. However, the primary market is underserved communities and clinicians, while the secondary market involves any other group, institution, or individual needing medical equipment.

Question IV

Serving as a manager in the department of production in Boma organization, it is clear that when we try to compare Boma Health Solution's position against its competitors like the Rihen company, the primary competitor in the region, one can say that Boha is more advantaged. With the contemporary world being ruled by information and technology, any organization that wishes to survive and thrives in the market must be innovative and thus utilize technology. World issues such as climate change are forcing organizations to develop eco-friendly products, which means being resourceful; Boma already uses meaningful innovation in its operation, which places them at an advantage.

Further, its emphasis on ensuring customer satisfaction through providing quality and affordable products gives them a competitive advantage (Cham et al., 2020). Today, most organizations thriving in the market are tied to how satisfied customers are with their products and services. It's never really about putting the goal of revenue and profit-making ahead, but letting the quality of services and customer satisfaction continue to earn good revenues and thus result in growth and expansion. In the same way, the company can offer quality healthcare equipment to their customers by ensuring each of their needs is catered for, giving it an upper hand over its competitors. Also, its emphasis on upholding integrity and accountability above all in its operations conforms to how dedicated they are to their products and clients.

Question V

The brand name, Boma, which, as previously stated, is a Swahili word meaning homestead, and its slogan that aims to improve the well-being and health of individuals through meaningful innovation, is why the organization is fit to work with the underserved communities. The primary challenge for these groups is access to quality services due to their financial positions or the discrimination they face in society. Thus, most people in these societies live in poor conditions and untreated chronic medical conditions since they lack the means to get the care they need. The standards can be either financial resources, support from their communities and government, or companies such as Boma that provide quality and affordable products and services that benefit them. As a sign of organizational social responsibility, Boha will use some of its profits to educate people on adoptinghealthy lifestyles and helping the need cases within the community. Thus, taking this will enable the company to gain trust in their customers and effectively brand their products.

The brand and slogan title have a significant positive impact and a significant relationship with consumer purchasing behavior. A successful, coherent brand image will differentiate and recognize the organization while attracting present and prospective new customers, employees, supporters, and stakeholders (Akopova et al.,.2020). Slogans are utilized for communicating a marketing message service they represent. It can possess a rhythmic inflection or be written in a song. Slogans are frequently used to grasp the audience's attention they are attempting to reach. A great motto offers the consumer devotion and tells people what the product stands for, so the slogan and the brand encourage purchasing power. Thus, through Boma's quality and affordable services that use meaningful innovation, many underserved communities and patients stand to benefit. For clinicians, advanced equipment that can manage severe illnesses would make attending to their patients easier and help them avoid errors that could put patients' lives at risk.

To put it simply, digital advertising for the Boma organization aids customers by making their experience more comfortable. Web design and a social media platform can help clients get in touch with healthcare providers more efficiently and avoid unnecessary service investigations. Using customer-centered and scientific techniques to safeguard the health of large communities will help in health branding since it involves the creation, communication, and delivery of health information and initiatives. Moreover, its products meant to aid patients' in-home care and recovery would considerably come in handy during trying times like the pandemic. That has seen many patients in the underserved communities suffer since the pandemic could not allow physical visits to health centers. With inpatient care supported by services from Boma, patients would be saved the time and money consumed making regular visits to healthcare facilities.

References

Akopova, E. S., Borzenko, K. V., Przhedetsky, Y. V., & Przhedetskaya, N. V. (2020). Marketing of healthcare organizations: technologies of public-private partnership. IAP.

Cham, T. H., Cheng, B. L., Low, M. P., & Cheok, J. B. C. (2020). Brand Image as the competitive edge for Hospitals in Medical Tourism. European Business Review.

Farsi, D. (2021). Social media and health care, Part I: a literature review of social media use by health care providers. Journal of Medical Internet Research, 23(4), e23205.

Khosravizadeh, O., Vatankhah, S., Baghian, N., Shahsavari, S., Ghaemmohamadi, M. S., & Ahadinezhad, B. (2021). The branding process for healthcare centers: Operational strategies from consumer's identification to market development. International Journal of Healthcare Management, 14(4), 956-964.

Odoom, P. T., Narteh, B., & Odoom, R. (2021). Healthcare branding: Insights from Africa into health service customers’ repeat patronage intentions. International Journal of Healthcare Management, 14(3), 663-675.

Swenson, E. R., Bastian, N. D., & Nembhard, H. B. (2018). Healthcare market segmentation and data mining: A systematic review. Health marketing quarterly, 35(3), 186-208.