Expert answer:Marketing Plan

Solved by verified expert:This is a marketing plan. Please see the requirements in the attachment (Appendix B). The Marketing Plan is on a Long Term Care Facility. Appendix B shows what the plan/paper should include. I have already begun the project with the abstract. An outline is not required. If you have more questions let me know.
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Abstract
The purpose of writing this paper is to exuberant the importance of long term care and give a
basic breakdown of what is included in the foundation of long term care. The problem at hand
currently with LTC facilities and society is Americans does not see how the need for these
facilities correlates with the basics of how it affects everyday life. My plan is to create a facility
that is will be base communal center of living. In doing this it give patients around the clock care
and a sense of still belonging to a society based on their current circumstances.
Key words: long term care, LTC
Long Term Care: The Need for Change.
Long-term care (LTC) is classified as both medical and non-medical services developed
to meet the needs of those who suffer from disabilities or chronic illnesses. Most often LTC
services are only assumed to be provided in facilities associated with assisted living and nursing
home disciplines. Long-term care can be provided informally or formally, with tasks that include
“around- the-clock” care, including meals, housekeeping, and laundry services. Due to these
settings, LTC is often associated with aging populations, however long care term may be needed
by people of various ages in multiple settings.
As stated previously, the majority of those who benefit from long-term care are our
senior citizens. The introduction of LTC gave families the opportunity to find quality care
without the ever-growing grief brought on by “placing” a family member in a nursing home.
People have been afforded the opportunity to find professionals that will truly care for their
elderly family members and improve the quality of life.
However, the economic and emotional challenges associated with care giving can be massive,
whether the care is provided directly by family member or through paid assistance in the form of
personal care, homemaker’s services or any sort of long-term facility. In addition to the rapidly
emergent demands of LTC, it will increase considerably with the aging of Baby Boom
Generation. “Of 10 million Americans who currently need LTC, 5.2 million are ages 65 or older,
and 1.71 million are ages 85 or older. These numbers are projected to double over the next thirty
years” (Kwak & Polivka, 2014). Lastly, with preparing myself for my future career in LTC, I
have noticed that many individuals who are expected to care for a member(s) of their families in
the near future do not feel prepared. The question that was asked according to The Associated
Press- NORC Center for Public Affair Research “: Do you, personally, feel extremely prepared,
very prepared, somewhat prepared, not too prepared, or not at all prepared to provide ongoing
living assistance to that aging family member or friend”? “Seven in ten did not feel very prepared
to care for a family member or close friend who is likely to need ongoing living assistance in the
next five years.
I do not think Americans realize the importance of planning for LTC. It happens
suddenly most times and insuring care that will ensure that you have the best quality and
designated LTC options is what is most important. Since our baby boomer generation is aging
and medicinal practices are improving drastically, I believe it is necessary that we improve the
policies, designs and technology to better accommodate the growing populations of seniors.
Sample Marketing Plan
© zayats-and-zayats/Shutterstock.com
This sample marketing plan for a hypothetical company illustrates how the marketing planning process described in Chapter 2 might be implemented. If you are asked to create a marketing plan, this model may be a helpful guide, along with the concepts in Chapter 2.
Star Software Inc. Marketing Plan
I. EXECUTIVE SUMMARY
1
1 The Executive Summary,
one of the most frequently read
components of a marketing
plan, is a synopsis of the marketing plan. Although it does not
provide detailed information, it
does present an overview of the
plan so readers can identify key
issues pertaining to their roles in
the planning and implementation
processes. Although this is the
first section in a marketing plan,
it is usually written last.
2
2 The Environmental
Analysis presents information
regarding the organization’s
current situation with respect to
the marketing environment, the
current target market(s), and the
firm’s current marketing objectives and performance.
3
3 This section of the environmental analysis considers
relevant external environmental
forces, such as competitive,
economic, political, legal and
regulatory, technological, and
sociocultural forces.
Star Software Inc. is a small, family-owned corporation in the first year of a transition from
first-generation to second-generation leadership. Star Software sells custom-made calendar
programs and related items to about 400 businesses, which use the software mainly for
promotion. As Star’s business is highly seasonal, its 18 employees face scheduling challenges,
with greatest demand during October, November, and December. In other months, the
equipment and staff are sometimes idle. A major challenge facing Star Software is how to
increase profits and make better use of its resources during the off-season.
An evaluation of the company’s internal strengths and weaknesses and external opportunities and threats served as the foundation for this strategic analysis and marketing
plan. The plan focuses on the company’s growth strategy, suggesting ways it can build on
existing customer relationships, and on the development of new products and/or services
targeted to specific customer niches. Because Star Software markets a product used primarily as a promotional tool by its clients, it is currently considered a business-to-business
marketer.
II. ENVIRONMENTAL ANALYSIS
Founded as a commercial printing company, Star Software Inc. has evolved into a marketer
of high-quality, custom-made calendar software and related business-to-business specialty
items. In the mid-1960s, Bob McLemore purchased the company and, through his fulltime commitment, turned it into a very successful family-run operation. In the near future,
McLemore’s 37-year-old son, Jonathan, will take over as Star Software’s president and allow
the elder McLemore to scale back his involvement.
A. The Marketing Environment
1. Competitive forces. The competition in the specialty advertising industry is very strong
on a local and regional basis but somewhat weak nationally. Sales figures for the
industry as a whole are difficult to obtain because very little business is conducted on a
national scale.
The competition within the calendar industry is strong in the paper segment and weak
in the software-based segment. Currently, paper calendars hold a dominant market share
of approximately 65 percent; however, the software-based segment is growing rapidly.
The 35 percent market share held by software-based calendars is divided among many
B-1
B-2
Appendix B | Sample Marketing Plan
2.
3.
4.
5.
6.
4 The analysis of current target markets assesses
demographic, geographic,
psychographic, and product
usage characteristics of the
target markets. It also assesses
the current needs of each of the
firm’s target markets, anticipated
changes in those needs, and
determines how well the organization’s current products are
meeting those needs.
4
different firms. Star Software, which holds 30 percent of the software-based calendar
market, is the only company that markets a software-based calendar on a national basis.
As software-based calendars become more popular, additional competition is expected to
enter the market.
Economic forces. Nationwide, many companies have reduced their overall promotion
budgets as they face the need to cut expenses. However, most of these reductions have
occurred in the budgets for mass media advertising (television, magazines, and newspapers). While overall promotion budgets are shrinking, many companies are diverting a
larger percentage of their budgets to sales promotion and specialty advertising. This trend
is expected to continue as a weak, slow-growth economy forces most companies to focus
more on the “value” they receive from their promotion dollars. Specialty advertising, such
as can be done with a software-based calendar, provides this value.
Political forces. There are no expected political influences or events that could affect the
operations of Star Software.
Legal and regulatory forces. In recent years, more attention has been paid to “junk mail.”
A large percentage of specialty advertising products are distributed by mail, and some
of these products are considered “junk.” Although this label is attached to the type of
products Star Software makes, the problem of junk mail falls on Star’s clients and not on
the company itself. Although legislation may be introduced to curb the tide of advertising
delivered through the mail, the fact that more companies are diverting their promotion
dollars to specialty advertising indicates that most do not fear the potential for increased
legislation.
Technological forces. A major technological trend involves the growing popularity of
tablet computers. Tablet computers, such as the Apple iPad and Samsung Galaxy Tab,
provide consumers with increased mobility and application services. Tablet computers
have begun taking market share away from desktop, laptop, and netbook computers. As
this trend continues, current software-based calendar products will have to be adapted to
match the new technology.
Sociocultural forces. In today’s society, consumers have less time for work or leisure.
The hallmarks of today’s successful products are convenience and ease of use. In short,
if the product does not save time and is not easy to use, consumers will simply ignore it.
Software-based calendars fit this consumer need quite well. A software-based calendar
also fits in with other societal trends: a move away from paper and hard copies, the need
to automate repetitive tasks, and the growing dependence on information technology, for
example.
B. Target Market(s)
By focusing on a commitment to service and quality, Star Software has effectively implemented a niche differentiation strategy in a somewhat diverse marketplace. Its ability to
differentiate its product has contributed to superior annual returns. Its target market consists of manufacturers or manufacturing divisions of large corporations that move their
products through dealers, distributors, or brokers. Its most profitable product is a software
program for a PC-based calendar, which can be tailored to meet client needs by means of
artwork, logos, and text. Clients use this calendar software as a promotional tool, providing
a disk to their customers as an advertising premium. The calendar software is not produced
for resale.
The calendar software began as an ancillary product to Star’s commercial printing
business. However, due to the proliferation of new computer technology, the computer
calendar soon became more profitable for Star than its wall and desktop paper calendars.
This led to the sale of the commercial printing plant and equipment to employees. Star
Software has maintained a long-term relationship with these former employees, who have
added capabilities to reproduce computer disks and whose company serves as Star’s primary supplier of finished goods. Star’s staff focuses on further development and marketing
of the software.
Sample Marketing Plan | Appendix B
B-3
C. Current Marketing Objectives and Performance
Star Software’s sales representatives call on potential clients and, using a template demonstration disk, help them create a calendar concept. Once the sale has been finalized, Star
completes the concept, including design, copywriting, and customization of the demonstration disk. Specifications are then sent to the supplier, located about 1,000 miles away,
where the disks are produced. Perhaps what most differentiates Star from its competitors is
its high level of service. Disks can be shipped to any location the buyer specifies. Because
product development and customization of this type can require significant amounts of
time and effort, particularly during the product’s first year, Star deliberately pursues a
strategy of steady, managed growth. Star Software markets its products on a companyspecific basis. It has an annual reorder rate of approximately 90 percent and an average
customer-reorder relationship of about 8 years. The first year in dealing with a new customer is the most stressful and time-consuming for Star’s salespeople and product developers. Subsequent years are faster and significantly more profitable. A company must set
marketing objectives, measure performance against those objectives, and then take corrective action if needed.
The company is currently debt free except for the mortgage on its facility. However,
about 80 percent of its accounts receivable are billed during the last 3 months of the calendar year. Seasonal account billings, along with the added travel of Star’s sales staff
during the peak season, pose a special challenge to the company. The need for cash to
fund operations in the meantime requires the company to borrow significant amounts
of money to cover the period until customer billing occurs. Star Software’s marketing
objectives include increases in both revenues and profits of approximately 10 percent over
the previous year. Revenues should exceed $4 million, and profits are expected to reach
$1.3 million.
III. SWOT ANALYSIS
A. Strengths
5
1. Star Software’s product differentiation strategy is the result of a strong market orientation,
commitment to high quality, and customization of products and support services.
2. There is little turnover among employees, who are well compensated and liked by customers. The relatively small staff size promotes camaraderie with coworkers and clients, and
fosters communication and quick response to clients’ needs.
3. A long-term relationship with the primary supplier has resulted in shared knowledge of the
product’s requirements, adherence to quality standards, and a common vision throughout
the development and production process.
4. The high percentage of reorder business suggests a satisfied customer base, as well as
positive word-of-mouth communication, which generates some 30 percent of new business each year.
B. Weaknesses
1. The highly centralized management hierarchy (the McLemores) and the lack of managerial
backup may impede creativity and growth. Too few people hold too much knowledge.
2. Despite the successful, long-term relationship with the supplier, single sourcing could
make Star Software vulnerable in the event of a natural disaster, strike, or dissolution of
the current supplier. Contingency plans for suppliers should be considered.
3. The seasonal nature of the product line creates bottlenecks in productivity and cash flow,
places excessive stress on personnel, and strains the facilities.
6
5 Strengths are competitive
advantages or core competencies that give the organization an
advantage in meeting the needs
of its customers.
6 Weaknesses are limitations a firm has in developing
or implementing a marketing
strategy.
B-4
Appendix B | Sample Marketing Plan
4. Both the product line and the client base lack diversification. Dependence on current
reorder rates could breed complacency, invite competition, or create a false sense of customer satisfaction. The development of a product that would make the software calendar
obsolete would probably put Star out of business.
5. Although the small size of the staff fosters camaraderie, it also impedes growth and newbusiness development.
6. Star Software is reactive rather than assertive in its marketing efforts because of its heavy
reliance on positive word-of-mouth communication for obtaining new business.
7. Star’s current facilities are crowded. There is little room for additional employees or new
equipment.
7 Opportunities are favorable
conditions in the environment
that could yield rewards for
an organization if acted on
properly.
8 Threats are conditions or
barriers that may prevent the
organization from reaching its
objectives.
9 During the development
of a marketing plan, marketers attempt to match internal
strengths to external opportunities. In addition, they try to
convert internal weaknesses into
strengths and external threats
into opportunities.
7
C. Opportunities
1. Advertising expenditures in the United States exceed $132 billion annually. More than
$25 billion of this is spent on direct-mail advertising and another $20 billion on specialty
advertising. Star Software’s potential for growth is significant in this market.
2. Technological advances have not only freed up time for Americans and brought greater
efficiency but they have also increased the amount of stress in their fast-paced lives.
Laptops, tablet computers, and mobile technology have become commonplace, and personal information managers have gained popularity.
3. As U.S. companies look for ways to develop customer relationships rather than just close
sales, reminders of this relationship could come in the form of acceptable premiums or
gifts that are useful to the customer.
4. Computer-based calendars are easily distributed nationally and globally. The globalization of business creates an opportunity to establish new client relationships in foreign
markets.
8
D. Threats
1. Reengineering, right-sizing, and outsourcing trends in management may alter traditional
channel relationships with brokers, dealers, and distributors, or eliminate them altogether.
2. Calendars are basically a generic product. The technology, knowledge, and equipment
required to produce such an item, even a computer-based one, are minimal. The possible
entry of new competitors is a significant threat.
3. Theft of trade secrets and software piracy through unauthorized copying are difficult to
control.
4. Specialty advertising through promotional items relies on gadgetry and ideas that are new
and different. As a result, product life cycles may be quite short.
5. Single-sourcing can be detrimental or even fatal to a company if the buyer–supplier relationship is damaged or if the supplying company has financial difficulty.
6. Competition from traditional paper calendars and other promotional items is strong.
9
E. Matching Strengths to Opportunities/Converting
Weaknesses and Threats
1. The acceptance of technological advances and the desire to control time create a potential
need for a computer-based calendar.
2. Star Software has more opportunity for business growth during its peak season than it can
currently handle because of resource (human and capital) constraints.
3. Star Software must modify its management hierarchy, empowering its employees through
a more decentralized marketing organization.
4. Star Software should discuss future growth strategies with its supplier and develop contingency plans to deal with unforeseen events. Possible satellite facilities in other geographic
locations should be explored.
Sample Marketing Plan | Appendix B
B-5
5. Star Software should consider diversifying its product line to satisfy new market niches
and develop nonseasonal products.
6. Star Software should consider surveying its current customers and its customers’ clients to
gain a better understanding of their changing needs and desires.
IV. MARKETING OBJECTIVES
10
Star Software Inc. is in the business of helping other companies market their products and/
or services. Besides formulating a market-oriented and customer-focused mission statement,
Star Software should establish an objective to achieve cumulative growth in net profit of at
least 50 percent over the next 5 years. At least half of this 50 percent growth should come
from new, nonmanufacturing customers and from products that are nonseasonal or that are
generally delivered in the off-peak pe …
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