I have provided 2 of my assignments for the business I chose.
- Briefly remind us about your hypothetical business (the one you have created for your four assignments) and your target audience.
What is the message that you will consistently communicate to this target audience? How will you creatively deliver the message? For example, will you have a celebrity spokesperson, a product demonstration, an emotional appeal, etc.
Where will you use traditional advertising (sales promotion, events and experiences, and public relations to promote your hypothetical business. This is your chance to share your knowledge of each one of the four types of promotional strategies. This should be a 300 – 500-word discussion.
Marketing Plan Input
January 21, 2022
Boma Health solutions offer a medical solution by selling hospital and medical equipment.Boma is a single provider of surgical, medical, radiation, diagnostic imaging, and oncology equipment. It also offers services such as repair, refurbishing, parts and installation. It was founded in 2002 with its headquarters in Chicago, making it easy to serve the already market within the metropolitan area. Bomas’ market size and expected growth are projected at a total revenue development of 12.9% posted in its second quarter.
Due to improved operational performance, time management has also been achieved by completing the largest transactionaffected by the pandemic, and the increased attention shifted towards healthcare. The business expects comparable revenue growth of between 14% and 17%, better than between 8% and 12% in previous years. The company developed procedures to predict their revenue, costs, and capital needs to identify yearly expenditure budgets limits. According to economic research, the aggressive moves of Boma have provided a defensive transaction meant to protect the company’s top position within radiology and oncology.
Boma health solutions’ purpose is to improve the well-being and health of individuals through meaningful innovation. Our mission is based on various values that guide and define our organization: working with integrity, respect, trust, accountability, and compassion. Our health solutions focus on people’s entire health journey ranging from prevention, diagnosis, treatment, homecare and health living. Our products and services are aimed at helping people live healthily and provide clinicians with the right tools needed to make an accurate diagnosis and appropriate treatment. Our products too aid in the patients in homecare and also recovery.
Boma health solutions focus on driving sales and profit and providing reliable healthcare products that improve people’s health. Our goal remains a pillar of guidance and organizational purpose. We aim to improve over 2 billion lives by 2027, inclusive of underserved communities that will realize our goal and consistent belief of changing lives and making life better. Our products and services are aimed at helping people live healthily and provide clinicians with the right tools needed to make an accurate diagnosis and proper treatment. Our products are meant to aid in the patient’s in-home care and recovery.
Long Term Goal
Our long-term goals include reaching over two billion people by 2027 by offering quality, reliable and affordable health products to individuals and hospitals. We aim to leverage the balance of the underserved communities by providing affordable products at discounted prices to help improve people’s healthy lives. Lastly, we increase our sales and profit margin through advertisements and partner with local and national healthcare providers. The long-term goals can be measured by increasing market share and the growth rate per year.
Short Term Goals
As a company, we are prepared to take advantage of their competitor’s weakness to improve our medical products in healthcare. Boma health solutions are positioned to adopt entrepreneurial flexibility to shape the healthcare industry to increase profitable growth and deliver returns. The strategy to acquire a direct entry to the capital market is meant to improve its capability of funding investment. The short-term goals will be measured through customer engagement and retention.
The desired image of Boma Health Solutions is to acquire a top position within radiology and oncology with its presence in China, Canada, Brazil, the United States, France and the United Kingdom. It has desired to enter the Global corporate-level profile with major competitors, products and services(Anderson & Drake, 2019).
Boma Health Solution has a competitive strategy of embracing entrepreneurial flexibility to shape the healthcare industry to increase profitable growth and deliver returns; nonetheless, it has faced competitionfrom other companies such as Philips and Avante Health Solutions. Unlike its competitors specializing in particular products, achieving the competitive(Endre, 2021). The company strategy is to beat its competitors by acquiring a direct entry into the capital market to collect funds for investment in its brand.
The industry is faced with various unavoidable challenges that range from cost, efficiency and quality. To deliver efficient and quality products, it needs a reasonable amount to operate the business. Inflation also affects the industry since it affects sales and profit margins, leading to losses. The business is not yet saturated and has led many companies to acquire a competitive edge in various high-tech products.
Political and Legal Analysis
The business environment is affected by political and legal factors such as high regulatory measures, compliance, and high taxes, making it hard for business growth—political aspects such as conflicts of interest. The government officials create an unconducive environment for their competitors, such as leveraging high taxes and restrictions from outside suppliers.
Technology is essential in equipping healthcare with services and innovative technologies in laboratory diagnosis, therapeutic imaging and molecular medicine, not forgetting digital health. Technology dynamism also acts as a challenge since it needs constant change and keeping up with the trend and innovation.
Sociocultural Forces Analysis
The business sociocultural environment might experience challenges from other regions still relying on traditional modes of health solutions and only considers the point of reference to be local health centers and not individual businesses. The low-incomepopulation might not be able to afford the products; hence they will need to develop affordable products or other forms of payments(Drake & Abraham, 2019).
The SWOT analysis provides insights into the business by highlighting its strengths, weaknesses, opportunities and threats.
SWOT Analysis of Boma Health Solutions
· Focus on innovations
· Reliable and affordable products
· Focuses on customer satisfaction
· The product safety issues that effects affect company operational abilities.
· High transportation costs
· Limited price flexibility
· The opportunity for growth
· Continued online market expansion
· Increased health attention
· High taxes
· Changes in regulations and compliance
· Stiff competition in the healthcare industry is due to rapid technological changes (Ronald & Georg, 2021).
Boma Health Solutions’s strengths lie in its unique products, innovation, reliable and affordable products, and effort to satisfy customers by aiming to improve their healthy life and make life better through their diversified products.
The business experiences a few weaknesses, such as product safety issues due to various technical hitches that may cause inconveniences to the consumers hence calling for a comprehensive test before installation or sale. Another challenge is the logistics that remains costly to transport a product to the intended destination.
Increasing growth for healthy living and healthcare creates an opportunity for the business to thrive and solve health needs and problems. Various countries are increasing their expenditure on health as the main priority, especially during this pandemic period, giving room for the business to boom.
The various changing regulations and compliance requirements create an unconducive environment for the business; hence might opt for closure due to the restriction. The high taxes milk the business profits hence straining its operation that may lead to its closure.
The company’s goal is to reach more people with their products that are meant to aid the patients’ in-home care and recovery. The products and services are aimed at helping people live healthily and provide clinicians with the right tools needed to make a thorough diagnosis and appropriate treatment. The customers benefit from Boma Health Solutions products and services by offering the best quality inpatient care, minimizing risks and improving customer satisfaction. They provide faster patient response and resolution through their established world-class parts logistics.
Running head: MARKETING PLAN 1
Developing Marketing Strategies
February 13, 2022
The information contained in part A provides comprehensive data on what Boma Health Solutions has endeavoured 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.
An effective branding strategy for the Boma health solutions entails using Boma, 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 strategy would predominantly focus on families and primarily those in lower-income households to show that they care for their health as a family and therefore manufacture health equipment suitable for their needs and at affordable prices. 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.
As put forward in part one, one of the company’s primary markets is the underserved communities that include African-American communities and people living with chronic illnesses such as hypertension and diabetes, who are 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 use to navigate easily; they need not push it and would not require another person’s aid.
The organization’s target market is thus diverse in the demographic profile—from the elderly, mostly living with chronic illnesses, to persons with disabilities who are of all ages, gender and even race. Even African-Americans who fall under people of color comprise a wide range of gender and age. 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 serving 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 in need of medical equipment.
Comparing the position of Boma Health Solution against that of its competitors, one can say that they have an advantage. With the contemporary world being ruled by information and technology, any organization that wishes to survive and thrive in the market has to be innovative and thus entails using technology. World issues such as climate change are forcing organizations to develop eco-friendly products, which means being resourceful; the fact that Boma already makes use of meaningful innovation in its operation 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). Most organizations thriving in the market today are tied to how well customers are satisfied 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.
The band 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 means 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.
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 the lives of patients at risk.
Moreover, its products meant to aid patients’ in-home care and recovery would considerably come in handy during trying times like during the pandemic that has seen many patients in the underserved communities suffer since the pandemic could not allow them physical visits to health centres. With inpatient care supported by services from Boma, patients would be saved the time and money consumed making regular visits to healthcare facilities.
Khosravizadeh, O., Vatankhah, S., Baghian, N., Shahsavari, S., Ghaemmohamadi, M. S., & Ahadinezhad, B. (2021). The branding process for healthcare centres: Operational strategies from consumer’s identification to market development. International Journal of Healthcare Management, 14(4), 956-964.