Business Plan
List of Tables and Figures 2
Company & Services Description 3
1.1. Company Overview: 3
1.2. Vision 3
1.3. Mission 3
1.4. Services: 3
Marketing Plan 5
2.1. Market Analysis: 5
2.1.1. Target Market & Industry Growth 5
2.1.2. Market Gap 6
2.1.3. Target Market & Industry Forecast 6
2.1.4. Porters’ Five Force Model: 7
2.1.5. SWOT Analysis 7
2.2. Marketing Mix Strategy 8
2.4.1 Product Strategy: Expand Market Share 8
2.4.2 Pricing Strategy: Leader pricing 8
2.4.3 Place Strategy: Zero Level Channel 9
2.4.4 Promotion Strategy: 9
References 11
List of Tables and Figures
Figure 1: Growth of Inbound Tourism in US (000`s) 6
Figure 2: Growth of Inbound Tourism Spending in the US ($billions) 6
Figure 3: Potential Growth of Inbound Medical Tourism in US (000`s) 7
Figure 4: Potential Growth of Inbound Tourism Spending in US ($- billions) 7
Company & Services Description
- Company Overview:
Alliance Med is start-up business headquartered in Cape Coral, U.S. The company will provide medical tourism to the foreign patients in the US. The company will be operating in various locations throughout South Asia, Middle East, and Africa. Alliance will consolidate all the facets of medical treatment nationwide, starting from early screening of visa process to boarding & lodging etc. The official website of company is www.AllianceMedUSA.com.
Alliance Med USA is a corporation that is owned by holding company. The owner of Alliance Med USA is USDH Holdings. Nche Zama will be the Chairman of Board of Directors and Sabahat Farooq will serve as President.
- Vision
- Mission
We are committed to excellence in providing medical treatment to foreign clients through efficiency and quality of services.
- Services:
Alliance Med USA aims to provide tourism services to foreigners who are willing to get and can afford their medical treatment in the U.S. Our trained and experienced staff will assist them through bureaucratic hassle of obtaining a U.S. visa for treatment. In U.S., our local staff will assist them in their stay from welcome to seeing them off.
Our management has strong relations with medical institutes of U.S. that will provide following treatment procedures for patients:
- Cardiac Surgery
- CABG (Coronary Artery Bypass Grafting)
- Aortic Valve Replacement
- Orthopedic Surgery
- Total Knee Replacement
- Total Hip replacement
- Urology
- Robotic Prostatetectomy
- Robotic Nephrectomy
- Hematology & Oncology
- Chemotherapy for Cancer
- Radiation Oncology
- Radiation treatment for Prostate Cancer
Marketing Plan
- Market Analysis:
- Target Market & Industry Growth
The market of inbound medical tourism in the U.S. has been flourishing in the past decade. The inbound tourism has maintained an upward trend for the last several years.
Figure 1: Growth of Inbound Tourism in US (000`s)
The above chart shows that in the year 2011, there were 470 thousand patients who got their medical treatment in the U.S. Whereas, in the following year, it increased by 14 thousand patients reflecting growth of 3% approximately in one year (Paul Keckley, 2014).
Figure 2: Growth of Inbound Tourism Spending in the US ($billions)
The above chart indicates the amount of spending in U.S. inbound medical tourism. The figure shows that during 2011, the total spending of inbound medical tourism was $5.6 billion, which increased to $6 billion that is about 7% increase in annual spending of inbound medical tourism (Paul Keckley, 2014).
- Market Gap
There are numerous people who desire to receive treatment of their medical treatment in the USA and they are also capable of affording the charges of medical treatment in the US. In spite of this, very few people cure their illness in this country; this is because of complicated procedures of visa application and other processes.
We are trying to create a win-win situation for the hospitals and their international patients where there’s almost no hassle for the patients to get themselves treated in the U.S. and the hospitals do not have to deal with the issues concerning patient’s visa to travel and other hassles associated with it.
- Target Market & Industry Forecast
Market forecasts suggest that there will be significant growth in number of patients coming to US for medical treatment in the next 4 years.
Figure 3: Potential Growth of Inbound Medical Tourism in US (000`s)
The above chart shows that the total number of patients for medical inbound tourism in U.S. will reach 544,000 which translates into 12.4% growth in four years (Paul Keckley, 2014).
Figure 4: Potential Growth of Inbound Tourism Spending in US ($- billions)
The above figure indicates that the total spending on inbound tourism in U.S. will increase to $ 7.6 billion by 2016, which reflects a growth of 25% as compared to the year 2012 (Paul Keckley, 2014).
- Porters’ Five Force Model:
Rivalry among Competitors (Low)
There is very low competition in the U.S. market in terms of these services. In the present scenario, there is no direct competitor of our company in market. Although there is only one competitor Cleveland Clinic who provides similar services, its main operation is medical facilities. Our services are purely targeted to facilitating tourism for the foreign patients (TravelWeekly, 2014).
Bargaining Power of Customers (Low)
Since there is low competition in the market, the bargaining power of clients is also low due to the availability of fewer options (Solomon, 2014).
Bargaining Power of Suppliers (Low)
This factor would not be playing a major role in the operations of Alliance Med USA. However, our channel partners can play a substantial role in this regard (Seccombe, 2014).
Barriers to Entry (Low)
This particular factor would not be in favor of our company, as the barriers related to entering in the industry are low. It means any competitor can enter into the market and grab its share anytime.
Barriers to Exit (Low)
This particular factor goes in favor of our company, as the barriers related to exit from the industry are on the lower side, therefore, companies operating in the industry can exit anytime without having to deal with any strict regulations.
Threat of Substitute Products
This product is relatively on the safe side in terms of substitute products but, as always, technological changes are hard to predict.
- SWOT Analysis
Strengths
- International Patients’ Trust in US Healthcare
- Competitive Pricing
- One-Stop Shop
- Online & Offline operations
- Trained Human Resource
- Multiple Locations
Weaknesses
- Financial Stability
Opportunities
- Plenty of Clients
- No Competition
Threats
- Threat of Competition
- Timely Service
- Marketing Mix Strategy
- Product Strategy: Expand Market Share
We will go for different tactics, such as attracting professionals by making our brand more appealing, target healthcare agencies, and plan to reach new market segments within our domain. This will be done for keeping our services extremely flexible and customer oriented, catering to every need of clients. Our services in terms of duration, range from few hours to round the clock, in which client would not be left alone even for a second. We will make sure that professionals giving care services have expertise according to client needs. For that reason, we will first conduct a free of cost assessment in order to know the clients’ demands.
- Pricing Strategy: Leader pricing
Price plays a vital role in the success of organizations; therefore, we have to select the most appropriate pricing strategy to successfully penetrate in the market. By keeping this in mind, we have opted for geographic pricing strategy for our services. Our charges will be based according to the mobility of the patient in U.S.
- Place Strategy: Zero Level Channel
Our place strategy will comprise offline medium only. This will be constituted over zero level channels, with clients located in targeted cities. Place strategy will have the prime value in our marketing mix strategy, since it is our core operation.
Offline Place Strategy
In terms of physical existence, we will have our office in different places across the world to achieve market share globally.
- Promotion Strategy:
There are numerous methods and channels that can be used by the organizations to have their product promotion in different markets, and to different people found there. For that purpose, the company is strategizing to have Pull Strategy.
Offline
Magazines
Magazines will be using by the company for their core publication and promotion.
Newspaper
Newspaper facility will be using by our company, as it is an important strategy as well.
Billboard/Signboard
This medium is more obvious and prominent in nature. So, this will attract customers in bulk, residing in near area. We will advertise through bill board advertisement, in which we will market our services different bill boards to attract our target audience.
Pamphlet/Flyers
We will avail the services of Print Place, who offers good rates. Therefore, we will distribute pamphlets and flyers in corporate areas and at signal. We will then gradually be getting a response from our customers. On the other hand, customers will begin to recognize us, helping us to build brand equity.
Online
Website
Making a website would certainly be worthwhile for the organizations, and considering the same, we will try to make a powerful website that has different information regarding our product and services.
Social Media Marketing
Currently, the stance of marketing through the social media networking is increasing day by day, because it is the most cost efficient medium of marketing that used by the companies to enhance their corporate services.
References
Paul Keckley,. (2014). Medical Tourism (p. 20). Washington: Deloitte. Retrieved from http://www.deloitte.com/assets/Dcom-unitedStates/Local%20Assets/Documents/us_chs_MedicalTourismStudy%283%29.pdf
Seccombe, W. (2014). VISIT FLORIDA Establishes New Medical Tourism Promotion Grants. Sunshine Matters. Retrieved 8 December 2014, from http://www.visitfloridablog.org/?p=11378
Solomon, S. (2014). Visit Florida offers $2.5M in grants for medical tourism - Tampa Bay Business Journal. Tampa Bay Business Journal. Retrieved 8 December 2014, from http://www.bizjournals.com/tampabay/blog/morning-edition/2014/11/visit-florida-offers-2-5m-in-grants-for-medical.html
TravelWeekly,. (2014). Can medical tourism provide a shot in the arm for Fla.? - Travel Weekly. Travelweekly.com. Retrieved 8 December 2014, from http://www.travelweekly.com/North-America-Travel/Insights/Can-medical-tourism-provide-a-shot-in-the-arm-for-Fla/
