Abstract
Patients visit healthcare institutions and hospitals to have their pressure, temperature, and blood sugar checked. With the growth of the use of technology in healthcare provision, many practitioners and healthcare institutions are moving towards meeting the needs of the patients to their satisfaction. Among the inventions that have made provision of healthcare to be effective include individual monitors that help people keep track of their pressure, body temperature and many other aspects of health. The wrist monitor will make it easy since it will reduce the need to visit the hospital and people can use the information to seek medical attention through telemedicine. For the parents it will also be easy to monitor the condition of a sick child since they can tell it from home or those taking care of the child at home can share the information with them while at work. This report is commenced to outline a marketing strategy for a new product called the wrist monitor that allows individuals to check their blood pressure and temperature. The marketing strategy will target hospitals and families to help them with an easy way of recording and monitoring blood pressure and body temperature so that they can seek medical attention at the right time. The hospitals are a good target for the marketing process because many patients who are in need of monitors do visit the health institutions. Some practitioners will find the product necessary because it will help their patients with a device to monitor their conditions and share it even from home.
Introduction
According to Johanson and Mattsson (2015), the development of technology has seen improvements in various aspects of healthcare for the sake of enhancing health services. One such improvement is the development of a wrist monitor, a great stride towards helping patients in keeping track of their health status without a physical hospital visit. This report outlines a marketing strategy for a wrist monitor which is a new product that enables the patients to check on the blood pressure, temperature and heart rate. The analysis of the report gives the product description, the mission of the marketing plan or objectives, target market, competition and the marketing mix strategies. The report will demonstrate the strategies and aspects of the product that will help increase preference of the new wrist monitor over the existing products.
Product description
The wrist monitor is a technologically advanced product that enables patients to keep track of their health conditions in the wake of increased lifestyle and other diseases. The product has a low power usage, gives accurate information, easy to use, and it is affordable. The portability and ability to provide accurate information in any environment constitute some of the advantages of the wrist monitor. It does not require space to carry it but worn on the hand. Both the old and young can use the product.
Mission Statement
The primary mission of this strategic marketing plan is to ensure the society has access to accurate and valid health information that enables them to seek medical attention at the right time. It merely aims at taking care of the patients to ensure they remain healthy.
Objectives
Some of the goals of this strategic marketing plan include but not limited to;
Reaching at least 50% of the total number of hospitals in the country.
Making sales of up to 80% of the total products that are available for sale.
Ensure that among the two individuals who use monitoring devices in five as studies indicate, at least, one should be using a wrist monitor in the next six months.
Target market
The marketing plan intends to target hospitals that have used stationary testing machines for blood pressure, temperature and the heart rate for a long time. The wrist monitor will enable the hospitals to recommend patients to have individual monitors so that practitioners can help them even from home using different forms of communication technology. The patient can inform the doctor of the readings, and the doctor will recommend the right medication or what to do to improve the condition. There are many hospitals in the country that offers these services to patients according to Shafiulla and Babu (2014). As studies indicate, at least, one out of ten individuals is using a monitor that they can carry from place to place. However, these monitors require space to carry, either in patients' pockets or handbags. The wrist monitor does not require such space to move around with; it only needs to be worn on the hand.
The previous monitors have been targeting the adults because it may be difficult for children to carry such gadgets in their pockets. The wrist monitor is a product that can be used by the children since it cannot be easily lost once on their hand. The ability to be carried by children without getting lost makes it possible to target individual families that want to monitor the conditions of their children with ease. As studies indicate, about 5% of the country population is suffering from lifestyle related diseases that make it necessary for them to use monitoring gadgets for their blood pressure, body temperature and heart rate. Diabetes and hypertension patients will be a good target for the product because the patients' suffering emanates from their inability to afford the existing gadgets or what they have do not work under certain climatic conditions.
Targets of the competitors
There are several companies involved in the marketing of monitoring devices across the world. Many have targeted diabetes and blood pressure patients but the products offered by existing companies are not affordable to many patients. Some gadgets in the market are not durable enough to serve the consumers for a long time while others work within limited climatic conditions. The Amazon and Heart rate monitors are some of the major competitors in the industry.
Product features
The wrist monitor uses photoplethysmographic technology to record blood pressure, heartbeat rate and temperature. The device has low power consumption and can be charged using a USB cable. It also allows for connectivity to other machines that are used to treat the patients.
This product is also suitable for the sportsmen and athletes who wish to check their conditions in different places they visit for sports. It can provide information regarding the fitness of an individual to engage in sporting activities.
Core Strategy
The main strategy of the plan will involve offering affordable and quality products to the consumers of all categories with the aim of creating health awareness. The plan will involve advertisement both on social and mainstream media platforms. It will also incorporate choosing strategic locations and point of sales easily accessible by the consumers such as supermarkets and major reputable stores. According to Goodyer, Feller and Feller (2014), providing an online selling platform will also be essential for consumers who cannot visit the shops physically. Delivery to the customers and professional help on the use will be offered; this will be essential to achieve consumer satisfaction. The growth in the use of internet makes it a good platform to market the product. However, caution needs to be exercised due to the high presence of swindles. Showcasing of the product in health conferences and awareness campaigns will increase credibility and approval by many potential consumers. Partnership with health institutions and hospitals will help in the promotion of the product.
Marketing Mix:
Communications &Promotion
Promotion and communication of information related to the product will be carried out through several forms of integrated marketing communication. Advertisements on radio and television will be a priority. Use of social media platforms and email marketing will be essential. Television will help demonstrate how people can use the product while email marketing is appealing due to a personalized approach. The social media and internet have a large number of audience, video and pictures can be shared at a fast rate.
Pricing
Pricing is an essential aspect of a successful marketing strategy. The plan will embrace a different strategy of pricing including skimming, and price penetration. According to Sheth and Sisodia (2015), premium pricing is also a good strategy. However, all the aspect of pricing in this industry needs to be done strategically to avoid a price war. Competitive pricing will help the company achieve its set goals.
Channels of Distribution
Different channels will be embraced in the distribution of the product. Supermarkets and known stores will be a good platform to distribute the product. Having physical stores can also be a good strategy but involves a lot of resources at the initial stages. Offering hospitals the gadgets at a low cost so that they can give to the patients will be a useful channel.
Customer Relationship Management
Maintaining a good customer relationship is necessary. According to Hollensen (2015), this ensures the customers keep coming back and increases chances of customer loyalty. Professional support on the use will be the first strategy. Different payment options such as paying in installments will also be embraced. Loyalty cards and discounts for referrals will be incorporated in the strategy besides free delivery for only purchases and warrants for the devices.
Conclusion
The rapid technological development has caused significant changes in the healthcare industry. As the analysis has evidenced, the introduction of a wrist monitor will contribute to increased health quality because it is affordable, gives accurate information and uses ultra-low power. Besides, anyone who can read can use the wrist monitor.
References
Goodyer, L., Feller, L. J., & Feller, C. A. (2014). Marketing for Efficacy, Acceptability, Safety, and health. Insect Repellents Handbook, 253.
Hollensen, S. (2015). Marketing Management: A Relationship Approach. Pearson Education.
Johanson, J., & Mattsson, L. G. (2015). Internationalisation in industrial systems—a network approach (pp. 111-132). Palgrave Macmillan UK.
Shafiulla, B., & Babu, P. P. (2014). Innovative Integrated Marketing Communication Strategies Used to Market Ra. One: A Critical Analysis. IUP Journal of Marketing Management, 13(2), 19.
Sheth, J. N., & Sisodia, R. S. (2015). Does marketing need reform?: Fresh perspectives on the future. Routledge.
