Business Finance Homework Help

WEEK 6 ASSIGNMENT-CUSTOMERS, VALUE PROPOSITION, AND COMPETITION BRIEF
OVERVIEW
The market research you conducted should now guide you in the next phase of creating your marketing plan. You are ready to paint a customer profile, state the service value proposition, and assess the competitive environment. You will use the information from this activity in your upcoming marketing presentation.PREPARATION

Review your market research and consider the following questions:

1. Customer Profile: What are the important characteristics of your target market?

Value Proposition: What are the features, benefits, or differentiation of your client’s services?

Competition: Who is serving the community with similar or complimentary services?

Note: In this learning activity you will create an informal brief that is well-organized and clearly presented; however, it does not need to adhere to strict formatting requirements. Use Strayer Writing Standards if you require guidance, but it is not required.INSTRUCTIONS
Create a three-page brief that will contribute information to the marketing plan presentation that you will create in the next assignment. Do the following:

Describe your client’s service, its features, its benefits, and what makes it different.

Describe the target market and customer profile.

Demographics, income, education, location, etc.

Assess the competitive environment including:

The competitors and services within your defined competitive area.

Research Problem Or Challenge

Healthcare organizations struggle to expand into new market segments due to ineffective marketing strategies. They employ marketing strategies that apply to the general business environment. The problem is that these strategies do not reflect the unique marketing needs of the health care field. Thus, healthcare organizations must understand their competitors, customers, and the right marketing mix for the target market. The purpose of the research is to help the organization understand customers’ needs and the effects of competitors on success in the target market. This research will address the following questions:

• Who are the target customers for the Health Care Specialty Clinic?
• Who are the major competitors?
• How can the organization approach the target market?

Research Approach, Focuses, and Methodology

The overall research approach is a quantitative design. The quantitative design will enable the researcher to estimate the target market’s growth prospects—quantitative techniques like the quantitative survey to collect data from target customers.Quantitative research design allows researchers to collect objective and reliable data discussed logically and analytically to highlight key findings. The researcher will use a random sample to select firms facing mental health issues with their employees. I will also collect data by interviewing employees of these firms to understand the factors influencing their mental well-being.

Findings/Data and Sources

Data and Findings

Source (Use SWS formatting)

Price, Product (Service), Placement, Promotion

Product in the 4 P’s represents the services that the Health Care Specialty Clinic offers. The demand for occupational therapy services continues to grow in the U.S. due to a growing number of baby boomers and healthcare policy changes. The Affordable Care Act covers rehabilitation services, including occupational therapy (Lin et al., 2015). Hence, healthcare organizations offering these services should target the elderly in the workforce.

Lin et al. (2015)

Pricing depends on the level of coverage and payment options available in various states. Occupational therapy services are also available for schools to assist children with cognitive and behavioral challenges. Halle et al. (2018) reported that clinics charged $96.50 for therapeutic exercise, $69.03 for manual therapy, and $74.73 for therapeutic activities. The organization should charge competitive prices based on these national averages to attract customers.

Halle et al. (2018)

The placement entails where clients can access occupational therapy services. Pritchard et al. (2019) found that clients prefer services located in their neighborhoods for easy access.

Pritchard et al. (2019)

Promotion involves reaching out to customers through brochures and social media platforms. These channels should be accessible to the elderly and schools.

Hamilton et al. (2016)

Competitors

Five main competitors are providing occupational health services in the U.S.They include Fox Rehabilitation, All About Therapy Inc., Centura, Host Healthcare Inc., and RehabVisions.

IBIS World (2021)

Headquartered in Cherry Hill, New Jersey, Fox rehabilitation offers physical therapy, speech therapy, occupational therapy, outpatient, Geriatrics, and in-home therapy.

IBIS World (2021)

All About Therapy is located in North Carolina, California, where it offers services like sensory processing, handwriting difficulties, attention deficit, feeding/oral motor difficulties, hyperactivity disorders, cognitive disorders, autism spectrum disorder, attention deficit disorders, and developmental delays and disorders (IBISWorld, 2021).

IBIS World (2021)

Host Healthcare Inc. is located in San Diego, California. It offers nursing and therapy services in the U.S. and other countries.

RehabVision staffs and managers therapy departments for schools, skilled nursing facilities, hospitals, and home health agencies. It is located in Omaha, Nebraska.

Lastly, Centura serves local communities in Colorado and Western Kansas in areas like obstructive sleep apnea.

Customers

The primary target customers for occupational health are older workers, children, and veterans. These individuals have various mental health issues that require therapeutic exercise and activities.

Putulowski and Crosby (2020)

According to Putulowski and Crosby (2020), school children with developmental, cognitive, and behavioral difficulties need therapy offered by occupational therapists.

Putulowski and Crosby (2020)

Besides that, older workers (55 years and older) face many challenges like reduced physical activity and mental functioning.

Putulowski and Crosby (2020)

Veterans are potential clients since they experience loneliness, autism, depression, and posttraumatic stress disorder.

Putulowski and Crosby (2020)

Secondary target customers are skilled nursing facilities, hospitals, schools, and home health agencies seeking to develop their therapy departments (IBISWorld, 2021).

IBIS World (2021)

The organization can help them meet their staffing needs or offer therapeutic services.

Conclusions

One finding from the research is that the occupational therapy market is vast and continues to grow. Customers comprise individuals concerned about their well-being and organizations seeking to develop their therapy departments.

The 4 P’s of marketing also reveal that competitive pricing is used based on clients’ willingness to pay and healthcare policy like the Affordable Care Act.

Besides, competition is relatively low since key players serve communities in specific states.

Lastly, the primary customers are older workers, veterans, and students. Therefore, the Health Care Specialty Clinic should consider these findings to attract as many clients as possible in the new target market.

References

Culph, J., Clemson, L., Scanlan, J., Jeon, Y. H., & Laver, K. (2021). Promoting occupational therapy interventions in the Australian community aged care sector. Australian Occupational Therapy Journal, 68(3), 228-235.

Halle, A. D., Mroz, T. M., Fogelberg, D. J., & Leland, N. E. (2018). Occupational therapy and primary care: Updates and trends. American Journal of Occupational Therapy, 72(3), 7203090010p1-7203090010p6.

Hamilton, A. L., Burwash, S. C., Penman, M., Jacobs, K., Hook, A., Bodell, S. … & Pattison, M. (2016). Making connections and promoting the profession: Social media use by World Federation of Occupational Therapists member organizations. Digital Health, 2, 2055207616653844.

IBISWorld. (2021, September 29). Industry market research, reports, and statistics. IBISWorld – Industry Market Research, Reports, & Statistics. Retrieved October 30, 2021, from https://www.ibisworld.com/united-states/market-research-reports/occupational-therapists-industry/

Lin, V., Zhang, X., & Dixon, P. (2015). Occupational therapy workforce in the United States: Forecasting nationwide shortages. PM&R, 7(9), 946-954.

Pritchard, K. T., Fisher, G., McGee Rudnitsky, K., & Ramirez, R. D. (2019). Policy and payment changes create new opportunities for occupational therapy in acute care. The American Journal of Occupational Therapy, 73(2), 7302109010p1-7302109010p8.

Putulowski, J. R., & Crosby, R. (2020). Marketing a Mental Health Specialization: The 4 Ps of Play Therapy. Technium Soc. Sci. J., 11, 325.Healthcare Marketing