Majec Health Care Marketing Plan Business Plan

Pages: 5 (1501 words)  ·  Bibliography Sources: 1  ·  Level: Master's  ·  Topic: Healthcare  ·  Buy This Paper

MAJEC Health Care

Marketing Plan

The MAJECare device is worn by the patient and gathers information about their vital signs. When there is a change in their status, a signal is send first via Bluetooth to a nearby device (computer, tablet, smartphone) and communicated via the Internet to local medical authorities. The device therefore acts as a safeguard in case of heart attack, stroke or other catastrophic health event, allowing for more rapid emergency response. This security is valuable not just for those who are living independently, but even for those who are in assisted living situations as well. The safeguard is similar to the LifeAlert, except that instead of the patient pushing a button to signal emergency services, the signal is sent automatically when the patient's vital signs cross critical thresholds. The alert is lightweight, and waterproof so it can be worn full-time, thereby providing maximum protection for the wearer. The full product is the device consists of the device and the service. The service is automated to reach the nearest emergency services provider, so that the service works even when the wearer is not at home.

Situation Analysis.

There are no competitor products on the market. The LifeAlert is a similar device, but must be manually activated by the wearer. Health care facilities have systems for patients who are in a hospital bed, where a change in their vital signs can trigger an alert. The new device works on the same principle, but leverages the technological innovations of Bluetooth, 4G wireless, and mobile devices. Thus, the product represents a technological innovation where a number of previously-existing ideas are put together to form an entirely new product.

The potential market for MAJECare is large. All seniors are potential buyers, as are younger patients who are at risk for heart attack and stroke in particular. There is a large potential market in Health care facilities, especially those like assisted living facilities where the residents require some degree of medical supervision but can move freely. The market is at this point untapped. The device is not expected to need FDA certification, since it is neither diagnostic nor for treatment, and this also means that the product is suitable for any international market with a credible emergency response system (so Canada, Australia, Western Europe, UK). This expands the potential market significantly.

The competitive environment is minimal, since there are no similar products on the market at present. The MAJECare device is patented to the extent that it can be, but the basic underlying technology that measures vital signs, Bluetooth, Wifi and other underlying technologies are all available for public use. This means that MAJECare can be replicated. This has two important implications. The first is that new competitors are expected, the minute this product looks to be a success. Planning should factor in an intensely competitive market even though MAJECare has no competitors at present. The second implication is that MAJECare needs to build its marketing strategy around the idea that it needs rapid market penetration and to rapidly build a great brand name that can resist new competition.

MAJECare is the flagship product of MAJEC Healthcare Solutions, and therefore will receive as much advertising and promotion budget as possible. There are no products within the company competing for budget or marketing talent. The entire wealth of the company is staked on the success of this product.

Target Customers

There are several ways to view the target market. The user is the person wearing the device. This demographic is understood mainly in terms of age, health and living condition. The cost of MAJECare is relatively low, so that most people in the demographic can afford it, given that Medicare provides its subscribers with a monthly spending budget for preventative devices such as this. Most users will be over 65, with the percentage of population using the device increasing with age, as health and living independence deteriorates. For the time being, the focus will be on the Florida market. We are looking at specific ads targeting the Spanish-speaking market, shortly after our initial launch.

The buyer is someone different altogether. Negotiations are ongoing with Medicare about full coverage. We are working with insurance companies for coverage of patients who are below 65 and not eligible for Medicaid. The user is also likely to be the buyer, even in situations where there might not be coverage, for whatever reason. Further, a key player in the purchase decision is the children of the user. The adult children of elderly parents will be payers in situations where Medicare or insurance do not apply, and they will also contribute to the purchase decision, especially in situations where parents are not competent. Another major customer base is the institutions, such as assisted living and extended care facilities where patients are mobile and therefore it is difficult to monitor their health status.

The latest U.S. Census data shows that there are 4.9 million Americans who are 85 or older. There are 5.7 million between the ages of 80-84, and a further 7.088 million between 75-79. All told, there are 39.179 million Americans who are over the age of 65. This number is expected to grow rapidly in the coming years with the baby boomers crossing this threshold, as there are a further 36.984 million Americans between the ages of 55-64. This means that the target market is not only massive, but growing rapidly for the coming couple of decades. Now is the perfect time to establish market position. There are no restrictions in the target market based on education (health is universal) or income (given Medicare coverage).

A secondary market could be new parents, who wish to monitor their infants, especially during sleep. This is also a very large market. These would be primarily young (20-40), educated and with a family income of $35,000 or greater.

Market Readiness

The only reason this product is not already on the market is because until now nobody has put the different technological elements together. With a smartphone/tablet app or computer software, a vital sign reader and Bluetooth, the technology is already in place. The market is ready, having demonstrated two key things. One is that there is readiness for new technological applications that leverage mobile technologies, and the other is that there are millions of people looking for health care solutions to extend the lives and quality of life of their loved ones. Health care facilities are also seeking the same outcomes. Improving health outcomes never goes out of style, and with mobile devices going mainstream the target market is more ready to embrace this technology. Even the very old would be set up with a mobile device, because there are inexpensive Android and Windows options, so lack of mobile is not a significant barrier for product acceptance. A quick survey showed that 95% of respondents (19 out of 20) were in favor of the idea, with only one voicing skepticism, because of poor technology acceptance.

Marketing and Sales Strategy

With two main types of buyer -- institutional and retail -- two strategies are needed. The antecedent of both is acceptance by Medicare. The institutional strategy will rely primarily on personal selling, which is costly, so the focus initially will be on retail. One or two institutions will be targeted for a test run, because their satisfied endorsements of the product will be critical to future institutional sales.

The retail strategy will focus on advertising primarily in conventional media. An older audience -- even the adult children influencers are likely in their 50s -- demands a more traditional media approach to marketing. Billboards, television and radio are all going to be key outlets. Paid promotions on television will delegitimize the product, so will not be used. Instead, online sales will be strongly… [END OF PREVIEW]

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