Do a simple summary of the main points of the powerpoint. and try to make some personal connections as a reminder, this reflection should not simply be a summarization of concepts and/or definitions. Rather, I am looking for a deeper understanding and application of concepts.
STRATEGIC
PLANNING
PROCESS
HSCI 424
Dr. Newman
ANALYZING THE
SITUATION/ENVIRONMENT
Situation Analysis
SITUATION ASSESSMENT
•
Involves assessing the situation of the organization and then being
proactive in responding to forces (good or bad)
•
Outlines the process of gathering and analyzing the information needed to
make an explicit evaluation of the organization in its environment
•
Helps identify what is impacting the organization, called Strategic Drivers
INTERNAL ASSESSMENT
•
Review organizational framework
•
Analyze characteristics and utilization trends of the overall organization
and its key programs and services
•
Conduct primary market research
•
Analyze other critical resources
•
Analyze the financial performance and position
EXTERNAL ASSESSMENT
•
Review demographic, economic, and business trends/forecasts
•
Review technology, service delivery, industry, and regulatory trends
•
Analyze competitors
•
Conduct primary market research to collect relevant data
•
Assess market forecasts and implications
ENVIRONMENTAL/SITUATION
ASSESSMENT
•
Gather perceptions about the organization for internal and external
stakeholders
•
Utilize SWOT Analysis to gather information
Strengths
• Weaknesses
• Opportunities
• Threats
•
QUES TIONS TO ASK WHEN DOING S WOT
Strengths (INSIDE/INTERNAL)
• What do we do well?
• What advantage do we have over our competitors?
• What makes us different from our competitors?
Weaknesses (INSIDE/INTERNAL)
• Can we do anything better?
• Do we do anything badly?
• Unpleasant truths?
• Skills or services lacking?
• What complaints do we receive or problems do we have?
QUES TIONS TO ASK WHEN DOING S WOT
Opportunities (OUTSIDE/EXTERNAL)
• Any interesting trends we should take advantage of?
• Changes in technology, market, internet, etc.?
• Any local and global events?
• Social factors, population changes, etc.?
Threats (OUTSIDE/EXTERNAL)
• Inflation?
• New legislation?
• New competitor?
• Political effects?
• Economy?
• Seasonality?
GROUP ACTIVITY
Analyzing the Situation
GROUP ACTIVIT Y- S WOT ANALYSIS
•
As a team, think about the undergraduate Health Administration Program
and come up with:
2-3 strengths (internal)
• 2-3 weaknesses (internal)
• 2-3 opportunities (external)
• 2-3 threats (external)
• List the stakeholders
• As a group, provide recommendation for what the HA Program can do to improve
•
•
Upload to Canvas when done
DOCUMENTING S TRATEGIC DRIVERS
•
Strategic Drivers are major forces or trends that could positively or
negatively shape or influence the future of the organization
•
Developing an extensive list of strategic drivers may result in loss of focus
and trying to do too much with too little resources
IDENTIFYING S TRATEGIC DRIVERS
•
The situation assessment by way of the SWOT analysis will determine the
organization’s strategic drivers or fundamental problems or choices facing
the organization.
•
The strategic drivers that are of critical importance to the long-term
viability and the success of the organization should be the focus for the
strategic plan.
•
These drivers help to formulate the organization’s strategies and objectives.
PRIORITIZING S TRATEGIC DRIVERS
•
The list of strategic drivers should include no more than 10-16 areas of
focus.
•
Assess the drivers by asking:
Why is this an area of focus?
• What are the consequences of not responding to this strategic driver in the near
future?
• Why does this strategic driver need immediate attention?
• Do we have control over the issue?
•
Strategic Planning
Process
HSCI 424
Dr. Newman
Formulating Goals &
Objectives
10/2/2023
Goals and
objectives
provide a road
map for
achieving the
organization’s
strategy
• Goals- Focus on outcomes and are
qualitative in nature
• Answer the question, where do we want to be?
• Objectives- Support the goals and will be a
specific statement of a desired short-term
condition
• Answer the question, what do we have to do to
get there?
• Strategies- Steps you take to achieve your
objectives
Role of Objectives
• Objectives are clear, concise, measurable, written statements that convey
what the organization wants to accomplish over a specific period of time.
• A responsible person(s) is assigned to each objective, for accountability.
• Objectives can be short term (1 year) or long term (3–5 years).
General
Categories of
Objectives
• All healthcare organizations typically develop
objectives in common categories, for example:
• Patient safety
• Cost reduction
• Patient satisfaction
• Regulatory compliance
• Population health
• In addition, healthcare organizations focus on
at least four areas of objectives:
• Services offered
• Staffing
• Funding (service reimbursement,
donations, and other funding)
• Constituents served
Objectives of Key Result Areas
• Key result areas are those that are most likely to impact performance, for example:
• Percentage of physicians who are board certified
• Number and quality of services offered
• Number of patients by service type
• Successful treatment rates
• Financial condition
• Status of facilities
• Patient satisfaction
Resistance to Objectives
• Clearly written objectives are critical to organizational planning and success:
• They serve as the road map for the organization and where it wants to go.
• They also provide feedback related to the evaluation of organizational performance.
• Some people and organizations resist setting clear objectives.
Resistance to Objectives (Cont.)
• Setting objectives allows for projects to continue even after they no longer serve the needs
of the organization.
• Some activities require time commitments that do not immediately meet the needs of the
organization.
• Fear that strict evaluation of activities might undermine the mission to serve those in need.
• Fear of accountability.
SMART Objectives
• Good objectives are SMART objectives:
• Specific: well-defined and not ambiguous
• Measurable: precise definitions and quantifiable
• Achievable: stretch the organization to produce, but achievable given
available resources
• Relevant: align with the mission
• Time-bound: written with a time frame for completion
How can we
improve the
following
objective?
Objective: To reduce the
prevalence of diabetes
within the community
Objective: To increase
occupancy rate by 5%
Objective: To increase
advertising expenditures by
15% over the next 12 months
Suggestions
for Writing
Good
Objectives
• Start with an action verb
• Specify a major result to be accomplished
• Set a target date for completion
• Ensure objective relates to the mission
• Make sure objective is understandable by all
• Write objectives that are achievable
Vision
Mission
Strategies
Goals
Objectives
Actions
Identifying Strategic Direction
Mission/Vision Statements
What should be the
dream of the
organization?
Questions to
Consider
Before
Getting
Started:
What “business” are
we in?
What are our unique
strengths and major
weaknesses?
What is the likely future
of the external
environment?
How have we
changed in the last
5 years?
What is our most
important
product/service?
Who are our
clients/customers?
Mission
Statement
•
Communicates the essence of your organization
to your stakeholders and to the public.
•
Purpose- why does the organization exist and
what are we seeking to accomplish?
•
Forms the frame of reference for the
organization’s vision.
•
Describes what the organization does and for
whom.
•
Should be brief and memorable so internal and
external stakeholders can remember the purpose
and explain it to others.
Basic Components
of a Mission
Statement
1. Identification of the market area served
2. An effective description of the function of
the business
3. Organizational philosophy
4. Strengths
5. Commitment to employees
6. Public image
Let’s evaluate a few examples
California State
University,
Northridge Mission
“California State University, Northridge exists to enable
students to realize their educational goals. The University’s
first priority is to promote the welfare and intellectual
progress of students. To fulfill this mission, we design
programs and activities to help students develop the
academic competencies, professional skills, critical and
creative abilities, and ethical values of learned persons who
live in a democratic society, an interdependent world, and a
technological age; we seek to foster a rigorous and
contemporary understanding of the liberal arts, sciences,
and professional disciplines, and we believe in the following
values.”
Rochester
Regional Health
Mission
•
“To enhance lives and preserve health by
enabling access to a comprehensive, fully
integrated network of the highest quality
and most affordable care, delivered with
kindness, integrity and respect.”
Zoom Mission
”Make communications frictionless”
Should require the organization’s members to stretch their
aspirations, expectations, and performance.
Should be realistic and credible.
Serves as a guide to action.
Vision should be well articulated, easily understood,
appropriate, ambitious, and responsive to change.
Guide to implementing strategy.
Answers the question: What are we trying to accomplish?
Criteria for a
Strong Vision
•
Represents a dream and future direction
•
Usually 5 to 10 or more years out
•
Should have some detail, like a picture that would
help people see what the future would look like
•
Clearly reflect how the organization’s passion,
belief, or core value adds to the community
•
Some suggest it should be measurable as a
reflection of quality (e.g., “we will be in the top 5%
of the state in terms of clinical outcomes.”)
Let’s evaluate a few examples
•
CSUN’s Vision
“California State University, Northridge is inspired by
the belief that our commitment to educational
opportunity, inclusion and excellence will extend the
promise of America to succeeding generations. Our
graduates will be the vanguard of leaders—
committed to sustaining a democracy in which
diverse people share in the rights and responsibilities
of citizenship, proficient in applying technology to
wise purposes, and dedicated to securing a humane
world community and sustaining the bounty of the
Earth”.
Rochester Regional
Health’s Vision
•
“To lead the evolution of healthcare to enable
every member of the communities we serve to
enjoy a better, healthier life.”
Coca-Cola’s
Vision
”To craft the brands and choice of drinks
that people love, to refresh them in
body & spirit. And done in ways that
create a more sustainable business and
better shared future that makes a
difference in people’s lives, communities
and our planet.”
To Recap…
Mission Statements
Vision Statements
• Describe the organization’s
• Describes the organization’s
current state
• Outlines how the organization
will achieve its vision
• The purpose of pursuing the
mission is to see the vision
become reality
desired future state
• Less detailed than the mission
statement
• Long-term, lofty goal that
inspires people
Alzheimer’s Association:
“To eliminate Alzheimer’s disease through the advancement of
research; to provide and enhance care and support for all affected;
and to reduce the risk of dementia through the promotion of brain
research.”
“A world without Alzheimer’s disease.”
Provide guidelines for beliefs, attitudes, and
behaviors
Define the organization’s basic philosophy,
principles and ideals.
Sets an ethical tone for the organization.
Represents the “soul” of the organization.
Let’s see some examples!
California State University, Northridge
•
Commitment to Teaching, Scholarship, and Active Learning
•
Commitment to Excellence
•
Respect for All People
•
Alliances with the Community
•
Encouragement of Innovation, Experimentation, and Creativity
Rochester
Regional Health’s
Values
•
Quality
•
Compassion
•
Respect
•
Collaboration
•
Foresight
Facebook’s
Core Values
•
Be Bold
•
Focus on Impact
•
Move Fast
•
Be Open
•
Build Social Value
Cedars-Sinai Values
•
Integrity
•
Excellence
•
Teamwork and collaboration
•
Respect
•
Compassion
•
Innovation
•
Stewardship
•
Efficiency
•
Diversity
ELEMENTS OF THE
MARKETING PLAN
HSCI 424
Dr. Newman
COVER PAGE
Cover Page
◦ This is an excellent opportunity to create an image that reflects
the professionalism of the plan
◦ Feel free to get creative with colors, logos, and photos. Just be
sure it is easy to read
TABLE OF CONTENTS
1. Explains the scope of the
marketing plan to the readers
Table of
Contents
performs three
critical
functions:
2. Provides an index to specific
sections of the marketing plan
3. Serves as a road map and guide
during preparation, presentation,
and reading of the marketing plan.
I. EXECUTIVE
SUMMARY
(Chapter 2.3: Purpose and Structure of the Marketing Plan)
Executive Summary
◦ Include everything you would cover in a tenminute presentation- proposed business,
products, services, customers, owners, and what
you believe the future looks like for your
business and industry.
◦ This portion should be written to capture and
hold the interest of the reader
◦ REMEMBER- This section is the only portion that
everyone who sees your marketing plan is sure
to read with care.
II. COMPANY
OVERVIEW
Company Description
◦ Provide a brief overview of the company
◦ What does the business do (e.g., telehealth services, surgery center,
imaging, etc.)?
◦ What is the history of the business?
◦ Where is its headquarters?
◦ What year was it founded?
◦ Number of employees?
◦ Estimated annual revenue
◦ Link to company website
Mission Statement
◦ The mission statement should say who you are, what you do,
and why you do it. It should be relatively short (ideally, no
longer than four sentences).
◦ You may use the organization’s current mission statement or a
revised mission statement your group has written
HealthFirst
Mission
Statement
◦ To provide high-quality, accessible, and affordable
healthcare services to our community, embracing
innovation for enhanced patient experience
III. COMPANY
ANALYSIS
Company Strengths- What makes your company superior to
your competitors?
• Superior products?
• Comprehensive services?
• Competitive business advantage?
Company Weaknesses- What factors may have a negative impact
on your organization?
Company
SWOT Analysis
• Inexperienced staff members?
• New to the market?
• Previous management issues?
External Opportunities- What possibilities exist that can
positively impact your company?
• Market expansion for your product?
• Possible merger/acquisition?
• Shifting demographic?
External Threats- What conditions may impact your company’s
ability to gain market share?
• Barriers to entry?
• Competition?
HealthFirst
SWOT
Analysis
◦ Strengths- A well-trained medical team and advanced
telemedicine technology
◦ Weaknesses- limited brand recognition
◦ Opportunities- a growing demand for remote healthcare
◦ Threats- increasing competition in the telemedicine
market.
Identify the key strategic
drivers this marketing plan will
focus on (based on the SWOT
analysis)
Strategic Drivers
Indicate why you chose these
drivers and how you
prioritized them among the list
of other factors identified in
your SWOT
HealthFirst
Key
Strategic
Drivers
◦ Enhance its market presence
◦ Gain a majority market share for its telemedicine
services
◦ Improve specific health outcomes in the community.
IV. MARKETING GOALS
& OBJECTIVES
This section is about setting
ambitious but achievable
goals and objectives.
Goals &
Objectives
For example:
Provide a muchneeded, underdeveloped need
for the community
Develop a natural
resource
Exploit an
invention
Create
employment for
self and others in
the community
HealthFirst
Goals
1.
Increase the usage of our telemedicine services by
40% over the next two years.
2.
Decrease the incidence of diabetes in our patient
population by 15% over the next five years.
Goal 1: Increase the usage of our telemedicine services by
40% over the next two years.
HealthFirst
Objectives
◦ Objective 1: To increase the number of active users of
our telemedicine platform by 20% in the first year.
◦ Objective 2: To improve the functionality and userfriendliness of our telemedicine platform leading to a
decrease in user drop-offs by 25% in the first year.
Goal 2: Decrease the incidence of diabetes in our patient
population by 15% over the next five years.
HealthFirst
Objectives
◦ Objective 1: To enroll 30% of our diabetic patient
population in a health management program within the
first two years
◦ Objective 2: To organize quarterly health awareness
campaigns focusing on diabetes prevention and
management, reaching at least 30% of our patient
population each year.
V. TARGET MARKET &
CONSUMER PROFILES
(Chapter 5.5 Selecting Target Markets)
Market
Segmentation
◦ The process of dividing a broad market of potential
customers into distinct groups (or segments) based on
certain shared characteristics.
◦ Demographic- (like age, gender, or income level),
◦ Geographic (such as region or climate),
◦ Psychographic (lifestyle, values, personality, etc.),
◦ Behavioral (usage rate, brand loyalty, etc.).
◦ The purpose of market segmentation is to allow a company
to understand the diverse needs and preferences within its
broader market so that it can tailor its products, marketing,
and sales strategies more effectively.
◦ In summary, market segmentation is about breaking down
the overall market into smaller, more homogeneous
groups.
1. Demographic Segmentation: HealthFirst could segment the market
based on age groups (young professionals, families with children,
senior citizens), gender, income levels, or health status (people with
chronic conditions like diabetes).
Market
Segmentation
for HealthFirst
2. Geographic Segmentation: As a community-focused organization,
HealthFirst could segment its market by local neighborhoods, broader
regions within the city, or even by places of work or education
(companies, schools, etc.).
3. Behavioral Segmentation: HealthFirst could segment its market based
on health behaviors or attitudes. This could include people who
actively seek preventative care, those who are tech-savvy and open to
telemedicine, or those who have a specific approach to managing their
health (like people seeking comprehensive diabetes management).
4. Psychographic Segmentation: HealthFirst might also consider factors
like lifestyle, social class, or personality. For instance, segments could
include busy professionals who value convenience, or health-conscious
individuals who value comprehensive, personalized care.
Target Market
◦ Once the market has been segmented, a company
then identifies the specific segment(s) that it believes
its product or service will most appeal to. This
segment(s) is known as the target market.
◦ This is the group of people that the company will
specifically aim its marketing efforts towards.
◦ The target market is chosen based on a variety of
factors, including the nature of the product, the
company’s business goals, competition, and the size
and growth potential of the segment.
◦ In summary, target market is about selecting which of
these groups to focus your marketing and sales
efforts on.
1. Young professionals: Health-conscious, tech-savvy professionals who value the
convenience and efficiency of telemedicine services. Marketing efforts could
highlight the flexibility of remote consultations, the user-friendly platform, and
the comprehensive nature of the health services offered.
HealthFirst
Target
Market
2. Families: Families with children might prioritize accessibility, a wide range of
services, and a trusted local presence. Marketing to this segment could focus on
the convenience of getting care for the whole family in one place, including via
telemedicine, and the peace of mind from trusting a local healthcare provider.
3. Patients with chronic conditions like diabetes: Individuals needing long-term
management of conditions like diabetes would be a key target. Marketing could
emphasize the personalized care plans, the comprehensive and integrated
approach of the diabetes management program, and the potential health
benefits from the program.
◦ In each case, the goal would be to tailor marketing strategies to the needs,
preferences, and behaviors of each target market, clearly communicating the
unique benefits HealthFirst provides for them.
VI. MARKET ANALYSIS
Current Market
Situation/Situation
Analysis
◦ This section should provide the reader with a
clear description of the current state of the
marketplace, including your target market and
the competitive environment.
◦ It should include a synopsis of the research into
and analysis of your target market, your
competitors, challenges in the marketplace, and
the company’s competitive differentiators
(differential advantage).
Provide a summary describing
current industry conditions to
educate the reader.
Present Market
Environment
(Market
Description)
Address things like statistics
about your target market,
whether it is growing, shrinking,
or staying the same, it if is
changing, and why it is changing.
HealthFirst
Market
Description
◦ The telemedicine market is rapidly expanding, fueled by
advancements in technology and changes in healthcare
delivery. The COVID-19 pandemic has also significantly
boosted the use of telemedicine as patients and
healthcare providers look for ways to continue care
while minimizing potential virus exposure. According to
various reports, the global telemedicine market is
expected to grow at a CAGR (compound annual growth
rate) of around 15-20% over the next few years.
◦ The local community served by HealthFirst has also
demonstrated an increasing preference for
telemedicine, driven by the convenience of remote
consultations, faster service, reduced travel time, and
lower costs. The patient population comprises a diverse
mix of families, young professionals, and senior citizens,
all of whom can benefit from telemedicine services.
Product/Service/Program Review
◦ Describe in detail the products/services/programs
◦ What are the main features, including information about sales, price, and gross margins
◦ How will your products and/or services fulfill a real need in such a way that its benefits are attractive to
customers?
◦ HealthFirst offers a telemedicine platform that allows patients to
consult with healthcare providers from the comfort of their own
homes. The platform also has features for scheduling
appointments, accessing medical records, and even managing
prescriptions.
HealthFirst
Product
Review
◦ In the first year of operation, the telemedicine platform saw
steady growth in usage but also witnessed a high rate of user
drop-offs, indicating potential issues with user experience or
functionality. The platform is offered as part of HealthFirst’s
service at no additional cost to the patient. This pricing strategy is
intended to encourage adoption and utilization of the platform.
◦ The diabetes management program is another key product
offering from HealthFirst. This program provides educational
resources, personalized health coaching, and regular monitoring
to help patients manage their condition effectively. Initial
enrolment has been encouraging, but there is potential for
significant growth given the prevalence of diabetes in the patient
population.
◦ Identify your top 3-5 competitors.
◦ Describe who they are and summarize what they
do the same as your business and what your
business does differently.
◦ Describe what they offer and how they offer it.
Competitive
Analysis
◦ If there are no direct competitors, compare and
explain how customers and users have been filling
their needs with the nearest competitor.
◦ Highlight similarities and differences between your
services and your competition in terms of price,
services, quality, and availability.
◦ Note, this involves researching major competitors
to glean insights into their products/services, sales,
marketing tactics, product quality, pricing, market
share, and distribution.
HealthFirst
Competitive
Analysis
◦ The competitive landscape for HealthFirst includes other
healthcare providers offering telemedicine services and
diabetes management programs. Major competitors
include both traditional healthcare institutions
expanding into telemedicine and new entrants focused
solely on telemedicine.
◦ Traditional Healthcare Institutions: These organizations are typically
well-established with a loyal patient base. Their primary advantage is
their comprehensive healthcare services, of which telemedicine is just
one component. However, their telemedicine platforms may not be as
advanced or user-friendly, offering an opportunity for HealthFirst.
HealthFirst
Competitive
Analysis
◦ Telemedicine Startups: These competitors are usually more agile and
tech-savvy. They may offer advanced features and superior user
experiences. However, they lack the full range of healthcare services
that HealthFirst provides and may struggle with trust and credibility
issues.
◦ Diabetes Management Programs: Other organizations offer diabetes
management programs, including pharmaceutical companies, wellness
organizations, and even digital health startups. While these programs
can be robust, they often lack the direct integration with a patient’s
overall healthcare that HealthFirst can provide.
HealthFirst
Competitive
Analysis
◦ Differential Advantage- HealthFirst’s competitive
differentiators are its comprehensive healthcare
services combined with innovative telemedicine
offerings, its strong community presence, and integrated
health programs like the diabetes management
program. The focus on community health outcomes sets
HealthFirst apart from competitors who might not have
such a broad healthcare focus or deep community roots.
VII. MARKETING
STRATEGY
HealthFirst
Marketing
Strategy
(Overview)
The primary objective of HealthFirst’s marketing strategy
is to increase the utilization of our telemedicine services
and to improve health outcomes, specifically targeting
diabetes management. We aim to position HealthFirst as
the preferred choice for telemedicine services in our
community, offering a comprehensive, user-friendly, and
personalized healthcare approach. Our marketing mix will
encompass strategies for product, price, promotion, and
place.
Product Strategy
(Ch. 9)
◦ The product strategy outlines how the product(s) or
service(s) will benefit the business, how it will solve
customer problems or address customer needs, and the
impact that it will make on customers and the business.
◦ Which stage of the life cycle is the product or service
currently? (Intro, Growth, Maturity, Decline)
◦ How well does the product or service deliver on what the
target market values or needs?
◦ Set forth any recommendations you have for improving the
product or service to better fit your target market’s values
and needs.
◦ Describe any improvements to the product or service that
would help the company’s offering compete more
effectively.
HealthFirst
Product
Strategy
HealthFirst provides a telemedicine service, which is in
the growth phase of its lifecycle due to the increasing
trend and acceptance of virtual healthcare. Our
telemedicine service delivers on the target market’s need
for convenient and efficient healthcare services, allowing
patients to consult with healthcare professionals from the
comfort of their homes. To better fit our target market’s
needs, we recommend improving our platform’s user
interface to make it more intuitive and user-friendly.
Additionally, expanding our service offerings, such as
integrating mental health services, can help us compete
more effectively.
How is your product or service priced today?
How does this pricing compare to competitors?
Pricing Strategy
(Ch. 12)
How sensitive are customers in your target market
to changes in price?
Which approach to pricing is optimum for your
product or service (e.g., competition-based pricing,
cost-plus pricing, dynamic pricing, penetration pricing,
price skimming, etc.)?
HealthFirst
Pricing
Strategy
HealthFirst prices its telemedicine services competitively,
in line with market rates. Our customers, particularly
those with chronic conditions, value consistent and highquality care over minor cost differences. As such, they
may not be overly sensitive to moderate price
adjustments. However, we believe a value-based pricing
approach would be optimal. This involves pricing our
services based on the perceived value to the customer,
including factors like convenience, comprehensiveness,
and personalization.
Promotion Strategy
◦ Your promotion strategy sets forth the tactics you intend to implement in your marketing plan in order
to increase demand for your product(s) or service(s).
◦ List the methods you will use to gain awareness and interest in your product from those in your target
audience. Methods of reaching potential consumers abound—company websites, social media networks,
trade shows, radio/television/website advertising.You’ll want to list the advantages and disadvantages of
each method and indicate why and how much it will cost to employ the method(s) you have selected.
◦ Identify which groups are the most critical to reach (e.g., surgeons)
◦ How will you deal with your competitors? How might they respond? What are your contingency plans
if targets are not fully realized?
HealthFirst
Promotion
Strategy
HealthFirst plans to employ a mix of traditional and digital
promotional strategies. We will leverage our website and
social media networks to raise awareness about our
telemedicine services, promote health education, and
engage with our community. These platforms offer costeffective reach and allow for direct communication with
our target market. Additionally, we plan to host
community health events and partner with local
businesses to reach potential customers offline. Each
method carries both advantages and potential challenges,
such as ensuring the right message reach, measuring
impact, or managing costs. However, a balanced mix
should provide optimal results.
Distribution
Strategy
(Place)
(Ch. 17)
◦ How will customers purchase from you?
◦ Will they buy directly from your website, from a
storefront, or through distributors or retailers?
◦ What are the costs involved in this type of
distribution, and why do you believe your distribution
strategy will enable you to get the right product into
the hands of the right consumer at the right time?
HealthFirst
Distribution
Strategy
HealthFirst utilizes a direct distribution strategy where
customers access our telemedicine services directly
through our proprietary platform. This approach provides
control over the customer experience, ensuring highquality service delivery. While costs associated with
maintaining and improving our platform are significant,
they are necessary to ensure a seamless customer
experience. We believe this strategy allows us to
effectively deliver our services to the customer, as it offers
them the convenience of accessing healthcare from
anywhere. Geographically, our offerings will be available
wherever our licensure allows, focusing on our local
community but potentially expanding as telemedicine
regulations evolve.
VIII. FINANCIAL PLAN
◦ Explain any initial expected losses (starting a new
product/service/program, expansion, cash-flow shortage,
etc.).
Annual Budget
and Controls
◦ Financial projections need to be prepared in conjunction
with the rest of the plan, this will help in providing accurate
projections, expectations, and needs.
◦ How will funds be used for associated estimated costs?
◦ Producing the advertising?
◦ Promotion?
◦ Hiring of marketing staff?
◦ Others?
◦ What financial controls will be in place to ensure the money
is being used appropriately to minimize fraud?
◦ Here you will summarize projections of sales and profits
along with your needs (being capital or other resources).
Keys to
Success
◦ You are outlining to the reader the scale of this business
opportunity and marketing campaign. This is accomplished
by summarizing the prime targets to be achieved within the
life of your plan (e.g., 3-5 years).
◦ For example:
◦ Achieve net profit of $4 million
◦ Secure capital for latest surgical equipment
◦ Upgrade emergency room technology
Budget Item
Estimated Cost (Yearly)
Labor (Telemedicine service providers, IT
support, administrative staff)
$2 million
Telemedicine platform maintenance &
improvements
$300,000
Materials (medical supplies for telemedicine
providers)
$100,000
Digital media tools and development
$200,000
Advertising & Promotion (social media, events,
partnerships)
$500,000
Public Relations services
$150,000
Administrative expenses (Utilities, office rent)
$250,000
Miscellaneous
$100,000
Total
$3.6 million
HEALTHFIRST
ANNUAL
BUDGET
HealthFirst Financial Controls
Financial controls within HealthFirst will be strict to ensure the appropriate use of funds
and to prevent fraud. These will include:
Regular internal and external audits.
Separation of duties, particularly in financial transactions.
Regular reconciliation of bank statements.
Budgeting and regular financial reviews.
Secure and controlled access to financial information.
Over the next three years, HealthFirst aims to achieve the
following targets, which will define our success:
1.Increase the utilization of our telemedicine services by
60%, translating into projected sales of $5 million.
HealthFirst
Keys to
Success
2.Achieve a net profit of $1 million.
3.Secure capital for further expansion of our telemedicine
platform, including advanced features and integrations.
4.Maintain a patient satisfaction rate of over 85%.
5.Form partnerships with at least 10 local businesses to
offer our telemedicine services as part of their corporate
health programs.
◦ These targets present a significant opportunity for
growth and position HealthFirst to become a leading
provider of telemedicine services in our community.
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