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Marketing Plan: Situation Analysis & New Product DevelopmentUsing the SAME PRODUCT OR SERVICE you wrote about in the first assignment, pretend you are introducing a new product in the same category as your Step One research. Conduct a study of its consumer target market to include demographics, geographics, and psychographics. Be sure to take into account the target market of competing products, finding a niche for yours.Identify your points of difference and positioning strategy.Analyze relevant category trends.Analyze consumer trends.Perform an environmental analysis including both a SWOT & PEST.This project requires an understanding of the online library database system. The CityU Library and Course Librarian (see Faculty Information tab for contact information) is available to help you find credible sources.Attached please find the first marketing plan I submitted-you will use the same company but this time its situation analysis and product development.
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A Proper Marketing Plan for A New
Home-Care Business
Executive Summary
The homecare business, “Compassionate Home Services,” aims to offer a variety of in-home care
services, such as cooking, cleaning, and basic household tasks, to those who want to keep their
independence and comfort in their own homes. By providing great care and support, we aim to
boost the standard of life for those whom we serve. As the go-to option for in-home care in our
target market, we want to grow into being recognized and accepted. Within three years, we want
to take 20 percent of the market, and we want to reach new areas with our services. While
assuring the longevity and development of our business, on the other hand, we work to increase
the well-being of our clients.
The Company
Mission Statement
By providing trustworthy and compassionate in-home care services that allow people to remain
gracefully with confidence and independence, Compassionate Home Services is dedicated to
enhancing the standard of life of its clients. (Reza, 2020)
Vision Statement
To be known for our dedication to superiority, focus on customers’ philosophy, and skilled care,
making us an attractive and trustworthy option for in-home care services. (Ratna & Heri, 2019)
Products and Services
A wide range of in-home care services are provided by Thoughtful Home Services, including:
•
household duties and housekeeping
•
Preparing and making meals
•
basic errands and companionship for the Elders
Objectives
Short term Goals
In the first year of business, we aim to capture 15% of the market. Then Within the first year,
build a 200-client base of loyal customers. Most importantly, a team of empathetic and skilled
caretakers should be recruited and managed (Reza, 2020)
Long term Goals
In the long term, we aim would be, within a period of three years, capture more than 25% of the
market. Within the next five to 6 years’ years, expand services to neighborhoods nearby. Build a
solid foundation for professionalism and trustworthiness.
Outcome Projection
In the first year, we expect to achieve 15% percent market share, which is projected to provide a
600-thousand-dollar boost in revenue. We aim to attain a market share of twenty percent and
more than a million dollars in yearly sales within the span of three years. Within the next five to
six years, we’re hoping to expand our operations into neighboring regions, expanding our reach
and strengthening our bottom line (Ratna & Heri, 2019)
Discussion of the Market
Primary target
Senior citizens and those who are handicapped and who desire to age in an environment that
offers assistance with everyday activities make up the majority of our target market. Our
customer base also includes career and family members who are looking for professional inhome care services on behalf of the people they care for.
Competitors
Independent caretakers and widely recognized organizations are competitors in the homecare
sector. Ab Residence Care and XYZ Eldercare Services are noteworthy competitors.
Differentiations
Compassionate Home Services sets itself apart from other providers with customized care plans,
a client-centered strategy, strict recruitment and orientation procedures for cares, and a
commitment to improving overall well-being. We distinguish ourselves via our emphasis on
companionship and sensitivity to our clients’ emotional requirements.
Market Positioning
We wish to solidify ourselves as the top choice for in-home care services, renowned for
outstanding service, credibility, and an honest commitment to our clients’ wellbeing.
Pricing
Strategy
We will use a value-driven pricing model, where the price is justified by the exceptional quality
and individualized character of our services. According to the level of care needed, we will offer
reasonable rates.
Objectives
Revenue must be achieved during the first year. to Keep your prices low while maintaining high
standards of service. to Use discount codes for referrals and periodic sales to draw in and keep
customers.
Menu
From simple housework to exhaustive in-home care packages, we offer a variety of care
programs. Depending on the level of assistance needed, pricing will be tier-based. (Ratna & Heri,
2019)
Environment Analysis
Industry & Trend Analysis
The growing elderly population and demand for in-home care are both contributing to the
considerable rise of the homecare business. Demand for in-home care has increased as a result of
the COVID-19 outbreak as people look for a safer alternative to institutional care. (Ratna & Heri,
2019)
PEST Analysis
Political: Government financing for in-home care & alterations to regulations have an effect on
our industry.
Economic: Changes in the state of the economy may make it harder for customers to make
payments for services.
Social: Populations growing older and greater knowledge of in-home care are good examples of
social influences.
Technological: Telemedicine and monitoring improvements can improve the quality of our
services. (Ratna & Heri, 2019)
SWOT evaluation
Strengths: Individualized care, experienced Caretaker’s, and a focused customer attitude.
Weaknesses: High levels of professional competition, the necessity for quality assurance, and
Caretakers turnover are disadvantages.
Opportunities: A growing need for in-home care, an aging population, and technology
improvements present opportunities.
Threats: Threats include shifting regulations, economic downturns, and possible labor shortages.
(Reza, 2020)
Strategy of Marketing
Media & Promotion
Online and offline outlets are both included in our media mix. For Online-website, social media
(such as Instagram and LinkedIn), and digital advertising. For offline, Neighborhood
publications, civic gatherings, and collaborations with healthcare organizations. Flyers,
pamphlets, and referral schemes were examples of promotional materials. For promotion, Google
Ads and social media campaigns for online advertising. Infographics, blog posts, and other forms
of content marketing. Participation in neighborhood senior events and cooperation with medical
professionals are forms of community involvement (Franzosa & Tsui, 2020).
Schedules
Every three months, the advertising calendar will be adjusted to coincide with seasonal sales and
health awareness months. This includes, for Q1: Wintertime in-home care services advertising.
For Q2: The season of spring promotes friendship and mental health. For Q3: Seniors’
summertime health and protection program. For Q4: In-home delivery packages with an autumn
theme (Reza, 2020)
Budget
Our initial marketing budget will be $60,000, with an emphasis on local events and online
advertising. We will devote a higher portion of revenue to advertising as our company develops.
Evaluation
We will focus on our Objectives & Measures quarterly evaluations of revenue development and
market penetration. The Assessments of customer satisfaction and feedback will be done.
Tracking the performance and continued employment of caretakers. The ROI evaluation of
marketing initiatives will be arranged. These measurements will be used to inform data-driven
decisions that will help us expand and adjust our company in response to evolving client needs
and marketplace trends (Franzosa & Tsui, 2020).
The strategy for advertising for our brand-new homecare company includes many main
objectives with the purpose of dominating the market and attaining long-term expansion. In the
beginning, our goal is to increase brand recognition by developing an engaging online and
offline presence, making use of social media platforms, a user-friendly website, and conventional
marketing avenues. Second, we work to identify and engage our ideal clientele through focused
marketing initiatives, customized content, and collaborations with organizations in healthcare.
(Reza, 2020) Thirdly, by showing the knowledge and dedication of our personnel to providing
excellent, compassionate care, we hope to build credibility and confidence in the homecare
industry. In addition, we will concentrate on expanding our network of professional referrals by
cultivating relationships with local physicians, hospitals, and rehabilitation facilities.
Additionally, we want to use case studies and client testimonials to show how committed we are
to our customers’ welfare. In addition, we intend to keep changing our tactics in response to datadriven insights, market changes, and customer feedback. Finally, we hope to set ourselves apart
from the competition by providing special, value-added services like specialized care
programmers, cost-effective pricing structures, and individualized care plans. By doing this, we
can establish our homecare company as a respected leader in the sector while pursuing long-term
growth and profitability (Franzosa & Tsui, 2020).
Conclusion
In conclusion, the marketing plan for our new homecare company is a carefully considered and
all-encompassing strategy that sets us up for success in a cutthroat and developing sector. We
strive to develop enduring connections with our clients by emphasizing a customer-centric
approach, recognizing their individual needs, and offering specialized care. We will successfully
reach our target audience thanks to our multi-channel marketing strategy, which entails
collaborations with healthcare experts, a robust internet presence, active social media
participation, and community outreach. We will stand out in the market because of the
importance we place on quality, compassion, and professionalism in our services. In order to
remain responsive and pertinent in the always-changing homecare industry, we are committed to
ongoing monitoring and adaption to changing market dynamics as we carry out our plan. We are
prepared to not only achieve but surpass our business objectives and deliver great homecare
services to people in need, resulting in the long-term profitability and sustainability of our
company. This is due to our clear vision, committed team, and well-defined marketing strategy.
References
Franzosa, E., & Tsui, E. K. (2020). Professional, friend or family: How home care companies
sell emotional care. Journal of Women & Aging, 32(4), 440-461.
Prasetyo, W. B., Syah, T. Y. R., Pusaka, S., & Ramdhani, D. (2019). Human Capital for Start-up
Business Implementation over Home Care’4 Care’Application Programs. Science, Engineering
and Social Science Series, 3(5).
Ratna, I., & Heri, I. A. (2019). Marketing strategy for start-up: a study of home care
business. Russian Journal of Agricultural and Socio-Economic Sciences, 91(7), 297-301.
Reza, M. H. (2020). Marketing Strategy and Sustainable Plan of Unilever. International Journal
of Scientific Research and Engineering Development, 3(4).
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