Final Projectcreate A Marketing Planwhatusing The Marketing Plan Outl ✓ Solved

Final Project Create a Marketing Plan WHAT: Using the Marketing Plan Outline on pages 84-66 in Chapter 2, create a Marketing Plan for a health care provider of your choice (real or fictional). See Exhibit 1-1 on page 25 for some examples of “primary providers†– use one of these types of providers. The Marketing Plan should include the following sections: Management Summary Economic Projections The Market – Qualitative The Market – Quantitative Trend Analysis Competition Problems and Opportunities Objectives and Goals Action Programs WHEN: You should have already posted your topic during Week One. Your final project will be due on Saturday of Week 4. WHERE: Post the Marketing Plan as a Word document by clicking on the title above Week 4 Final Project.

Final Project Grading Criteria: Marketing Plan Content: 50 points possible Followed Guidelines: 20 points possible Grammar/Spelling: 20 points possible Creativity: 10 points possible Total: 100 points possible Role of Information Technology in Growth of Business by: William King View PDF | Print View Total views: 13 Word Count: 482 Information technology (IT) refers to the management and use of information using computer-based tools. It includes acquiring, processing, storing, and distributing information. Most commonly it is a term used to refer to business applications of computer technology, rather than scientific applications. The term is used broadly in business to refer to anything that ties into the use of computers.

Mostly businesses today create data that can be stored and processed on computers. In some cases the data must be input to computers using devices such as keyboards and scanners. In other cases the data might be created electronically and automatically stored in computers. Small businesses generally need to purchase software packages, and may need to contract with IT businesses that provide services such as hosting, marketing web sites and maintaining networks. However, larger companies can consider having their own IT staffs to develop software, and otherwise handle IT needs in-house.

For instance, businesses working with the federal government are likely to need to comply with requirements relating to making information accessible. The constant upgrade in information technology, along with increasing global competition, is adding difficulty and hesitation of several orders of scale to the business and trade. One of the most widely discussed areas in recent business literature is that of new organizational network structures that hold survival and growth in an environment of growing complexity. Effective implementation of information technology would decrease liability by reducing the cost of expected failures and increase flexibility by reducing the cost of adjustment. The businesses reaction to the environment remains to be the vital determinant for its effectiveness.

The capabilities and flexibilities of computer-communication systems make them gradually more appropriate to businesses by being able to respond to any specific information or communication requirement. Information Technology is having impact on all trade industries and businesses, in service as well as in manufacturing. It is affecting workers at all levels of organizations, from the executives to middle management and clerks. Information technology is increasingly becoming a basic factor of all types of technologies such as craft, engineering, routine, and non-routine. The advances in Information Technology would result in remarkable decline in the costs of synchronization that would lead to new, concentrated business structures.

It enables the business to respond to the new and urgent competitive forces by providing effective management of interdependence. In the near future businesses would be facing a lack and a redundancy of information called information glut. To solve the information-glut companies will need to introduce methods for selective thinning out of information. Improvements in telecommunications will make it easier to control business units dispersed over different parts of the world. Advances in telecommunications, would result in increased distance-communication.

Indirect communication would be preferred for well-structured information for routine, preprogrammed and decision processes. © 2006, Wholesale Pages UK. All rights reserved. Feature Article: The Real Business Value of Information Technology In today's fast-paced business environment, the management of knowledge and intangible assets has become of great significance in determining real business worth. Although standard financial measures are an important part of any such assessment, they have not been expanded to incorporate critical non-financial drivers of business value. Despite a wealth of available information, concrete measures that are objective, comparable, auditable leading indicators of true business value have not been included in the standard externally reported measures.

Thus, decision-makers have lacked relevant information for evaluating real business value and have resorted to riskier, more-uncertain and more-subjective approaches to decision making. Standardization provides many benefits to investors and business executives. Essential for capital markets to function, accounting standards provide the foundation for auditing the financial results of an enterprise, thus increasing the credibility of financial reporting. Correspondingly, standards must be developed that reach beyond existing accounting measures to the operational measures enterprises use to increase business value. Standard measures provide a common language and set of definitions for discussing operational performance and comparing performance among enterprises and among entities within the same enterprise.

Hence, it is crucial to develop performance measurement standards. Prior to a discussion of performance measures, it is important to define two concepts: standard and non-financial. Standard, as delineated herein, refers to well-defined mean performance measures that are used commonly and consistently. Non-financial is defined simply as those performance measures that are not financial. Financial measures are set by recognized accounting authorities for external reporting purposes.

Thus, non-financial measures are all other business performance measures. In the United States, the Financial Accounting Standards Board (FASB) uses a set of values to define generally accepted accounting principles (GAAP). Because the rate of change in the forces driving business value has exceeded the rate of progress FASB has made in defining standards to measure such drivers, a measurement gap has resulted. With FASB and GAAP forming the foundation for external reporting, it is imperative that these standards are expanded to encompass all the measures that determine real business value. According to financial analysts, the market price of an enterprise's stock is based primarily on projected future earnings.

However, dramatic and unanticipated swings in expected earnings have occurred despite a mass of available information. With unexpected declines in earnings come loss of jobs, vanishing businesses and shaken consumer confidence. Knowledge management and the management of intangible assets have been measured inadequately by accounting standards, thus creating a measurement gap. In 1998, 80 percent of market value in the S&P 500 was unexplained by GAAP (see Figure 1). Consequently, measurement gaps create uncertainty and require business executives to use ad hoc, subjective and non-audited measures as the basis for creating business value.

Because uncertainty increases risk, perceived shareholder value often is impacted negatively. Usually, the greater the uncertainty, the lower the market value of an enterprise. Thus, understanding the impact of standard non-financial business measurement on the real value of an enterprise is crucial for increasing enterprise agility in a globally connected economy. The intellectual capital, technical infrastructure and methodologies that currently exist set the stage for this to happen. Undoubtedly, many methodologies and organizations (e.g., the balanced scorecard, Supply Chain Council, total quality management, European Foundation for Quality Management and Six Sigma) have reached beyond the traditional accounting measures.

With the automation of business transactions in software applications such as enterprise resource planning and customer relationship management, performance measures at all levels of management have become available. Furthermore, the hundreds of predefined key performance indicators provided by such systems have created a processing issue for management. Because managers can handle only a limited number of these indicators on a continuous basis, management faces information overload and must concentrate on only a few such measures. Consequently, it is critically important to select the measures that are leading indicators of financial performance. In addition, it is essential to validate the results of those measures and determine the necessary intelligence on which to base decisions.

Thus, industry-relative benchmarks and standardization are key. Of the various initiatives that reflect aspects of real business value beyond the traditional accounting measures, the balanced scorecard has served as a means to translate vision into action. Selected operational performance measures operate to provide feedback regarding whether the designated actions actually contributed to the vision. Total quality management, European Foundation for Quality Management and Six Sigma facilitate the identification of non-accounting operational measures that can serve as leading indicators of financial results. Recently, reference models have been developed to aid in the quest for managing performance.

Reference models contain predefined measures for specific business processes. The Supply Chain Council and the Product Development and Management Association have initiatives in this area (e.g., a reference model of standard performance measures for collaborative product development). Together with benchmarking services and best practices, such endeavors have created state-of-the-art business performance measurement. With enterprises focusing more on core competencies and pursuing outsourcing of other business processes, the integration of business processes between suppliers and customers is escalating in importance. As enterprises become more interdependent, cooperation to produce standards increases.

For product enterprises, the Supply Chain Council has defined a set of collaborative performance measures to ensure that efficiencies are maintained as business functions are transferred externally. Service-level agreements facilitate an assessment of value provided and received. In addition, virtual enterprises require non-financial performance measures that are generally accepted among enterprises so that comparisons and decisions can be made quickly. Not only must standard measures be created, but also understanding how they are integrated to build an effective business performance framework is crucial. To close the measurement gap, a business measurement framework consisting of a set of precisely defined performance metrics that extend past the traditional financial reporting measures and represent a comprehensive view of an enterprise's business operations is essential for determining real business value.

To this end, investors and business executives need an organization whose mission is to establish and improve standards of operational performance for the guidance and education of business management. Measuring non-financial aspects of business performance including an enterprise's ability to innovate as well as manage demand, supply and shared services using standard metrics that are objective and that can be audited is essential for increasing real business value. Source: Audrey Apfel, Gartner Measurement, [email protected] Ken Bergstrom, Gartner Measurement, [email protected] Craig Hekking, Gartner Measurement, [email protected] Michael Smith, Gartner Measurement, [email protected] Writer: Carolyn LeVasseur, Gartner Measurement

Paper for above instructions

Management Summary

Wellness Oasis is a fictional holistic health center focused on delivering integrative health and wellness services. Located in Atlanta, Georgia, the center provides various treatments, including acupuncture, massage therapy, nutrition counseling, yoga classes, and mindfulness workshops. The goal of Wellness Oasis is to promote a comprehensive approach to health by addressing the physical, emotional, and psychological well-being of clients through individualized care. This marketing plan outlines strategies to enhance the center's visibility, attract new clients, and solidify its position as a leading wellness provider in the community.

Economic Projections

The wellness industry is witnessing substantial growth. According to a report by the Global Wellness Institute, the global wellness market was valued at approximately .5 trillion in 2018 and is expected to grow at an annual rate of 5-10% over the next few years (Global Wellness Institute, 2018). Specifically, the demand for holistic health services is rising as more individuals seek alternative therapies alongside conventional medicine. Wellness Oasis aims for a first-year revenue target of 0,000, with an expected annual growth of 15% thereafter.

The Market – Qualitative

Wellness Oasis targets health-conscious individuals, ranging from young adults seeking preventive care to older adults looking for complementary health services. The market segment consists of individuals who have a higher disposable income and value alternative health practices. Furthermore, busy professionals often seek stress-relief activities, like yoga and meditation. According to a study by the National Center for Complementary and Integrative Health, over 30% of adults in the U.S. use complementary health approaches, indicating a promising market for Wellness Oasis (NCCIH, 2020).

The Market – Quantitative

The target market for Wellness Oasis has been segmented demographically and psychographically. Key statistics include:
- Age: Primarily individuals aged 25-60, representing approximately 58% of wellness consumers.
- Income: Households earning >,000 annually, which represent about 40% of the market in Atlanta, Georgia.
- Consumer Behavior: An estimated 70% of prospective clients regularly engage in fitness and wellness activities (Wellness Creative Co., 2021).
- Local Competition: Atlanta has approximately 50 health and wellness centers, but only a handful specialize in a comprehensive range of holistic practices.

Trend Analysis

The wellness industry is characterized by several key trends:
1. Technological Integration: Telehealth services are becoming popular, prompting existing providers to enhance their digital presence through online classes, webinars, and virtual consultations (Market Research Future, 2020).
2. Personalization: Clients desire personalized wellness plans tailored to their unique needs. Integrative approaches that combine various treatment modalities are essential.
3. Corporate Wellness: Businesses are increasingly investing in employee wellness programs, highlighting opportunities for partnerships with local companies (American Psychological Association, 2021).

Competition

The competitive landscape for Wellness Oasis includes several local wellness centers and spas. Key competitors include:
1. Zen Wellness Studio - Offers yoga and meditation but lacks comprehensive wellness services.
2. Healing Pathways - Provides massage therapy and acupuncture but has limited online and community presence.
3. Urban Holistics - A multi-disciplinary clinic with good marketing but higher prices, which could indicate an opportunity for pricing strategy.
Using SWOT analysis:
- Strengths: Holistic approach, diverse service offerings, expert practitioners.
- Weaknesses: New market entrant with limited brand recognition.
- Opportunities: Rising demand for integrative health services, potential partnerships with local businesses.
- Threats: Saturated market with established competitors.

Problems and Opportunities

Problems

1. Lack of Awareness: Many potential clients are unaware of the health benefits of integrative services.
2. Initial Pricing Resistance: New clients may hesitate due to perceived higher costs of holistic approaches compared to conventional treatment.

Opportunities

1. Education-Based Marketing: Hosting workshops and informational webinars can increase awareness.
2. Community Engagement: Participating in local events, collaborating with yoga studios, and sponsoring health fairs can build brand awareness.

Objectives and Goals

1. Increase Brand Recognition: Achieve a 30% increase in local brand awareness over the first six months through advertising and community engagement.
2. Client Acquisition: Attract 150 new clients within the first year through targeted marketing efforts.
3. Revenue Growth: Reach the first-year revenue goal of 0,000, growing by 15% annually thereafter.

Action Programs

Marketing Strategies

1. Digital Marketing: Launch a user-friendly website with a blog focusing on wellness tips and success stories. Utilize social media platforms to engage potential clients by sharing testimonials and health advice.
2. Community Involvement: Offer free workshops and demonstrations at local health fairs to showcase services and connect with potential clients.
3. Promotional Offers: Implement a "first session free" initiative for new clients and referral discounts to encourage word-of-mouth marketing.
4. Networking: Develop partnerships with local businesses to provide employee wellness programs, thus increasing client intake through corporate contracts.

Measurement of Success

- Track website traffic and social media engagement metrics monthly.
- Analyze client acquisition numbers quarterly.
- Monitor total revenue and client satisfaction through feedback surveys and assessment tools.

Conclusion

Wellness Oasis has the potential to carve out a meaningful presence in Atlanta's wellness market by implementing strategic marketing initiatives, fostering community relationships, and remaining adaptable to the evolving landscape of health services. By focusing on a holistic approach that caters to physical, emotional, and spiritual well-being, Wellness Oasis will position itself as a go-to provider in the area.

References

1. Global Wellness Institute. (2018). Global Wellness Economy Monitor. Retrieved from [Global Wellness Institute](https://globalwellnessinstitute.org).
2. NCCIH. (2020). Use of Complementary Health Approaches Among Adults. National Center for Complementary and Integrative Health. Retrieved from [NCCIH](https://nccih.nih.gov).
3. Wellness Creative Co. (2021). The State of Wellness Industry. Retrieved from [Wellness Creative Co](https://wellnesscreativeco.com).
4. Market Research Future. (2020). Telehealth Market Research Report – Global Forecast to 2025. Retrieved from [Market Research Future](https://marketresearchfuture.com).
5. American Psychological Association. (2021). The Effects of Workplace Wellness Programs. Retrieved from [APA](https://apa.org).
6. Statista. (2021). U.S. Health and Wellness Market Value. Retrieved from [Statista](https://statista.com).
7. IBISWorld. (2021). Health and Wellness Industry Analysis. Retrieved from [IBISWorld](https://ibisworld.com).
8. Allied Market Research. (2020). Global Yoga Market. Retrieved from [Allied Market Research](https://alliedmarketresearch.com).
9. PwC. (2021). Health and Wellness in the Workplace. Retrieved from [PwC](https://pwc.com).
10. Deloitte. (2020). Global Report on Health and Wellness. Retrieved from [Deloitte](https://deloitte.com).