Name, Location & Nature of the Business
The business to be established is known as Cheryl Sharpton’s Clinical Group. The business will be concerned with giving advice providing administrative services to medical practitioners. This means that the business will basically provide administrative support to people involved in running clinical trials. These include providing administrative techniques to hospital managers, as well as consultancy services to other professionals involved in provision of medical services. The business will be located in Durham NC. Durham NC is strategically within the research area hence remaining advantageous for the business in terms of reaching the target market.
The mission of this business is to be the leading consultancy firm in the region by providing quality advice and assistance to customers. The business will aim at helping the medical community to succeed in their businesses hence remaining beneficial to the country.
General Objectives or Goals
The business has many goals and objectives which involves working hard to help businesses to improve their performances. This means that the business should provide quality and reliable information to their customers. Its main operations are aimed at equipping employees of various hospitals with adequate knowledge required to run their facilities successfully. In addition, the business has its operational goals which include maximizing profits and cutting down costs. The business may fail to achieve its other goals if it operates at losses because it may end up being unable to pay salaries and rent.
The business will be operated by competent people who will be tasked to assist professionals in medical fields to make their businesses successful. Therefore, people with adequate knowledge of medical practices medical terminology, FDA guidelines for Clinical Research and advanced administration knowledge will be employed in the organization. This is important because clients will expect CSCG associates to be knowledgeable regarding the GCP/ICH requirements necessary to run research studies. If consultants give information and advices that are impractical, customers may come back with complaints or worse heavy fines can be levied by the FDA on their practices. Credibility, educational aptitude and the experience of the people working for the business should not be questioned as it might affect customer loyalty and profitability of the business (Origen and Golan, 2010). These skills are needed in the target market as people have failed in doing businesses due to poor planning and experience. Therefore, this target market has potential as people would prefer seeking consultant’s advices to safeguard their medical facilities. Competitors in this field have failed customers in one way or the other hence calling for a savior organization (Midgley, 1977). Some competitors use incompetent consultants hence giving misleading information to customers causing potential disbarment by the FDA.
Marketing environment for this business has to be observed carefully to ensure that competitors are not left to challenge the organization. Many factors must be considered so the organization should follow all legislations and remain compliant in their staff trainings to ensure proper governing of these medical facilities (Hendon, 1992). Since human life is very important, law makers do not leave anything to chance regarding provision of Clinical Research. The business should consider complying with rules and regulations set by the government. (Joint Commission Resources, 2001). In addition, economic factors should be considered in order for any business to succeed. This is because factors such as inflation may affect marketing of the organization which can affect its profitability. The business should also consider advancing with the technology to ensure that they access adequate information to be used in consultancy (Lawley, 2007). Finally, the business has to work within expectations of the society to avoid conflicts. This means that social values have to be respected by the business in order to attract customers from the target market.
The business will target people intending to succeed in the Clinical Research industry. These include Hospitals, medical practices, Private offices and anyone who is ready to make a difference within humanity by helping to bring forth life-saving medicines. Of course it is understood that this is still a business so of course it is expected that profits will also be generated. CSCG will be expected to seek information regarding how to succeed in running Clinical Research facilities (Avillion, Holtschneider and Puetz, 2010). This business will target medical practitioners in Durham NC.The business expects to serve quite a large market size as medical facilities inDurham NC are constantly seeking professional advice on how to succeed in Clinical Research.
Analysis of Primary Competitors
|Exigent Group||Helps customers in keeping and analysis of clinical data. They provide consultancy services to medical practitioners regarding administration of patient’s information and data.|
|Salix Pharmaceuticals||These provid3e logistical assistance to players in medical industry. For instance, they help people in medical business to make their supply chains effective.|
|Duke Health||These provide useful information on running of hospitals.In fact, they train personnel on behalf of hospitals.|
Competitive Advantage Analysis
|New ventures||New people in the industry need to be advised on how to set up a medical facility. This include detailing to them all equipment required. Employee training may be considered, as well.|
|Young entrepreneurs||In most cases these include young graduates from medical schools. They need to be assisted on how to run medical facilities. In fact, administration lessons are very vital to make sure that they get adequate management skills.|
|Experienced professionals||These are people who have been in the business but failed because of one reason or the other. Dialogue is encouraged to find out where they went wrong and proper guidance is given so that they cannot repeat the mistake again.|
My Target Segments
|New ventures||This target is very important as people intending to do any business tend to seek information from all corners.|
|Young entrepreneurs||These are professionals willing to join hand and practice provision of medical services. They seek information regarding running of medical institutions hence forming a very important target segment.|
|Experienced professionals||These are people who have tried running medical facilities and failed. The target is very potential as these people may wish to gather information that can help make their businesses better.|
The business is involved in the business of providing administrative services to individuals who are working in the medical industry. The service will be the provision of administrative support for individuals so that they can run clinic trials. These include providing administrative techniques to hospital managers, as well as consultancy services to other professionals involved in provision of medical services. The business will be located in Durham NC. Durham NC is strategically within the research area hence remaining advantageous for the business in terms of reaching the target market.
The product will run clinical research studies at their facilities, CSCG is in charge of running a follow up on the program. On behalf of the client CSCG would be working with the following Sponsor companies who are trying to get FDA approvals of their drugs such as Glaxowellcome, Bayer, Bristol Myers. The services CSCG would be providing are including but not limited to: completing regulatory documents such as the 1572, financial disclosure form, creation of the study Informed Consent and HIPAA forms, working with the site to ensure Protocol is adhered to so no Protocol deviations happen. Attending the Site Initiation visit with the Clinical Research Company who was also hired by the Sponsor Company to run the studies.
Avillion, A., Holtschneider, M. E. &Puetz, L. R. (2010). Innovation in Nursing Staff Development: Teaching Strategies to Enhance Learner Outcomes. New York: Hcpro Incorporated.
Hendon, D. (1992). Classic failures in product marketing : marketing principles violations and how to avoid them. Lincolnwood, Ill., USA: NTC Business Books.
Joint Commission Resources. (2001). Preventing Medication Errors: Strategies for Pharmacists. Michigan: Joint Commission Resources
Lawley, B. (2007). Expert product management : advanced techniques, tips & strategies for product management & product marketing. Cupertino, CA: HappyAbout.info.
Midgley, D. (1977). Innovation and new product marketing. London: Croom Helm.
Origen, E. & Golan, G. (2010).The Adventures of Unemployed Man. London: Little, Brown.