Infinite Care: Market and Competitor Research

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Executive Summary

INFINITE CARE is a company specializing in providing home care for senior patients, patients with severe medical conditions, and their families based in Canada. The company places emphasis on securing home care, physiotherapy, and other types of required medical assistance for older adults and patients with medical conditions who need help with performing the activities of daily living. INFINITE CARE has a chance to become an asset for senior patients and their families, as it places emphasis on providing quality care through creating a trusting relationship with every senior patient in order to secure the best possible outcomes and client satisfaction.

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INFINITE CARE’s area of competence is not limited to senior care, as the company also provides personal assistance to patients with special needs or medical conditions. In the future, the company hopes to become the number one provider of home care across Canada while giving more people the pleasures of living an exciting and fulfilled life.

Company Description

Bringing people closer in terms of receiving quality care is one of the primary messages outlined in the agenda of the company’s president and director of operations. The mission of INFINITE CARE is “compassionate care for life.” The vision of the company underlines the need for compassionate caring and cherishing relationships between clients and support workers, as INFINITE CARE is driven by The Dalai Lama’s idea of the compassionate state of mind bringing inner harmony and better health outcomes. The primary objective of INFINITE CARE is to make sure that bringing new people to one’s home does not become a challenging and uncomfortable experience, while patients have the ability to recover in the beneficial environment of their homes.

Instead, the care providers are determined to create beneficial experiences for senior patients requiring assistance and encouragement. Another goal of the company is to secure the employment of the best-certified caregivers to guarantee a pleasant pastime and assistance for every patient within the company’s customer network. The assortment of services presented by INFINITE CARE includes personal assistance, home care, physiotherapy, and the services of a personal driver and educator to help the clients move around the city and learn how to live on their own in the future and perform ADLs. INFINITE CARE’s potential success lies in the team’s ability to become more than a caregiver for the clients, as every employee can be passionate about making people’s lives easy and joyful regardless of the obstacles standing in the way.

Market Research

The target market for the company mostly concerns the senior patients’ families seeking assistance and support in terms of care. Hence, the image of an average target customer of the service would be a 40-year-old woman with a full-time office job and a family seeking assistance and home care for one of her parents or any other member of her family. Undeniably, another target segment would include single senior patients unable to receive care from family, yet this market share is considerably smaller.

The primary business competitors placed in Canada include Eldercare Home Health, Nurse Next Door, and Toronto Home Care Assistance. All the aforementioned competitors are at a significant advantage in terms of time spent in the market and the ability to gain recognition among the local audience and medical facilities. However, the novelty of INFINITE CARE, along with its local focus, provides an advantage in terms of a close and trusting relationship with every client. As far as legal implications of the business are concerned, there are no explicit obstacles in terms of services provided except for the state regulation requiring home care assistants to be adequately trained professionals with a place of residence and proper social background.

Service Line

The services presented by INFINITE CARE include a variety of personal assistance tools. First, the company offers personal support services in terms of both daily care of patients with short-term medical conditions and palliative care. Second, INFINITE CARE provides a function of home care support, which includes performing various chores around the house as implied by the customer and INFINITE CARE’s coordinator. Third, the company has a team of professional personal trainers and physiotherapy trainers who can help patients rehabilitate from a severe health conditions such as stroke in order to regain the ability to perform activities of daily living (ADLs) autonomously. INFINITE CARE also provides patients with the ability to work with a computer teacher giving lessons on basic computer skills required to feel more confident and up to date with modern technology.

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Such an extended variety of services provides the company with both a significant competitive advantage in the market and the ability to increase customer retention rates since they would not need to look for additional services from other companies. Currently, there is no explicit need to define more innovations in terms of service providing due to the target audience’s struggling relationship with change and innovation whatsoever. However, given today’s pandemic context, it might be relevant to optimize the company’s channels of communication and present online support tools for seniors.

Marketing and Sales

As it was mentioned previously, the target market of the company may be generalized with the help of an image of a woman in her forties seeking professional assistance for a parent and an image of a senior. For this reason, it is of paramount importance to develop at least two parallel marketing strategies to increase clientele, including both direct interactions with senior patients and online advertisements for younger care seekers (Berkowitz, 2021). Thus, the tools utilized to reach new customers and sell the services include targeting online ads for users searching for home care in Toronto, Facebook promotion, and printed advertisements (business cards, posters, and leaflets). The latter will be used specifically to reach senior customers.

The central idea of the service promotion will revolve around the main tool of INFINITE CARE Inc.: compassion, care, and kindness. Instead of presenting a default set of actions for every service, INFINITE CARE Inc. will develop an efficient, customized questionnaire for every client in order to identify their expectations from care. While challenging, such a strategy will align with the company’s image and secure customer loyalty and retention. The company aims to grow both geographically by expanding to nearby provinces and professionally by incorporating online services in the context of COVID-19 care.

Financial Projections

Given the strategies outlined earlier and the increasing demand for home care visits and rehabilitative post-COVID care for senior patients, the financial projections for the next three years in terms of sales, return on investment, and debt-to-equity rates will look as follows:

Debt-to-equity ratio

Sales

Return in investment

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Having considered the data above, it may be concluded that INFINITE CARE has a strong potential, especially when it comes to using compassion and empathy as one the major marketing and professional tools.

Reference

Berkowitz, E. N. (2021). Essentials of health care marketing (5th ed.). Jones & Bartlett Learning.

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BusinessEssay. (2022, September 13). Infinite Care: Market and Competitor Research. Retrieved from https://business-essay.com/infinite-care-market-and-competitor-research/

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BusinessEssay. (2022, September 13). Infinite Care: Market and Competitor Research. https://business-essay.com/infinite-care-market-and-competitor-research/

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"Infinite Care: Market and Competitor Research." BusinessEssay, 13 Sept. 2022, business-essay.com/infinite-care-market-and-competitor-research/.

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BusinessEssay. (2022) 'Infinite Care: Market and Competitor Research'. 13 September.

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BusinessEssay. 2022. "Infinite Care: Market and Competitor Research." September 13, 2022. https://business-essay.com/infinite-care-market-and-competitor-research/.

1. BusinessEssay. "Infinite Care: Market and Competitor Research." September 13, 2022. https://business-essay.com/infinite-care-market-and-competitor-research/.


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BusinessEssay. "Infinite Care: Market and Competitor Research." September 13, 2022. https://business-essay.com/infinite-care-market-and-competitor-research/.