The last part of the plan had specific issues but was generally satisfactory. Therefore, the creative process can continue, and the formulation of the various strategies may proceed into the next stage. This paper will improve upon the current pricing and branding strategies and develop an integrating marketing plan complete with media and message strategies. It will also discuss public relations, sales promotion, and selling plans along with online and direct marketing approaches. Lastly, the work will cover the social responsibility and cause-related initiatives the company may undertake to improve its public image. The present improvements, alongside the new findings and proposals, should ensure The New Brain Company’s success in the healthcare environment.We will write a custom The New Brain Company: Marketing specifically for you
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Feedback and Improvements
The feedback given to the second part of the project offered a comprehensive overview of its strengths and weaknesses. The brand strategy was described as satisfactory, with original and well-supported names, logos, and extensions. The target market chosen in the last paper was too broad, with a higher number of segmentation bases such as gender, number of children, and geographic location being recommended. The positioning statement was also lacking, as the company’s marketplace was challenging to determine, with an offer that incorporated low prices but high quality. The consumer behavior analysis was sufficient and showed the relationship between branding and buying. Lastly, both the number and the quality of academic references were satisfactory, leading to the conclusion that the paper was good, though it was not perfect.
This paper will take the issues of the previous plan into consideration while building on its strengths. It will use the branding developed in the last work and work on selecting the optimal approaches based on the findings from new research. Its target market will be delineated more clearly through the use of additional descriptors, and the strategies used will be adapted based on the characteristics of the consumers. The positioning will shift to incorporate a higher price to reflect the unique services offered and the excellent quality of the treatments provided at the company. Consumer behavior analysis will be used to develop appropriate promotion and marketing strategies for the company. Lastly, the research will uphold the same standards as in the last paper, making sure that the result is improved over the prior work.
Pricing and Distribution Strategy
The New Brain Company’s offering is currently unique in the market, and competitors cannot offer a similar service. As such, it can charge high prices for its services due to the consumers’ limited array of choices. However, as Hitt, Ireland, and Hoskisson (2017) note, competition is dynamic and defined by the actions of companies and the reactions of their competitors. Other healthcare providers will eventually become able to perform the type of surgery offered by the New Brain Company, entering its niche as competitors. In that case, the firm should still provide prices that are slightly above those of the competition, leveraging its superior experience in the field. In addition, the current rates should not go significantly above the projected future cost to avoid losing the consumers’ goodwill.
The variety of surgery performed by The New Brain Company is challenging and expensive, requiring the best specialists and equipment. Furthermore, conditions that demand the use of neurosurgery, and synthetic brain transplants, in particular, are rare. As such, the number of the company’s centers should be minimized to optimize operating costs against workloads. If the demand increases to a point where the existing infrastructure struggles to handle it, the construction of additional centers will become necessary. However, it is reasonable to expect that The New Brain Company centers will never become ubiquitous, with a small number of locations being present in major cities and few to none opening in sparsely populated regions. All of the company’s operations will be conducted in these centers due to the delicate conditions required for brain surgeries.
Integrated Marketing Communications Plan
As is mentioned above, The New Brain Company centers will not be commonplace, and many clients will likely have to travel considerable distances to access the treatments offered by the firm. As such, long-distance marketing is essential for attracting clientele and spreading awareness of the company. Traditional methods such as billboard and television adverts will be vital in reaching the target audience for the company, older adults who can afford the surgery. However, many people of middle and senior age are becoming users of the Internet, especially social networks such as Facebook. Therefore, it becomes necessary to employ online marketing, as well, and Kitchen (2017) calls the successful fusion of the two paradigms integrated marketing communications. The company cannot make online sales, and so traditional models are still partially applicable, but its online and offline advertising will still benefit from synergy.
As was mentioned in the previous paper, consumers are unlikely to require significant incentives to use the company’s services once they become aware of the possibility. As such, the message should emphasize The New Brain Company’s innovative techniques and excellent service quality. Neurosurgery is usually associated with extreme danger, and assurances of patient safety will contribute to the persuasive power of the marketing strongly. The message should be spread using media with extensive reaches, such as television and the Internet. Print advertisements should not be ignored, but they are not the central priority due to the rarity of potential consumers. An active online presence on social networks will be beneficial for answering possible customer questions and concerns.Get your
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Public Relations, Sales Promotions, and Selling Plan
The New Brain Company is a healthcare institution and does not manufacture physical products. As such, it is going to be judged based on the outcomes of its clients because the firm does not have a significant influence on most people that do not purchase its services. As such, the company will maintain excellent public relations by providing high-quality treatment and engaging in socially responsible practices. Successful operations will contribute to its trustworthiness and convince potential clients to visit the centers for treatment. In addition, the company should promote itself to hospitals around the nations as a treatment option, persuading physicians to refer patients to itself after brain damage or tumors are detected.
Due to the innovative and unique nature of the product offered by The New Brain Company in addition to the painful reality of brain surgery, it should not expect to make many sales early on in its existence. However, the numbers should slowly begin increasing over time, as consumer trust grows, and within two years, the business can be expected to return the initial investment in profits. After approximately three years, The New Brain Company should have the resources necessary to construct another center. The new location would not have the same issues as the first facility, and the firm will begin growing exponentially, eventually expanding to a worldwide scale.
Online and Direct Marketing Plans
Online marketing is essential to The New Brain Company due to the reach necessary to attract clients with specific needs it can satisfy. The company should have a website that would provide potential and existing clients information, as suggested by Zhang, Guo, Lai, Ying, and Meng (2017). Advertising should be concentrated on social networks, as they are the primary locations where such people may be found. Company social media accounts will be beneficial for spreading its message, as they will enable interactivity and answer the questions that consumers may have. The accounts should maintain a professional attitude while remaining friendly and helpful to anybody who visits the page and interacts with it.
Direct marketing remains essential for reaching the target audience, and so it should be employed thoroughly. Traditional methods such as television, billboard, and newspaper as well as magazine adverts should receive considerable attention. TV should receive additional care due to its reach, and specialized medical magazines should also be targeted due to their ability to reach people with existing conditions and physicians (Kumar, Abijith, & Jacob, 2015). Email and cellphone message advertisements are not appropriate methods due to the rarity of the relevant conditions and the intrusive nature of such a suggestion. Flier and catalog distribution will not be effective tactics due to their limited reach, and therefore, they will have to be omitted, as well.
Social Responsibility and Cause Related Marketing Plans
Social responsibility is essential to the survival of a healthcare institution, as it relies on customers trusting it enough to leave their well-being and life in its care. As such, it is essential to incorporate appropriate policies in The New Brain Company’s marketing plans and make it a trustworthy member of the community. The firm should behave ethically, particularly with regards to price setting. Despite the severe need of its customers and the lack of competition, it should not set prices excessively high. Adherence to this practice is also likely to have the side effect of attracting customers who may have decided to seek help elsewhere if the cost was higher.
As an organization that helps people, The New Brain Company is capable of assisting many charitable causes. It may reach out to charity organizations that deal with brain conditions, especially in children, and offer to conduct several operations without compensation. The move can be used to gather significant publicity through altruistic behavior, which would lead to substantial reputation improvements if the treatments succeed. The event would serve as a powerful advertisement in return for the cost of conducting several operations, and it would attract the attention of people who likely know or work with potential customers.
The New Brain Company should offer premium services at high prices, even after its competition starts offering similar services. It should operate from centers located in areas with high concentrations of people. Online marketing is not critical to the company’s success due to the impossibility of online sales, but it can be a powerful tool. The company should be able to earn back its initial investment after two years and begin expanding after three. Ethical practices and charitable service offerings would accelerate the process by providing the company with publicity and reputation improvements.We will write a custom
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Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2017). Strategic management: Competitiveness and globalization (12th ed.). Boston, MA: Cengage Learning.
Kitchen, P. J. (2017). Integrated marketing communications. Evolution, current status, future developments. European Journal of Marketing, 51(3), 394-405.
Kumar, P. N., Abijith, A., & Jacob, A. P. (2015). Study on role of print media in public relation activities of a hospital. International Journal of Health Sciences and Research, 5(5), 391-395.
Zhang, X., Guo, X., Lai, K. H., Yin, C., & Meng, F. (2017). From offline healthcare to online health services: The role of offline healthcare satisfaction and habits. Journal of Electronic Commerce Research, 18(2), 138-154.