Vila Health: Marketing Action Plan and Financial Analysis

Overview

You may recall attending team meetings where colleagues said, “I feel  this would be good for our patients,” or “I believe that this plan will  help to position our department as a leader,” or “if we could only get  this budget item approved, I am sure we would be successful.”  This week you will be challenged to move beyond speculation, and to  develop some basic financial skills to demonstrate the potential impact  of a marketing idea in a measurable manner so that the senior leadership  team can make a more informed decision. Quantitative and qualitative  elements are included, and you as an intern will now be prepared with  tools that assist in more objective decision making. One of these tools,  the cost-benefit analysis, has a wide variety of applications beyond  simply estimating the impact of marketing plan action steps or  interventions.

St. Anthony Medical Center’s Labor and Delivery service line is  challenged with growing the business using a market pull strategy. To  achieve this overarching goal, you will propose a marketing action plan  with accompanying proposed costs and benefits. Additionally, your plan  will need to include costs and benefits for each proposed intervention.

In this assignment, you will use cost-benefit analysis and make a  final recommendation as to whether or not the plan should be  implemented. You will also propose a rationale for your recommendation.  Use a cost-benefit analysis spreadsheet, either the one provided by the  finance director or another of your choosing, to analyze the financial  impact to the organization. Note: Distinguished  performance includes analysis of three alternatives over a three-year  time period. These alternatives include remaining status quo with  spending ($10,000 per year), reducing the budget by 10 percent, or  increasing the budget by 10 percent. Hint: Use of various social media can decrease costs and increase market reach.

Instructions

  1. Formulate the new St. Anthony Medical Center Labor and Delivery  revised service offering including features, advantages, and benefits to  consumers.
  2. Segment the market of targeted labor and delivery consumers, using a  table that matches features and benefits to each consumer segment (for  example, age, culture, and so forth; expectant single teens, culturally  diverse groups in the community, mid-career married working women, same  sex partners seeking in vitro fertilization, and so forth).
  3. Create a plan of action comprised of marketing communication  channels to reach each customer segment (for example, Web sites, social  media, radio, TV, signage, health fairs, events, collaborative  partnerships, targeted mailings, free educational offerings, and so  forth).
  4. Explain costs and benefits for each marketing communication channel  intervention by using Plowman’s cost-benefit analysis tool from this  unit’s studies, linked in Resources. Hint: Remember to identify costs and benefits; Recall that the total cost of the action plan cannot exceed $10,000 per year.
  5. Make a recommendation as to whether or not the organization should  proceed with the proposed interventions, and provide rationale.

Submit your analysis and recommendations by Sunday of this week. Be sure to use current APA style and formatting throughout.

Resources

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