I have provided 2 of my assignments for the business I chose.
- Briefly remind us about your hypothetical business (the one you have created for your four assignments) and your target audience.
What is the message that you will consistently communicate to this target audience? How will you creatively deliver the message? For example, will you have a celebrity spokesperson, a product demonstration, an emotional appeal, etc.
Where will you use traditional advertising (sales promotion, events and experiences, and public relations to promote your hypothetical business. This is your chance to share your knowledge of each one of the four types of promotional strategies. This should be a 300 – 500-word discussion.
Marketing Plan Input
January 21, 2022
Boma Health solutions offer a medical solution by selling hospital and medical equipment.Boma is a single provider of surgical, medical, radiation, diagnostic imaging, and oncology equipment. It also offers services such as repair, refurbishing, parts and installation. It was founded in 2002 with its headquarters in Chicago, making it easy to serve the already market within the metropolitan area. Bomas’ market size and expected growth are projected at a total revenue development of 12.9% posted in its second quarter.
Due to improved operational performance, time management has also been achieved by completing the largest transactionaffected by the pandemic, and the increased attention shifted towards healthcare. The business expects comparable revenue growth of between 14% and 17%, better than between 8% and 12% in previous years. The company developed procedures to predict their revenue, costs, and capital needs to identify yearly expenditure budgets limits. According to economic research, the aggressive moves of Boma have provided a defensive transaction meant to protect the company’s top position within radiology and oncology.
Boma health solutions’ purpose is to improve the well-being and health of individuals through meaningful innovation. Our mission is based on various values that guide and define our organization: working with integrity, respect, trust, accountability, and compassion. Our health solutions focus on people’s entire health journey ranging from prevention, diagnosis, treatment, homecare and health living. Our products and services are aimed at helping people live healthily and provide clinicians with the right tools needed to make an accurate diagnosis and appropriate treatment. Our products too aid in the patients in homecare and also recovery.
Boma health solutions focus on driving sales and profit and providing reliable healthcare products that improve people’s health. Our goal remains a pillar of guidance and organizational purpose. We aim to improve over 2 billion lives by 2027, inclusive of underserved communities that will realize our goal and consistent belief of changing lives and making life better. Our products and services are aimed at helping people live healthily and provide clinicians with the right tools needed to make an accurate diagnosis and proper treatment. Our products are meant to aid in the patient’s in-home care and recovery.
Long Term Goal
Our long-term goals include reaching over two billion people by 2027 by offering quality, reliable and affordable health products to individuals and hospitals. We aim to leverage the balance of the underserved communities by providing affordable products at discounted prices to help improve people’s healthy lives. Lastly, we increase our sales and profit margin through advertisements and partner with local and national healthcare providers. The long-term goals can be measured by increasing market share and the growth rate per year.
Short Term Goals
As a company, we are prepared to take advantage of their competitor’s weakness to improve our medical products in healthcare. Boma health solutions are positioned to adopt entrepreneurial flexibility to shape the healthcare industry to increase profitable growth and deliver returns. The strategy to acquire a direct entry to the capital market is meant to improve its capability of funding investment. The short-term goals will be measured through customer engagement and retention.
The desired image of Boma Health Solutions is to acquire a top position within radiology and oncology with its presence in China, Canada, Brazil, the United States, France and the United Kingdom. It has desired to enter the Global corporate-level profile with major competitors, products and services(Anderson & Drake, 2019).
Boma Health Solution has a competitive strategy of embracing entrepreneurial flexibility to shape the healthcare industry to increase profitable growth and deliver returns; nonetheless, it has faced competitionfrom other companies such as Philips and Avante Health Solutions. Unlike its competitors specializing in particular products, achieving the competitive(Endre, 2021). The company strategy is to beat its competitors by acquiring a direct entry into the capital market to collect funds for investment in its brand.
The industry is faced with various unavoidable challenges that range from cost, efficiency and quality. To deliver efficient and quality products, it needs a reasonable amount to operate the business. Inflation also affects the industry since it affects sales and profit margins, leading to losses. The business is not yet saturated and has led many companies to acquire a competitive edge in various high-tech products.
Political and Legal Analysis
The business environment is affected by political and legal factors such as high regulatory measures, compliance, and high taxes, making it hard for business growth—political aspects such as conflicts of interest. The government officials create an unconducive environment for their competitors, such as leveraging high taxes and restrictions from outside suppliers.
Technology is essential in equipping healthcare with services and innovative technologies in laboratory diagnosis, therapeutic imaging and molecular medicine, not forgetting digital health. Technology dynamism also acts as a challenge since it needs constant change and keeping up with the trend and innovation.
Sociocultural Forces Analysis
The business sociocultural environment might experience challenges from other regions still relying on traditional modes of health solutions and only considers the point of reference to be local health centers and not individual businesses. The low-incomepopulation might not be able to afford the products; hence they will need to develop affordable products or other forms of payments(Drake & Abraham, 2019).
The SWOT analysis provides insights into the business by highlighting its strengths, weaknesses, opportunities and threats.
SWOT Analysis of Boma Health Solutions
· Focus on innovations
· Reliable and affordable products
· Focuses on customer satisfaction
· The product safety issues that effects affect company operational abilities.
· High transportation costs
· Limited price flexibility
· The opportunity for growth
· Continued online market expansion
· Increased health attention
· High taxes
· Changes in regulations and compliance
· Stiff competition in the healthcare industry is due to rapid technological changes (Ronald & Georg, 2021).
Boma Health Solutions’s strengths lie in its unique products, innovation, reliable and affordable products, and effort to satisfy customers by aiming to improve their healthy life and make life better through their diversified products.
The business experiences a few weaknesses, such as product safety issues due to various technical hitches that may cause inconveniences to the consumers hence calling for a comprehensive test before installation or sale. Another challenge is the logistics that remains costly to transport a product to the intended destination.
Increasing growth for healthy living and healthcare creates an opportunity for the business to thrive and solve health needs and problems. Various countries are increasing their expenditure on health as the main priority, especially during this pandemic period, giving room for the business to boom.
The various changing regulations and compliance requirements create an unconducive environment for the business; hence might opt for closure due to the restriction. The high taxes milk the business profits hence straining its operation that may lead to its closure.
The company’s goal is to reach more people with their products that are meant to aid the patients’ in-home care and recovery. The products and services are aimed at helping people live healthily and provide clinicians with the right tools needed to make a thorough diagnosis and appropriate treatment. The customers benefit from Boma Health Solutions products and services by offering the best quality inpatient care, minimizing risks and improving customer satisfaction. They provide faster patient response and resolution through their established world-class parts logistics.