CREATE A MARKETING PLAN FOR THAT PRODUCT OR SERVICE.
Select a specific product or service in the healthcare or life sciences field. Do not select a specific company or brand that already exists in the market. Rather just select a generic (but specific) product or service. Then, create a marketing plan for that product or service. Include a photo of the product/service, date. Answer each question below using the product/service.
- What are the key characteristics of this market that will impact your plan?
- What are the major trends (technology, political, societal, etc.) in this space that you will need to account for in determining a plan for success?
- Competitive Overview
- Who are the key competitors and what kind of presence do they have in the market?
- How are the key competitors positioned in the market and what are they good at? weak at?
- Target Market and Brand Positioning
- What criteria are you using to segment the market (WHO, WHAT, WHY)?
- Who is your Target Market/Target Customer(s)? and Why?
- What do your Target Customers REALLY care about?
- What are the one or two attributes on which you will position your brand in order to be relevant to your Target Market?
- Product Strategy
- What is your product (features, attributes, etc.)?
- Why is this the best product for your target customer?
- What does this product offer that the competition does not? Feel free to create whatever product you want here (within reason) and don’t worry about technical feasibility.
- Channel Strategy
- How will you get this product to market (sell direct, through distribution, etc.)?
- What type of “experience” are you trying to create for your target customer that will convince them to come back to you again and again?
- What are the critical “functions” that your customer requires in order to buy from you?
- Pricing Strategy
- How will you price your product? You do not need to do extensive pricing research or determine an exact $$ price. Instead, I want to know your pricing strategy (above/below competition, based on customer value, etc.).
- Why is this your pricing strategy?
- How will this maximize market share and/or financial return?
- Promotional Strategy
- What tools/media will you use to promote your product to your target customers?
- What are the key messages that will resonate with this target customer?
- Financial Goals and Desired Outcomes
- How will you measure the success of the product/service in the market? What metrics will you use?
- How long do you think it will take to achieve the desired outcomes (i.e. a timeline for implementation)?