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.

Market Overview

  • 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?
  1. 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?
  1. 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?
  2. 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.
  3. 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?
  4. 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?
  5. 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?
  6. 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)?

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