Health Monitoring Device Sample
Sales/Marketing Plan
There is no doubt that nowadays it is quite difficult to lead a healthy lifestyle because of busy life and tight schedules. Many companies and different organizations are very concerned about this particular issue and provide various effective environmental health programs in order to protect the employees’ safety and health. One of those effective and new products that aims to protect and promote people’s health lifestyles is “ACTIVE.”
The ACTIVE technique includes different health monitoring devices, such as sleep monitoring technologies, heart rate monitor watch and blood pressure monitor. Those devices are very efficient in gathering all the necessary data through sensors that can be found under the office chair. The uniqueness of the product lays in the fact that it is intended to help the employees monitor for how long they have been sitting in front of a computer in order to prevent negative health consequences; furthermore, the uniqueness of the product is conditioned by the fact that it will integrate the results of several health monitoring devices described above.Health Monitoring Device Sample
the ACTIVE technique controls people’s temperature and weight without the need of wearing additional devices. It fills a particular business niche and targets the customers who need effective health programs in order to improve their health. The target customers, who are most likely to buy those devices, are the employees from different departments and organizations. There is a notable segment of customers interested in the marketplace; this statement can be confirmed by the fact that the demand for those devices has significantly increased. It is supposed that the demand for the on the private health care services like ACTIVE technique will increase by 37% already by 2018.
The potential customers, who are eager to buy those products, are employees from different departments and organizations (office-based employees). Five potential customers were interviewed and 80% showed an interest in this particular device; 20% (one respondent) were not sure. The first impressions of the idea were very positive, claiming that it is a great and very essential idea. In fact, it is possible to obtain a written confirmation that the interviewees are interested in a device because of the interview conducted with the employees; the transcript of the interview and their acknowledgement of the verity of this interview prove their interest in the device.Health Monitoring Device Sample
It is possible to go to market through direct sales and dealers in order to reach the target market. In addition, it is essential to establish a strong partnership with a widely known company to better promote the product and thus reach the potential customers. It will be very helpful in reaching the market quickly and reinforcing the new product position. At the same time, there are many well-known and reliable players in this market that have already established their brand. That is why the price to offer the product should be slightly lower compared to the competitors; such pricing decision will attract the customers’ attention. In addition, it is important to follow the customers’ desires and expectations, who are willing to pay between 100 and 500 dollars for this device. It might be useful to offer one basic model of the device and one advanced model, the first will cost around $100 and the second will cost about $250; in this way, both customers who want an advanced device and customers who want to try the device will be targeted.
The healthcare industry is quite big and progressive. ABI research identified that the overall sales will grow to 80 million for health monitoring devices by 2016. The size of the target market is significant. Undoubtedly, the healthcare industry is growing with health monitoring devices from wearable to wireless ones. The purchases of wireless devices are likely to increase to at least 13% of all health monitoring devices (CEA, 2013), and ACTIVE might occupy 5% of this market share. Assuming that the sales of all health monitoring devices in 2013 equaled to 28 million devices and the demand is unlikely to decline in 2014, the forecasted sales are around 182,000 during the first 1-1.5 years after launching the device.
The future perspective is to capture the market and develop the technology, which can measure blood pressure heart rate wirelessly. It is difficult to compete with mature companies in the global market, but it is possible to focus on the targeted consumer segment due to product unique features and thus establish a particular market niche for this product.Health Monitoring Device Sample
Operational Plan
The product is not completely developed due to many internal and external factors. It is critical to have R&D potential, electronic facilities, hardware and equipment in order to manufacture the product and develop the technology that can measure heart rate and blood pressure wirelessly. As for facilities, there are different choices but the most viable option is to design the device locally by establishing a strategic partnership with a team of embedded developers and to patent this device. The facilities and equipment needed to develop the product are: microcontrollers, spare parts, research laboratory with electronic equipment, wireless modules, several powerful computers connected to the Internet and common devices for monitoring heart rate and pulse to compare the results.
Manufacturing of the parts of the device can be implemented with the help of Chinese suppliers. It is optimal to order different parts of the device from different suppliers to avoid information leakage. The major supply chain partners will therefore be the suppliers of parts of the device and, most likely, the intermediary able to handle efficient negotiations with Chinese suppliers and to control their deliveries. There are no production partners at the moment; when the prototype of the device will be ready, the production partners will be selected from available Chinese suppliers.
The manufacturing process will therefore include the following stages: order of parts of the device from trusted suppliers, transportation of these parts to the company’s office, assembly of ready devices and sales. In the future when the sales volumes increase, it might be efficient to create several assembly centers in order to minimize the costs of delivering ready devices. Marketing and promotion will be based on informing consumers about the product and its parameters, maintaining positive relations with the public, focusing on sales promotion and sharing the responses of satisfied customers. The products will be delivered to the customers by international delivery services such as UPS or DHL.
In order to minimize the monetary investment in this new business initiative, it is possible to utilize the capabilities of others. In particular, the R&D team members will become startup partners and work for a particular share of startup revenue. Furthermore, first sales will be done on low prices and the devices will be built upon order so excess investments will be avoided. Such strategy will help to minimize salary costs at the initial stage and will also help to optimize the costs of inventory.Health Monitoring Device Sample
In order to maximize the potential of this new business investment, the following strategies will be used: R&D partners will be involved in the process of developing the company’s strategy and will have enough freedom to realize their ideas; furthermore, the company will collect customer requirements and needs before designing the device and will make the device which best matches the needs of potential customers.
The schedule for implementation will be flexible as it depends on many factors. During the first three months, strategic relationships with partners and suppliers will be established. The following 3 months will be devoted to collecting customer requirements and designing a sketch of the device. During the next 3 months, a prototype of the device will be created and beta tests will be performed. After that, the next 6 months will be devoted to collecting customer orders and manufacturing the first parties of devices. If everything goes as planned, in 15 months the sales of the product will start and the market niche for the product will be established.Health Monitoring Device Sample
strategic Plan
In 10 years, the major goal is to become one of the market leaders in health monitoring device industry worldwide.
SWOT analysis of the business for the next 10 years is the following. The strengths are: technology advantages, cost advantages, strong management, innovative culture. The weaknesses include limited service lines, consumer service, difficulties establishing a professional business team. The opportunities include expanding into new markets (especially Indo-Asian region), creating additional software and hardware for the basic device, using cutting-edge technology to launch new devices. The major threats are economic slowdown, rising costs, increasing competition, rapid changes in technologies, changes of international trade agreements and regulations.
Overall, healthcare market is a quickly growing sector of economy which provides numerous business opportunities and has millions of potential customers. Therefore, it is essential to pay specific attention to the healthcare industry and follow the customers’ needs and expectations in order to become competitive in the global market.Health Monitoring Device Sample