Healthcare Marketing Plan of Adalp Insurance Medical Agencies - Essay Example

? Executive Summary: Health care marketing is a new strategy in public health that uses the traditional principles of marketing, as well as the science based strategies of marketing for purposes of preventing diseases, and promoting health. It is through health care marketing that various advances in medicine are made known to the public. It is also through health care marketing that the public gets to know the various medical services that an institution offers, such as health care insurance and circumcision services (Budrys, 2012). This paper outlines the marketing plan of Adalp Insurance Medical Agencies. This paper analyzes the target market of the agency, and the products that the agency offers. This paper gives out the SWOT analysis of the organization, but in different sections. This paper will also identify the marketing and financial goals of the organization, and how the organization intends to achieve these goals. This plan will also give out the methods in which the organization needs to follow for purposes of ensuring that it fully implements its marketing strategy. Introduction: Health care marketing is a new strategy in public health that uses the traditional principles of marketing, as well as the science based strategies of marketing for purposes of preventing diseases, and promoting health. It is through health care marketing that various advances in medicine are made known to the public. It is also through health care marketing that the public gets to know the various medical services that an institution offers, such as health care insurance and circumcision services. This is a health care marketing plan for Adalp Insurance Medical Agency. The company offers medical insurance services to the poor, and mostly patients who are admitted into the hospital. The diseases that the insurance policy of the company covers are all manner of chronic diseases. This includes diabetes and cancer. Market Analysis: This section provides information on the organizational and product overview of Adalp Insurance Agency. This section explains the various insurance policies that the agency offers. It also identifies the strengths and weaknesses of the agency. This section also explains in detail the target market for the Insurance agency. This section also explains the target market for the insurance agency. The target markets for the services of the insurance agency are the poor and the rich. i. Organization and Product Overview. The company offers insurance policies on all manner of chronic diseases, and this includes diabetes, all types of cancer and HIV AIDS. There are two main types of insurance policies that the organization offers, and they include the high end insurance policy, and the low end insurance policy. The high end insurance policy has two sections. The first section covers children, while the second section covers adults. This policy covers all manner of chronic diseases, and it is very expensive, since it offers specialized treatment. The second type of policy that the agency offers is the low end insurance policy. This policy only offers insurance medical cover to certain chronic diseases, such as diabetes. It does not cover the treatment of cancer, and it is only available to adults. In order to offer these services in an efficient and effective manner, Adalp Insurance Company liaises with the following public hospitals, Cleveland clinic, National Institute of Health, Mayo clinic, and John Hopkins institute of health. In case of a health issue, the agency would pay the down payment for the treatment of its customers to these institutions. The agency will also carter for all the accommodation costs of its customers, in case they are not able to easily access these medical institutions. ii. Organizational strengths and weaknesses. One of the major strengths of Adalp Medical Insurance agency lies on its diverse workforce, and products. The company has Asians, African American and Caucasians working in it. On this basis, they are able to provide different ideas based on their experiences for purposes of efficiently carrying out the activities of the organization (Budrys, 2012). The company also has a variety of insurance packages where customers can choose on the package they want. For instance, there is the high end insurance package and the low end insurance package. However, the organization has a major weakness that limits its operations. The organization lacks enough capital to cover a wider region of its operation, and to also employ highly experienced insurance personnel. Because of its limited capital, the Adalp Insurance Company cannot effectively compete with its major competitors in the market (Winston, 2012). iii. Target Market. The target markets for the products of the agency are the rich and the poor people, who are vulnerable to an attack by chronic diseases. For instance, its high end insurance package targets the very rich in the society, and their children. The low end insurance package on the other hand target poor people within the society. At the age of 40 years and above, people are very vulnerable to chronic diseases. These are the people that the insurance company will try to convince for purposes of acquiring insurance policies against any form of chronic diseases. At this age, these people need an assurance that the insurance company can provide to them high quality medical services in case they contract the disease (PETER, 2012). The company will focus on people who are over 40 years old, irrespective of their financial and social conditions. This is for the purposes of gaining ahead of its competitors, and getting maximum revenue from the market. Environmental Analysis: i. External uncontrollable conditions. a. Opportunities. There are numerous opportunities in the insurance industry, and this includes a wide area of untapped market. Many people within the state have not taken insurance cover against these chronic diseases, and it is therefore up to the company to aggressively market its production, and roll out plans of tapping into the untapped market. There is also an opportunity of forming mergers and collaborations with other companies offering similar services such as the Allied Insurance Company, and Old Mutual Insurance Company. This can make the company to have an access to a large market base, because it will take advantage of these organizations branches, and distribution network. b. Threats The main threat facing the company is the effects of recession on the American economy. Due to the 2008 recession, many jobs were lost, especially in the financial sector. The economy was bad, and its effect is still felt at the present. This is because the economy has not fully recovered from the economic turmoil. Because of this economic downturn, many people are unable to afford insurance services. This might affect the company’s ability to meet its financial objectives. Another threat emanates from various laws, at the state level and at the Federation level that regulate insurance practices. For instance the 2010 Dodd Frank act passed to regulate all the financial activities within the Federation, for purposes of ensuring that they are not a threat to the nation. Because of these laws, the management of the insurance company cannot initiate aggressive marketing campaign strategies without approval from the Federal government. Marketing Goals and Strategies: The organization has set forth some numerous goals to achieve in the short and long run. It is these goals that determine the marketing strategies of Adolp Medical Insurance Agency. These goals are categorized into two, financial goals and marketing goals. i. Goals a. Financial goals. In the short run, the financial goals of the company are to be able to pay up its operational costs, such as advertisements, labor and rent. The company aims to achieve these goals by using the startup capital to pay for them, and the profits from the sales of its insurance policies (Hiebing, Cooper and Wehrenberg, 2012). In the long run, the company aims to maximize its profits. This is within a period of five years. The company aims to achieve this objective through aggressive marketing. The medical insurance company also aims to achieve this objective by looking for a strategic insurance partner, who controls a wide market. This partner should not offer medical insurance policies. This will help the company to access the market of its strategic partner. The reason as to why the company intends to maximize its revenue and profits is because it is a commercial entity. b. Marketing goals. One of the major marketing goals of the insurance company is to increase the number of its sales. This is a small company, and therefore it seeks to gain a competitive advantage over its peers who are well established in the insurance industry by gaining more customers. One method of increasing the sales of the insurance company is to track the rate in which the company acquires new customers, and thereafter introduce policies that will reward their loyalty (Kronenfeld, 2012). This is for purposes of retaining them. Another marketing goal is to minimize the costs of operation, and hence enable the insurance company to achieve maximum profitability. This is by reducing the advertisement costs, as well as maintaining the high quality of their advertisements. ii. Marketing Mix. This is a term that describes the various kinds of choices that the insurance agency has for the purposes of bringing its insurance policies into the market (McKeever, 2012). The following are the four choices in which the insurance organization has to consider when they are bringing their products to the market. a. Product. The products on offer are insurance policies targeting both rich and poor customers. This policies are either high end insurance policies, or low end insurance policies. High end insurance policies covers all chronic illnesses, and specialized treatment incase these diseases occur. Low end insurance policies does not cover all chronic illnesses, but has specific diseases that it covers and this includes diabetes. Low end insurance policy is designed for low income earners because of its affordability, as compared to high end insurance policy which is very expensive. b. Price. As mentioned earlier, the two insurance policies for the company have different prices. The high end insurance policy costs $ 400 per month, while the low end insurance policy costs $ 250 per month. These prices are affordable to the specific target groups of the insurance policy. c. Place/Distribution. Customers will access these services from our offices, and designated health care institutions. These institutions are the Cleveland clinic, National Institute of Health, Mayo clinic, and John Hopkins institute of health. d. Promotion. In order to promote my the services of the insurance company to the target market, the first step is to conduct an aggressive marketing through radio stations, various social websites, newspaper organizations and by word of mouth (Anderson, 2012). The insurance agency will also engage in promotional activities, like offering discounts to customers who buy these insurance policies for their families. The promotions will also include school fees and shopping vouchers. Monitor/Control: In order to monitor the performance of this market plan, one method is to conduct a marketing audit. This process involves a careful examination of the strategies and objectives of the organization. This will help in identifying the areas that the company needs to improve on, for purposes of achieving success (Haugen, 2012). Another strategy is to carry out an internal review and carefully observing the performance of the marketing team. It is important to conduct this process on a continuous basis. This will help the management to identify the weaknesses of the marketing team, and look for methods of improving their performance. Conclusion: In conclusion, this marketing plan manages to describe the activities of Adalp Insurance Medical Agency, and outlines the various marketing strategies that the organization needs to follow in order to succeed in its venture. The organization will therefore achieve success only if it follows the laid down strategies contained in this plan. References: Anderson, D. W. (2012). Strategic marketing planning for the small to medium-sized business writing a marketing plan. New York, N.Y.] (222 East 46th Street, New York, NY 10017): Business Expert Press. Budrys, G. (2012). Our unsystematic health care system (3rd ed.). Lanham: Rowman & Littlefield Publishers. Haugen, D. M. (2012). Health care. Farmington Hills, MI: Greenhaven Press. Hiebing, R. G., Cooper, S. W., & Wehrenberg, S. (2012). The successful marketing plan: how to create dynamic, results-oriented marketing (4th ed.). New York: McGraw-Hill. Kronenfeld, J. J. (2012). Debates on U.S. health care. Thousand Oaks, Calif.: SAGE Publications. McKeever, M. P. (2012). How to write a business plan (11th ed.). Berkeley, CA: Nolo. PETER, J. J. (2012). Preface to marketing management. s.l.: Mcgraw hill higher educat. Winston, W. J. (2012). Professional practice in health care marketing proceedings of the American College of Healthcare Marketing. New York: Taylor and Francis. Top of Form Bottom of Form Read More