Marketing Analysis: HCA 620 Week 4 Discussion 1

Marketing Analysis: HCA 620 Week 4 Discussion 1
Marketing Analysis: HCA 620 Week 4 Discussion 1
Search the GCU Library on the following topic: Marketing Analysis. What information did you find that can be used in your CLC Business Plan as the best approach to marketing the plan, both internally and externally?
Read “A Good Business Plan Can Put Your Practice in the Driving Seat.” The article mentions the competitive nature of the general practice. How can a well-written business plan provide a competitive edge?
Details:
This is a Collaborative Learning Community (CLC) assignment.
By this time in the course, your CLC group should have determined the overall direction you collectively plan to take regarding the CLC Business Plan due in Topic 7.
For this assignment, individually write a 250-word report summarizing the progress of your CLC Business Plan from your perspective.
Include the following:
Role assignments (for each member of the CLC group)
Completed tasks
Remaining tasks
Timelines
Pertinent information may be displayed graphically if appropriate. Include any relevant information concerning the progress of your
Marketing Analysis HCA 620 Week 4 Discussion 1
CLC Business Plan. Also describe any problems you have encountered.
The context of this report assumes that both the author and audience are busy professionals.
APA format is not required, but solid academic writing is expected.
You are not required to submit this assignment to Turnitin.
Details:
This is a Collaborative Learning Community (CLC) assignment.
Your instructor will assign you to work on one of the following three projects. Refer to the “CLC Resources” document for specific information about your project subject.
Ambulatory Surgery Center (ASC)
Electronic Medical Record (EMR)
Community Health Program (CHP)
Each CLC group will create a business plan for their assigned project.
The CLC Business Plan will contain the sections and components common to typical business plan models. The specific needs of each project will determine the appropriate model to use. Whichever model you choose, include:
Description of product or service
Business and industry profile
Marketing components
Financial information
Operational plan
Read individual directions for each project in the CLC Resources document.
APA format is not required, but solid academic writing is expected.
This assignment uses a grading rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
You are required to submit this assignment to Turnitin. Please refer to the directions in the Student Success Center.
What is the definition of a market analysis?
The term “market analysis” refers to a quantitative and qualitative evaluation of a market.
It examines the market’s size, both in terms of volume and value, as well as the various consumer segments and buying behaviors, competition, and the economic climate in terms of entry obstacles and regulation.
What is the best way to conduct a market analysis?
The market analysis portion of a business plan’s goals are to demonstrate to investors that:
You are well-versed in your industry.
The market is substantial enough to support a long-term enterprise.
To achieve so, I recommend the following strategy:
Segmentation and Demographics
Competition Barriers to Entry Regulation in the Target Market
The initial step in the analysis is to determine the market’s size.
Segmentation and Demographics
Your technique to determining market size will be determined by the type of business you’re offering to investors.
If your business plan is for a small shop or restaurant, you should adopt a regional strategy and examine the market in the area.
If you’re preparing a restaurant chain business plan, you’ll need to examine the market on a nationwide level.
Depending on your market, you may wish to break it down into distinct groups.
This is especially true if you or your competitors are only interested in a few market categories.
Volume and Price
When determining the size of a market, you must consider two factors: the number of potential clients and the market’s value.
Let’s look at an example to see why it’s so vital to look at each numbers separately.
Assume you had the option of opening a store in either Town A or Town B:
Town A B
Estimated market value
£200m £100m
Customers who might be interested
two major corporations
a thousand little businesses
Competition
There are two competitors.
There are ten competitors.
Table: Town A vs. Town B Although Town B appears to be more competitive (10 competitors vs. 2 in Town A) and has a smaller opportunity (market size of £100m vs. £200 in Town A), it is actually a more accessible market with 1,000 potential clients than Town A, which has only two.
Interested in becoming a customer?
Your definition of a potential customer will vary depending on your industry.
If you’re launching a small shop selling office equipment, for example, your target market will be all of the businesses within your delivery radius.
Assuming, as in the example above, that most organizations only have one person in charge of ordering furniture, you would not consider the size of these companies when estimating the number of possible consumers.
You would, however, consider it when determining the market’s worth.
Estimated market value
Assessing the quantity of potential clients is sometimes more challenging than estimating the market value.
The first step is to see if the figure is publicly available, either through a consultancy business or a government agency.
On a national basis, you are extremely likely to locate at least a few.
If you don’t have any, you can either buy market research or estimate it yourself.
Methods for calculating a figure
The bottom-up technique and the top-down approach are two methods for constructing estimates.
The bottom-up technique entails starting with unitary values and building a global number from there.
The number of potential clients multiplied by the average transaction value in our situation.
Let’s stick with our office furniture example and try to figure out how much the ‘desk’ part is worth.
To determine the size of the workstations park, we would first consider the size of the firms in our delivery area.
Then we’d try to estimate the park’s renewal rate in order to calculate the annual transaction volume.
Finally, we’d use an average price to calculate the anticipated market worth based on the annual volume of transactions.