Download - The Vital Vest Marketing Plan Presentation
The Vital Vest:
Modern Healthcare for the
Modern Patient
The Alternative
Wireless, all-in-one monitoring
Easier on patient physically and mentally (less stress)
Saves time and money for hospitals and care facilities
Company Objectives & Resources
Mission: “invent things that matter”
“Imagination at work” slogan
Financial and marketing strengths
Few weaknesses
Customer Market Analysis:
Customer Needs
Quality product focused on:
Promotion of patient health and well-being
Efficient partnership with GE =
fast delivery
repairs
financing assistance
staff education
Customer Market Analysis:
Product Type: Hospital Equipment; Patient monitoring device
Target: senior homes/nursing homes states with
high senior citizen populations
high-end senior care facilities/seniors with high
incomes
Competitor Analysis
Major competitor = Siemens Healthcare
Siemens’ Positioning
Siemens’ strengths and weaknesses
Reaction to our product
External Market Environment
weak economy will hurt product
Technological environment will help
Political & Legal may hinder progress
Cultural & Social affects our product
SWOT Analysis: Strengths
High revenues and profits = high
spending in R&D
Known for innovation and customer
loyalty
Exceptional marketing through
social media
SWOT Analysis: Weaknesses
B2B (business to business) marketing is not as
personalized (changes are in the works)
GE company (not GE Healthcare) lacks financial
strength
Could trickle down into GE Healthcare
SWOT Analysis: Opportunities
Hospitals looking to cut-costs while having products that
improve patient care/experience
GE may capitalize on new tech trends of wireless and wearable
technology
Social trends now focus on health/the healthy lifestyle +
advances in medicine = longer lifespans more senior citizens
SWOT Analysis: Threats
Political and legal restrictions could delay production
FDA
Competition may arise
Notably from GE’s main competitor, Siemens AG
Healthcare
Marketing Plan Objectives
Introduction stage objectives
Goals:
Market our product to 400 facilities in the U.S.
Sell 50 products to each of the 400 facilities
Target revenue = $14,000,000
Improve product after year 1
Reach more customers throughout the U.S.
Rise in sales during growth stage
Differentiation
Focus on elderly
individuals
More caring, focus on
patients first
Better overall name
recognition
Positioning
Technologically
advanced
Environmentally friendly
Positive image from
customers
Product: Target Market
Hospitals in states with shortages of doctors and low
healthcare
Nursing homes in states with higher population of seniors
Intended for older males and females ages 65 years and
older
Marketing Mix:
Product --The Vital Vest
Comfortable shirt made of synthetic fabrics with built-in
technology to monitor patient vitals (heart rate, blood
pressure, breathing rate, temperature, etc.)
Completely wireless sends patient data directly to a
centralized data-storage location
Allows easier and faster access to patient data
Fabric is water-proof, breathable, and washable
Comes in variety of sizes
Easy shipping and lifetime warranty
Marketing Mix: Place
Offered to hospitals in Missippi, Alabama, Utah, and
Arkansas, and nursing homes in New Hampshire, Vermont,
Maine, and Florida
B2B Distribution
Market Exposure = Exclusive
Selective exposure after product grows
Marketing Mix: Promotion
Personal selling strategy
Online and social media presence
Promotional discount
Vital Vest: Pricing Determinants
Partially determined by other, traditional forms of
patient monitoring + average pricing for similar
athletic-style vital monitoring
Athletic wear: ~$400.00
Patient Monitoring Systems: ~$1400+
Marketing Mix:
Price --Vital Vest
Product will be less expensive because of simplified design
Product will be priced at $700 - $800
Price is higher because of introductory stage (must cover
initial costs)
Hospitals and senior care facilities looking to cut costs and
improve patient experience will be incentivized by
middle-ground price
Implementation
Employees needed:
Engineers and designers
Sales staff
Human Resources
Customer service
Control
Financial department
Management information system
Survey customers