Business Plan: Therapeutic Footwear - Essay Example

?Assignment Research Project Framework Section Research Framework Summary Text Various theoretical concepts have been intellectualized on the topic of new product development. The success or failure of any business enterprise depends on the ability to identify a customer need that has to be satisfied. With the growth and development of contemporary organizations that seek expansion through diverse approaches, the factors needed to effectively pursue product conceptualization, planning and development become more intricate. The purpose of this research is to develop a business plan for a proposed new product, custom-tailored shoes for podiatric patients. The project framework would assume a working title Therapeutic Footwear with aims, background information, concepts, proposed research methods and possible outcomes proffered accordingly. 1. Aims or objectives The research aims to present a business plan for the proposed new product, Therapeutic Footwear, specifically designed and custom made for individuals who have been diagnosed to have podiatric dilemmas, or simply for people with special footwear needs. As part of the plan, the research likewise aims to discuss relevant issues pertaining to the 4Ps in marketing, particularly product, place, price, and promotions, specifically outlining details on launching the new product. Launching of a new product entails a close examination of issues that relate to the following: (1) enforcing awareness for the selected brand; (2) designing strategies for the target market; (3) addressing perceived potential barriers for the launching of the product; and (4) defining and enhancing the strengths or competitive advantage; and (5) monitoring each phase of the marketing plan. The research would include an executive summary for the business plan which would proffer a brief situation analysis of the new product; clearly define the marketing objectives; present an overview of the well developed and designed marketing strategies and tactics; define relevant financial considerations including a proposed budget, the projected volume of pairs to be custom-made, and the target market share; and a time table for the product launching. 2. Background information People have been found to have diverse requirements in footwear. Footwear is classified as a necessity product but at the same time, footwear became a more sophisticated consumer product that evolved in terms of functional features and aesthetic values, as reasons for purchase. The study would thereby delve into secondary sources of research on footwear made for people who have special needs. When appropriately identified that this particular target market is worth serving, the business plan would thereby present relevant matters pertaining to the marketing mix of the proposed product. 3. Relevant concepts, theories and/or terminology The concepts and theories that need to be examined would pertain to new product development, from conceptualization, strategy design according to marketing mix (product, price, place and promotions), marketing plans on launching the new product, and a review of potential barriers and ways to address them. The creation of a marketing plan takes into consideration a review of the environment, including competitors and threats that could impact on the launching of the product. Some analytical tools, like the SWOT analysis or the PEST analysis, could assist in determining capacities of the internal resources, as matched with the external factors that could influence the new product. 4. Primary & Secondary Research Methods The project would use both primary and secondary research methods within the given time frame and applicability of gathering sufficient information to prepare the needed business plan. Primary information could be gathered from interviewing podiatrists and diabetic specialists who are most qualified and authoritative to advice patients of the accurate specifications for the correct type of footwear (including materials and style) for patients with foot problems, to determine the number of patients who generally need custom made footwear. On the other hand, managers of retail merchandising stores with specialty shoes sections could also be interviewed in terms of determining a rough estimate of the number of customers who ask for custom made shoes by patients with foot problems or specialty needs. Secondary sources of information would be gathered to determine concerns, trends, and potentials for the product. Authoritative and academic sources could be referenced from a library search and from other electronic sources that would provide previous research studies made on the subject. Academic journals, published studies, books, electronic sources, and trade journals, among others could be viewed to assist in providing additional information on the subject, as needed. 5. Possible outcomes / benefits of the research The business plan would provide avenues for further future research on the topic with regard to possibilities of expanding potentials for growth into other markets, nationally and in emerging markets abroad. In addition, it could serve as a reference for future studies to be made on the subject of specialty shoes for patients with foot disabilities. The limitations of time and number of people to be interviewed could be expanded in further studies to increase the validity and credibility of the discourse. Section 2: Annotated Bibliography Davidson, JK 2000. Clinical diabetes mellitus: a problem-oriented approach. Thieme. The author is a medical doctor specializing in diabetes. The book focused on relevant aspects of clinical diabetes mellitus with a chapter discussing the diabetic foot. According to Davidson, “it is dangerous to attempt to correct foot deformities by means of footwear, as this involves pressure on surface tissues that may result in pressure sores” (Davidson, 2000, p. 576). Although an expert in the field of diabetes, the book was written almost 10 years ago making some information outdated. De Brule, M 2011. What is a good way to improve the way you walk, but won't cure the common cold? Custom foot orthotics, [Online]. Available at: http://www.squidoo.com/customfootorthotics [Accessed 03 February 2011. De Brule, a podiatrist specializing in heel and low back pain, proffered the innovative benefits accorded from foot orthotics, which was defined as “orthopedic devices designed to treat or adjust various biomechanical foot disorders” (De Brule, 2011, par. 2). There were indications that readers can evaluate to determine the need for orthotics. The article is very recent and the information was provided by an authorized professional in the field. Edwards, JD 2010. Orthopedic shoes from Toronto, [Online]. Available at: http://www.articlesbase.com/health-articles/orthopedic-shoes-from-toronto-2611547.html [Accessed 03 February 2011]. The article initially described the features of orthopedic shoes and eventually proceeded with the rationale for their production and marketing. The author identified different types of orthopedic shoes available in the market but fell short of providing detailed information on each type. Although recently published, the author failed to present a more comprehensive discourse on the types available, specifically in Toronto, and possibly create a comparative analysis from those offered in other markets. Jannink M, van Dijk H, Ijzerman M, Groothuis-Oudshoorn K, Groothoff J, Lankhurst G 2006. “Effectiveness of custom-made orthopaedic shoes in the reduction of foot pain and pressure in patients with degenerative disorders of the foot.” Foot Ankle Int. 27 (11), 974 – 9. The study was significant in terms of identifying the effect of custom made shoes in reducing pain caused by various degenerative disorders. The authors revealed that the goal of the study was to “to evaluate the effectiveness of custom-made orthopaedic shoes, in terms of pressure and pain, in patients with degenerative disorders of the foot” (Jannink, et.al, 2006, par. 1). The study was participated by seventy seven patients with degenerative foot disorders and the findings revealed that shoes which are custom made significantly reduced paid and pressure in the affected foot. The study reveals relevant findings conforming to the importance of custom made shoes for people afflicted with foot problems. Piquepaille, R 2006. High-tech custom-made shoes, [Online]. Available at: http://www.zdnet.com/blog/emergingtech/high-tech-custom-made-shoes/138 [Accessed 04 February 2011]. The article provided insights on using the laser foot scanner as designed and applied by Ergoshoe System, a EU funded project aimed to “to introduce new methods and criteria among users, clients and manufacturers, which lead to production of made-to-measure footwear in effective way and reasonable costs, respecting functionality criteria according to different sorts of users, in particular: children, workers (security footwear), patients requiring special needs, especially related to diabetic foot syndrome, and people in search of functionality and better ergonomic issues” (Piquepaille, 2006, par. 10). The article is relevant in terms of informing readers of using advances in technology to facilitate the custom-making process to significantly reduce costs and affect pricing strategy of prospective organizations planning to venture into this business. Section 3: Project Planner The proposed business plan is targeted to be written and completed as follows: Tasks Time Frame Primary Source collection of information Two weeks to one month ( interviews of podiatrists, diabetes specialists and managers of retail stores) Collection of Secondary Sources of Information One month (gathering of information from secondary sources and through library or electronic search) Collation of information and tabulation of findings One month (gathering of primary and secondary information, tabulation of findings from interview) Analysis of Data One week (interpretation and analysis of data including preparation of tables or illustrations) Writing of preliminary report One month Submission for review and approval Two weeks Final report Two weeks Reference List Davidson, JK 2000. Clinical diabetes mellitus: a problem-oriented approach. Thieme. De Brule, M 2011. What is a good way to improve the way you walk, but won't cure the common cold? Custom foot orthotics, [Online]. Available at: http://www.squidoo.com/customfootorthotics [Accessed 03 February 2011. Edwards, JD 2010. Orthopedic shoes from Toronto, [Online]. Available at: http://www.articlesbase.com/health-articles/orthopedic-shoes-from-toronto-2611547.html [Accessed 03 February 2011]. Jannink M, van Dijk H, Ijzerman M, Groothuis-Oudshoorn K, Groothoff J, Lankhurst G 2006. “Effectiveness of custom-made orthopaedic shoes in the reduction of foot pain and pressure in patients with degenerative disorders of the foot.” Foot Ankle Int. 27 (11), 974 – 9. Piquepaille, R 2006. High-tech custom-made shoes, [Online]. Available at: http://www.zdnet.com/blog/emergingtech/high-tech-custom-made-shoes/138 [Accessed 04 February 2011]. Read More