Market Plan and Strategy - Coursework Example

Product: The increasing medical tourism in Singapore is on the rise, and the cause is high quality services in different areas of treatment. According to the WHO, Singapore is ranked at number sixth (My Med Holiday, 2013). Considering this increasing demand, the management has planned to open a medical consultant business that can give tourist medical guidance. It is the intention to provide medical guidance to those come Singapore for their health related issues. The company name is “Medical Tourism”.

Company’s target market is Russia, Indonesia and Myanmar. Goal: The objective of this business is to reduce the fright or anxiety of individuals regarding their surgery or any sort of medical treatment by providing them personal, professional, friendly and confidential consultation. Services offered:Medical tourism is liable to provide its customers information related to suitable doctors and hospitals. Company makes appointments with doctors for patients and also provides them the guidance, translate and interpret their medical results.

Company also has the intention to introduce the service through which company will drop its patients at the front of the hospital or clinic on the day of appointment if they ask.Pricing Strategy: Customers see the services of different providers as similar and do not care about providers as compare to the price. The solution of this price competition is to create differentiation. “Medical tourism” will give its customers proper services they do not need to worry about their reports’ result as the company will not just guide them, but the company would also resolve their translation issue of reports.

Complementary product pricing strategy: Company will set complementary product pricing. This strategy would allow the company to charge a high price for its complementary services. The basic services of “Medical Tourism” is to guide customers and make appointments with required or suitable physician. Additional price will be charged for translating and interpreting services (Rao, 2009).Current offer: Company is offering $150 per hour and 30% discount to those who refer the “Medical Tourism” to their friends.

Promotion Strategy:There are many questions of patients and their relatives regarding health. Therefore; there is an identified need for medical consulting firms. The consulting business would consult patients for surgical decisions or medical diagnosis. The promotion of services is a challenge in comparison to the products because people cannot touch or feel these services until they buy them (Lovelock, and Wirtz, 2011). Therefore, promotion will be done through the distribution of brochures at different places.

For promotion, medical tourism would work with local businesses such as hospitals, doctors’ offices, churches, taxi-cab services and bus stations. Medical tourism would distribute its brochures to all places including homes boxes. Website of the company would provide all information related to the services and it will help in educating people. The most important promotion tool for such businesses is “word of mouth”. Company will hire experienced people who will give the complete detail to the customers according to their need this will enhance the credibility of the business.

Company will also place promotional ads and play videos on different websites like on YouTube and other mediums. Place (Distribution) Strategy:These services can be provided via online medium such as internet, via phone and in person. For the distribution of services, medical tourism has to work with clinics where doctors can recommend “Medical Tourism” for detailed consultation. Company can also distribute its services by forming strategic partnership with medical stores. This would help in distributing the Medical Tourism’s brochures to their customers and in promoting the company’s message.

ReferencesLovelock, C., and Wirtz, J. (2011). Services Marketing – People, Technology, Strategy. New Jersey: Prentice Hall.My Med Holiday. (2013). No Doubt About It, Medical Tourism In Singapore Is On The Rise. Retrieved March 13, 2014 from http://www.mymedholiday.com/blog/2013/02/144/no-doubt-about-it-medical-tourism-in-singapore-is-on-the-rise/ Rao, V. R. (Ed.). (2009). Handbook of pricing research in marketing. Edward Elgar Publishing.