Bain Consultants Marketing Analysis - Case Study Example

NEW BUSINESSES CONCEPT MENT By Location Healthcare Consultancy Introduction With the changes in health challenges and healthcare delivery avenues, healthcare consultancy has proved to be one of the significant areas of emerging business trends to be applicable in this time and age. Over the years, healthcare providing companies have had to contend with the changes in customer behavior, regulatory requirements, and the shifts in market dynamics while at the same time trying to deliver quality to their patients. With these changing dynamics, healthcare institutions have had to engage in the services of consultants outsourced for the purpose of ensuring that the meet their demands while also reducing the expenditures and practices that may lead them to operate at losses. In line with this need, Bain & Company Healthcare Consultants will be the perfect solution to solving the challenges that the healthcare sector may face in the execution of service delivery. The task of this healthcare consultancy is to ensure that they inject diversity with the operating systems so as to make the healthcare engagement for the stakeholders involved to be relevant and impactful. Other than this, Bain & Company Healthcare consultants will help companies involved in healthcare delivery to understand the need for delivering high value to clients at an affordable cost to the user that at times may result from pressure from outside sources such as the government and its agencies. Therefore, healthcare consultancy comes in to address the need presented by the gap created by changing dynamics, profit generation and maintain the quality standards. Clients willing to access the services of Bain Consultancy will have to do so through online bookings until a time when the company will establish a physical location that will help in service delivery. Essentially, the establishment of a physical location will be soon as this helps in creating trust between this emerging business and the target market that it seeks to connect with. The location of Bain Consultants shall be strategic in that it will operate in urban centers and next to health facilities, government agencies involved in the health sector, and in a place that would foster free interactions. Ideally, Bain Consultants will be involved in gathering information from the public over the kind of services that they would want delivered to them in order for the healthcare systems to remain relevant to them. This would mean that the Company’s location would be accessible to the public with the safety regulations in mind in order to uphold security and confidentiality. On the other hand, Bain Consultants will also operate a virtual interaction tool that would help in the information gathering process where the community and society in general will be able to give feedback with anonymity being the highest motivator. This would mean that Bain would be able to collect the views from the community through online polls that would help them in developing strategies that would be in line with the feedback received. The name of this tool shall be Bain Interaction Center where there would be free expressions by the users of the products and services offered by the companies that they would be consulting. The first challenge that Bain Consultants would have to face would be on how it would make itself known to the public being that it is a first time entrant to the market. However, advertising would be key, as the company would make use of media tools such as newspapers, television ads, or the handing out of brochures, which will help in getting word to the targeted market with ease. Referrals from satisfied clients would also be another form of advertising that would help Bain Consultants to cast its net wider meaning that customer satisfaction should be the main objective for the company other than profit generation. Products and services offered by Bain Consultancy One of the key areas of interest that this company would have would be in helping its clients to achieve a transformed healthcare system that would be applicable to a global market. This would be through the establishment of information, technology, insights, and communication tools that would help in gauging the progress for their clients. Some of the company’s products will include cost effective tools that would be able to help their clients to generate profits even with the increasing cost of living and reformed tools that would be able to mitigate the diverseness of the diseases affecting the population. Further, Bain would also use the knowledge tool as a way enforcing effectiveness, efficiency and affordable service delivery through the provision of electronic functions that would aide healthcare company in keeping accurate records. In many healthcare institutions, the electronic and data capture systems put in place tend to be ineffective, as they tend not to serve the purpose intended for them. Therefore, Bain would be keen on establishing solutions that are in line with the demands on the healthcare industry that most of its targeted may not be aware of as the leading cause of their working inefficiency. Unique selling proposition Bain Consultancy will have a unique approach to dealing with the needs of its clients as the level of interaction shall be personal and client centered. In essence, the handling of each consultancy case shall be by one consultant within the company, as this will help in specialization, which is the best way for yielding results. Presently, not many consultancy firms offer their services in similar fashion making this to be a peculiar way of entry into this lucrative market. Secondly, Bain will work within the timeframe agreed between the company and their clients meaning that they would go the extra yard to ensure that they deliver quality services within the scheduled time. Thirdly, the services offered after the conclusion of the contract shall be free for a month after completion as an after service just to be sure of an effective implementation of the suggested strategies as well as monitoring purposes. How to get the product to the customer or clients For any starting business, the principle challenge lies in communicating to the prospective market about a company’s existence and the type of services on offer. In many cases, a company may choose to use advertising as a possible entry strategy as this has served as an effective way of putting word out over a company’s existence. Bain Consultancy intends to make vital use of this tool by rolling out media campaigns both in the print and broadcast tools that would be essential in giving word over its existence and the ways that it seeks to influence the lives of the communities that they work in. Once word is out, Bain will conduct free clinics for health care providing institutions as way of attracting them to seek their service by helping them to evaluate their current positions and their future protects in case they allow Bain to oversee their strategy development and implementation. The company shall also operate an interactive website and social sites where it will spread out word to a wider audience through the internet. The website and social tools shall be vital for enquiries concerning the operations of the company and the kind of services that Bain would offer or offers to their prospective clients. Market analysis and customer target The services that Bain shall tailor will target public hospitals, government agencies charged with delivering healthcare services, and private practice firms that deal with the delivery of hospital equipment. The market appears ripe especially in urban areas as these seem to be in dire need of consulting services as compared to the institutions based in rural areas. Ideally, city is the most suited area for launching this company, as this region tends to have a ready market and an already established market. Primary data collection The principle way used in choosing this area as the best to begin these operations was through an online survey that sought to understand the needs of the healthcare market and the challenges facing them (Carsrud & Brännback 2007, p. 42). Bain Company seeks to influence a change in the delivery of services by tailoring solutions that would suit the needs presented through the online survey. The number of questions in the data collection survey was five in number but helped in analyzing the healthcare problems of the target market meaning that they were resourceful to the course intended. The questions were: 1. Given the increased high cost of living, does quality healthcare delivery remain relevant or should there be the application of double standard in that, price should dictate quality of service? 2. Does improvement on efficient service delivery translate to a healthy population that would be essential in building a strong economy? From the survey tool, 65% said that high quality health care has a direct impact on productivity and well-being of a society hence influencing the need to change tact 3. Potential clients were asked whether they would prefer dealing with a different consultant from the same firm in matters relating to their contract or one individual throughout the process. Eighty percent of those that responded preferred individual handling of their cases because enhanced specialization. Twenty percent were against this their contracts would collapse in the event the consulting handler is incapacitated in some way and cannot continue handling their matter. 4. Potential clients had to respond on whether delivering a strategy within a certain period of agreed time was one of their key requirements, 90% preferred to have a result oriented strategy after an agreed time frame. The rest argued that a consultancy company should be able to delivery results in their own time after conducting a thorough overhaul of how they would increase efficiency. Therefore, time is a critical factor to many as this helps the clients to pave ways that would foster efficiency for the work that they seek to provide services to. 5. Many of the clients that responded saw the need to include a neutral consultancy firm, which was at a 75% margin as way of increasing healthcare efficiency. Twenty-five percent argued that the development of an effective strategy could be an internal function as this was highly likely to attract overheads that are not necessary. As per the responses given above, the need remains in that re-evaluation of the existing systems is vital if the stakeholders involved in this industry are to deliver as per the demands of its market and Bain Consultancy will be the partner in achieving this process. Secondary data collection Secondary data collection tools area are also relevant in the information gathering aspect for a beginning business as they help in covering the ground that primary research could not cover. As for the case of Bain Consultancy, the secondary data collection tools used would have to be online publications and magazines that have highlighted healthcare consultancy as one of the emerging profitable business trends. Ideally, these publications tend to be the mirror for society and they help in emphasizing on the areas that create high demands and that need responses with immediacy. One article would be by Fallon Nicole of the Business Daily News that suggested that healthcare consultancy is a great business idea for 2014. Industry analysis SWOT Analysis Strengths Consultancy has a link with successful service delivery The target market is willing to listen to ideas that would make them to be better performers The future is in outsourced consultancy Healthcare Consultancy provides an avenue for the development of new strategies and ideas that are essential in the growth of this industry Weaknesses Penetrating this new market is a challenging task as there is minimal as only few are privy to the existence of this service The expenses associated with acquiring consultancy services tend to push clients away The establishment and development of this business requires huge capital before it can pick to a point that it can generate profits Opportunities It is a relevant practice to healthcare delivery meaning that its services are a pertinent application to success It may require a lot of capital to start but there are prospects of high returns in the event the business delivers on its commitment to its clients Referrals by satisfied clients can serve as a free form of advertising for the business Threats The reluctance to change and the over reliance to old ways of operations for healthcare industry players Government regulations and policies that may hinder effective operations Competition from other emerging businesses involved in the same line of trade (Carsrud & Brännback 2007, p. 52) Global recession and failing economies Competitive landscape When developing a new brand and attempting to position it in a market, competitive landscaping is a critical component as this would help in evaluating the success of the business after entry. One of the tools are applicable in this analysis is technology, which is a fast and effective tool of receiving results (Carsrud & Brännback 2007, p. 32). Ideally, using technology to conduct this research is cost effective as compared to conducting it physically as this also helps in reaching a wider target market as compared to the olden ways of executing this analysis. For one, a company may study the websites of their competitors and ascertain the quality of the site and the general feel of the details offered as this helps in gauging whether they are worthy opponents. If a website appears fresh and up-to-date then there is a high likelihood that the opponent is a worthy competitor while a poorly done sight inclines that a competitor has poor marketing skills. The other technology tool can be following the competitors on social media, which can help in understanding the ways they interact with their relevant market. In essence, competitors may use social media to conduct surveys to which a business may use to its advantage as they may use the results posted in order to improve their service delivery. However, physical approach to competition analysis may also be relevant as a business entity can attend trade fairs and conferences organized by their competitors in order to get the physical feel of their operations. This way a business can capitalize on the weaknesses that they see as exhibited by their competitors, which will aide them in gaining gainful mileage. Financial implications for starting the business The starting cost for this venture may be a lot, but this does not mean that the figures needed are unattainable. In essence, the setting up of an office space and internet connection is the key costs as these have the ability to attract profit generation (Carsrud & Brännback 2007, p. 118). The cost of advertising and marketing at the initial stages of the company’s life are also likely to be high, but are needful to the enterprise because these are the only ways of sustaining business life. As much as the initial cost estimates are going to be high, focus should also be on minimizing on the expenses that are not likely to attract benefit to the organization. For instance, travelling costs should be at a limit and should be when necessary as the travel expenses at the initial stages a company’s life may be detrimental to its future. In the end, a business is highly likely to survive as a new entrant to a market only if there is the application of discipline and patience in operations. Bibliography Carsrud, AL, & Brännback, M. E. 2007, Entrepreneurship. Westport, Conn, [u.a.], Greenwood Press. Read More