Conduct a Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis on your organization.

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For the third part of your marketing plan, in 2-3 pages:

  • Conduct a Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis on your organization. You should provide both a SWOT diagram and a thorough explanation of each section. (Note: Since this is an organization that you have created, information provided in this section will not be factual; however, the information created should be realistic and interconnected.)
    • Strengths
      • List the strengths of the organization such as cost effectiveness, service quality, and customer loyalty.
      • List other assets of your operation, such as flexibility, innovativeness, response to external pressures, creativity, and organizational stability.
    • Weaknesses
      • Describe the areas of weakness in the organization operations, such as government policies and procedures, and management inexperience.
      • Recognize the limited impact of a new product on the market – its lack of recognition may be attributed to the organization’s inexperience in promoting.
    • Opportunities
      • Examine how proper timing, as well as other factors such as the organization’s innovativeness, may improve your business’s chances of success.
      • Relate your organization’s focus/mission to a segment of the present market that is being overlooked.
    • Threats
      • List the external threats to your organizational success (such an existing and newly emerging competitors), performance of the overall economy, and your dependency on other businesses such as suppliers, retailers, and distributors for market access and support.

Note: The bolded words above should be the section headings and the italicize words should be the subheadings in your Marketing Plan.

(**The combined marketing plan should not exceed 10 pages at this point, this page count does not include the title or reference page)

SLP Assignment Expectations

  1. Conduct additional research to gather sufficient information to support your response/position.
  2. Limit your paper to 3 pages (not including title page or reference page).
  3. Support your SLP with peer-reviewed articles, with at least 2-3 references. Use the following source for additional information on how to recognize peer-reviewed journals: http://www.angelo.edu/services/library/handouts/peerrev.php
  4. You may use the following source to assist in formatting your assignment: https://owl.english.purdue.edu/owl/resource/560/01/.

Running Head: SLP 2  1

SLP 2  2

SLP 2 

DeMario J. Stackhouse

Trident University International

26 May 2019

Market Analysis

As noted in the earlier discussion, BestCare Long-Term Care Facility will be located at Tampa Bay in Florida due to the current and future high demand for long-term care services in this state. Besides, the market for long-term care in this area is growing. It is not saturated since most health care organizations have not fully exploited this particular area. The demand is also increasing because of the presence of a high number of older adults and understaffing of nurses which raises the need for long-term care services. The currently available facilities like Woodbridge Care Center and Palm Terrace Assisted Living Facility & Adult Day Care are unable to meet the increasing demand in Tampa Bay and Florida State as a whole. Although some health care organizations that were initially not offering long-term care are now considering providing this service, the demand is still not adequately met.

Therefore, since the market is growing, BestCare Long-Term Care Facility will integrate new approaches into the market as well as embrace the latest technology to differentiate from new competitors and become a significant market shareholder. Typically, the facility will adopt a differentiation marketing approach by distinguishing its services from rivals in the market (Kassem & Succar, 2017). It will offer high-quality, speedy, and accurate services that align with client demand. To achieve this, BestCare Long-Term Care Facility will hire highly trained nurses and professionals who will ensure that customers receive services that meet or surpass their expectations. Going forward, the facility will also ensure that its services are accessible by opening other branches that are close to clients. It will also offer options for clients to either receive the services within the facility or in their homes. This approach will give the hospital an edge in the market because clients would enjoy receiving services at their comfort zones which might be less costly (Coulter et al., 2015). Additionally, BestCare Long-Term Care Facility will also incorporate the latest technologies like efficient diagnostic equipment, EMR, and Big Data techniques that will ensure clients receive high-quality long-term care services. For instance, Big Data techniques will allow the facility to predict clients at risk of developing other diseases in the future, thus take appropriate early response.

Besides, the challenges of the marketplace that BestCare Long-Term Care Facility will be entering include underserved population and understaffing. Moreover, to deal with the underserved population, the facility will provide long-term care in both the hospital and patients’ homes. It also aims to develop other branches in the future that will ensure that the high demand is met adequately (Kanagal, 2015). Besides, to address the understaffing issue, the facility will start a nursing training center in the coming years to ensure an adequate supply of nurses. It will also put in place appropriate motivational mechanisms to prevent current nurses from shifting to other professions. Finally, both the local and national markets are showing positive signs of since aging is an issue that affects the entire U.S. As such, both markets are expected to record significant growth in the future.

Environmental Analysis

Since BestCare Long-Term Care Facility will not be operating in a vacuum, there are specific environmental factors that it will have to consider to achieve the desired success in Tampa Bay, Florida. Knowing these environmental elements will enhance effective strategic decision-making processes (Karna et al., 2016). The unemployment rate in Florida as of March 2019 was about 3.5% which is relatively low meaning that clients have enough income to pay for the health care services. The low unemployment rate will enhance the profitability of the facility. The interest rate is about 6.57% which is favorable for the organization’s operations because it will be able to get loans at reasonable interest for expansion.

Regarding the political environment, Florida State is among the states in the United States that has a stable political status that will guarantee a favorable environment for the operations of BestCare Long-Term Care Facility. The state has implemented various health policies that will enhance the functioning of the facility without any political challenges. Besides, the facility will have to comply with specific regulations to ensure efficient and effective operations in Florida (Karna et al., 2016). For instance, it will have to comply with the environmental protection laws, taxation laws, and equal employment opportunity laws. Adhering to the established rules will prevent the organization from confronting with the authorities that might result in huge entities and fines. Also, failing to observe these regulations might impact the reputation of the facility negatively which may, in turn, discourage consumers, thus reducing profitability and market share. As such, it will be crucial for BestCare Long-Term Care Facility to comply with all the necessary laws in Florida to ensure success.

Nevertheless, the cultural environmental aspects will also impact the operations of BestCare Long-Term Care Facility. Florida is mostly dominated by English speakers; therefore, marketing the services of the enterprise will be easy since it will not be required to prepare adverts in different languages. A large percentage of consumers will understand English adverts. Also, the largest religion is Christianity; thus, the facility will only employ marketing approaches that will not contradict with the beliefs of the Christians. For instance, many Christians do not support the use of nude photos in advertisements. However, since there are also other non-Christian religions in the market, the enterprise will also have to consider the beliefs and norms of these small groups in the marketing processes to maximize profitability.

Consumer Analysis

BestCare Long-Term Care Facility targets older adults above the age of 65 years. The organization decided to focus on this market segment because most individuals over this particular age tend to suffer from various chronic illnesses that require long-term care. Research indicates that the American population is aging faster which means that the demand for long-term care will increase as well. Besides, to adequately meet the needs of consumers better than competitors, BestCare Long-Term Care Facility will ensure that it offers high-quality and accessible services both at the facility and homes of patients. It will also ensure that it has enough nurses that meet the number of clients. Lastly, the organization will integrate latest technologies in diagnosing and treatment to make sure that clients receive better care as well as enable the facility to gain a competitive edge in the market (Kassem & Succar, 2017).

Besides, BestCare Long-Term Care Facility will employ a demographic segmentation by concentrating on consumers with 65 years and above because this is the age bracket that experiences the high need for long-term care, thus will be able to ensure a good return on investment. In other words, the organization will receive reasonable profits from this segment. Finally, in its selling approach, the facility will focus on the service by making sure that they are of high-quality and meets consumer needs.

References

Coulter, A., Entwistle, V. A., Eccles, A., Ryan, S., Shepperd, S., & Perera, R. (2015). Personalised care planning for adults with chronic or long‐term health conditions. Cochrane Database of Systematic Reviews, (3).

Kanagal, N. B. (2015). Innovation and product innovation in marketing strategy. Journal of Management and marketing research, 18, 1-25.

Karna, A., Richter, A., & Riesenkampff, E. (2016). Revisiting the role of the environment in the capabilities–financial performance relationship: A meta‐analysis. Strategic Management Journal, 37(6), 1154-1173.

Kassem, M., & Succar, B. (2017). Macro BIM adoption: Comparative market analysis. Automation in Construction, 81, 286-299.