Care Reading can use two approaches - building on present strengths, or analyze the trend and build processes to two pronged market penetration approach. Care Reading should just get out of these business areas and focus on strength and threats box , or on weakness and opportunities box. For more detailed SWOT Matrix strategy please go through the detailed analysis of strengths, weaknesses, opportunities, and threats in next section. Strengths are the Care Reading capabilities and resources that it can leverage to build a sustainable competitive advantage in the marketplace.
According to Roy D. Shapiro, Mason Brown , brand recognition plays a significant role in attracting new customers looking for solutions in adjacent industries. Based on details provided in the Reading Rehabilitation Hospital: Implementing Patient-Focused Care A Abridged case study — Care Reading can easily grow in its domestic market without much innovation but will require further investment into research and development to enter international market.
The temptation so far for the managers at Care Reading is to focus on the domestic market only. This can help Care Reading in thwarting the challenges of competitors in various industries. Menu Home. Essay Writing Service. Send Email. Check This for Discount Code.
Thank You! Order Now. Be a great writer or hire a greater one! Check your email to get Coupon Code. The BCG matrix is a strategic management tool that was created by the Boston Consulting Group, which helps in analysing the position of a strategic business unit and the potential it has to offer.
The matrix consists of 4 classifications that are based on two dimensions. These first of these dimensions is the industry or market growth.
The other of these dimensions is the relative market share of the strategic business unit. Strategic business units are placed in one of these 4 classifications. Strategic business units with high market growth rate and high relative market share are called stars. Businesses should invest in their stars and can implement vertical integration, market penetration, product development, market development, and horizontal integration strategies.
Strategic business units with high market growth rate and low relative market share are called question marks. These strategic business units require close considerations whether the business should continue with them or divest. Strategic business units with low market growth rate but with high relative market share are called cash cows. The business should invest in these to maintain their relative market share.
Lastly, the strategic business units with low market growth rate and low relative market share are called dogs. The business should divest these strategic business units. Some of the strategic business units identified in the BCG matrix for Reading Rehabilitation Hospital Implementing Patient-Focused Care have the potential of changing from their current classification.
Technology development at Care Reading may include activities such as - feature design, field-testing, process engineering, technology selection, and component design. Purchased inputs may include - raw materials, supplies, machinery, laboratory equipment, office equipment, and buildings.
Like all other value chain activities procurement also employs technology for things such as — procedures, vendor management, information system, and supply chain partner qualification rules and ongoing performance evaluation. Shareholder value, measured by stock price, is not a good barometer to analyze value chain. It is preferred by top management but it is only useful in long run rather than competitive strategy in short to medium terms. Growth in sales is not a good goal for value chain analysis as every managers know that boosting sales is easy to do by reducing the prices dramatically.
Growth or market share is also not a very reliable goal as often firms end up pursuing market share at the cost of profitability. Published by HBR Publications. Case Authors : Roy D. Explore More Feel free to connect with us if you need business research.
Finally Positioning the brand as a deliverer of superior value to the target segment and effectively communicating that position to consumers using marketing mix and promotion mix. Objectives of the Marketing Plan : There are various objectives for which Care Patient marketing managers can make marketing plan — New product launch, repositioning of existing brand, targeting new customer segment, entering international markets etc.
Marketing and financial goals and objectives: The second step is to correctly assess how much financial resources will be required to execute the marketing plan. It involves resources spent from product development to building a communication strategy mix. Marketing mix: Building a marketing mix based on the marketing plan objectives and limitations imposed upon it by the financial resources.
Marketing budget: Budget each prospective activity that will be under taken under marketing mix strategy. Monitoring and evaluating performance: Carefully monitor each marketing mix activity and analyze the target performance with the actual performance. Which media vehicles are performing better compare to others etc. This will help in making changes and adaptation as we go along.
Guided by marketing strategy, the company designs an integrated marketing mix made up of factors under its control—product, price, place, and promotion the four Ps of Marketing Mix.
Product - Understand the deep-seated drivers of perceptions and behavior of consumers and develop a product that appeal to those drivers. Promotion - Engage with customers through use cases and benefits instead of functionalities and features. Communication should be focused on experience rather than product features.
Price — Price is often determined by marketing strategy, cost structure of the company, competitive positioning of firm, brand positioning, and various other factors.
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