Marketing plan for hong kong term paper
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For instance, research by the Harvard Team identified that totally 11 % of the lowest income group (with a monthly household profits below U. S. $1, 282) suffered from poor health compared to just three or more per cent with the highest cash flow group (i. e., homeowners with positive cash-flow above U. S. $5, 128) (Ramesh). As this author remarks, the current method to the delivery of healthcare services in Hong Kong has its own definite talents – and weaknesses – that must be considered when making strategy for the near future. In this regard, Ramesh emphasizes that, “Hong Kong’s accessible and equitable health-care system has been achieved by a rather humble cost, plus the concentration of public financial assistance on in-patient care, which can be expensive, has fostered a process that is both efficient and equitable. Central provision in public facilities decreases scope intended for supplier-induced require and replication of services, thus minimizing overall costs” (p. 108).
Weaknesses. The truth is, many of the same weaknesses that characterize the current healthcare delivery system in Hong Kong translate into strengths pertaining to the telemedicine enterprise imagined herein. For instance , Ramesh advises that, “The continuation with the privileged gain access to enjoyed by civil maids and the excellent ward classes available to them are inequitable and a imperfection on an or else fair system. While lower-income households are more likely to use subsidized public establishments, even the leading income group uses public facilities for both out-patient and in-patient services. The political implications of this will be significant, as use of public facilities simply by upper-income teams ensures personal support intended for the public system” (p. 107). Although not almost all residents in Hong Kong approve of the current approach to healthcare delivery, it is not likely that any substantive alterations will take place in the foreseeable future. As one expert notes, “There are, of course , some who prefer non-public provision and give us a call at for a decrease in the comprehensive role the government takes on in the well being sector in Hong Kong. The reform initiatives currently underway are unlikely to make a factor in the way medical care is presented and borrowed in Hong Kong” (Ramesh, p. 108). These issues are very salient pertaining to the group targeted by telemedicine providers specializing in providers for older people. For instance, Ramesh concludes, “Even if the proposed Health Safety Account is made, it is unlikely to make most of an impact other than to mobilize some extra resources. Depending on Singapore’s experience with Medisave, you can surmise the proposed contribution rate is too low to allow the build up of sufficient funds to fund long-term proper care of the aged” (p. 108).
Opportunities. Used together, the foregoing suggests that there is a significant option available for telemedicine providers coming from all types in Hong Kong today, particularly those that specialize in the delivery of healthcare services for seniors. According to the experts at the Hong Kong Trade Advancement Council (HKTDC) in their statement, “Industry Improvements and Export Opportunities pertaining to Hong Kong Firms in Hk, ” although the medical and health care product sector in Hong Kong is regarded as being in the early phases of development, there are a few companies already manufacturing the equipment needed for an array of telemedicine applications. For example , the HKTDC studies that, “One company provides attained throughout the world leadership in electronic peak flow metres (for asthma management) and another in scales and weight sensors. There is also a leading contract producer of non reusable electro-surgical products. Meanwhile, telemedicine equipment have been developed by an area oxygen source company” (Industry developments, l. 3).
Risks. According to Gauld (2005), although the healthcare system in Hong Kong is largely adequate pertaining to the vast majority of its residents, healthcare accessibility and quality still depend on course and even one of the most wealthy residents may be hard pressed to receive timely medical attention when a pandemic or other emergency situation arises that traces the system since it did throughout the outbreaks of H5N1 avian flu and SARS lately, which Gauld suggests forced the healthcare system in Hong Kong “close to the breaking point” (p. 176). In addition , as Barnes (2006) highlights, “The intercontinental nature of countless telemedicine concerns further complicates many telemedicine consultations…. Therefore , depending on the region in which the sufferer is located, telemedicine providers might be opening themselves up to impossible liability problems” (p. 492). In fact , since February 2005, there have been simply no legal actions brought prior to a the courtroom anywhere in the world regarding the potential challenges involved in the provision of telemedicine consults among unrelated choices and problems remain conflicting (Barnes).
4. Objectives.
The objectives of the marketing plan were three-fold as follows: (a) to deliver a thoughtful and informed evaluation of the existing opportunities and threats to new business inside the healthcare market competing in Hong Kong today; (b) to explain a new business that makes use of identified chances in the delivery of health-related services; and – to realise a relevant strategic analysis and action plan pursuant to the foregoing.
five. Strategy.
The enterprise envisioned herein expects to take advantage of the world wide web to promote the telemedicine provider described above. This strategy is definitely congruent having a number of market observers who also suggest that increasingly more00 healthcare buyers will use the Internet in the future. In this regard, Eger (2006) reviews that, “Internet usage stats point to one particular billion users worldwide, using a growth rate of 15% per month. The World Wide Web, the Internet’s most popular component, has been integrated into the marketing, details, and communications strategies of nearly every major organization, educational institution, charitable and political firm, community services agency, and government enterprise in the created world. No previous sales and marketing communications advance continues to be adopted by the public and so widely therefore rapidly” (p. 19). With this environment, it just makes great business sense to take advantage of the advantages that amass to the utilization of the Internet intended for healthcare delivery in new ways that promise to improve the quality of health care for its people while making a profit meanwhile.
6. Actions Program.
In accordance to Stone and Mccall (2004), “A marketing strategy sets out to give a framework pertaining to the suggested marketing to take place. It recognizes the aims of the plan together with the strategies and assets to put into action it” (p. 223). Commonly, marketing plans cover the basic issues outlined in Desk 1 listed below as they apply to the telemedicine enterprise envisioned herein.
Stand 1 .
Promoting plan for telemedicine provider in Hong Kong.
Advertising Plan Aspect
Description
Organization Mission
To be profitable as fast as possible and suppose a leadership position inside the telemedicine market by the end in the company’s second year of operations.
Company Objective
To advertise the level of health care services available to the residents of Hk in general, also to the elderly and infirm especially through the delivery of premium quality healthcare solutions through telemedicine channels.
Promoting Mix
Merchandise: Telemedicine providers
Price:
Roughly 75% of traditional face-to-face emergency room visit and treatment; comparable prices on program treatment.
Place:
Online simply
Promotion: Several means, which include company news letters, corporate Site, billboards and televisions advertising.
Budget
Funding assumed readily available.
Human Resources Requirements
Office and administrative personnel; healthcare doctors (two or perhaps three credentialed physicians; numerous nurse practitioners and geriatric nursing staff; office administrator; technical support personnel.
7. Economical Forecast.
Based on the statistical data developed concerning the number of current Hk residents plus the number of current Internet users, you will discover approximately some million citizens in Hk with the capacity for subscribing to and becoming telemedicine providers today. Depending on this potential pool of patients, the company’s financial prediction with make use of a 5-year proper plan with the expectation of becoming profitable by the end of the second year of operation depending on the following auto financing needs:
a. Projected organization sales.
m. Projected expenditures.
c. Believed levels of investment required to support projected product sales.
d. Evaluation of the business financing requires.
For this purpose, the percent-of-sales technique would be applied, a technique that is certainly congruent with Shim and Siegel’s (2001) guidance with regards to financial foretelling of.
8. Handles.
Relevant quantifiable metrics will be used to monitor the economical performance from the enterprise envisioned herein frequently in an effort to recognize both chances for improvement and risks from competitors.
References
Barnes, J. T. (2006). Telemedicine: A conflict of laws problem waiting to happen. Harrisburg Journal of International Regulation, 28(2), 491.
Cravens, M. W. (2000). Strategic marketing, 6th male impotence. New York: Irwin McGraw-Hill.
Eger, J. Meters. (2006, March-April). Building innovative communities. The Futurist, 40(2), 18-20.
Gauld, R. (2005). Comparative wellness policy in the Asia-Pacific. Maidenhead, England: Available University Press.
Hong Kong. (2008). U. S i9000. government: CIA world factbook. [Online]. Available: https://www.cia.gov/library/publications/the-world-factbook/geos/hk.html.
Industry developments. (2008). Hk Trade Creation Council. [Online]. Obtainable: http://info.hktdc.com/econforum/tdc/tdc051001.htm.
Ramesh, M. (2003). Social coverage in East and Southeast Asia: Education, health, housing and income maintenance. Nyc: RoutledgeCurzon.
Rannefeld, L. (2004). The doctor can e-mail you now: Physicians’ use of telemedicine to treat patients over the Internet.
