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1) Strategic Focus and Plane

2) Situation Analysis

3) Financial Data and Projections

4) Implantation

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  1. Cover Page  
  2. Marketing Plan for Company name: Simmonds Healthcare Services
  3. Proposed by: Deborah Simmonds
  4. Submitted to: Professor Carla Weaver
  5. Date: April 11, 2011

 

  1. Table of Contents                                                                                                 Pages                                                                                               
  2. Executive Summary                                                                                         5
  3. Company Description 0
  4. Strategic Focus and Plan 0
  5. Mission/Vision
  6. Goals
  7. Core Competency and Sustainable Competitive Advantage
  8. Situation Analysis 0
  9. SWOT Analysis
  • Internal Strengths and Weakness: Management, offerings

Marketing, Personal, Finance, Manufacturing, and Research

And Development (R & D)

  • External Opportunities and Threats: Consumer/Social,

Economic, Technological, Competitive, and Legal/Regulatory

  1. Competitor Analysis
  2. Company Analysis
  3. Customer Analysis
  4. Market-Product Focus                                                                                      0
  5. Marketing and Product Objectives
  6. Target Markets
  7. Point of Difference
  8. Positioning
  9. Marketing Program 0
  10. Product Strategy
  11. Branding Strategy
  12. Price Strategy
  13. Promotion Strategy
  14. Place (Distribution) Strategy
  15. Financial Data and Projections 5
  16. Organizational Structure 0
  17. Implementation 5
  18. Evaluation and Control 0
  19. Bibliography

 

Total Pages in Marketing Plan Excluding Appendices                          26.5

 

 

STUDENT MARKETING PLAN FOR “SIMMONDS HEALTHCARE SERVICES”

 

Simmonds Healthcare

Services

A Marketing Plan Presented by:

Deborah Simmonds

 

Table of Contents

Page

  1. Executive Summary 1
  2. Company Background 2
  3. Strategic Focus and Plan 3
  • Mission Statement 4
  • Goals 4
  • Competitive Advantage 5
  1. Situation Analysis 5
  • SWOT Analysis 6
  • Competitor Analysis 6
  • Company Analysis 7
  • Customer Analysis 8
  1. Market-Product Focus 8
  • Marketing and Product Objectives 9
  • Market-Product Grid 11
  • Target Markets 12
  • Point of Difference 13
  • Positioning 14
  1. Marketing Program                                                                                                 16
  • Product Strategy 16
  • Branding Strategy 16
  • Price Strategy 17
  • Promotion Strategy 18
  • Place Strategy 20
  1. Financial Projections                                                                                             21
  • Break-even Analysis 21
  1. Organization                                                                                                                        25
  2. Implementation Plan 26
  3. Evaluation and Control 27
  • Possible Deviations 27
  • Possible Solutions 27
  1. Bibliography

 

Appendices

  • Appendix A: Simmonds Healthcare Services Flyer
  • Appendix B: Simmonds Healthcare Services Coupon

Executive Summary

Simmonds Healthcare Services offers a combination of premier assisted living facility and community based adult daycare center in Decatur, Georgia.  Research indicates that in the Decatur area there is a significant need for quality assisted living facility and adult daycare center and I believe with employees that are competent and a staff that is well educated, I will be able to provide them with a management staff that is responsive as well as organized, we can become the assisted living facility and adult daycare center of choice in Decatur, Georgia and some of the surrounding area.

Simmonds Healthcare Services is a sole proprietorship based in Dekalb County and owned by its principal investor.  The office will initially be established on Main Street in the heart of Decatur, Georgia.  Decatur is also the home to numerous hospitals and rehabilitation centers, which will serve as a referral bases for our facility.

Our consumer base will be made up of those individuals and families in need of an assisted living facility and/or an adult daycare center.  These individuals will be self referred as well as by other healthcare professionals such as their physicians, insurance companies and even other healthcare facilities.  Six months prior to the opening of our doors, our facility started making contacts with these facilities and introducing ourselves within the community and have built up quite a reputation, through the work of our Marketing Director, who has been in the healthcare industry for the past ten years, and through presentations made to the community.  This was done through personal interactions and various marketing tools.

Simmonds Healthcare Services must be licensed by the State of Georgia and our services reimbursed by private insurance carriers, self pay individuals, Medicare and Medicaid.  We have already started the certification process for license and insurance and are well on our way to meeting the regulations and guidelines for providing an assisted living facility and adult daycare center in Decatur, Georgia.

Currently there is only one assisted living facility and two adult daycare centers in Decatur, Georgia.  All these facilities are located in areas of the city that is not convenient to get to for elderly patient or their families, and does not offer services to all surrounding areas as we intend to do.

Our prices once set in place will follow the Medicare, Medicaid regulations so we do not consider pricing will be an issue for us.  Estimates performed on sales show that we will have a great first year with a high increase through year three.

The company will not take on any debt in the form of a loan, and has no plans for additional debt as any growth will be financed through cash flow.  This includes assumptions of on credit 100% sales and enough cash on hand when we open our doors to prevent any problems we might have with cash flow.

Company Background

Simmonds Healthcare Services is an exciting and new healthcare facility located in Decatur, Georgia.  After careful review along with thorough surveys conducted within the Decatur area, Deborah Simmonds has concluded that a facility catering to the needs of the elderly and mentally challenge, both in their home or at our facility was needed.  Simmonds Healthcare Services is an assisted living facility and adult daycare center combined with expected sales of $400,000 in the first year of business, $600,000 in the second year and 1 million in the third year.

Simmonds Healthcare Services is located in the heart of downtown Decatur.  This is an excellent location for us because there are a lot of activities within walking and driving distance for our residence.  Decatur, Georgia is home to about 500,000 thousand residence showing earnings from $25,000 – $200,000.  One of the things that fascinated me with this area was that the residents take full advantage of all that the town has to offer.  They also pride themselves in the fact that residents and visitors recognize the safety of the environment.

With a degree in Healthcare Management, Deborah Simmonds spent 10 years working for Piedmont Heart Institute with a number of diverse responsibilities: Medical Assistant, Front Office Supervisor, Office Manager and Area Manager.  In the start-up year, Simmonds Healthcare Services will survive on the savings of Deborah, the owner as a sole proprietorship.  With her background, Deborah decided she should serve as the president and CEO of Simmonds Healthcare Services.  Simmonds Healthcare Services will employ a Vice President who will focus on operations and a Project Manager that will deal with marketing.  We currently have 10 employees who earn anywhere from $25,000-$40,000 a year.  At Simmonds Healthcare Services everyone will be treated as family.

 

Strategic focus and Plan

This portion of my marketing plan will focus on the strategic planning of Simmonds Health Plus that needs to happen to make it a successful business.  The three areas that I will discuss are my mission statement, goals (financial and non-financial), and competitive advantage.

Mission Statement

The mission of Simmonds Healthcare Services is to market and offer high-quality services at prices that will satisfy consumers in this fast growing healthcare field while providing career opportunities that will challenge our employees.  Our duty is to provide the type of care that residents/clients are used to in their own homes while also providing various activities that is sure to enhance their lives.

Goals

In the first three years of business, Simmonds Healthcare Services will seek to achieve the following goals:

  • Financial:
  1. Expansion after 5 years of being in business with a 25% increase in residents/clients.
  2. To make a profit within the first year of business of $400,000.
  3. Making a profit year round even in our slow months by surveying our clients/residents every six months about the services they are receiving and implementing any changes needed for improving our services.
  4. To obtain a return on investments
  • Nonfinancial:
  1. To have enough staff to accommodate new locations.
  2. To offer additional recreational activities for the residents.
  3. To create a demand for our services.
  4. Encourage healthy living to the residents.
  5. To be among the top five healthcare services facility by offer ourservices at an affordable price.

Core Competency and Sustainable Competitive Advantage

Simmonds Healthcare Serviceshas various competitive advantagesone of which is the service we offer to our residents.  Our residents, whether they live in house or take advantage of our daycare services, will have access to the same daily activities.  This is done to show that the care and service we provide is exceptional and cannot be beat.  Customer Service and customer satisfaction is a top priority in this organization and so we must do all we can to carry this out.  Another of our competitive advantages is that Simmonds Healthcare Servicesis owned and operated by a local resident, whereas the Nursing Homes in the area are not.  Being in the heart of Decatur will give us an advantage because we are in close proximity to a lot of activities and are easily accessible from all directions.

To translate these core competency and sustainable competitive advantage, Simmonds Healthcare Services will work closely with its Marketing Director to help build an alliance and a relationship that is necessary to satisfy the high standards of our clients/residents.

Situational Analysis

The Strength, Weakness, Opportunities, and Threats (SWOT) analysis will provide a description which is based on the present environment in which Simmonds Health Plus is operating.  This will give us a quick overview of the position of our company whether internal or external while focusing on the factors that will influence our operating strategies.

SWOT Analysis

The following shows the internal and external forces affecting the marketing opportunities for Simmonds Healthcare Services.  Briefly stated, my SWOT analysis will highlight the stands taken by the company since our services were introduced into the community.

Internal Forces

Strengths:

  • Offering service to live in and day residents
  • Exciting location
  • Activities within walking and short driving distance
  • Specialized and customized services for each resident
  • In house activities
  • Care available 24 hours a day

Weaknesses:

  • Cost to get business started
  • Hiring and screening of new employees
  • Cost associated with marketing the business

External Forces

Opportunities:

  • Only one in the surrounding area
  • Chances for family members to volunteer services

Threats:

  • Not having a high enrollment
  • Losing residents
  • Losing staff
  • Documents required to start the business

Company Analysis

The following trends were identified using an environmental scan:

Social:          

  • Technology has advanced over the years and with that advancement it has made a huge impact on the medical field. Individuals are living longer than expected because of this and are requiring assistant whether in their homes or at a facility.
  • Elderly patients are expected to spend more of their money taking care of themselves with such things as services and products related to their retirement.
  • In today’s society more and more people are getting married and starting families leaving the daily care of their aging family members up to healthcare facilities.

Economic:

  • Baby boomers will be reaching the ripe age of 60 and will be nearing retirement.
  • Individuals retiring will find it difficult after paying for their living expenses such as utility, food, shelter will find it hard to survive financially in today’s society.
  • Living in an assisted living facility allows the freedom some individuals are looking for because they will not have to worry about paying a mortgage or taxes on a property.

Technological:

  • With technology advancing in today’s society we are able to offer computer classes to the residents.
  • Use of various online programs that will allow us to pay bills and manage our accounts.
  • Technology has made it so that we will be able to commute with the physicians of all of our residents and keep abreast of all their care.

Competitive:

  • Offering competitive prices and services that will attract new residents and keep our old residents happy.
  • In order to stay competitive, we will offer sign up discount to new residents such as first month free and to our existing residents we will also at times offer them discounts on their monthly charges.
  • Using a supplier that offer prices that will help you to remain competitive in the market.

Regulatory:

  • We will study and understand all regulations pertaining to our business such as the Clayton Act of 1914 which forbids any act that will lessen competition amongst same type businesses and the Robinson-Patman Act of 1936 which will make it so that a different price cannot be charged to different individuals buying the same product.
  • We will make sure that all advertising is up to standards and is not misleading to potential clients by following the FTC Act of 1914.

Consumer Analysis

Demographically the residents of Simmonds Healthcare Services will cover a broad range of socioeconomic backgrounds.  Their income will not be a deciding factor in whether or not they become a resident as each application will be considered on a first come first serve basis.  The residents that are living at our facility or visiting on a daily basis can either be married or single.  These residents will have the choice of seeing to their own every day care or have the option of using the nursing staff provided by our facility.  Surveys done in the area, shows that the elderly population is looking for safety, comfort and a place that they can relax without the hassle of the everyday up ups and down of life.  They also want to be able to travel and enjoy various amounts of activities whether it’s on or off site.  As individuals near retirement they are finding it harder and harder to live off their retirement fund.  Our facility will cost $800 a month and will include everything from utility, activity, food just to name a few.  Based on our analysis and the services we are offering our residents it will help them in making the decision to take advantage of our facility.

Market-Product Focus

This section will explain the three-year marketing and product objectives for Simmonds Healthcare Services and the target markets, points of difference, and positioning of its lines of Simmonds Healthcare Services.

Marketing and Product Objectives

Simmonds Healthcare Services marketing aim is to promote its facility while at the same time making sure that it has a secured revenue base.  To accomplish this task, Simmonds Healthcare Services will focus on current market, look to expand into new markets by extending our services, while at the same time making sure that we are able to also offer new services.

The primary objective for Simmonds Healthcare Services is to market our facility to new and existing residents as a place where they can feel safe while at the same time enjoying daily activities geared towards their needs.  Our facility can be found in the mist of downtown Decatur and we will use this to our advantage promoting the fact it’s within walking distance of all stores and of which 90% of them deliver.  We want the atmosphere in our facility to be one such that residents do not want to leave and the waiting list is never ending.

By the end of year three, assisted living facilities will have expanded to all cities with Metro Atlanta and the Decatur area.  This will represent approximately 90% of the elderly population.  Simmonds Healthcare Services will extend the services we offer so that we can tap into new markets.  Some of these services will include additional facilities, overnight care for residents who family has to travel out of town.  Traveling with our residents or having them sign on as volunteers in the hospitals will help to also increase our exposure to the community.

Everyone has a different preference when it comes to various things and so it’s the goal of Simmonds Healthcare Services to make sure that our residents always have access to new and exciting things.  We will offer monthly travel trips to different locations.  An example of this would be to one of the big casinos that offers bingo and many other games.  By using this strategy it will benefit us greatly especially if done well.

Market Size

  • Censusanalysis done within a 20 mile radius of the area surrounding the facility indicates a large concentration of individuals over 65 years of age (48%). This target area will include a cross overinto two adjoining counties.
  • Demographics include 81% Caucasian; 19% African American, 57% of whom live alone and 36% living with family members. The age breakdown of seniors is 60-69 (36%), 70-79 (25%), 80-84 (34%) and 90+ (5%).

Data Source

This section will list the data sources that Simmonds Healthcare Services will utilize to complete its marketing plan.

Information I need to Complete Marketing Plan Source of Needed Information Priority
Market Size www.census.govwebsite 2
Information about how to price products Textbook

www.sba.gov  website

1
Demographic Data about target market Search on local community – Internet

www.dekalb-ga.gov /demographic

3

 

Market-Product Development

This section describes the marketing and product/service development for Simmonds Healthcare Services and also provides information concerning the marketing and product/service objective using the lost-horse forecast, market-product/service grid, and target markets.

Market-Product Grid

The enclosed market-product grid will provide information that is vital to help with the segmentation of the assisted living/adult daycare market.  According to the observation/survey performed by Simmonds Healthcare Services, the following information was analyzed and utilized to form the appropriate market-product grid.

Market Segments Product/Service Offerings
  Residents living at Facility Clients living near Facility Clients living outside the area Total
Gender Male 11 5 3 18
  Female 29 10 6 45
Marital Status Married 10 2 1 13
  Single 18 10 5 33
  Domestic Partner 2 1 3 6
Needs Quality 110 9 6 125
  Service 118 2 5 125
  Price/Value 125 0 0 125
  Convenience 70 28 18 125
Usage Rate Light user (0-4 months per year) 10 4 4 18
Medium user (4-8 months per year) 25 3 4 32
Heavy user (8-12 months per year) 35 18 10 63

70 = Living at facility            28 = Living near facility18 = Living outside area

According to the market-product grid and its calculations, it is in the best interest for Simmonds Healthcare Services to segment its market toward residents living at the facility and residents living near the facility.  This is due to the fact that residents living at or near the facility will be utilizing its services more often based on the quality of care, service, price/value and most importantly the convenience it offers.  Residents/clients living at or near the facility will have access to daily exercise classes, dinner in the dining room once per week, shopping trips, bingo games and the services of our staff such as our nursing assistants.  Whereas our clients living outside of our service area will have limited access to the services we offer.  For example, our daycare clients will not have access to dining in the evenings at the facility or our weekly dances unless they choose to stay late.  This is something they are not willing to do because of their commute.

Target Market

            During the process of researching target markets for my marketing plan, I interviewed the owner of the facility where my grandmother resides.  According to Ms. Johnson, identifying and defining a specific target market within the healthcare industry will not be difficult at all.  She often encounters residents/clients in all ethnicities, ages, and gender.  She states that Heavenly Healthcare Assisted Living facility has residents that are either single or married.

It is important to realize that a broad target market exist for Simmonds Healthcare Services.  It consists of individuals that are looking for the ease of living without having to worry about their finances while at the same time having fun traveling and being amongst there peers.  These individuals want to feel independent while at the same time knowing that if they require assistant it will be provided.       

Simmonds Healthcare Services will have two specific target markets.  The first is the residents living at their facility and the clients that live near the facility.  The second is the clients that reside outside of our servicing area.  In each of these markets, Simmonds Healthcare Services will work at promoting to those individuals who are inclined to reside at their facility.

Product/Service Strategy with Points of Difference

            The service plan offered at Simmonds Healthcare Services is relatively simple.  The following table will show the market segment of potential customers along with one or two key points of differences based on the services offered which is meant to satisfy the market segment’s need.

Market Segment Points of Differences Ideas for new products
1.  Individuals needing to be close to home A)  Simmonds Healthcare Services is conveniently and centrally located in Decatur and is the only healthcare facility within a 1.5 hour traveling radius. Off site housing options as a way to increase our revenue and assist in the growth of the company.
B)  We offer the only adult daycare/assisted living facility with services that are a requirement for our program and others that are optional.
2.  Thrifty yet dependent A)  Beauty and Nail Salon on site which is open 12 hours per day On site clinic for emergencies with our own Nurse Practitioner
B)  We are the only adult day/assisted living facility that offers daily shopping trips.
3.  Disabled Individuals A)  24 hour nursing assistant available to any and all resident/client requiring round the clock care. Therapy in the form of Art and Music.
B)  Units offered in different sizes and amenities
4.  Individuals finding themselves under financial constraint and not wanting to be a burden to their family. A)  Simmonds Healthcare Services is the only facility that does not have an income requirement along with no contract for the 1st six months. Weekly cooking classes featuring a cru sine from different countries around the world.
B)  We are the only facility in the area housing private and semi-private units.  We also offer a range of rates and plans.
5.  Individuals needing to interact with others A)  Educational classes in computers and healthy living. Partnering with the local hospital for Physical, Speech and Occupational Therapy Services.
B)  We offer 10 basis services to all potential clients/resident.

Positioning    

This section describes the three-year marketing and service objectives for Simmonds Healthcare Services using the lost-horse forecast.  The lost-horse forecast “involves making a forecast using the last known value and modifying it according to positive or negative factors expected in the future.”

Marketing and Product/Service Objectives

Simmonds Healthcare Services marketing aim is to promote its service as an alternative to living at home.  In order to accomplish this task, Simmonds Healthcare Services will focus on current market, look to expand into new markets with the extension of our services, and by continually offering new products.

Current market (2011):

Simmonds Healthcare Services currently has 125 residents/clients, 70 of whom live at our facility, 28 of which lives near our facility and 18 who live outside of our servicing area.

New market (2012-2014):

In the year 2012, Simmonds Healthcare Services will expand into the community by offering overnight services for the individuals who currently take advantage of our daycare services and for prospective clients.  These individuals live at home with their primary caregiver usually a son or daughter who works and at times have to travel for business meetings.This will expand our daycare services for current and prospective clients to 30.

The following subsequent years will see us tapping into new markets along with facility expansion to accommodate additional in house resident.  Monthly overnight bus trips, a vacation every year one of which will be on a cruise and an annual family fun day are a few examples of the special events we want to offer.  This will increase the volume of our residents/clients to 130 in house residents, 60 clients living near our facility, and 30 residents living outside our servicing area by exposing ourselves to the community.

Marketing Program

Product Life Cycle/Strategy

Simmonds Healthcare Services is fairly new and is still in the introductory stage.  The main objective for the company in this stage is to continue to obtain and keep the awareness of consumers in the community through promotions.  As a new business to the Decatur area, we must advertise extensively in order to achieve maximum growth.  We will use different methods of our promotion strategy one of which is to submit an article in the DeKalb County Observer describing our new business venture through advertisement.  Another of our promotion strategy is to print and distribute flyers to the local hospitals, clinics, and mailboxes within our region.  These flyers will describe Simmonds Healthcare Services and offering discounts for signing up with us.  Simmonds Healthcare Services through the use of the different methods of promotion will be able to reach a variety of people.

Branding Strategy

            Our organization currently has a Branding Strategy which is on its name and design/logo of the organization.  Simmonds Healthcare Services has chosen to put a brand on its name and design/logo because it will help to distinguish our services from our competitors.  We have also legally registered our name which gives us exclusive use and thereby preventing others from using it.  This will allow consumers to recognize our organization while avoiding our competitors some of which they are dissatisfied with. The message we are trying to get across to our current or potential clients/residents is that the services we offer are customized specifically to meet their needs.

Price Strategy

The management team at Simmonds Healthcare Services through research is well aware of what it will take to make our (remember that management writes the marketing plan) facility a success. Based on this research we have come up with a few pricing objectives and constraints that will propel us in that direction and make us successful.  This has also allowed us to come up with what we consider the best possible cost that will make us competitive to potential clients/residents along with retaining the existing clientele.

Pricing Objectives

  • Maximum market share – The intent of Simmonds Healthcare Services is to capture maximum market share. To do this we are prepared to take a loss based on our sales in order to attract new or keep our existing customers by continuing to build a customer base that will in the future be more lucrative for us.
  • Product quality leadership – We want our service brand to be recognize and so we want to make sure that we come out on top as the leaders in our community. To do this we must make sure our service is competitive with others in the industry.

Pricing Constraints

  • Price susceptibility of the market – We want to make sure that the prices we offer are not above market value.
  • Number of competitors in the market – We must continue to be aware of our competitors and what they are doing so as not to lose our clients/resident.
  • Production cost per unit – Simmonds Healthcare Services will offer pricing based on the production cost of each unit.

Pricing for Adult Daycare

  • $8 per hour based on a 8 hour day = $64
  • 10% discount if paid at the beginning of each week = $288
  • Fees if paid monthly = $400

Pricing for Assisted Living Facility

  • Studio Apartment = $400 monthly
  • 1 Bedroom Apartment = $600 monthly
  • 2 Bedroom Apartment = $800 monthly (This unit has the potential of being shared bytwo different residents)

Promotion Strategy

Simmonds Healthcare Services will target audience members that are:

  • Elderly patients wanting to be close to home but needing their independence
  • Individuals age 60 and above some of which consider themselves to be thrifty and also independent
  • Individuals that are disabled needing 24 hour care or just wanting to utilize our daycare facility
  • Individuals finding themselves under financial constraints and not wanting to be a burden to their family

To reach our targeted audience, Simmonds Healthcare Services has budgeted $500 that will be used in the next six months to run its promotions.  The different methods of promotion strategy that will be used are:

  • An article in the local newspaper describing the business and the services that are being offered by Simmonds Healthcare Services. This article will run on a daily basis with a full page advertisement on Saturday and Sunday.
  • Strategic distribution of flyers at such places like the local area hospitals, clinics, church’s and supermarkets
  • A monthly coupon in the Sunday paper offering a sign on bonus for new resident/clients

Through these different methods of promotion I hope to reach as many new client/resident as possible.  A copy of our flyer can be found in Appendix A, while a copy of our coupon will be found in Appendix B.  The coupon and flyer noted above as a part of our promotional strategy will only be offered for the first six months after which I will evaluate to see how much of our target audience we have reached and what if anything we need to do differently.

Simmonds Healthcare Services has been in business almost a year.  Our introduction into the community was a rather complex task requiring us to be creative with all of our promotional activities.  Simmonds Healthcare Services will communicate information to its clients/residents and all potential clients/residents, with promotions such as advertisements and coupons.  Both of these promotional avenues will be used as a part of my pretesting and post-testing procedure.  The following activities have been scheduled and will be completed by the given dates:

 

Activities Dates
·         Advertisements in newspaper ·         May, 20xx
·         Open Simmonds Healthcare Services ·         June, 20xx
·         Distribute flyers ·         June, 20xx
·         Begin coupons in newspaper ·         July, 20xx
·         Evaluate customer survey

·         Re-evaluate customer survey

·         June, 20xx

·         August, 20xx

 

Simmonds Healthcare Services will carefully monitor and access whether any adjustment should be made to the services offered to its clients or residents.  This will be achieved through survey done twice a year.  The first survey will be sent out in January of that year to access what if any changes or suggestions our clients/resident would like to see implemented. In June of that year a second survey will be sent out to access how the changes or new services are meeting the needs of our clients/resident.

Place Strategy

Simmonds Healthcare Services is an independently owned facility that will be marketing its services through its own onsite office.  Through research we have found that using a broker or an agent would not be cost effective for a newly formed business.  We will however in the future look to use the services of said broker or agent as long as it will continue to benefit our clients or residents.  I have chosen this route at this time because it is more cost effective for my organization to show the available units to our potential residents while explaining all the amenities we have to offer rather than having to pay an agent or a broker to do so.

Simmonds Healthcare Services, as previously mentioned, is located in a centralized location which allows access from all directions so that everyone will at some point pass by it.  I also have a sign that is large enough and displays the name of the company and the services that we offer.  Potential customers looking to stop by can either park in the front of the building or use our parking lot in the back of the facility.

Financial Projections

Break-Even Point/Analysis

In order to calculate a break-even amount for Simmonds Healthcare Services, I averaged the prices of for the Adult Daycare Services and the Assisted Living Facility.  This price is averaged at $400 for the Adult Daycare Services and $800 for the Assisted Living Facility based on its 2 (two) bedroom unit.  The fixed cost for Simmonds Healthcare Services is $30,000 per month, which includes equipment cost, administrative cost, rent on the building, insurance and salaries.  The unit variable cost is $80 for the Daycare Services and $120 for the Assisted Living Facility.  Using the following formula for the break-even analysis, I calculated the break-even point Simmonds Healthcare Services:

BEP = [FC / (P – UVC)]

Adult Daycare Services                                       

P = $400 per month

FC = $30,000

UVC = $80/client + (8 hours/client x $15/hour)

$80/client + $120

$200 client

BEP = [FC / (P – UVC)]

$30,000 / ($400 – $200/client)

$30,000 / ($200/client)

150 clients

BEP Revenue = 150 clients x $400/client = $60,000

Assisted Living Facility

P = $800 per month

FC = $30,000

UVC = $120/resident + (8 hours/resident x $20/hour)

$120/resident + $160

$280 resident

BEP = [FC / (P – UVC)]

$30,000 / ($800 – $280/resident)

$30,000 / ($520/resident)

58 residents

BEP Revenue = 58 residents x $800/residents = $46,400.

The calculated figure was the number of clients/residents Simmonds Healthcare Services must have to break-even.  For Simmonds Healthcare Services to break-even in its first year of business, it must have $106,400 in revenue.

Break-even Chart

Price Modification

Simmonds Healthcare Services has decided to modify its prices based on pricing consideration for the demand of cost, profit, and compensation.  In order to do this we have to look at the possibilities for discount, allowances and geographic adjustments.  Based on the current charges for our Adult Daycare Services and Assisted Living Facility, we have decided that offering a 10% discount across the board on all charges would be a benefit to the continued growth of our facility.  Based on this information our new charges will be as follows:

Adult Daycare Services                                       

Daily fee = $57.60

Weekly fee = $259.20

Monthly fee = $360

2nd monthly pricing option = $300

3rd monthly pricing option = $250

Current Assisted Living Facility

            Studio Apartment = $360

1 Bedroom Apartment = $540

2 Bedroom Apartment = $720

2nd monthly pricing option = $650

3rd monthly pricing option = $600

*All fees for the Assisted Living Facility are based on monthly charges*        

Break-Even Analysis for Modified charges

Adult Daycare Services                                       

P = $300 per month

FC = $30,000

UVC = $80/client + (8 hours/client x $15/hour)

$80/client + $120

$200 client

BEP = [FC / (P – UVC)]

$30,000 / ($300 – $200/client)

$30,000 / ($100/client)

300 clients

BEP Revenue = 300 clients x $300/client = $90,000

P = $250 per month

FC = $30,000

UVC = $80/client + (8 hours/client x $15/hour)

$80/client + $120

$200 client

BEP = [FC / (P – UVC)]

$30,000 / ($360 – $250/client)

$30,000 / ($110/client)

273 clients

BEP Revenue = 273 clients x $360/client = $98,280

UVC = $80/client + (8 hours/client x $15/hour)

$80/client + $120

$200 client

BEP = [FC / (P – UVC)]

$30,000 / ($360 – $200/client)

$30,000 / ($160/client)

188 clients

BEP Revenue = 188 clients x $360/client = $67,680

Assisted Living Facility

P = $720 per month

FC = $30,000

UVC = $120/resident + (8 hours/resident x $20/hour)

$120/resident + $160

$280 resident

BEP = [FC / (P – UVC)]

$30,000 / ($720 – $280/resident)

$30,000 / ($440/resident)

68 residents

BEP Revenue = 68 residents x $720/residents = $48,960

 

P = $650 per month

FC = $30,000

UVC = $120/resident + (8 hours/resident x $20/hour)

$120/resident + $160

$280 resident

 

BEP = [FC / (P – UVC)]

$30,000 / ($650 – $280/resident)

$30,000 / ($370/resident)

81 residents

BEP Revenue = 81 residents x $650/residents = $52,650

 

P = $600 per month

FC = $30,000

UVC = $120/resident + (8 hours/resident x $20/hour)

$120/resident + $160

$280 resident

 

BEP = [FC / (P – UVC)]

$30,000 / ($600 – $280/resident)

$30,000 / ($320/resident)

94 residents

BEP Revenue = 94 residents x $600/residents = $56,400

 

Final Prices

Based on the pricing modification and the break-even analysis performed by Simmonds Healthcare Services, I have decided that all charges will be billed on a monthly basis for our Adult Daycare Center rather than weekly or daily.  The final charges for our Adult Daycare will be $360 per month and our Assisted Living Facility will be $600 per month.  These charges will assist us in our goal of reaching full capacity by our third year of doing business along with an increase in revenue. You may need to look at this again when you correct your revenue calculations above.

Organization

 

Simmonds Healthcare Services is owned and operated locally.  There is one owner, Deborah Simmonds, who handles the day-to-day operations of the business.  I will make all of the decisions concern the running of the business such as personnel, management, the services offered along with the type of care each resident/client will receive.  Because Simmonds Healthcare Services is a fairly new business, I will have to work long hours with the assistance of my staff so that we can establish an excellent reputation for the facility.  Simmonds Healthcare Services will have on the day they open their doors a total of eight staff members including myself.  As the business grows, I will hopefully be able to employ additional staff members at Simmonds Healthcare Services.

 

Organization Chart

Simmonds Healthcare Services present organization appears below.  It shows the 3 people reporting to the President.  Below this you will find the part-time and full-time employees of the company.

Board of Directors

|

President  & CEO

(Deborah Simmonds)

|

Director Sales           & Finance     Director Admin         Vice President Marketing/Operations

|

Full-time employee  Part-time employee

 

Implementation Plan

 

Gantt chart

 

Task Description Date Time frame
Apply for License from State 7/1/xx
Negotiate partnership deal with Area Hospitals 1/2/xx 1 month
Plan marketing campaign for Simmonds Healthcare Services 1/2/xx 1 month
Locate space 2/5/xx 1 week
Plan and make adjustments to space if needed 2/12/xx 1 month
Order equipment 2/12/xx
Begin to recruit employees 2/12/xx 1 month
Implement marketing campaign 2/19/xx
Install equipment 3/5/xx
Open for Business 6/12/xx
Grand Opening 7/2/xx
Evaluate Start-up and Performance 8/2/xx

 

Evaluation and Control

Simmonds Healthcare Services is an Assisted Living Facility and an Adult Daycare Center with several goals and objectives that it must meet in order to remain successful.  The facility is slated to accommodate 100 resident in the Assisted Living Facility and 50 in the Adult Daycare Center.  Revenue for the first year of business will give us a profit of 400,000 after all expenses.  Every six months, Simmonds Healthcare Services will monitor their sales and the amount of clients/resident to determine if special actions are needed to exploit opportunities or correct any deviations.

Possible Deviations

Simmonds Healthcare Services faces several possible deviations some of which are:

  • Residents/clients not being satisfied with the services we offer.
  • The demand for our organization may not be sufficient to keep our business open year round.
  • One of our goals is expansion after fives and might not happen for various reasons.

Possible Solutions

Here are some possible solutions Simmonds Healthcare Services can utilize to   help correct these deviations if faced:

  • If our clients/residents are not satisfied with our services, we could work closely with them by forming a committee. This would allow our clients/residents to have someone to go to who they might feel more comfortable with when giving suggestions.
  • If there is a lack of demand for the services we offer, we could try to offer a free week of service after signing on. Another possibility would be to offer no contract for the first month.  This would allow potential clients/residents to try our facility and see if it’s what they are looking for prior to signing up.
  • One of the ways we can make sure that expansion after five years is possible is to make sure that enough time is devoted to developing our market plan by our Marketing Director. If additional staff is needed to make this happen then we will hire an assistant for our Marketing Director.

 

BIBLIOGRAPHY

NAICS.  Business & Industry.  Retrieved March 7, 2011, from U.S. Census Bureau.  Website: http://www.census.gov

Adult Care Services.   The Margaret T. Morris Center.  Retrieved March 7, 2011 from Programs of Adult Care Services.  Website:  http://www.adultcareservices.org

Kerin, Roger A., Berkowitz, Eric, N., Hartley, Steven W., and William Rudelius.  (2009).  Marketing. 9th Edition.  McGraw-Hill Higher Education.  (pp. 3-305).

 

Appendix A

Simmonds Healthcare Services Flyer

 

Simmonds Healthcare Services

Offering care in Assisted Living and Adult Daycare

 

Special Point of Interest:

Licensed Assisted Living/Adult Daycare Services

100 Apartments

Studio, 1 bedroom, 2 bedrooms

Services include dining services, programs to

Meet all lifestyles and many more….

Daily Personal Care

Experienced Owner/Manager

 

Simmonds Healthcare Services will be one of the first Assisted Living and Adult Daycare Facility in Decatur, Georgia.  This new Assisted Living and Adult Daycare Facility will meet all Health Department requirements.  We will provide 24/7 Nursing care, implement and maintain strict staff training standards.

 

For more information, and to schedule a personal tour with a complimentary lunch please call:

404-555-5555

www.simmondshealthcareservices.com

444 Living Road, Decatur GA 30031

Appendix B

Simmonds Healthcare Services Coupon

Simmonds Healthcare Services

Assisted Living Facility

Sign-on Bonus include:

No down payment

 10% off 1st month rent

6th month free

Simmonds Healthcare Services

Adult Daycare Services

6th month free

10% off 1st month payment

No down payment

 

Simmonds healthcare Service

Assisted Living and Adult Daycare Facility

 

Existing Daycare/assisted Living facility members

Will receive

50% Discount on 1 month rent or daycare fee

For a one-time referral

25% at the time the client signs up

&

25% after the client has completed 6 months

 

 

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