HCM 325_5-2 Final Project Milestone Two: Draft of Context and Market Analysis
Overview: For Milestone Two, you will establish the context for your healthcare product or service, and analyze the market. To establish the context, you will describe the industry segment, describe your target markets, and specify the marketing goals and objectives. In analyzing the market, you will conduct a strengths, weaknesses, opportunities, and threats (SWOT) analysis, assess the competitors in the market, and determine the current market position.
Prompt: Establish the context for your healthcare product or service, and analyze the market.
Specifically, the following critical elements must be addressed:
II. Establish the Context
A. Determine the marketing goals of your initiative. You should develop at least three specific objectives that apply best practices and align to the organizational mission and vision.
B. Analyze the industry segment for your healthcare product or service. Include all relevant details related to population segment and demographics, market size, psychographic or health status segmentation, regulatory influences, payer mix, and key success factors.
C. Identify and describe your target markets. Be sure to include all relevant details related to their demographics, characteristics, preferences, and consumer behaviors. In any area where you are lacking critical information, explain the type of data that you would collect to fully understand your target markets.
III. Market Analysis
A. Conduct a SWOT analysis for your selected healthcare product or service. Be sure to thoroughly analyze the strengths, weaknesses, opportunities, and threats by including at least three items in each category.
B. Assess your organization’s competitors using specific supporting examples. You should address at least two competitors, and discuss at least three strengths and weaknesses for each.
C. Based on your SWOT and competitor assessment, draw informed conclusions about your organization’s current market position and justify your claims with specific supporting examples.
Guidelines for Submission: Your draft must be submitted as a 4- to 5-page Microsoft Word document with double spacing, 12-point Times New Roman font, one inch margins, and at least three sources cited in APA format