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This sample marketing plan was created with Marketing Plan Pro software.

Elite Medical Transcription will take a multi-pronged approach to its marketing strategy. The first activity that Elite will undertake is advertisements. Two sources for the advertisements will be employed. The first will be Yellow Page advertisements. Although the Yellow Pages are a fairly general source of information, they are widely used to locate service providers.

Advertisements will be also displayed in two different newsletter/journals. Both doctors and psychologists have a local/regional newsletter that is dedicated to serving the specific practitioners. These newsletters are sent out by the different licensing boards so all practitioners receive them.

The last marketing effort will be a website. This will be a comprehensive source of information about the company and the services offered. The website is likely to be used by people that have a knowledge of Elite but would like more information regarding the services offered. However, some people will view the site with no prior knowledge of Elite. They will be able to access the site by using a search engine such as Google to find Elite's website.

Mission

Elite Medical Transcription's mission is to provide the finest medical transcription service available. We exist to attract and maintain customers. When we adhere to this maxim, everything else will fall into place. Our services will exceed the expectations of our customers.

Marketing Objectives

  • Increase repeat customers by 4% per quarter.
  • Decrease customer acquisition costs by 7% every two quarters.
  • Achieve the status as the #1 medical transcription service in Jeffet.

Financial Objectives

  • Strong, steady growth in sales.
  • Achieve a double-digit growth rate for the first three years.
  • Profitability by the end of year one.

Target Marketing

EMT will focus on two distinct groups that use medical transcription services:

  1. Doctors: These physicians typically practice solo or are with one or two other physicians. Because of the small office, they often do not have an in-house transcriber. The advantages of not having an in-house person are reduced labor costs and overhead.
  2. Psychologists: These doctors are very similar to the above market segment. They practice alone or in a small group and typically do not have an in-house transcriber. Although psychologists are medical doctors, their vocabulary of terms requires expertise in the field of psychology to be able to offer transcription services to them.

Positioning

Elite will position itself as the premier medical transcription service in town. Through the use of medical training, unparalleled convenience, and sophisticated software, Elite will quickly gain market share. The desired positioning will be achieved by leveraging its two competitive advantages:

  • The first is the use of advanced digital equipment. EMT has invested in the newest technology that serves two purposes. The first purpose is gains in efficiency for EMT. Through the use of the digital equipment, EMT can process the dictations quickly and more accurately. This benefits the clients, as it allows them the opportunity to make a dictation over the phone at any time during the day. In the age of the cellular phone, this is quite a convenience allowing the doctor to no longer be tied down when making the transcription.
  • EMT's second competitive edge is its commitment to training. In addition to requiring classes in medical transcription to familiarize transcribers with the medicalease, EMT has a sophisticated suite of software manufactured specifically for medical transcriptions. EMT's staff are all trained to utilize this software to its greatest advantage, developing the most error-free document as possible.

Strategy Pyramids

The single objective for Elite is to gain market share for the medical transcription service. While there are many transcription services, there is only one other service that specializes on the medical community. Specializing on this specific niche reduces the size of the market, but it allows Elite to compete more effectively and efficiently because of its in-depth medical knowledge.

The message that Elite seeks to communicate is that it offers the best trained, most convenient transcription service for the medical community. This message will be communicated in different ways. The first method will be the use of advertisements in the Yellow Pages. This method will be particularly useful for people that turn to the Yellow Pages for company/market information.

The second method will be advertisements in the two local newsletters for physicians and psychologists/psychiatrists. These newsletters are produced by the licensing boards for the respective practitioners and have a well-targeted, well read population of readers.

Marketing Mix

Elite's marketing mix is comprised of the following approaches to pricing, distribution, advertising and promotion, and customer service.

  • Pricing: The pricing scheme is flexible to meet the needs of the customers. Typically it will be based on a per document charge and a per word fee.
  • Distribution: Services are offered at the customer's place of business or over the phone.
  • Advertising and Promotion: Advertising in the Yellow Pages as well as in industry journals/newsletters will be used. Additionally, Elite will have a comprehensive website used for marketing purposes.
  • Customer Service: Gaining repeat customers will be one of the business objectives. With this recognized, premium customer service will be ensured to guarantee repeat business.

Marketing Research

Recognizing that market research would be necessary to gain sufficient insight into the market and its customers. Elite held two focus groups to gather marketing research. The groups consisted of seven physicians per group. The groups were structured by using a set of questions asked to each group.

In addition to the structured questions, each focus group had a free flowing question/discussion forum. The free flowing section was particularly useful as many ideas and questions arose that were not contemplated earlier. Having gained so much valuable information from the initial focus groups, Elite plans to have another in a years time.

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