Developing A Business Plan: Introduction, Products And Services, Marketing Plan, Market Research, Operation Plan, Customers, Competition, Marketing Strategy, Management And Organisation, Production, Location
Products and Services
A successful business plan is one where the idea of a product or service has not yet been launched and it involves exploration of various kinds of services. The new start-up should be such which might support economic reasoning and support in the form of future financial and economic feasibility of the business. There are several factors and conditions that needs to be analysed when conducting an analysis on the products and services and the same has been applied during the evaluation of the business plan. One such industry and business idea selected for the business plan was selecting the healthcare industry and the same has been selected depending on the forecast for the industry and the demanded products and services from such sector (Boiko, 2016). United HealthCare Company aims to provide healthcare services and insurance services to the consumers in the form of various health related services and insurance products. The company will be based in the United States and will be providing its services in the United States with its main central office located at the New York City. The Company can start with new services like providing healthcare services in the form of providing a website cum platform for the doctors and patients/customers for interacting about the health related query and getting an advice on the same (Burns & Dewhurst, 2016).
Products and Services
The primary new products and services to be provided by the company will be in the form of various kinds of health services demanded by the consumers and the treatment and advice on the same with the help of the company website platform (O’Donnell & Dahl-Popolizio, 2018). The company can providing an online video and chat support option with the various kinds of specialized doctors in various fields. Customers will have the option of selecting the best available specialized doctor in the specific specialised field along with the review and rating of the doctor’s advice (Chambers & Humble, 2017).
The various types of new health products, which the company can provide to the customers, will be primary in the form of health drinks, nutrition bar, protein shake and energy drinks.
Services of United Health-Support
The marketing plan for the company will be primarily based on the key customers looking for general health services with the convenience of web chat, video call options and other support chat options. The new business plan will be primarily targeting the pharmacy shops, online advertisements, and local newspaper advertising and other forms of social media marketing (Lange, 2018).
The research about the demand of health related products, services is necessary, and the company with the help- of the application and the usage of the primary and secondary data did the same. The primary market research involved reviewing customers about the customer’s perception about the type of online health services the company will be providing and the frequency of availing such services. The results generated from the primary market research was that the consumers usually prefer such services for general health check. The business service will help them provide services at the convenience of 24*7-health support from the various communication tools with health service provider. The secondary market research about the business involves researching about the demand for the health products and services in the context of developing health and services industry and the type of health services customers require (De Mooij, 2018).
Marketing Plan
The marketing plan for a business acts as a sound and strategic factor which needs to be taken into consideration and the construction of same will help guide the management of the company in the operations of the company. The company should primarily advertise and market its product in the form of retail advertising with the pharmacy shops, supermarkets, local newspaper and online advertisement of the same. Since the objective of the company is to focus on primary health services in the form of health advisory services the complexity involves in later stage or complex stage of treatment of health related services is eliminated and the company may not face many regulatory or legal burden (Canfield, 2017).
The customers base for the business will be not limited to age or preference of the consumers rather it will cover a wide range of customers who are seeking medical health support. The demand for such medical healthcare support has been primarily derived from consumers above the age of 45-80 who are prone to one or the other health related issues and can be treated or cured with little effort (Simeunovic et al. 2016).
United HealthCare may face several issues depending in the business environment under which the company operates one such reason may be the competitive environment. There is as such no direct competition faced by the company but the company may face a huge amount of indirect competition from other health chambers, hospitals and other nursing advisory centres (Jacobs, Chase & Lummus 2014).
The marketing strategy of the business should be decided in such a manner which would help the company in reaching and the sending the message to the consumers about the type of business services they provide. The common marketing tactics involves marketing in social media, creation of brand awareness, pay per click and other blogging website. The coimpany can advertise about the various kind of business services and products it cater and acccrodingly attract consumers. However, it is more important that the company identify there key customer base and the importance of the same in the overall business context (Charter & Tischner, 2017).
The management of the organisation plays a crucial role and the same has been taken into account. The guidance and the strategy of the management in the operations of the company were taken into account.
The services or the product to be delivered by the company will be dependent on the health services required by the consumers and they can get an easy access to the various services and products. The health products to be sold by the company would be manufactured in the official location of the company where the company will be carrying on its operational work (Ginter, Duncan & Swayne, 2018).
United Health-Support will be providing the health care solution with the help of website or video call support where the company would not require an ample amount of space for rendering the services. However, the health products will be manufactured in the New York City itself. The operational work zone and the manufacturing work zone will be having a separate building and separate work environment for carrying on the daily business activities.
Market Research
The legal environment under which the company regulates does not require major requirements and approval from the Food and Drug Administration (FDA). The Statuary authority regulates the various kinds of health products and services in the United States of America and guides the manufactures regarding the approval and the licensing of the pharmacy products.
The number of employees required for the new product/service would be around 50 employees who will be working in the operations of the company and in the manufacturing of the various kinds of health products.
The company will be providing credit services or grant products on the credits to the retailers and the wholesalers on a 30/360 day basis where the company will be providing the business will be granting these goods on a credit basis (Gooch & Kahn, 2014).
The financial statement of the company were prepared in the context of the analysis of the company and the relevant forecasting of the sales of the company and the key expenses of the company were taken into account. The projected profit and loss statement, cash flow statement and the balance sheet of the company with the view of the factors under which the company will be operating its product and services. The projected financial statements involved the revenue statement of the company and the capital inflows in the form of investments done by the owner of the company. The projected 12-month sales for the various types of health services and products to be delivered by the company were forecasted and the same were incorporated in the financial statements of the company (Dewachter et al. 2015).
The total start-up expenses required for starting the operations and the workings of the company in acquiring the assets of the company and for establishing the services of the business, an estimated 3.5 million would be required for the company. The total start-up expenses required for the company will be distributed at the various stages and the capital at the first year would be around 1.5 million, which would be financed with the help of the personal financing and through borrowings in the forms of loans from banks (Lovelock & Patterson, 2015).
The technique and the application of the breakeven analysis is a widely used management technique to be applied for determining the level of sales of the company in order to make the business at a no profit/loss condition (Khurshid et al. 2014).
|
Revenue |
Contribution |
Fixed Cost |
Profit |
|
360000 |
180000 |
101027.89 |
78972.11 |
|
396000 |
198000 |
101027.89 |
96972.11 |
|
252569.7263 |
126284.863 |
101027.89 |
25256.97 |
|
303083.6715 |
151541.836 |
101027.89 |
50513.95 |
|
Breakeven Analysis |
|||
|
Breakeven Sales Value = |
average fixed cost/% contribution |
Conclusion
The United HealthCare Company is expected to have a sound business forecast and future and the same is dependent on the forecasted demand and feasibility of the business. The new products and services offered by the company is unique and the strategic plans decided by the management of the company will help them stand out of the competition. The Operational plan developed for the business will help the company guide about the various production, location related and other factor which may influence the business conditions. Finally, the forecasted financials of the company were found to be feasible enough and viable to continue as a successful business venture. The various kinds of health products and services will help the company diversify and create a range of product portfolio where the revenue base of the company at the same time is diversified. The market research about the business of the company involved the perception of consumers towards the type of business services and the frequency of availing such kind of services.
References
Boiko, V. I. (2016). METHODS OF DESIGNING AND IMPLEMENTING A BUSINESS PLAN IN THE CULTURAL SECTOR OF THE REGIONS OF THE COUNTRY. In PERSPECTIVE DIRECTIONS OF SCIENTIFIC RESEARCHES (pp. 169-172).
Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and entrepreneurship. Macmillan International Higher Education.
Canfield, T. L. (2017). Mint Health Functional Medicine Clinic: A Business Plan. California State University, Long Beach.
Chambers, I., & Humble, J. (2017). Plan for the planet: a business plan for a sustainable world. Routledge.
Charter, M., & Tischner, U. (Eds.). (2017). Sustainable solutions: developing products and services for the future. Routledge.
De Mooij, M. (2018). Global marketing and advertising: Understanding cultural paradoxes. SAGE Publications Limited.
Dewachter, H., Iania, L., Lyrio, M., & de Sola Perea, M. (2015). A macro-financial analysis of the euro area sovereign bond market. Journal of Banking & Finance, 50, 308-325.
Ginter, P. M., Duncan, W. J., & Swayne, L. E. (2018). The strategic management of health care organizations. John Wiley & Sons.
Gooch, R. A., & Kahn, J. M. (2014). ICU bed supply, utilization, and health care spending: an example of demand elasticity. Jama, 311(6), 567-568.
Jacobs, F. R., Chase, R. B., & Lummus, R. R. (2014). Operations and supply chain management (pp. 533-535). New York, NY: McGraw-Hill/Irwin.
Khurshid, R., Tabish, S.A., Hakim, A., Khan, A. and Singh, Y., 2014. Break-even analysis of MRI facility at a large tertiary care teaching hospital of North India. IJMAHS, 2, pp.220-222.
Lange, S. (2018). Holistic Health Solutions Business Plan.
Lovelock, C., & Patterson, P. (2015). Services marketing. Pearson Australia.
O’Donnell, R., & Dahl-Popolizio, S. (2018). Business Entrepreneurship: The Integrated Behavioral Health Business Plan. In Training to Deliver Integrated Care (pp. 143-159). Springer, Cham.
Simeunovic, K., Davis, T., Snider, I., & DeVries, M. (2016). North Shore Pro-Active Health: A Small Business Promotional Plan.