unit 4 paper

 

In this Assignment, you address the specifics of your product or service. The more specific you are, the better chance that the plan can be executed.

In this Assignment, you will analyze and then describe your product or service, pricing structure, product or service life cycle, appropriate intellectual property rights pertaining to your product/service, and outline necessary ongoing research and development. Complete section 4 in the business plan template located in Course Resources.

Assignment checklist:

• Description of product or service
• Pricing structure
• Product/Service Life Cycle
• Intellectual property rights
• Research & Development (R&D)

Access the

rubric

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Running head: BUSINESS PLAN: NURSING CARE FACILITY

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BUSINESS PLAN: NURSING CARE FACILITY

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Business Plan: Nursing Care Facility

Shannon Oberlin

1/22/2018

Business Plan: Nursing Care Facility

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.3: Competitors

Nursing care facilities subsector of the healthcare industry is one of the most competitive subsectors in the industry due to the vast number of established nursing care facilities throughout the country. The subsector has with time reshaped itself to accommodate people with unstable income since 201

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something that has made the subsector of the healthcare industry to grow so fast (Aiken et al., 2012). The competition has been enhanced due to the big number of older generation as the baby boomer get to retirement age increasing the number of Americans over the age of

6

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years. Apart from the intensive competition that the business is likely to face, Medicare and Medicaid has fluctuated its reimbursement which has made the subsector more competitive. This has resulted to collapse of several businesses and acquisitions which has resulted to giant nursing care facilities with huge financial muscles dominating the subsector.

3.3.1 Table

4

5

5

5

3

4

4

4

4

3

3

3

4

3

5

3

2

Estimated Market Share

Competition 93%

Home Improvements Inc. 7%

Quality service

4

5

Technology

Advertising

2

Sales Force

3

Distribution

Price

Ease of access

6

Reliability

Responsiveness

Efficiency

Industry Reputation

3.3.2 Explanation

From the figures in the table above, Nursing Care Facility occupy a market share of 7% despite the fact that it is still a new business in the subsector. The company has been able to achieve this Market share has been realized because of the facility’s availability and reliability (Aiken et al., 2012). This has also been possible because of the company’s intensive advertisement and provision of high quality services at a low price as compared to that of the subsector market. Despite the company strength that has propelled it to where it is, the company’s greatest is small capital base which has been the biggest barrier to competing effectively in the market. The company target market is the baby boomer which is very important to the market competitor since most of this target group has stable source of income which has made it a target of giant nursing homes in the industry (Nagle et al., 2016). Despite the barriers that the company is currently facing in the industry, the business has strategically planned to utilize the window of opportunities that the subsector presents due to the improvement in technology. The company will utilize on technology and improved service provision to overcome the weaknesses and the barriers and grow to the top of the market

3.4 Competitive advantage

As a new business in the market, the business has to lay down strategies that will make it unique from other business and ensure that consumers choose on the company in preference to others. The business is working on strategic business positioning by employing the best experts, specialist and trusted workforce which will attract consumers and use this as a competitive advantage (Nagle et al., 2016). Providing expert services will become a business competitive advantage us consumers will start coming to us instead of us chasing on the customers. The other advantage that the company intent to implement is the “learn on the shoulders of the giants” concept. The company will not work to invent new strategies to increase its market share but will build on failed experience of other organization so as not wasting time with building a new strategy.

3.5 Regulations

Healthcare industry is a heavily regulated industry in the United States. This is because it deals with the lives of the American citizens and inhabitants (Aiken et al., 2012). The company is likely to face regulations originating from the state and the federal governments. The main regulation that the company has to implement is the famous Obamacare which requires that healthcare provision should be of high quality.

References

Aiken, L. H., Sermeus, W., Van den Heede, K., Sloane, D. M., Busse, R., McKee, M., … & Tishelman, C. (2012). Patient safety, satisfaction, and quality of hospital care: cross sectional surveys of nurses and patients in 12 countries in Europe and the United States. Bmj, 344, e1717.

Nagle, T. T., Hogan, J., & Zale, J. (2016). The Strategy and Tactics of Pricing: New International Edition. Routledge.