Marketing Plan for Royal Children's Hospital

This assignment requires a comprehensive marketing plan for Royal Children's Hospital. It analyzes internal and external factors impacting the hospital, including economic, social, technological, legal, and environmental aspects. A SWOT analysis identifies the hospital's strengths, weaknesses, opportunities, and threats. The plan further outlines target markets, key objectives, core strategies, and a tactical implementation framework with marketing mix components (product, price, place, promotion) for a one-year period.

MARKET PLAN

BACKGROUND
Marketing plan will be including all major sections ruling out for expanding company
into in market or increasing profits and customers as well. Marketing is the main essence of firm
that is enabling them to introduce new products or expanding their existing product or service
new market. So, in this current report, Royal Children Hospital marketing plan will be produced
including market analysis, macro and micro environment analysis and also the key objective of
marketing. Further in this report that is based on marketing plan of Royal Children Hospital
which is famous hospital in Melbourne giving quality and best service to children so that trust of
parents could be gained. The hospital is providing complete range of services to children with
including clinical services and promotion of health care so that programs for preventions could
also be included within. Currently, it is dealing with speciality of children hospital having its
centre in both Melbourne and Victoria with about 334 beds in total.
UNDERSTANDING MARKET
Micro environment
These are factors which is are affecting business from within the industry or company
itself and their ability to serve customers. Micro environment factors are generally within the
company or external part of organisation like its policies, employees, management and products
which they are selling. Micro environmental factors of Royal Children Hospital will be affecting
their growth and profitability as hospital is also working as trauma centre in Victoria, cardiac and
liver transplantation. The major factor could be number of bed within hospital as it will be
including to change the policies and procedures of firm on larger terms. So, for analysing micro
environment factors and its effect on Royal Children Hospital, Porter’s 5 forces model and BCG
matrix will be done.
Porter’s 5 forces model
Porter’s five forces model is an important tool for analysing and understanding which the
factors which could be driving are to shape the competitive advantage of company within
markets and industry. This could be helpful and used to make and modify strategies and as well
as policies for organisation in order to improve profits of firm in competitive markets.
Power of supplier
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There are larger number of firms that are dealing in this health and social care sector like
that the one which who are dealing with products, tools, equipment and services related to health
care. The companies or suppliers like one who are dealing in drugs, biotech, health care
equipment and machines. So, Royal Children Hospital will be having low bargaining power over
their suppliers as there are number of sellers in market who are supplying these products.
Power of buyers
There are many companies which are providing variety of services in with regard to
customers and they are ignoring the negative and positive effects of them on economy. If the
price of services and products are is increased in this sector so then this will not be having much
greater impact on buyers as they are having variety of options in regard to hospitals. So, the
purchasing power of buyers is relatively higher for customers in markets.
Substitutes available
There is no substitute for health and social care sector. if a person is seeking for any kind
of service then they will not be having any option of going to any other sector. But on the other
hand, Royal Children hospital will be having substitute like that of nursing homes or care centres
as well. The technological advancements and new innovations in this particular field could also
be treated to as substitutes which is helping customers who want to seek service but not in too
much wider terms.
Competitive rivalry
There are many hospitals into in sector which are having their existence and aimed aim at
giving services to customers. Royal Children hospital will be facing tough competitions within
the sector but as it is working as speciality in child care centre so, they could not be having fear
of facing competition.
Threat of new entrants
Hospitals in economy will be facing many issues and barriers which will be stopping
their progress or entry into in the market. The main reason would be government of several
nations which are not allowing or they are heavily regulating rules and policies on hospitals. If
there is hospital which is already been established in particular area, then government will not be
allowing any other to operate or set up their new venture in that area.
BCG matrix
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Macro environment
PESTLE
This will be analysing the macro or external environment factors of health care industry
that is affecting growth, profitability, customers and expansion within markets.
Political
These factors are related to factors which are impacting health care sector which is
regulated by government of specified nation and their rules which they implement. There would
be many factors like that of tax regulations, consumer protection act and insurance mandates that
are impacting Royal Childtren hospital. With this, it could be showen that governmental policies
will be impacting the spending on health or people which is done if the tax policies are been
changed.
Economic
There are economical factors also which would be leading to impacting affect health and
social care like that of interest rates, inflation and unemployment. If any kind of change is there
in these above said factors, then they will surely be affecting Royal Children Hospital. Like if the
interest rates are been increased then this will be causing lower down in money spending power
of people so thus impacting their spending on health as well. There is also limited access to
social and health care within Australia which will be not allowing people to seek medical care.
Social
The healthcare will also be relying on
Technological-
Legal-
Enviromental-
Market size
Demand forcast
SWOT analysis
This is major analysis among all which is governing or including factors which is telling
how strong company is from others and what are the weakness of firm.
Strengths
Royal Children hospital is known to as integrated healthcare company and this helps to
end- to- end service to patients. The company is having very well equipped and maintained
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specialised staff in child care providing all types of children related services. As Royal Children
hospital is meant to provide complete range of clinical service, health and preventive programs
for children and also tertiary care to young people.
Weaknesses
There is comparatively lesser amount of profit margin for hospital as they are bind by
government in not providing higher price of products and services within this sector. Other than
this, higher staff turnover ratio in health care sector will be causing reducing down of services
within sector.
Opportunities
There is huge high growth opportunity within the health care sector of Australia making
it the best of world including with good amount of investments. Apart from this, there is also
increase in medical tourism within country which is forming an opportunity for health and social
care to grow and develop in market.
Threats
The cost of medical expenses within Australia is increasing with decrease in quality of
services which is accounting for more people going to other countries for treatment purpose.
Then there is constantly increasing technological advancements within the health care sector
which is also causing failure of equipment and leading to death of many people. The attrition rate
within the health care sector is estimated to be increase with more and more demand for medical
professionals within sector which is comparatively low.
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Market research requirements
Consumer
CONCLUSION
Key marketing Objective
Core marketing strategy
Target market
IMPLEMENTATION
Marketing mix
Product
Price
Place
Promotion
1-year TACTICAL PLAN
Budget and target
Monitoring and control
REFERNCES
APPENDICS
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