Assignment: Business Finance - Management Marketing Plan

Overview

Lakeside Hospital has just received approval from the hospital board of directors to expand the current hospital to include a pediatric emergency care and hospital for children. Lakeside Hospital is located in Rochester, Minnesota. Your marketing team has been asked to develop a marketing plan for the new pediatric hospital to present to the senior executives and the board of directors. As part of your marketing plan, you have been tasked with the following:

I. Defining the target market.
II. Conducting a competitive analysis and a SWOT analysis.
III. Outlining the goals and marketing strategies.
IV. Creating a marketing budget.
V. Providing an implementation plan, including a timeline.

Preparation

The following resources will help you prepare for your assignment work:

I. Writing a Marketing PlanLinks to an external site..

1. This LinkedIn Learning course provides specifics on the different parts of a plan.

II. 8 Important Steps to Successfully Implement Your Marketing PlanLinks to an external site..

1. Brand strategist Laura Click explains the essential steps for implementing a marketing strategy.

III. Market SegmentationLinks to an external site..

1. This MindTools article explains how market segmentation allows you to tailor your marketing strategy to a variety of subgroups.

Instructions

Your plan should be 6 to 7 pages, including the title page and Sources page. It should include the following sections:

I. Overview: Create an overview of the target market using market segmentation that identifies and defines your target market.

II. Competitive Analysis: Create a competitive analysis that defines the competitors in your area by using Lehmann and Winer`s Level of Competition Model.

1. For example, look at Mayo Clinic Children`s Center and other competitors in the Rochester area.

III. SWOT Analysis: Analyze the strengths, weaknesses, opportunities, and threats for Lakeside Pediatric Hospital.

IV. Goals and Strategies: Outline your goals and the marketing strategies to achieve those goals.

1. Consider, for example, communication, branding, or innovation.

V. Marketing Budget: Describe your proposed marketing budget, including the costs for advertising and methods you plan to use to advertise.

1. Examples include social media, blogs, YouTube, billboards, and radio ads.

VI. Marketing Implementation Plan: Describe your marketing implementation plan, with details about your action plan and timeline to achieve the steps in your marketing plan.

VII. Sources: Use three credible, relevant, and appropriate sources to support your writing.