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Confidentiality Agreement
Table Of Contents
1.0
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2.0
Situation Analysis . . . . . . . . . . .
2.1
Market Summary . . . . . . .
2.1.1 Market Demographics
2.1.2 Market Needs . . . .
2.1.3 Market Trends . . .
2.1.4 Market Growth . . .
2.2
SWOT Analysis . . . . . . . .
2.2.1 Strengths . . . . .
2.2.2 Weaknesses . . . .
2.2.3 Opportunities . . . .
2.2.4 Threats . . . . . . .
2.3
Competition . . . . . . . . .
2.4
Services . . . . . . . . . . .
2.5
Keys to Success . . . . . . . .
2.6
Critical Issues . . . . . . . . .
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.2
.2
.3
.3
.3
.4
.5
.5
.5
.6
.6
.6
.6
.7
.7
3.0
Marketing Strategy . . . . .
3.1
Mission . . . . . . .
3.2
Marketing Objectives
3.3
Financial Objectives .
3.4
Target Marketing . .
3.5
Positioning . . . . .
3.6
Strategy Pyramids .
3.7
Marketing Mix . . . .
3.8
Marketing Research .
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.7
.7
.8
.8
.8
.8
.9
.9
.9
4.0
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. 10
. 10
. 11
. 12
5.0
Controls
5.1
5.2
5.3
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. 12
. 13
. 13
. 14
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. . . . . . . . . . . . .
Implementation Milestones
Marketing Organization . .
Contingency Planning . .
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$180,000
$160,000
$140,000
$120,000
$100,000
Physicians
Psychologists
$80,000
$60,000
$40,000
$20,000
$0
2003
2004
2005
Page 1
Target Markets
Physicians
Psychologists
Growth
9%
8%
8.52%
2003
215
165
380
2004
234
178
412
2005
255
192
447
2006
278
207
485
2007
303
224
527
CAGR
8.96%
7.94%
8.52%
Page 2
Behavior Factors
Prefer to remain in a small private practice.
Have poor handwriting, or are responding to insurance company's requirements for
legibility.
Appreciate the convenience to be able to perform their dictations when it is most
convenient for them.
Have no desire to have the overhead of a full-time transcription person on staff, value the
ability to keep overhead low.
Page 3
Market Forecast
600
500
400
Physicians
300
Psychologists
200
100
0
2003
2004
2005
2006
2007
Page 4
9.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
Physicians
Psychologists
2.2.1 Strengths
Medical specific training.
Sophisticated software significantly increasing the convenience and accuracy of the offered
service.
Comprehensive training program for employees.
2.2.2 Weaknesses
The inability to rapidly scale.
A limited marketing budget.
The difficulty of establishing brand equity as a start-up.
Page 5
2.2.4 Threats
Potential competition from existing transcription services that decide to focus on the
medical niche.
Huge technological gains in speech recognition software for individual consumers.
The outsourcing of transcription services to national companies through increased
technological gains of Internet technology.
2.3 Competition
The competition takes two general forms:
1.
General Transcription Service: These are transcription services that offer medical
services in addition to general service offerings. These firms typically have someone who
has been trained in medical transcription, but does not do medical exclusively.
2.
Specialized Medical Transcription: There is currently one company that is a true direct
competitor with EMT, serving only the medical community. The market looks promising as
this firm does not have enough staff to meet demand. Additionally, this firm does not
provide specialized service to psychologists.
The buying patterns for medical transcription services are typically based on the type of
relationship the physician has with the transcriber. If the physician does not have an in-house
solution then they ideally will have a long-term relationship with a service provider. If the physician
or hospital has in-house transcribers, then their relationships with the transcriber services are
based on sporadic service calls, filling a need when their service provider is unable.
2.4 Services
EMT will provide high-level medical transcription services to the Jeffet medical community. EMT
typically transcribes office visits, surgery notes, lab results, admissions, assessment, and discharge
summaries.
EMT will offer digital transcription services that allow the physician to call into EMT's office and
record the dictation over the phone while EMT's computer records. This will allow the physician to
submit the dictation at any time during the day, without having to schedule the transcriber to
come in or to have to forward a cassette to the dictation service. There are still some physicians
who will only use their micro cassette recorder, EMT is set up to service those customers as well.
EMT will also offer a rush service that promises transcriptions in 24 hours. It costs more but cuts
the turnaround time in half.
Page 6
3.1 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.
Page 7
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.
3.5 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.
Page 8
Page 9
Break-even Analysis
$10,000
$5,000
$0
($5,000)
($10,000)
$0
$2,960
$5,920
$8,880
$11,840
$14,800
46
$8,586
$185.00
$1.85
$8,500
Page 10
Physicians
$6,000
Psychologists
$4,000
$2,000
$0
Jan Feb Mar
Jul
2003
$42,706
$36,269
$78,975
2004
$82,458
$62,545
$145,003
2005
$93,542
$71,254
$164,796
2003
$4,271
$3,627
$7,898
2004
$8,246
$6,255
$14,500
2005
$9,354
$7,125
$16,480
Page 11
Advertisements
$800
Website
$600
$400
$200
$0
Jan Feb Mar Apr May Jun
Jul
2003
$4,950
$2,500
-----------$7,450
9.43%
$63,628
80.57%
2004
$5,500
$2,000
-----------$7,500
5.17%
$123,003
84.83%
2005
$6,000
$2,000
-----------$8,000
4.85%
$140,316
85.15%
5.0 Controls
The purpose of Elite's marketing plan is to serve as a guide for the organization. The following
areas will be monitored to track performance.
Repeat customers.
Customer satisfaction.
Transcription efficiency: individual and organization.
Page 12
Milestones
Advertising campaign #1
Advertising campaign #2
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Plan
Start Date
1/1/03
3/1/03
7/1/03
4/1/03
8/1/03
End Date
2/1/03
6/30/03
10/31/03
8/30/03
12/30/03
Budget
$0
$2,450
$2,550
$4,300
$1,375
$10,675
Manager
Dawn
Dawn
Dawn
Dawn
Dawn
Department
Page 13
Page 14
Plan
Jan
$0
$0
$0
Feb
$1,245
$1,001
$2,246
Mar
$1,354
$1,245
$2,599
Apr
$1,654
$1,458
$3,112
May
$2,474
$1,874
$4,348
Jun
$3,254
$2,754
$6,008
Jul
$3,354
$3,021
$6,375
Aug
$4,125
$3,254
$7,379
Sep
$5,358
$4,685
$10,043
Oct
$5,987
$5,055
$11,042
Nov
$6,547
$5,687
$12,234
Dec
$7,354
$6,235
$13,589
Jan
$0
$0
$0
Feb
$125
$100
$225
Mar
$135
$125
$260
Apr
$165
$146
$311
May
$247
$187
$435
Jun
$325
$275
$601
Jul
$335
$302
$638
Aug
$413
$325
$738
Sep
$536
$469
$1,004
Oct
$599
$506
$1,104
Nov
$655
$569
$1,223
Dec
$735
$624
$1,359
Page 1
Jan
$500
$1,000
-----------$1,500
0.00%
($1,500)
0.00%
Feb
$550
$100
-----------$650
28.94%
$1,371
61.06%
Mar
$625
$100
-----------$725
27.90%
$1,614
62.10%
Apr
$200
$100
-----------$300
9.64%
$2,501
80.36%
May
$225
$100
-----------$325
7.47%
$3,588
82.53%
Jun
$300
$500
-----------$800
13.32%
$4,607
76.68%
Jul
$350
$100
-----------$450
7.06%
$5,288
82.94%
Aug
$325
$100
-----------$425
5.76%
$6,216
84.24%
Sep
$400
$100
-----------$500
4.98%
$8,539
85.02%
Oct
$450
$100
-----------$550
4.98%
$9,388
85.02%
Nov
$475
$100
-----------$575
4.70%
$10,436
85.30%
Dec
$550
$100
-----------$650
4.78%
$11,580
85.22%
Page 2