Laser XY, Inc. Marketing Plan Week 3 Assignment 1 MKT500 July 22, 2012 Executive Summary Laser XY is preparing to open up Clinics in predominantly Afro-American areas. It will be using promotional tools directed at Afro-Americans with Glaucoma. The strategy of Laser XY is to assist the Afro-American communities due to this groups high-risk for eye diseases. Thus, the company creates communications that conveys a positive concern for the eye health of the Afro-American communities.
Laser XY has completed the initial market research to evaluate the potential sales opportunity in the United States (“Glaucoma health guide,” 2012). If successful, Laser XY is prepared to launch clinics in the Canadian markets as well in order to address the customer needs. As part of the preliminary research, Laser XY identified the market and target segments for its services and completed a Strengths, Weaknesses, Opportunities, and Threats analysis to evaluate business fit. In addition, Laser XY created and effectively communicated its position statement for the clinic lunch. “Glaucoma health guide,” 2012) Laser XY background Laser XY is a specialty clinic that performs Laser correction for African Americans with Glaucoma. Laser XY is an exciting, life-enriching procedure. Laser XY understands that each patient must feel fully comfortable with his or her decision to have the treatment, as well as with the vision care team who will supervise each step of the process. That’s why Laser XY combines proven, state-of-the-art, FDA-approved technology with a professional team that specializes in Glaucoma correction. Strategic mission statement
Laser XY “Healthy Vision for Life: Focus on African-American Eyes” is the latest aspect of its ethnical marketing platform to raise awareness of the eye health needs of at-risk group. The initiative started with the fast-growing African American market at higher risk for many eye health issues, in 2013. In addition to superior experience, Laser XY ensures the utmost success and safety during laser vision correction involves using state-of-the-art equipment and highly trained personnel. This is translated into a higher cost compared to the so-called “discount Lasik chains”. We believe that our patients understand that a compromise on quality is unacceptable when it comes to one’s vision. It is our commitment to best service and technology. ” Marketing plan Determine and decide upon at least one (1) foreign market for the product and service. Provide your rationale for this market. Canada is a world leader in laser eye surgery and every year almost 40-50% of the laser eye surgery-taking place in Canada is conducted by a number of companies. The cost of laser eye surgery in Canada is more reasonable and affordable.
This is due to a favorable exchange rate on the Canadian dollar, the lack of laser royalty fees in Canada, and the cost-effective economies of scale that are achieved in a sub-specialized center with many patients. According to the 2006 Census by Statistic Canada, 783,795 Canadians identified themselves as black, constituting 2. 5% of the entire Canadian population * About 30% of Black Canadians have Jamaican heritage. * An additional 32% have heritage elsewhere in the Caribbean or Bermuda. * 60% of Black Canadians are under the age of 35. 60% of Black Canadians live in the province of Ontario. * 97% of Black Canadians live in urban areas. There are 32,000 more black women than black men in Canada (“Why chose Canada,” 2012) Discuss the potential audiences for a marketing plan and the needs of those potential audiences. Worldwide, Glaucoma is the second leading cause of blindness. It is also the first leading cause of blindness among African Americans. It is not clear why people of African ancestry have higher rates of glaucoma and subsequent blindness than Caucasians.
One factor may be that African-Americans are more susceptible to developing elevated eye pressure (IOP) earlier in life, which is thought to contribute to optic nerve damage and eventual vision loss. Another reason may be that patients of African descent are less likely than Caucasians to have early eye examinations that may detect and treat glaucoma. Glaucoma affects 1 in 200 people aged fifty and younger, and 1 in 10 over the age of eighty. If the condition is detected early enough it is possible to arrest the development or slow the progression with medical and surgical means. Glaucoma Treatment, 2012) Marketing Strategy: ? Target Market: Low to Middle Income consumer’s ? between the age of 18-up 1) Positioning: To create and increase buyer awareness of the Laser XY services and brand. To attract new customers, resulting in increase in sales and market share for Laser XY insurance in the private health insurance industry along with encouraging long-term relationships with the existing and new customer through advertisement and media. It is essential that this target segment use all the marketing variables.
In particular a judicious use of pricing policy can lead to excellent growth in sales revenues. 2) Product Line: Laser XY provides members with clear vision and freedom at a lower expense. Augmented services include care booth before and after the Lasik laser eye surgery, with four years free of charge guarantee, and customer support. 3) Price: Below competitors. Interest Free special for 12 or 24 months! Spread the cost of laser eye surgery over 12 or 24 months and pay no interest if you repay the total cost within the agreed timeframe. No deposit required. 2, 36, or 24 convenient monthly payments No early settlement fees or penalties. Laser Cost for One Eye – $1500, Laser Surgery Cost for Two Eyes – $3000. 4) Promotion: Laser XY will establish outlets and free vision screening booths in localities that have a high Afro-American population. Special outlets to be organized and price-offs to be offered for limited time period. This will allow the members to expand benefits with a lesser payment. Major newspapers, trade magazines and other health periodicals will be used to promote the service.
Along with brochures describing the benefits of Laser XY surgery insurance will be made available in all services outlets. In addition, Laser XY, Inc. will promote the service via the Internet, providing a large amount of information, using banner exchange, and contacting particular user groups. (Glaucoma Treatment, 2012) Discuss the target market and provide a rationale for this target market. Consider the strategy of Laser XY. It declares the Afro-American communities as a high-risk group for eye diseases and creates communications that conveys a positive concern for the eye health of the Afro-American ommunities. For instance, Laser XY will open booths for checking eyes. This is a strong marketing strategy. When the potential customer presents herself for a check-up a need for service is revealed and the customer is directed to Laser XY. ? Laser XY sends communications targeted at the Afro-American community. It shows concern for the members of the communities, communicates that the Afro-American communities are at a far greater risk with a detection of Glaucoma, and so they need Laser XY services.
The valuable education that they give is a disguised marketing communication targeted at this potentially lucrative segment. From the perspective of Laser XY, the Afro-American communities are a potentially attractive and lucrative segment. Perform a SWOT analysis (strengths, weakness, opportunities, and threats) for the company. The use of SWOT analysis is important to identify ways to minimize the effect of Laser XY Inc. weaknesses while trying to maximize its strengths and at the same time recognize ways to exploit its opportunities and respond to its threats.
Strengths: * Afro-American communities as a high risk group for eye Glaucoma causes this a potentially attractive and lucrative segment * Unique offering with little or no competition in the market. ? * Locating Laser XY Inc. stores in Afro-American predominant areas and using promotional tools directed at Afro-Americans will go a long way in increasing the market share of Laser XY, Inc. Weaknesses: * Lack of brand name and reputation in the marketplace as compared to existing clinics. ? * Laser treatment does not give a surety of a 20/20 eye vision.
However, it allows the patient to have a proper vision in absence of any glasses or corrective lenses. Such improvement encourages the patient to take a chance with the complication associated to laser eye surgery. Being a startup company, there is lack of strong financial base for spending on advertising or promotions compared to established clinics. Opportunities: ? * Strong growth opportunities in emerging markets in US, as well as strong potential in developed markets in Canada * The development of this service especially for Afro-American communities opens up new opportunities or Laser XY Inc. to maximize its revenues from the Afro-American segment. * Laser XY Inc. will show concern for the members of the communities, communicates that the Afro-American communities are at a far greater risk of Glaucoma, and so they need Laser XY, Inc. Threat * Threat of competition from established clinics as well as new potential entrants in the market due to low barriers of entry. ? * Major threats are potential imitation from other competitors and need to offer new products regularly in order to maintain competitiveness. Clients choosing more economical vision correction choices, such as prescribe eye drops, eyeglasses, and contact lenses. * Cost of LASIK eye surgery cost differs widely from one provider to another and depends on many factors. African American is a high risk of vision loss from this disease. With the commitment of our professional management team and enthusiastic staff, the culture of the organization driven by Laser XY, Inc. has been created to make a difference to this targeted group.
Our marketing segment is to exploit our services for both men and women from low to middle segments of the society that are willing to use our services. Our target customers will not only have optional payment plans, it will also encounter superior experience, safety laser vision correction. This involves using state-of-the-art equipment and highly trained personnel. Furthermore, locating Laser XY, Inc. stores in Afro-American predominant areas and using promotional tools directed at Afro-Americans will go a long way in increasing the market share of Laser XY, Inc.
References Glaucoma /treatment. (2012, June). Retrieved from http://www. glaucoma. org/treatment/laser-surgery. php http://adam. about. net/reports/000025_8. htm African-Americans’ glaucoma risk http://outlook. wustl. edu/2011/dec/glaucoma-risk Glaucoma health guide. (2012, July). Retrieved from Glaucoma http://health. nytimes. com/health/guides/disease/glaucoma/risk-factors. html Why chose canada. (2012, July). Retrieved from Why choose Canada–http://www. lasikmd. com/north-york/corporate-information/why-choose-canada