King's Journey
MARKETING ANALYSIS RESEARCH REPORT
MARKETING ANALYSIS RESEARCH REPORT
CATHERINE FRANCIS
GRAND CANYON UNIVERSITY
King’s Journey, Inc
Marketing Plan
Table of Contents
1. Executive Summary
2. Company Description
3. Strategic Focus and Plan
4. Situation Analysis
5. Market-Product Focus
6. Marketing Program
7. Financial Data and Projections
8. Organization structure
9. Implementation Plan
Appendix A. Biographical Sketches of Key Personnel
Appendix B. Detailed Financial Projections
1. Executive Summary
2. Company Description
King’s Journey, Inc., is a 24 hour, seven day a week transportation service, adult elderly …show more content…
home care giving service, and a home food delivery service that operates seven days a week to assist the elderly or disabled community. The need for these services are there are thousands of elderly people who are unable to drive to get groceries, pay bills, socialize or are homebound, no relatives, or any one to care for them. Or because of their age, unable to have a license and can no longer legally drive. We can provide services that can assist the elderly with companionship, groceries not only during the week but on the weekends too. Also transportation to where ever they may need to go, when ever they need the service.
3. Strategic Focus and Plan
Mission
Provide superior care to our customers. To further, assist them by maintaining their independence and quality of life with companionship, groceries, and mobility.
Goals
● Nonfinancial goals 1. Although we begin our operation in Indianapolis Metropolitan area, would like to become a nationwide business by 2014. 2. To be among the top organizations that provides these services around the country. 3. Provide the highest quality of customer service to our customers, by hiring responsible, caring individuals that believe in what we are doing. 4. To provide consistent, superior and reliable care for our customers. 5. To offer a non-profit side of the organization that help benefit the low-income families.
● Financial goals 1. To obtain a real (inflation-adjusted) growth in earnings per share of 6 percent per year over time. 2. To obtain a return on equity of at least 10 percent 3. To have a public stock offering by the year 2014.
Core Competency and Sustainable Competitive Advantage King’s Journey, Inc., core competency seeks to become the top service provider for the elderly in our nation. To assist the low income as well with superior care, companionship, food and transportation. To sustain the competitive advantages we will work with other organizations that assist with the elderly and disabled. Such as food banks, homeless initiatives, Medicaid, Medicare, other insurance providers. Building these relationships with ensure that the service we provide will sustain a service that is so greatly needed our nation.
4. Situation Analysis
SWOT Analysis
Figure 1 shows the projected internal and external factors that may affect the market opportunities for King’s Journey, Inc.
Figure 1. SWOT Analysis for King’s Journey, Inc.
|Internal Factors |Strengths |Weaknesses |
|Management |Hired experienced management team and board | |
|Offerings |Superior and reliable service | |
|Marketing |Local newspapers, radio, retirement homes, |Initially not enough personal for the demand. |
| |hospitals, doctor office, other organizations | |
| |that require assistance for their patients. | |
|Personnel |Licensed and bonded |Turn over rate is high …show more content…
|
|Finance |Working with insurance company, government |Delay in payment from the insurance companies, |
| |agencies and customers personal finances |government agencies, and customer’s ability to |
| |insures an excellent profit. |pay. |
|Manufacturing |Local food banks in the area | |
|R&D |Continuing efforts to ensure quality in the |Development of rural areas. |
| |services provided | |
|External Factors |Opportunities |Threats |
|Consumer/Social |The growth potential for this product is likely|Customers that are afraid they can not afford |
| |to be stable. |the expense. Or not making the product |
| |The need for elderly care is increasing. |affordable to them. |
|Competitive |Distinctive name in this area. Company that |Most competitors are non profit |
| |will service all persons of all income levels. | |
|Technological | | |
|Economic |The need exist, and affordable rates make it | |
| |durable for most budgets. | |
|Legal/Regulatory |State and Federal law are applicable. | |
| | | |
This market is
Industry Analysis: Trends in Elderly Care
The consumer appeal and environmental factors that might influence the market of the product, it is believed that people are usually concerned about the youth and the elderly. As the baby boomers begin to enter their 60s and above they have concerns as to how they will be able to take care of themselves, if someone will be there to assist them when they are elderly and how will, they eat. The environment factors are demographics and cultural. In Indiana, 2010, there were 18.4% of our citizens that are age 60 and above according to the U.S. Census Bureau. The need for this service is growing and it serves as a means to protect our family members, with honest people that can assist them in their daily living and still keep their independence. Economic Forces will take a part in how much a customer can afford out of their disposable income to afford this service. Regulatory Forces are sure to be in place concerning the conduct of the businesses activities, and what can be charged for the services. The possible ethical responsibilities are that it is an acceptable Mirror of Society, an accepted standard. The social responsibility is that it is the right thing to do for the elderly and disabled. As a corporation, we have social responsibilities to our customers and their families to help protect them.
Competitor Analysis: Elderly Care
There are some Competitive Forces in the market, such as Meals on Wheels, Elders At the Table (EAT), and the Central Indiana Council on Aging Inc. (CICOA). CICOA is a privately owned company that provides food delivery during the week, care giving, and other very useful services for the elderly and disabled. CICOA Aging & In-Home Solutions, this organization is private and they provide meals for the elderly, but it looks as if they only provide it during the week. It is a for profit company and it also provides services such as, care giving, home health care, and other great services. Elders At the Table (EAT) is a non-for profit organization that assists with the elderly to make sure they do not go hungry. They also assist with transportation, food pantries, and other sources to assist the elderly. Meals on Wheels, Inc. Indianapolis, Indiana are privately funded. It provides meals for the homebound individuals here in Indianapolis and surrounding counties. These meals are delivered daily during the week and frozen food is provided for the weekends. This service provides the food and personal contact. The meals are prepared in local hospitals according to the physicians dietary instructions
Company Analysis
Customer Characteristics
The customer base will be come from referrals for organizations such as, Veteran’s Administration, the American Society of Aging, Meals on Wheels, Central Indiana Council of Aging, Inc, (CICOA), Alzheimer’s Association, Elders At the Table (EAT) and National Area Agencies on Aging.
It is cost efficient for these customers to be able to stay in their homes and these organizations try to assist them to be able to afford to stay in their homes. Other referrals are expected from hospital social workers, health care providers, insurance companies, and physicians. The environment factors are demographics and cultural. In Indiana, 2010, there were 18.4% of our citizens that are age 60 and above according to the U.S. Census Bureau. The need for this service is growing and it serves as a means to protect our family members, with honest people that can assist them in their daily living and still keep their independence.
Health and Wellness Concerns
Our customers can rely on our company to be reliable companions, help with minor chores, prepare meals, or provide groceries from the food banks, or transport them to the grocery stores, pharmacy, to pay bills, visit friends. The goal is to let them know they are still connected to society and some one
cares.
5. Market-Product Focus
Target Market
The King’s Journey, Inc will focus on two target markets for now. Our primary target will be elderly adults with annual incomes of $55,000 or more. We will also run a non-profit side of the business that deals with low income families. By using donations, grant funds, Medicare and Medicaid. Table 1 is the U.S Censors’ projected population of the United States, by age for years 2000 -2050. This table ensures that there is and will continue to be a market for this product.
As the company development we would increase, are services to include in home Non-Medical Assistance to assist with seniors and people who are physically challenged, suffering from chronic illness or recovering from surgery In addition, future market focus will be to include assistance with our homeless population, including homeless children. Focusing on providing shelter, education, and employment for them to become productive stewards of society.
|Table 1 Projected Population of the United States, by Age: 2000 to 2050 |
|(In thousands except as indicated. As of July 1. Resident population.) |
|(leading dots indicate sub-parts) |
|Population or |2000 |2010 |2020 |2030 |2040 |2050 |
|percent, by age | | | | | | |
|POPULATION |
|.TOTAL |
|..TOTAL |282,125 |308,936 |335,805 |363,584 |391,946 |419,854 |
|..0-4 |19,218 |21,426 |22,932 |24,272 |26,299 |28,080 |
|..5-19 |61,331 |61,810 |65,955 |70,832 |75,326 |81,067 |
|..20-44 |104,075 |104,444 |108,632 |114,747 |121,659 |130,897 |
|..45-64 |62,440 |81,012 |83,653 |82,280 |88,611 |93,104 |
|..65-84 |30,794 |34,120 |47,363 |61,850 |64,640 |65,844 |
|..85+ |4,267 |6,123 |7,269 |9,603 |15,409 |20,861 |
| | | | | | | |
|Source: U.S. Census Bureau, 2004, "U.S. Interim Projections by Age, Sex, Race, and Hispanic Origin," |
| |
|Internet Release Date: March 18, 2004 |
Points of Difference
Positioning
6. Marketing Program
Product Strategy: The need for superior elderly care with the everyday mundane tasks that are not as easily accomplished. We can assist with preparing meals, grocery shopping, transportation, light housework, or just providing companionship.
Price Strategy:
Promotion Strategy:
Place Strategy:
7. Financial Data and Projections
8. Organization Structure
9. Implementation Plan
Appendix A. Biographical Sketches of Key Personnel
Appendix B. Detailed Financial Projections
MARKETING ANALYSIS RESEARCH REPORT
CATHERINE FRANCIS
GRAND CANYON UNIVERSITY
King’s Journey, Inc
Marketing Plan
Table of Contents
1. Executive Summary
2. Company Description
3. Strategic Focus and Plan
4. Situation Analysis
5. Market-Product Focus
6. Marketing Program
7. Financial Data and Projections
8. Organization structure
9. Implementation Plan
Appendix A. Biographical Sketches of Key Personnel
Appendix B. Detailed Financial Projections
1. Executive Summary
2. Company Description
King’s Journey, Inc., is a 24 hour, seven day a week transportation service, adult elderly …show more content…
home care giving service, and a home food delivery service that operates seven days a week to assist the elderly or disabled community. The need for these services are there are thousands of elderly people who are unable to drive to get groceries, pay bills, socialize or are homebound, no relatives, or any one to care for them. Or because of their age, unable to have a license and can no longer legally drive. We can provide services that can assist the elderly with companionship, groceries not only during the week but on the weekends too. Also transportation to where ever they may need to go, when ever they need the service.
3. Strategic Focus and Plan
Mission
Provide superior care to our customers. To further, assist them by maintaining their independence and quality of life with companionship, groceries, and mobility.
Goals
● Nonfinancial goals 1. Although we begin our operation in Indianapolis Metropolitan area, would like to become a nationwide business by 2014. 2. To be among the top organizations that provides these services around the country. 3. Provide the highest quality of customer service to our customers, by hiring responsible, caring individuals that believe in what we are doing. 4. To provide consistent, superior and reliable care for our customers. 5. To offer a non-profit side of the organization that help benefit the low-income families.
● Financial goals 1. To obtain a real (inflation-adjusted) growth in earnings per share of 6 percent per year over time. 2. To obtain a return on equity of at least 10 percent 3. To have a public stock offering by the year 2014.
Core Competency and Sustainable Competitive Advantage King’s Journey, Inc., core competency seeks to become the top service provider for the elderly in our nation. To assist the low income as well with superior care, companionship, food and transportation. To sustain the competitive advantages we will work with other organizations that assist with the elderly and disabled. Such as food banks, homeless initiatives, Medicaid, Medicare, other insurance providers. Building these relationships with ensure that the service we provide will sustain a service that is so greatly needed our nation.
4. Situation Analysis
SWOT Analysis
Figure 1 shows the projected internal and external factors that may affect the market opportunities for King’s Journey, Inc.
Figure 1. SWOT Analysis for King’s Journey, Inc.
|Internal Factors |Strengths |Weaknesses |
|Management |Hired experienced management team and board | |
|Offerings |Superior and reliable service | |
|Marketing |Local newspapers, radio, retirement homes, |Initially not enough personal for the demand. |
| |hospitals, doctor office, other organizations | |
| |that require assistance for their patients. | |
|Personnel |Licensed and bonded |Turn over rate is high …show more content…
|
|Finance |Working with insurance company, government |Delay in payment from the insurance companies, |
| |agencies and customers personal finances |government agencies, and customer’s ability to |
| |insures an excellent profit. |pay. |
|Manufacturing |Local food banks in the area | |
|R&D |Continuing efforts to ensure quality in the |Development of rural areas. |
| |services provided | |
|External Factors |Opportunities |Threats |
|Consumer/Social |The growth potential for this product is likely|Customers that are afraid they can not afford |
| |to be stable. |the expense. Or not making the product |
| |The need for elderly care is increasing. |affordable to them. |
|Competitive |Distinctive name in this area. Company that |Most competitors are non profit |
| |will service all persons of all income levels. | |
|Technological | | |
|Economic |The need exist, and affordable rates make it | |
| |durable for most budgets. | |
|Legal/Regulatory |State and Federal law are applicable. | |
| | | |
This market is
Industry Analysis: Trends in Elderly Care
The consumer appeal and environmental factors that might influence the market of the product, it is believed that people are usually concerned about the youth and the elderly. As the baby boomers begin to enter their 60s and above they have concerns as to how they will be able to take care of themselves, if someone will be there to assist them when they are elderly and how will, they eat. The environment factors are demographics and cultural. In Indiana, 2010, there were 18.4% of our citizens that are age 60 and above according to the U.S. Census Bureau. The need for this service is growing and it serves as a means to protect our family members, with honest people that can assist them in their daily living and still keep their independence. Economic Forces will take a part in how much a customer can afford out of their disposable income to afford this service. Regulatory Forces are sure to be in place concerning the conduct of the businesses activities, and what can be charged for the services. The possible ethical responsibilities are that it is an acceptable Mirror of Society, an accepted standard. The social responsibility is that it is the right thing to do for the elderly and disabled. As a corporation, we have social responsibilities to our customers and their families to help protect them.
Competitor Analysis: Elderly Care
There are some Competitive Forces in the market, such as Meals on Wheels, Elders At the Table (EAT), and the Central Indiana Council on Aging Inc. (CICOA). CICOA is a privately owned company that provides food delivery during the week, care giving, and other very useful services for the elderly and disabled. CICOA Aging & In-Home Solutions, this organization is private and they provide meals for the elderly, but it looks as if they only provide it during the week. It is a for profit company and it also provides services such as, care giving, home health care, and other great services. Elders At the Table (EAT) is a non-for profit organization that assists with the elderly to make sure they do not go hungry. They also assist with transportation, food pantries, and other sources to assist the elderly. Meals on Wheels, Inc. Indianapolis, Indiana are privately funded. It provides meals for the homebound individuals here in Indianapolis and surrounding counties. These meals are delivered daily during the week and frozen food is provided for the weekends. This service provides the food and personal contact. The meals are prepared in local hospitals according to the physicians dietary instructions
Company Analysis
Customer Characteristics
The customer base will be come from referrals for organizations such as, Veteran’s Administration, the American Society of Aging, Meals on Wheels, Central Indiana Council of Aging, Inc, (CICOA), Alzheimer’s Association, Elders At the Table (EAT) and National Area Agencies on Aging.
It is cost efficient for these customers to be able to stay in their homes and these organizations try to assist them to be able to afford to stay in their homes. Other referrals are expected from hospital social workers, health care providers, insurance companies, and physicians. The environment factors are demographics and cultural. In Indiana, 2010, there were 18.4% of our citizens that are age 60 and above according to the U.S. Census Bureau. The need for this service is growing and it serves as a means to protect our family members, with honest people that can assist them in their daily living and still keep their independence.
Health and Wellness Concerns
Our customers can rely on our company to be reliable companions, help with minor chores, prepare meals, or provide groceries from the food banks, or transport them to the grocery stores, pharmacy, to pay bills, visit friends. The goal is to let them know they are still connected to society and some one
cares.
5. Market-Product Focus
Target Market
The King’s Journey, Inc will focus on two target markets for now. Our primary target will be elderly adults with annual incomes of $55,000 or more. We will also run a non-profit side of the business that deals with low income families. By using donations, grant funds, Medicare and Medicaid. Table 1 is the U.S Censors’ projected population of the United States, by age for years 2000 -2050. This table ensures that there is and will continue to be a market for this product.
As the company development we would increase, are services to include in home Non-Medical Assistance to assist with seniors and people who are physically challenged, suffering from chronic illness or recovering from surgery In addition, future market focus will be to include assistance with our homeless population, including homeless children. Focusing on providing shelter, education, and employment for them to become productive stewards of society.
|Table 1 Projected Population of the United States, by Age: 2000 to 2050 |
|(In thousands except as indicated. As of July 1. Resident population.) |
|(leading dots indicate sub-parts) |
|Population or |2000 |2010 |2020 |2030 |2040 |2050 |
|percent, by age | | | | | | |
|POPULATION |
|.TOTAL |
|..TOTAL |282,125 |308,936 |335,805 |363,584 |391,946 |419,854 |
|..0-4 |19,218 |21,426 |22,932 |24,272 |26,299 |28,080 |
|..5-19 |61,331 |61,810 |65,955 |70,832 |75,326 |81,067 |
|..20-44 |104,075 |104,444 |108,632 |114,747 |121,659 |130,897 |
|..45-64 |62,440 |81,012 |83,653 |82,280 |88,611 |93,104 |
|..65-84 |30,794 |34,120 |47,363 |61,850 |64,640 |65,844 |
|..85+ |4,267 |6,123 |7,269 |9,603 |15,409 |20,861 |
| | | | | | | |
|Source: U.S. Census Bureau, 2004, "U.S. Interim Projections by Age, Sex, Race, and Hispanic Origin," |
| |
|Internet Release Date: March 18, 2004 |
Points of Difference
Positioning
6. Marketing Program
Product Strategy: The need for superior elderly care with the everyday mundane tasks that are not as easily accomplished. We can assist with preparing meals, grocery shopping, transportation, light housework, or just providing companionship.
Price Strategy:
Promotion Strategy:
Place Strategy:
7. Financial Data and Projections
8. Organization Structure
9. Implementation Plan
Appendix A. Biographical Sketches of Key Personnel
Appendix B. Detailed Financial Projections