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Battery-Less Hearing Aid Marketing Plan

Essay by review  •  November 6, 2010  •  Business Plan  •  3,771 Words (16 Pages)  •  2,166 Views

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10-Year Marketing Plan

Battery-Less Hearing Aid

Executive Summary

Hard of Hearing patients need something that will suit there financial goals in the long run, be less of a hassle to worry about and enhance their hearing all at the same time. We propose in creating a Battery-Less-Hearing Aid and believe that it is the best option to go because Hard of Hearing patients will never have to worry about recharging batteries or buying new ones all the time like you do with our current hearing aids that are available in today's society. On top of that our patients would save money at the same time by never having to buy batteries and will still able to hear just like they would with a hearing aid that is battery operated.

Through numerous analysis and meeting with prospective customers we have concluded that having a Battery-Less-Hearing Aid is correct direction to head. We have developed these hearing aids to work by means of a heat sensor. When the aid touches your skin behind your ear the sensor in the hearing aid detects the heat and automatically turns on allowing you to hear. We have continued to run tests and do analysis to further optimize the components of our Battery-Less-Hearing Aid. Once we had a prototyped device, we tested its performance in terms of our general and implementation specifications and compared the results to the existing battery powered hearing aids and found and concluded that they both allow you to hear at the same level, only the Battery-Less-Hearing Aid never quits on you unless you take it off, unlike the battery powered hearing aids that die on you after continuous use. We also ran a study of 100 Hard of Hearing patients that wore the battery operated hearing aid and had them try our Battery-Less-Hearing Aid and found out that 98 of the 100 patients said that they would prefer the Battery-Less-Hearing Aid over the battery operated hearing aid. The two that stated that they would stick with the battery operated hearing aid said the only reason is that they did not like change and already trusted what they were using.

Our Company will be extremely successful due to the fact that we are concentrated on creating a product that will met our customers needs, wants, and demands. The fact that our prospective consumers do not have to continuously buy new batteries or recharge them is very appealing, not to mention that they will save thousands of dollars in the long run by choosing to wear the Battery-Less-Hearing Aid. We have the right personal in our company that will take this product to the next level and continue to make our Battery-Less-Hearing Aid more advanced and appealing to patients that are already Hard of Hearing and future Hard of Hearing patients. With the rate of people that are Hard of Hearing only increasing each year, our profit is only going to soar upwards as long as we dedicate ourselves to making quality Battery-Less Hearing Aid for our patients. We project that our profit will double each year as we start to establish ourselves as premiere company. With this being said the growth of our company will gradually grow. As of right now we will start off with one company that will be based out of Kansas City, Missouri and as we start to become nationally recognized as a company, we then hope to have at least one of our companies in each city of each state. If we are able to achieve this goal we will be able to meet the demand of each Hard of Hearing patients better, and will allow us to try to reach our ultimate goal, which will to be able to take our product and sell it nationally all over the world. If this goal is reached, which our company believes can be done, then we will be able to just concentrate on upgrading our Batter-Less-Hearing Aid device and meting our consumers expectations in the future.

Overview

In these next several paragraphs I will outline each and every detail that you need to know about our company, how we plan to go about it, how it works, who it affects, goals, situation analysis, the costs, competitors, our targets, and any other information that is deemed relevant to our company.

Strategic Focus and Plan

This section will cover three aspects of corporate strategy that influence the marketing plan, and they are: (1) the mission/vision, (2) goals, (3) core competence/sustainable competitive advantage of Battery-Less-Hearing Aid

Mission/Vision

This business plan is being proposed to target an external audience. Our business objectives are mainly to provide another successful device/aid for hard-of-hearing people while cutting the total cost down for them being able to hear and function in our society. We strongly believe that with this new cutting edge technology all of our customers will reap from this device both financially and hearing wise. We foresee that this new device will replace battery operated hearing aids in the near future, just like thousands of other advances in our society has replaced certain things. We know that there are thousands of people who are apt to not like changes, so we will have to convince them and we strongly believe that once we get them to use our device and see how great and cost efficient our device is they will decide what is best for them and that will be the our new technology, the Battery-Less Hearing Aid.

Goals

For these next 10 years Battery-Less Hearing Aid will seek to achieve each of these following goals:

* Non-financial Goals

1. To establish itself as a trusted and consumer friendly business.

2. To have at least one business in every city of each state.

3. To have at least 99% of all hard-of hearing people using the battery-less hearing aid device.

4. To update and make changes to our hearing device at least every two years to ensure that we provide the best quality hearing device to our consumers and keep them satisfied.

5. To establish connection world-wide and make the battery-less hearing aid available all around the world.

* Financial Goals

1. To double our profit each year for the next 10 years and then minimize our losses to keep the business running for the remaining years that we are still in business.

2. To

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