Quality treatment business plan cover business
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A. Description of total market
There are several markets we could consider given the size of our activity, however , we are able to integrate the assisted care in the greater category of the nursing care industry. In the United States, this has come to reach an overall total of around 30, 500 companies, having a combined total annual revenue of close to $100 billion. These businesses operate around 60, 000 nursing features. It is estimated that the average nursing residence has an typical annual income of around $5 , 000, 000.
One of the interesting characteristics of the market is the truth that it is remarkably labor intensive, with annual income per employee of lower than $50, 1000. We have decided to compete with this kind of in two manners: initially, by raising the average wage in our connection to be included in the medium to high range, in order to promote and encourage our employees; and second, we focus on the importance of quality in order to all our staff, the draw on which all of us build each of our credentials.
B. Industry developments
The market alone is constantly growing, although it is still dependable for the demographics of the consumers. While using old age amount of life continuous due to medical conquests, it might be more likely given that, after old age, an individual might live up to 20 years after that. Because of this it is now more probable that the individual could possibly be in need of helped care inside the final numerous years of his your life.
Following this research, we can mention that the industry trend seems to be continuously ascending and that we are likely to discover an growth of the market in the many years, especially while average existence expectation is usually likely to maximize gradually in the U. H.
C. Target market
We can utilize socio-economic and psychological factors to narrow the market to our target market. In terms of demographical variables, we could generally targeting individuals older than 65, although this generally is extended to individuals who have are well within their 70s. Since we provide helped living solutions rather than full healthcare services, we tend to have the ability to cover a segment from the population that is also young, which is why we are able to set our minimum vary from 65 years onwards.
When it comes to economic parameters, we are aimed towards retired people with annual revenues around or over $50, 1000 a year. As i have said, our solutions are not automatically in the superior range, but instead in the typical range, which means that this would be a reasonable revenue average for the customers.
In terms of psychological factors, we are aimed towards individuals who you don’t have a prejudice against assisted living, as a means of constraining their liberty and the way of life to which they are really accustomed to.
On the other hand, we can contemplate a much wider perspective and identify two additional potential target market segments. The first one is represented by family members, often involved in the decision of helped living for the elderly. They are really generally interested in the quality of service and the price they have to pay money for this. Alternatively, we have the medical sector, namely the doctors in the elderly, who also generally desire to be informed regarding the activities of the center and the general competence in the staff.
In both these instances, the two extra categories pointed out will play an important role inside the final buy decision, meaning they should become included while targets in the marketing prepare.
The competition is highly fragmented and can be seen starting from expensive health care facilities, often offering 24 hours a day service, to small corporations that are generally targeting a specific service market and offering a reduced collection of providers. Some of the large companies incorporate Sunrise Mature Living, Fantastic Horizons, and Sun Healthcare Group. Regarding 10, 000 operators are non-profit non profit organizations, generally associated with