|Type of paper:||Essay|
|Categories:||Business Medicine Strategic marketing|
Product/ Service Idea
The business is a hospital looking to offer hearing aid and hearing assistive technologies, which are all suited to fit the customer’s needs. Some of the hearing aid models include a vacuum tube, transistor body-worn, in-the-ear hearing aid, in-the-canal hearing aid, bone-anchored hearing aid, pair of BTE hearing aids, etc. The hospital will major in audiological services. Such services include but are not limited to, assessing an individual’s hearing problem, counseling, auditory rehabilitation, and after-treatment services that will help the patient fully recover.
Most products will be made at the client’s convenience, meaning clients will only get equipment and services fully tailored to satisfy their personal needs. The business will provide these hearing devices to clients at no cost. Clients will only have to pay for services offered, which will undoubtedly be a cut above the rest. Our team of professionals will make a follow-up on clients to ensure complete convalescence.
Most features of these products are similar to that of other businesses. Many manufacturers are only providing products with slight differences but the same general outlook and purpose. For this reason, we are looking to invest more money to have our manufacturers develop unique and quality devices for only us. In terms of services, each client will have personal aid from beginning to end.
Limits and Liabilities
The business is planning to offer these hearing aids to customers free of charge. This move can only imply a very high starting capital. There will also be extra costs on training our team members, a process to be undertaken frequently.
Production and Delivery
Our business is a small start-up business that will source its products from external manufacturers. For quality purposes, we will procure Cochlear, which is the leading hearing aid manufacturer in the region. We will secure our delivery guys to pick the products from the manufacturing company.
Suppliers Cochlear will be our sole supplier for hearing aid equipment. Since this business is a hospital, other hospital equipment will be needed. We will, therefore, request the 3M company in Minnesota to provide other health assistive equipment that includes electronic testing devices, beds, etc.
Intellectual Property Special Permits
This business idea will be protected as a trade secret. Many audiologists generate a lot of revenue from services alone, yet they still sell hearing aids. It is a basic human instinct to go for affordable healthcare. This fact implies that some audiologists might want to steal the idea of offering free hearing aids to become competitive.
Service Description Product pricing is not on our list, that will be our unique selling proposition. We can offer hearing aids to customers for free and still generate adequate revenue from our services. Our product and service pricing is on the low end which maximizes customer needs. Additionally, our products and services will provide essential aid to the neglected older people in society. We will procure our suppliers and manufacturers to supply products similar to others but of higher quality than others.
Harrison, J. P., & Association of University Programs in Health Administration. (2016). Essentials of strategic planning in healthcare (Vol. 1). Chicago, IL: Health Administration Press.
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