The service thus conceived has the potential to generate revenue from two channels- the insurer and the medical centers. This is explained in greater detail in the section titled The Proposed Service.
Targeting the ideal customers delineated as those who would need minimum financial outlay for the sale to close. These could be customers who are already buying from the company and would therefore be receptive to new ideas
This paper begins with a review of literature which explores the key marketing concepts and principles that can be applied to the marketing of a new product or service. The review focuses on marketing of services, how the marketing of service differs from that of product and how the environment impacts marketing strategy and marketing efforts. The section reviews the 4 Ps of marketing, SWOT analysis, McKinsey’s 7S model, stakeholder analysis, PESTLE analysis and BSC model.
The next section of this paper explains in detail the service being proposed, and analyses its profitability and feasibility. It discusses in detail about the marketing environment and gives background on the company that will launch this service. The section explores how marketing concepts discussed in the review of literature apply to this innovative service.
2. Review of Literature
Traditionally, marketing is explained as anything that creates business or keeps a customer. Blanchard (2003) states that customers are the reason for a company to stay in business and thus customer input and customer preferences must shape almost all aspects of work. It is also said that Marketing consists of the strategies and tactics used to identify, create and maintain satisfying relationships with customers that result in value for both the customer and the marketer. This definition can be explained further. Strategies refer to the direction that marketing effort will assume over a period of time, while tactics are specified steps or decisions made in order to follow the strategies established. Strategic and tactical planning