BMM3013 Business and Fundamentals of Marketing Assignment Sample

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Introduction to Starting a Business and Fundamentals of Marketing Assignment

Be Healthy – Contemporary Therapies is a new business idea through which the company will offer a wide range of services. The services provided include massage, aromatherapy, balneotherapy, physiotherapy, electrotherapy, bio-resonance and acupuncture. Be Healthy has an excellent team with strong knowledge, skills and experience. Mihaela (balneal-physiotherapist), Adam (bio-resonance therapist), Catalin (acupuncture therapist) and Remus (massage therapist) will deliver high-quality therapies to patients.

There are several healthcare organisations, but many fail to provide diverse therapies, which often leads to difficulties for patients. In this regard, Be Healthy aims to offer a range of therapies that meet client expectations while maintaining efficiency and professionalism. This business plan will also outline the marketing mix and other influencing factors, while the support of services like Online Assignment Help in UK can assist students in preparing academic analyses of such business models.

Main Body

PEST analysis

Political factors: Changes in the tax legislation, Employment Acts, customer protection Act and insurance related regulations which are setting down by the government would impact Be Healthy business. The organisation will need to comply with the rules and pay taxes on time to avoid any complications. However, the organisation can leverage government support to start-up business and establish the new one successfully. Further, because of changes in the policies, Be Healthy will require to make necessary adjustments in their business strategy.

BMM3013 Business and Fundamentals of Marketing Assignment Sample

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Economic factors: Factors such as; unemployment rate, regular increasing inflation and interest rates have direct as well as indirect impact on the financial performance of healthcare organisation. The changing conditions may affect the client’s spending and buying power (Makos, 2024). Due to high inflation rate, people started to cut down their expenses on leisure. People will prefer home exercises rather than buying external therapy services in the time of economic downturn to save money.

Social factors: Changes in the values, beliefs and demographics may influence the business of Be Healthy. Nowadays, people are focusing more on their health and to stay healthy and fit as they are ready to spend money. This thing will be beneficial for the Be Healthy. The organisation will provide different therapies at affordable prices that will definitely attract the people. Now, people are showing concerns about the environment protection and sustainability. Therefore, it is crucial for Be Healthy to use sustainable and ethical practices while operating business.

Technological factors: Emerging technologies will be highly helpful for the Be Healthy. There are many technologies such as; mental health trackers, applications for analysing the patient mood, virtual reality etc. that will help in giving the therapies (Li, Zhang and Zhou, 2023). Be Healthy can leverage the technological tools and software and increase the chances of success. By using communication technologies, the therapists will easily communicate with their clients.

SWOT analysis

Strengths: Be Healthy has several strengths such as; exceptional customer services, prior experiences and wide knowledge that will help to offer services effectively. The business will offer large range of therapies and services which recognized as another major strength (Dereziuk et al, 2023). The organisation will also offer unique therapies which in turn also recognized as the greatest strength.

Weaknesses: Be Healthy is not so popular which will act as the biggest weakness for Be Healthy. It is new business and lack of capital problem can be faced by the organisation which prevents them to offer excellent services. The other weaknesses involve indirect harm, unsolicited side effects and slow result.

Opportunities: Be Healthy has opportunity to work with NHS which is the largest non-profitable healthcare organisation. The organisation has a chance to work with the capable doctors and prevents illness instead of treat (Benzaghta et al, 2021). The organisation will provide unique therapies that offer opportunity to the individuals to start look for different.

Threats: Competition is constantly growing in this field which is threat for the Be Healthy as it is new business and people will think before the purchase services. The organisation will use technologies so, cyber-attacks and data breaches can be major threats for the business. The other threat is impatient customers which can create problems in business.

Porter’s Five Forces model

Buyer’s power: Customers have power to negotiate prices and choose the organisation that offer services at fair prices. There are many other organisations that are well-established and offer therapies at reasonable prices which can reduce the Be Healthy customers.

Supplier’s power: Suppliers have high bargaining power in healthcare industry because the sector is completely reliant on its services offered. The number of suppliers is less and they have great negotiation power (Porter Analysis, 2017). Also, people require consulting a healthcare in lifetime which means it increases the supplier’s power.

Threat of new entrants: The impact of threat of new entrants is quite low because it requires high level of knowledge and experience. It is not possible for any business to enter into this sector as it also needs the huge initial investment.

Threat of substitute: People always prefer cheaper options whether it is related to their health or other things (Krachler, Greer and Umney, 2022). Customers use the internet and find the organisations that offer inexpensive services.

Competitive rivalry: Intense rivalry is experienced by the health care sector in UK. Competition can lead to price wars and organisations use the competitive pricing strategy to grab the attention of people so that they choose particular healthcare organisation over others.

Conventional therapies are utilised by the most of the people because it offers high level of comfort and quick outcomes of the treatment. Research studies showed that complementary therapies require more time to get result if compared to conventional therapies. So, doctors and therapists are paying attention in conventional. Furthermore, conventional therapies are also low in cost and highly effective. Therefore, the decision of offering complementary therapies by Be Healthy will be profitable. NHS, Parkinson’s UK and Cancer Research UK are direct and indirect competitors of Be Healthy. All these healthcare organisations are highly popular and provide complementary therapies.

Target market

Be Healthy will get success in their new business idea. The organisation will offer wide services and facilities at better quality and value for the price. The main target audience of Be Healthy will be patients who are looking for the complementary therapies to treat their illness. The organisation will offer unique services that will help to attract the attention of people. Be Healthy will also target the individuals who are price-conscious. The organisation will sell the services at competitive prices so that each person can meet their needs and improve their health. Kids, toddlers, young people, man, women as well as old age people will be target audience of the Be Healthy (Friedman, 2021). The organisation will help the target people to prevent or to treat various illness, diseases or disabilities. Further, environment-friendly people will be also targeted by the Be Healthy. The firm will adopt and apply the approaches which are ethical and sustainable. The organisation will source the products ethically. This approach will help in attracting the customers towards the organisation. By utilising ethical practices and offering range of therapies, Be Healthy can easily attract the target audience and people can improve their health and live life healthy and peaceful life.

7P’s of marketing mix

Product: Be Healthy basically offer the therapy services to the people. The organisation is only utilising high standards products to give therapies. All therapies utilised with high performance, clearness as well as knowledge. All therapists of the Be Healthy creates individual care plan for each person or patient and offers excellent services and products. For fulfilling the different needs of the customers, the organisation offers wide range of services to the clients.

Price: Be Healthy work with NHS in partnerships. Due to this big association, vulnerable as well as young people can leverage treatment or services paid completely or partially by NHS (Zade et al, 2024). The organisation will charge reasonable prices so that each person can take benefits. Be Healthy will charge £40 for one hour full body massage.

Place: Be Healthy is situated at 56 Birmingham Road, Handsworth. The reason behind choosing this place is its good position and space. The organisation will has 10 rooms for different treatments and all rooms are proper ventilated and illuminated. Soothing colours and images are used in rooms and aromatherapy rooms with candles will help to reduce stress. The place is near bus stops and also has private car parking.

Promotion: Social media platform will be utilised to promote organisation and its services online. Be Healthy will focus on the customer’s feedback and be transparent while doing the promotion. Facebook, Instagram, Twitter as well as website will be utilised. Promotional technique like 1 session is free on any sessions of therapies. All promotion techniques will be updated so that each person can get chance to win.

People: Complementary therapies will be utilised for preventing and treating various illnesses at any stage, any gender and any background. All kind of therapies will be provided by highly skilled and talented therapists (Dahmani and Tadj, 2023). Mihaela, Adam, Catalin and Remus are therapists of Be Healthy.

Process: The team of Be Healthy is putting lots of efforts and improving constantly. The procedure is based on health issues or relaxation. For health issue, a patient will need to get referral from doctor and they will recommend therapy. For relaxation, the customer will require appointment. 5-10 minute discussion will be conducted before offering any therapy.

Physical evidence: Be Healthy has own website http://www.behealthy.com/ which got five star rating on TrustPilot and the firm is highly proud for this achievement. The team is regularly working hard and each feedback is valuable for firm.

Finance summary

Be Healthy will require £25K per month to begin as well as to keep flow of money. The organisation applied for the bank to start team that was approved because Be Healthy has solid business plan. The organisation will also use angel investors in order to finance business idea. Angel investors will offer enough fund for start-up business often in exchange for ownership equity (Lange, Rezepa and Zatrochová, 2024). Be Healthy can use this money to buy equipment and machinery for providing therapies. For getting minimum profits, the organisation is required 22 customers per day. Moreover, the 20 customers is sending by NHS and other customers can directly consult with doctors. Because of NHS support, Be Healthy can operate their business efficiently and achieve success. There will be opportunity for the organisation to expand their business and make partnership with other healthcare organisations in the United Kingdom.

Conclusion

The above report has explained about the business idea such as; complementary therapies provided by Be Healthy. It has identified from report that the organisation has great opportunity to work with the NHS which is leading healthcare organisation. Be Healthy also has good chance to collaborate with excellent and talented doctors. Capable doctors will uses their skills, experience and knowledge and give best therapy sessions to the customers. The firm also has opportunity to expand their business in future because of their high quality services. By leveraging technologies, Be Healthy can include more therapies and attract more new customers. Further, it has identified that the organisation can face different threats. Constantly growing competition in the healthcare industry is one of the major threat that can heavily impact the business of Be Healthy. Impatient customers is another threat identified in report and Be Healthy need to be aware of this threat. If the organisation will do not focus on this threat, then they will negatively impact the business and other customers also think before choosing Be Healthy.

References

Books and Journals

• Benzaghta, M.A., Elwalda, A., Mousa, M.M., Erkan, I. and Rahman, M., 2021. SWOT analysis applications: An integrative literature review. Journal of Global Business Insights, 6(1), pp.54-72.
• Dahmani, P.H. and Tadj, P.M., 2023. The Healthcare marketing and the characteristics of hospital marketing. Journal of Development Research and Studies, 10(1), pp.620-634.
• Dereziuk, A.V., Yaremyna, I.V., Holovchanska-Pushkar, S.E. and Baidiuk, I.A., 2023. Efficiency improvement of health care institutions activities using swot-analysis. Reports of Vinnytsia National Medical University, 27(1), pp.160-165.
• Friedman, M., 2021. Understanding the market of healthcare. MBA for Medics, p.57.
• Krachler, N., Greer, I. and Umney, C., 2022. Can public healthcare afford marketization? Market principles, mechanisms, and effects in five health systems. Public Administration Review, 82(5), pp.876-886.
• Lange, J., Rezepa, S. and Zatrochová, M., 2024. The Role of Business Angels in the Early-Stage Financing of Startups: A Systematic Literature Review. Administrative Sciences, 14(10), p.247.
• Li, Y., Zhang, B. and Zhou, D., 2023, February. Factor Analysis and PEST Analysis on Health Care Industry with 15 Stock Samples’ Evaluation. In International Conference on Business and Policy Studies (pp. 550-558). Singapore: Springer Nature Singapore.
• Zade, M., Tiwade, Y.R., Shahu, S., Bandre, G. and Surkar, S., 2024. Marketing Technique in Healthcare Services: A Narrative Review. National Journal of Community Medicine, 15(06), pp.496-502.

Online

• Makos, J., 2024. PESTLE Analysis of the NHS: 6 Forces Pulling at United Kingdom's Health Giant. [Online] Available through < https://pestleanalysis.com/nhs-pestle-analysis/ >
• Porter Analysis, 2017. Porter Five Forces Model of Health Care Industry. [Online] Available through < https://www.porteranalysis.com/porter-five-forces-model-of-health-care-industry/ >