Marketing portion update for a Electronic Medical record Business plan Research Paper

Marketing portion update for a Electronic Medical record Business plan - Research Paper Example In order to curb this, the institute of medicine suggested that EMR should be implemented uniformly in the industry to improve the efficiency of care givers. (Erickstad et al, 2011). Target Markets The examination of the target market must be conducted on the basis of important variables that essentially define the characteristics of the market to enhance the achievement of marketing objectives that have been outlined in this plan. Geographic Segmentation – Domestic and International The most significant method of segmentation which has been discovered during the course of this research in relation with EMR is that of geographic segmentation. Research by Accenture has projected that the countries that are most likely to increase their usage of EMR are mostly the Nordics, Australia as well as Spain since they are already leading in adaption of the same. On the other hand, the United States is expected to overtake even these nations in the use of Hospital based EMRs in by the en d of the year 2013. Expected Growth The aforementioned market segments that have been characterized on the basis of their location have displayed varying levels of growth however, a similar feature in this regard is that each segment is expected to expand even though, the extent of this expansion might be different and in accordance with the development of the healthcare system in the identified regions. The largest potential target markets are the hospitals overhauling their systems and incorporating EMR technology; while the risk is high, the rewards are bound to be proportionally high as well. In addition, large markets with significant growth potential especially in clinical support where the maintenance is outsources preferably by small players would provide a conducive target market for the EMR technology both from a domestic and global perspective. Characteristics of Customers Since the target market does not involve the participation of individual consumers, the major segmen tation variables for consumer markets such as demographic, psychographic and behavioral factors would be inappropriate to apply in their entirety however, behavioral patterns suggest that the customer’s attitude towards the product would be positive, with a readiness stage at which they are informed about its potential benefits and understand the benefits of the product. Total Market Valuation The growth trend in domestic and international markets for EMR implies that the market value of each of the identified regions is going to increase in coming years which is a positive sign for the company. According to research based calculations and market assessments the potential value of the market for EMR in the United States currently stands at a staggering $17 billion. This figure has been derived from prior calculations which reported the market value to be $15.7 in 2010. Consequently, similar observations are expected for countries such as Australia and Spain. However, inflatio n rate, exchange rate fluctuations and external factors such as taxes must be taken into account before arriving at concrete figures. Total Company Revenue The company’s commitment to the client is the provision of a high-quality product and our dedication is not limited to the delivery and installation of the product but it also extends to an extensive period of service. The primary costs of EMR that the client shall incur once an order for the product is placed are divided amongst the following categories: