5-2 Final Project Milestone Two: Draft of Context and Market Analysis
I choose spectrum living http://spectrumforliving(dot)org
Overview: For Milestone Two, you will establish the context for your healthcare product or service, and analyze the market. To establish the context, you will
describe the industry segment, describe your target markets, and specify the marketing goals and objectives. In analyzing the market, you will conduct a
strengths, weaknesses, opportunities, and threats (SWOT) analysis, assess the competitors in the market, and determine the current market position.
Prompt: Establish the context for your healthcare product or service, and analyze the market.
Specifically, the following critical elements must be addressed:
II. Establish the Context
A. Determine the marketing goals of your initiative. You should develop at least three specific objectives that apply best practices and align to the
organizational mission and vision.
B. Analyze the industry segment for your healthcare product or service. Include all relevant details related to population segment and
demographics, market size, psychographic or health status segmentation, regulatory influences, payer mix, and key success factors.
C. Identify and describe your target markets. Be sure to include all relevant details related to their demographics, characteristics, preferences, and
consumer behaviors. In any area where you are lacking critical information, explain the type of data that you would collect to fully understand
your target markets.
III. Market Analysis
A. Conduct a SWOT analysis for your selected healthcare product or service. Be sure to thoroughly analyze the strengths, weaknesses,
opportunities, and threats by including at least three items in each category.
B. Assess your organization's competitors using specific supporting examples. You should address at least two competitors, and discuss at least
three strengths and weaknesses for each.
C. Based on your SWOT and competitor assessment, draw informed conclusions about your organization's current market position and justify your
claims with specific supporting examples.
Student’s Name
Institution
Supervisor’s Name
Date
Introduction
The use of Virtual reality rehabilitation and therapy is becoming one of the popular tools for various domains of rehabilitation and therapy. With the development of advancement of Virtual reality rehabilitation and therapy technology along with the advantages that this will have in companies and institutions in regard to cost reduction, there is more support for the development of accessible Virtual reality rehabilitation and therapy technology CITATION YJa02 \l 1033 (Jang, Yang, & Kim, 2002). In this paper, the use of Virtual reality rehabilitation and therapy is introduced as part of a service for providing physiotherapy among the elderly group most of whom have been enrolled with the spectrum for living which is an American based non-profit organisation with a special dedication toward encouraging people with disabilities to enjoy equal rights as other so that they can be able to lead a fulfilling and meaningful life CITATION spe17 \l 1033 (spectrumforliving, 2017). Their geographical coverage include Bergen, Middlesex and Passaic all of which are found in New Jersey. The following report that analyses the markets and milestone for the service by discussing some of the strengths, weaknesses, opportunity and strength among other milestones.
Marketing Goals
The following marketing goals will be served by the initiative:
1 To introduce Virtual reality rehabilitation and therapy physiotherapy as an alternative and cost effective therapy among elder groups enrolled in the spectrum for living organisation in the United States.
2 To conduct a market analysis and sustainability practices of physiotherapy through Virtual reality rehabilitation and therapy assisted programs for the organisation.
3 To increase the popularity of Virtual reality rehabilitation and therapy assisted programs as a way of reducing costs and increasing accuracy in physiotherapy results among elder groups in the organisation.
Industry Analysis
According current trends, the market for Virtual reality rehabilitation and therapy is expected to reach up to $48.5 billion by 2025. This is because there is a growing demand for technology assisted services in almost all industries for commercial, education, health and other purposes. Virtual reality rehabilitation and therapy thus can also work well when it comes to physical therapy since it is able to keep data about the user’s progress, the user can do it himself without assistance of another human being and it can also be able to recommend way forward CITATION WRF06 \l 1033 (W.R, Frontera, Slovik, & Dawson, 2006). In this regard, introducing the technology to the organisation will sure see the development of the Virtual reality rehabilitation and therapy programs gaining grounds in the organisation.
Target Market
With regard to this initiative, the main target is the elder group that would have been enrolled in the spectrum for living program. This will especially focus on the elder people who are in need of physiotherapy treatment from time to time. The people who will be enrolled in the program will be between ages 55-75 CITATION ARi05 \l 1033 (Rizzo & Kim, 2005). Those above this age will be taken out of the program and referred to their clinicians for more physical therapy.
SWOT Analysis
With regard to introducing Virtual reality rehabilitation and therapy physical therapy program for elder groups at Spectrum for living, this initiative will also have to deal with some of the internal and external challenges that might come in the way. In this manner, it became important to conduct a SWOT analysis which will be able to identify some of the internal strengths and weaknesses of the initiative and other environmental factors that the initiative is going to deal with.
Strength
Among the strengths that the initiative will provide for the organisation while introducing the virtual reality therapy and rehabilitation will be an enhanced ecological validity. There will also be control in stimulus control and consistency, self-guided practice and exploration when it comes to physiotherapy independent practice, real-time performance feedback the modification of various interface...