Business Skills
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TABLE OF CONTENTS TASK 1 ..........................................................................................................................................4 a). Performing the market research.............................................................................. 4 b). Current trend in market ............................................................................................. 4 c). Strength and weakness of selected product........................................................5 TASK 2 ..........................................................................................................................................5 a). PESTEL analysis with respect to customized services for old people .......5 b). Market segmentation process...................................................................................5 c). Porters five forces analysis with respect to customized services for old people....................................................................................................................................... 6 d). Suitability and feasibility of strategy......................................................................6 TASK 3 ..........................................................................................................................................6 a). Pre meeting communication .....................................................................................6 b). Participating in formal meeting................................................................................ 7 c). Brief but formal record of meeting .........................................................................7 d). Critical reflection ...........................................................................................................7 TASK 4 ..........................................................................................................................................7 a). Influencing venture capitalist.................................................................................... 7 b). Critical reflection ...........................................................................................................8
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REFERENCES...............................................................................................................................9
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Illustration Index Illustration 1: UK old age population statistics..............................................................4
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TASK 1
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a). Performing the market research The market research is conducted upon the hospitality sector with an aim to identify the opportunity with regard to develop the new products and services for the health-care firm like Diamond Nursing Home that is going through with the financial difficulty. On analyzing the industry and market reports, it has been identified that the demand of residential care home among older buyers are increasing significantly. In this context, it is analyzed that from the year 2005 to 2013 the number of people who require residential or customized care home services has increased by 21% that is from 135000 to 164000. However, in future this number will be increased more (Care in Crisis 2014, 2016). Thus, it is beneficial for the cited firm with regard to launch the given services for the old care users in an effective way. b). Current trend in market For the customized services to older people, UK market is selected. The trends with respect to the given market is depicted in below: The demand of residential care home is expected to grow further because of different because of demographic and qualitative pressures which
includes
technology,
sources
of
funding
and
customer
expectations etc (ANALYSIS OF UK LONG TERM CARE MARKET, 2016). The current market trends also depict that the private care home center will see more growth as public sector will become less involved in the practice of providing provision of care to patients. The below
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mentioned figure depict the demand relating to public and private care
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Illustration 1: Care home trends (Source: Care home trends, 2016) home center.
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Ill ustration 2: UK old age population statistics (Source: UK old age population statistics, 2015) c). Strength and weakness of selected product For the UK market, customized services for the elderly people is selected as the form of extension in the existing services provided by Diamond Nursing Home. Strength The Diamond Nursing Home has highly experienced and talented staff which plays very crucial role in terms of delivering the high quality of services to the patients who are old. With the help of talented care home member satisfaction level of old care users can be enhanced in an effective way. Weakness
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The major weakness of this service is the increase cost to the
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customers. Here, cost of the firm is increases when firm has to perform changes in its nursing home as per the needs and demands of the buyers. Diamond Nursing Home is not so recognized brand thus it can be consider as another major weakness for the company.
TASK 2 a). PESTEL analysis with respect to customized services for old people Political:The firm that is launching the given services need to abide all the rules and
regulations which is being framed by the political
government of the specific country. Economical:The prices with regard to this service need to be set as per the purchasing capacity of buyers (Virtue and et.al., 2013). For examples, the given services aims to older people who possess very low purchasing capacity as they live their lives through pension funds. Thus, for these people prices for the care services must be set low. Social: It is required by Diamond Nursing Home that it must modify its services as per the need and demand of its buyers. For example, there are some buyers who are interested in getting the care services from their home only. Then in this condition cited organization must comply with the given approach. Technological:In order to provide assistance to the customized services for older people, it is being required by the firm that it must
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use all the modern tool and equipment in the process of delivering the
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services to elderly people who have specific needs. Ethical:It is the responsibility of organization that it must not reveal any confidential information about its patients who is receiving the services to any person. Legal: All the acts associated with the health-care field needs to be followed by company while implementing the customized services for old people. b). Market segmentation process Identify the segmented market:
Diamond Nursing Home can
launch customized services for the different type of customers such as old, kids, women and men etc (Boylan, 2008). Analyze the segment and market opportunity: From the analysis, it has been identified that health care home in UK possess services for all the given segment of customer. However, it is identified that there are very few firms in country that give high standard services to the old people who have varied need. Thus, this given thing can be seen in terms of opportunity aspect (Mosadeghrad, 2013). Target market: Thus, for the customized services launched by cited firm old people can be considered as target market.
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c). Porters five forces analysis with respect to customized services for old
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people Threat of new entrant: This is low for the given services because of the presence of high amount of cost that are associated with this services.
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Threat of substitute: This is high as there are varied small firms functions in UK that provides care related training to the family members of old people who are suffered from the specific diseases. Bargaining power of buyers: This is high because of the availability of high amount of competition in the hospitality field (Judith and et.al., 2011).
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Bargaining power of supplier: This is low as there are many health-
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care individuals are available who possess full-fledged knowledge regarding the ways of dealing and handling the old people. Rivalry among competitor: This is high for the Diamond nursing home. d). Suitability and feasibility of strategy The feasibility and suitability of the segmentation tactic selected by cited firm is being assessed. In this context, it is analyzed that firm has carried out the segmentation of its services on the basis of demographic criteria (Lewis and Longley, 2012). The criteria is suitable and feasible because with the help of given approach particular target market with respect to the customized services being launched by cited firm can be identified. This will help in terms of enhancing the sales and profits of organization in an effective way.
TASK 3 a). Pre meeting communication Respective directors, There will be meeting organized within company at broad room of Diamond Nursing Home which will be dated on 7th august 2015. The meeting will be organized with respect to make decision about idea that will be forward as the proposal for the group of Venture capitalist. The organization has decided to launch new service for the older people. So, in accordance with the given aspect the ideas from all directors are invited.
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Thanking you
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CEO Diamond Nursing Home
b). Participating in formal meeting During the meeting varied directors have presented their own idea. One of the director have given suggestion that firm must launch customized services for the people who are suffered from dementia. The idea given by person is effective but it is focusing upon only one diseases. However, I have given the idea with respect to launch the services for the older people during the meeting. The idea that I have given is appraised by all the individual. This is because, with an aim to provide assistance to the given idea I have shown the trends and facts associated with the given services. Thus, at the end idea relating to customized services for the old people is chosen. c). Brief but formal record of meeting The minutes for the meeting is explained in below: Investment needed with reference to the customized services for old people. Type of facilities given to the old people utilizing this services. Money to be charged from the respective individual who are receiving the services. d). Critical reflection The meeting that I had attended with respect to the launch of new services were proved as effective. The CEO of the firm had given opportunity
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to each director with regard to present their idea among him. The idea that I
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have given were appraised by all the members that were present during the meeting.
TASK 4 a). Influencing venture capitalist It is in PPT b). Critical reflection Me and my team mates have learned varied type of things in the process of preparing the given presentation. We have learned the ways to influence the people with regard to accept the new business idea proposal being farmed by us. We will make efforts in terms of improving our research related skill in an effective way. This is because, by using the given skill only an effective research will be carried out by us. Thus, through this way an appropriate recommendation can be given by us to organization.
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References
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Judith and et.al., 2011. Healthcare Management. McGraw-Hill International.Fillerup, M. S., 2007. Chronic Crisis: Critical Care for America's Collapsing Healthcare System. Acacia Publishing. Lewis, D. J. and Longley, P. A., 2012. Patterns of Patient Registration with Primary Health Care in the UK National Health Service. Geographies of Health. 102(5). pp.1135-1145. Mosadeghrad, M. A., 2013. Healthcare service quality: towards a broad definition. International Journal of Health Care Quality Assurance. 26(3). pp.203â&#x20AC;&#x201C;219. Statistics for old people. 2015. [Online]. Available through: <http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Older+People>. [Accessed on 6th August 2015]. Virtue, A. and et.al., 2013. Healthcare planning and its potential role increasing operational efficiency in the health sector: A viewpoint. Journal of Enterprise Information Management. 26(1/2). pp.8â&#x20AC;&#x201C;20.
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