Developing a pricing strategy for clinic weight loss programs

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Developing a pricing strategy for a clinic weight loss program

Today there are very many people who are struggling with the issue of weight. So many people want a quick and easy solution of loosing weight. This has led to many companies coming up with several clinic weight loss programs. When introducing any new product or service into the market pricing can be quite a tricky issue. The prices charged can have a dramatic effect on ones sales and even the profits. There are several things that to be considered when developing a pricing strategy for a clinic weight loss program. The first thing is finding out what the market is saying. This is achieved through finding out what customers expect to pay for the program and if there are established market prices for the same service. The second thing to put into consideration are the competitors, the pricing of the program depends on competition to some extent. They should consider who the competitors are, the key features of what they are offering and if the product has a clear competitive advantage over those offered by competitors.an appropriate pricing strategy for the weight loss program will therefore depend on how the organization wants to position heir product or services. For instance a high price is likely to lead to customers viewing the premium value of product.

Marketing mix

A marketing mix comprises of a planned mix of controllable elements of a product marketing plan which are commonly referred to as the 4 P's; the product, price, place and promotion. The multidisciplinary medical group has come up with a market segment that has several characteristics; middle-aged, white collar professionals who are married with both spouses working outside the home. This medical group can tailor the marketing mix in various ways in order for it to appeal to this [particular segment. First of all they have to market the right product that will suit the segment considering it contains married people who are both working. Secondly the product should be properly priced. This means that the prices should be set in such a way that those in the segment can afford. The product should be reality available for the segment in that it should be sold in the right place. Finally the most suitable promotion should be used for promoting the product. The promotional activities should be creative and made in such a way that they can appeal to the target segment.

Emphasis of marketing

The concept of marketing emphasizes three main principles the first one is customer-oriented planning and implementations. The main aim of the organization should be the satisfaction of needs of customers hence there is requirement of ensuring that the markets are properly segmented based on the right criteria, targeting appropriate segments and learning needs and wants of customers. The second principle is coordination of the organizational activities. This mainly involves product planning, distribution, pricing and promotion put together in a manner that is sensible and consistent. The third principle is coordinated marketing is important when it comes to achieving the goals of the organization.

Development of a product production plan

Here are various things as a leader that I would consider when developing a product that will target the Hispanic population. The first thing is the generation of ideas for the new product for instance through customer feedback. This is followed by an assessment of how the ideas fit with the strategy that I have the market position and skills. The third thing is to research on the market for instance since the target population is the Hispanic I can try and found out their requirements such as the diseases they are vulnerable to as a population and possible treatments they can be offered. The other thing is carrying out research on existing competition as well as learning from the competitors. As a leader I will come up with a team that covers all key skills such as marketing, design, purchasing and finance. I will then go ahead and come up with a budget, timescales, and objectives during the product development process. Other risks should also be assessed such as any technical hurdles. Product specifications should be defined and translate the specific features into the product requirement. The final thing estimation of likely selling price of the product.