GEOGRAPHIC MARKET ANALYSIS PROJECT ASSIGNMENT INSTRUCTIONS
OVERVIEW
This assignment meets CLO C and D “Determine effective geographic markets, service areas and market share from the hospital administrator and policy maker perspective” and “Evaluate results of a market analysis to determine met/unmet community health needs”. By completing a geographic market analysis, you can develop a comprehensive understanding of the healthcare market in your area and create a strategic plan that demonstrates your analytical and planning skills. This project not only enhances your learning but also results in a tangible deliverable that showcases your capabilities to future employers.
INSTRUCTIONS
To successfully complete the Geographic Market Analysis Project, you need to follow a
structured approach. Here’s a step-by-step guide:
Step 1: Define the Geographic Area
• Task: Select a specific geographic area to study. This could be a city, region, or specific
community.
• Objective: To have a clearly defined area for which the market analysis will be
conducted.
Step 2: Conduct Demographic Analysis
• Task: Gather demographic data such as age distribution, income levels, ethnic
composition, and population growth trends.
• Resources: Use government databases, census data, and local health records.
• Objective: To understand the population characteristics of the area, which are crucial for
identifying healthcare needs.
Step 3: Identify Healthcare Needs
• Task: Analyze public health data to identify prevalent health issues and unmet healthcare
needs within the population.
• Objective: To determine what types of healthcare services are most needed in the area.
Step 4: Competitor Analysis
• Task: Identify existing healthcare providers in the area. Analyze their services, strengths,
weaknesses, and market share.
• Objective: To understand the competitive landscape and identify gaps in services that
could be opportunities.
Step 5: Service Demand Forecasting
• Task: Based on demographic and health data, project future healthcare needs. Consider
factors like aging populations or increasing prevalence of certain diseases.
• Objective: To forecast future demand for healthcare services in the area.
Step 6: SWOT Analysis
• Task: Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) for
offering healthcare services in the selected area.
• Objective: To assess the feasibility and potential challenges of entering the market.
Step 7: Develop a Strategic Market Plan
• Task: Based on the collected data and analyses, develop a strategic plan outlining
potential healthcare services that could be offered, target demographics, marketing
strategies, and a financial plan.
• Objective: To create a comprehensive strategy for entering the market or expanding
services in the area.
Step 8: Report Writing
• Task: Compile the findings and strategies into a well-organized market analysis report
using the Geographic Market Analysis Project Template.
• Objective: To produce a professional report that clearly communicates the market
analysis and strategic plan.
Additional Considerations:
• Data Sources: Utilize credible sources for data collection. Government health
departments, healthcare databases, and academic studies can be valuable resources.
• Ethical Considerations: Ensure that any data used is publicly available and ethically
sourced.
• Critical Analysis: Don’t just present data; analyze what it means for healthcare provision
in the area.
• Practical Recommendations: Ensure that your recommendations are feasible and
grounded in your analysis. This is an assignment that you can include in a career portfolio
or even implement if done well.
There are no minimum number of references required. It is expected that references will be
current. Given the limitations in resources this may mean using a Community Assessment Report
that is over five years old.
1
Date
School of Business, Liberty University
2
Executive Summary
Brief overview of the report with key findings and recommendations.
3
Introduction
•
Purpose of the report
•
Description of the geographic area being analyzed
Section 1: Demographic Analysis
•
Population size, growth trends, age distribution
•
Socioeconomic factors: income levels, education, employment status
•
Ethnic and cultural composition
Section 2: Health Status and Needs Assessment
•
Prevalent health issues in the area
•
Access to healthcare services (current state)
•
Unmet healthcare needs of the population
Section 3: Competitor Analysis
•
Identification of existing healthcare providers in the area
•
Services offered, strengths, and weaknesses of each provider
•
Market share analysis
Section 4: Service Demand Forecasting
•
Anticipated changes in healthcare needs based on demographic and health status data
•
Future demand for specific healthcare services
Section 5: SWOT Analysis
•
Strengths, Weaknesses, Opportunities, and Threats related to healthcare provision in the
area
Section 6: Strategic Market Plan
•
Potential healthcare services to be offered
•
Target demographics for these services
•
Marketing strategies
•
Financial planning and budgeting
Section 7: Ethical and Legal Considerations
•
Discussion of ethical and legal issues relevant to the market analysis
•
Compliance with healthcare regulations and standards
Conclusion
•
Summary of findings
•
Final recommendations for healthcare service provision in the area
4
5
References
List all resources used in APA style
6
Appendices
•
Additional data, charts, graphs, etc.