The Vital Vest:

Modern Healthcare for the

Modern Patient

The Alternative

Wireless, all-in-one monitoring

Easier on patient physically and mentally (less stress)

Saves time and money for hospitals and care facilities

Company Objectives & Resources

Mission: “invent things that matter”

“Imagination at work” slogan

Financial and marketing strengths

Few weaknesses

Customer Market Analysis:

Customer Needs

Quality product focused on:

Promotion of patient health and well-being

Efficient partnership with GE =

fast delivery

repairs

financing assistance

staff education

Customer Market Analysis:

Product Type: Hospital Equipment; Patient monitoring device

Target: senior homes/nursing homes states with

high senior citizen populations

high-end senior care facilities/seniors with high

incomes

Competitor Analysis

Major competitor = Siemens Healthcare

Siemens’ Positioning

Siemens’ strengths and weaknesses

Reaction to our product

External Market Environment

weak economy will hurt product

Technological environment will help

Political & Legal may hinder progress

Cultural & Social affects our product

SWOT Analysis: Strengths

High revenues and profits = high

spending in R&D

Known for innovation and customer

loyalty

Exceptional marketing through

social media

SWOT Analysis: Weaknesses

B2B (business to business) marketing is not as

personalized (changes are in the works)

GE company (not GE Healthcare) lacks financial

strength

Could trickle down into GE Healthcare

SWOT Analysis: Opportunities

Hospitals looking to cut-costs while having products that

improve patient care/experience

GE may capitalize on new tech trends of wireless and wearable

technology

Social trends now focus on health/the healthy lifestyle +

advances in medicine = longer lifespans more senior citizens

SWOT Analysis: Threats

Political and legal restrictions could delay production

FDA

Competition may arise

Notably from GE’s main competitor, Siemens AG

Healthcare

Marketing Plan Objectives

Introduction stage objectives

Goals:

Market our product to 400 facilities in the U.S.

Sell 50 products to each of the 400 facilities

Target revenue = $14,000,000

Improve product after year 1

Reach more customers throughout the U.S.

Rise in sales during growth stage

Differentiation

Focus on elderly

individuals

More caring, focus on

patients first

Better overall name

recognition

Positioning

Technologically

advanced

Environmentally friendly

Positive image from

customers

Product: Target Market

Hospitals in states with shortages of doctors and low

healthcare

Nursing homes in states with higher population of seniors

Intended for older males and females ages 65 years and

older

Marketing Mix:

Product --The Vital Vest

Comfortable shirt made of synthetic fabrics with built-in

technology to monitor patient vitals (heart rate, blood

pressure, breathing rate, temperature, etc.)

Completely wireless sends patient data directly to a

centralized data-storage location

Allows easier and faster access to patient data

Fabric is water-proof, breathable, and washable

Comes in variety of sizes

Easy shipping and lifetime warranty

Marketing Mix: Place

Offered to hospitals in Missippi, Alabama, Utah, and

Arkansas, and nursing homes in New Hampshire, Vermont,

Maine, and Florida

B2B Distribution

Market Exposure = Exclusive

Selective exposure after product grows

Marketing Mix: Promotion

Personal selling strategy

Online and social media presence

Promotional discount

Vital Vest: Pricing Determinants

Partially determined by other, traditional forms of

patient monitoring + average pricing for similar

athletic-style vital monitoring

Athletic wear: ~$400.00

Patient Monitoring Systems: ~$1400+

Marketing Mix:

Price --Vital Vest

Product will be less expensive because of simplified design

Product will be priced at $700 - $800

Price is higher because of introductory stage (must cover

initial costs)

Hospitals and senior care facilities looking to cut costs and

improve patient experience will be incentivized by

middle-ground price

Implementation

Employees needed:

Engineers and designers

Sales staff

Human Resources

Customer service

Control

Financial department

Management information system

Survey customers