Marketing Plan Summary on Medi Mentors
The following assignment is a Marketing plan on Medi Mentors, which was done for one of our client. The marketing plan is an in detailed plan that was done in order to give a clear overview about the company, it’s structure, market oppoortunity, strategies, pricing and so on.
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Marketing Plan
Introduction
Medi Mentors is a service targeted to medical students undertaking their clinical teaching rotations. The medical student target market in Australia is comprised of approximately 3000-4000 students per yearly cohort enrolled in undergraduate and postgraduate medical degrees. These students face a markedly different experience to that of other university students. Medi Mentors will provide a unique service, positioned to cater for all
Australian medical students and assist in bettering mental health and academic outcomes.
Inititative
Medi Mentors will be a mentoring/tutoring service for medical students focussing on the clinical teaching environment. The target market consists of approximately 3000 – 4000 medical students per yearly cohort enrolled in medical degrees across Australia. The reason for choosing this service is that Medi Mentors will offer a product unlike anything else currently on the market. The clinical years of studying medicine are very different to other university courses and as such, a service catered specifically to this market would be greatly beneficial for student outcomes, both in bettering mental health as well as academically.
Medi Mentors can take advantage of opportunities including its position as a unique service unlike any other offered at this time, which results in a lack of direct competitors. Students who are not from a specific university which already offers mentoring (UNSW and UWA), or froman indigenous background or seeking a rural experience will find that this service can cater for them, unlike the competitors previously discussed in this analysis who have specific and narrow customer bases.
Additionally, because of the expected future shortage of internship positions, Medi Mentors is positioned to meet the demand of students who are highly driven to complete their degrees as soon as possible without failing units or assessments so that they can enter the workforce without delays as internship places possibly come under threat.
Goals and Objectives
SMART Goals
- To enrol at least 10% of students from the University of Sydney by the end of the first year of operations.
- To recruit mentors from at least five hospitals in NSW by the end of the first year of operations.
- To establish a sponsorship within the first six months of operations with at least one financial institution partner.
Explanatory notes
Target Market
The target market for Medi Mentors is undergraduate and postgraduate medical students across Australia. This segment of the Australian university student market has needs unlike those of other university students. The skills needed to navigate the clinical learning environment in the clinical years of the degree and the high pressure on students during this period create a need for support and guidance for medical student.
Geographic
- Medical degrees are offered on campus in every state in Australia (Medical Deans Australia and New Zealand Inc., 2018)
- Medical degrees by distance are not offered (Medical Deans Australia and New Zealand Inc., 2018).
- While most medical schools are in metropolitan areas, some degrees are offered in rural areas (Commonwealth Department of Health, 2017).
Demographic
- Enrolled medical students are a slightly higher female population than males Ann Korabelnikoff s2932991 Page 6 (Medical Deans Australia and New Zealand Inc., 2018).
- Medical degrees are offered as full-time study (Medical Deans Australia and New Zealand Inc., 2018) therefore a large proportion of medical students do not have any ongoing income. Instead they rely on savings or assistance from family.
- A high proportion of medical students come from families of high socio-economic status (Puddey, Playford, & Mercer, 2017)
- With graduate-entry places on the rise, an increasingly higher proportion of medical students have previously worked in other careers and have substantial savings behind them when they enrol in medicine (Casey, Thomas, Hocking, & KempCasey, 2016).
Psychographic
- Medical students are “achievers” in the VALS framework (Strategic Business Insights, 2019). They are respectful of authority, and conservative in their outlook.
- Medical students are focused on achieving their goals of becoming doctors and having stable family lives and financially rewarding careers (Brosnan C. & Southgate E., 2014).
- Lifestyle of doctors is associated with high income, living in areas of higher economic opportunity, and spending on good quality services and products as well as “luxury” items and experiences (Puddey et al., 2017).
Consumption and Use Patterns
- Medical students are enrolled in full-time degrees in Australia and their demanding coursework requires significant study hours on weeknights and weekends to successfully complete their degrees (Australian Medical Students’ Association, 2018).
- Regular users of online resources and social media
- Users of Anki, Quizlet and similar spaced repetition programs to learn high volume of knowledge required to pass exams. When not studying they enjoy socialising and spending money on luxury holidays and outings with social peers. Ann Korabelnikoff s2932991
- Limited time for regular shopping due to high demands of medical school on-site and study commitments (Australian Medical Students’ Association, 2018).
- When shopping they are more concerned with quality and brand than bargain price, as is common with individuals from predominantly higher socio-economic backgrounds.
Positioning Strategy
Medi Mentors is an online service-based product offering mentoring, counselling and clinical teaching, charging a monthly fee from its clients. It aims to improve the performance of its customers who are undergrad and postgrad medical students, helping students to achieve higher grades in assessments. Moreover, it is one of its kind services, not provided by anyone else in Australia. It operates through sponsorship by partners so as to subsidize membership fees. For promotion it relies on social media and the service will be market through Facebook groups, advertisements, twitter and public relations. Medi Mentors have also incorporated promotional activities like trade promotions, attending events and partnership with brands. Their business is expected to include in-person counselling as well in future. They also aim to recruit medical students who will provide valuable experience for their staff and personnel to operate Medi Mentors effectively.
Medi Mentors can clearly distinguish itself as a service unlike any other in the market because unlike its competitors listed above, it will provide mentoring for:
- All medical students enrolled in Australian universities.
- Support for all types of clinical education, including general practice, rural and metropolitan hospitals and other relevant healthcare environments in which the students are trained during their degree.
- Online access to mentoring and support services, and clinical education support services.
- Online access with a widely-recruited team of mentors means that this product will be more accessible in location and convenience than its competitors.
Positioning Map for Medi Mentors
Marketing Mix Strategies
Product
Initially, mentoring, counselling services and clinical teaching will be offered online only, and clients will be charged a monthly fee. Students will access the service by a registration process which includes filling out an online questionnaire which will assist Medi Mentors staff to allocate a suitable mentor/counsellor. Then the student can request online appointments with relevant mentor/counsellor/clinical teaching staff allocated to them.
The main benefit of Medi Mentors to its customers is the opportunity to improve their overall performance in their medical studies, through mental health support and clinical teaching. This combination of services will create better outcomes for students which will result in higher grades in written examinations and clinical assessments.
Price
The price for clients to access Medi Mentors online service will be $4.99 per month. Medi Mentors will operate through sponsorship from its partners to subsidise membership fees from students. In return for funds to allocate for online platform costs as well as funds to remunerate teaching, mentoring and counselling staff, the financial partners will be given direct access to promote their products to students who are registered with the service to promote their financial planning, banking, superannuation and insurance products via the website and online platform used to provide the service as well as in-person at university events.
Medi Mentors will also seek funding from participating universities who will partner with Medi Mentors to support their students and act as intermediary distribution channels. Ongoing administrative support and advice will also be sought from the Australian Medical Association (AMA) and the Australian Medical Students’ Association (AMSA). While the service will commence initially as an online-only service, over time with expansion Medi Mentors will offer in-person counselling, mentoring and clinical teaching. Students who wish to access this face-to-face service in addition to online services can register for a monthly fee of $9.99. To incentivise mentoring and teaching staff to take part in the service, in addition to a stipend for their participation, Medi Mentors through consultation with the AMA would encourage training programs starting at registrar level to consider medical school student mentoring and teaching as a potential way to boost training applicant’s entry credentials to teaching colleges. ie. experience hours gained through providing their services through Medi Mentors may potentially be used as part of entry requirements to gain a place in a training program.
Promotion
Medi Mentors will use the following sentence to portray its promotional strategy:
Clinical mentoring for medical students
Medical students, similarly to other university students frequently access content online including media platforms and social media. Medi Mentors will use online platforms to promote its service and reach a large segment of students. As well as its online platform to run the service which will utilise a website with audio and video communication capability, Medi Mentors will also establish:
- a Facebook group for students all around Australia who are Medi Mentors clients. This group will be private to exclude non-medical students and individuals who are not Medi Mentors clients. The group administration will provide advertising and updates about Medi Mentor events, groups, as well as linking to useful information on the Medi Mentors main website. Students will also be encouraged to create group events to meet face-to-face with other students in their city to encourage extra-curricular activity and a distraction from intense study, which enhances mental health benefits for students
- Facebook advertisements would also be purchased, to attract users who search for terms which may relate to medical education online.
- A twitter account would be established to update clients on any new events or additions to the website or service, plus study hints and tips optimised for medical students.
- Medi Mentors will work with participating universities to link its home page to the university’s medical program home pages to provide student exposure and access to Medi Mentors.
- Public relations: financial partners of Medi Mentors who provide sponsorship to assist in funding the service (including banks, financial planners, insurance companies) will have links to Medi Mentors on their websites. Conversely, Medi Mentors will also have links from its site to its sponsors websites.
- Medi Mentors will use its established links with the Australian Medical Association (AMA) and the Australian Medical Students’ Association (AMSA) and have links to Medi Mentors on these organisation’s websites.
- Printed materials and brochures for Medi Mentors services will be available for students in university gyms, libraries, student lounges and cafeterias
Promotional activities on university campuses provide opportunities for students to gain exposure to Medi Mentors and to learn about its services and benefits. These opportunities may include:
- A representative from Medi Mentors attending university orientation days for medical students at participating universities and handing out promotional material on Medi Mentor’s services.
- Trade promotion would be utilised with financial partner representatives invited to speak at university functions distributing materials regarding their businesses for medical students as their prospective clients. These representatives can include in their printed material a brochure for Medi Mentors.
- At promotional events such as orientation presentations and “Free Pizza Fridays” students will be invited to register their email addresses with Medi Mentors, to receive weekly updates on services offered and upcoming events.
