Live Well Services is a large producer of health care devices. A blood pressure monitoring watch designed for high risk, high blood pressure patients is their most promising new product. The watch is clinically proven to be accurate and features advanced technology. Some of the key features are a Risk Category Index that compares readings to criteria established by the U.S.
National Institutes of Health and an irregular heartbeat detector featuring innovative technology to automatically alert you when an irregular heartbeat is detected during measurement. It also comes with large digital numbers for easy reading. Most of the time, blood pressure is silent, meaning you feel no symptoms. This is why people can have high blood pressure and not even know it. It’s important to get your blood pressure tested once a year and regularly if you are at high risk. A home device is usually recommended by doctors for high risk patients. The good news is that it’s possible to lower your blood pressure and live a healthy life (Benecar, 2012).
Marketing Plan for Blood Pressure Watch Monitor Christine, the marketing manager of Live Well, has already received a positive response for the watch monitor samples sent out to Walgreens and now she is ready to launch the new product nationally. She will leverage the strong existing relationship she has with Walgreens, one of the nation’s leading drugstores, to get her company’s product on the shelves. Having high blood pressure puts you at risk for heart disease and stroke, leading causes of death in the United
States (CDC, 2012). Although it can affect people of all ages, seniors, ages 65 and above are most susceptible. Christine’s goal is to increase revenue for Live Well while meeting the needs of this target market.
Target Market Live Well will be targeting senior citizens nationally (within USA) who are at risk for high blood pressure. A large grouping of this demographic is in Florida. According to a 2010 census, the state of Florida’s population was ranked number one with the highest percentage of seniors, ages 65 and above at 17.3%. West Virginia was second with 16% and Maine was third with 15.9%. In the United States the senior citizen population is projected to grow by 104.3% between mid- year 2012 and 2050 (White, 2010). This obviously makes this a large market with significant sales growth potential. One of the biggest influences for senior buying behavior is the need for accuracy in a health device. High risk blood pressure readings require accuracy due to the life threatening health risks involved. Seniors will be put to ease with the clinical testing that has been done on
Live Well’s watch to prove its reliability. Since many seniors may wear glasses or begin to have vision problems, Live Well’s watch with its large digital size numbers will make it easy for them to read and interpret the results. Also, since it is more technologically advanced than other watches on the market, it will take a lot of the brain work out of using it. This will ease fears for a senior’s family members. Younger family members, such as the children or grandchildren of seniors are concerned about the health and welfare of their senior relatives. These features will put them at ease and produce less worry knowing their loved one is being safely monitored.
Since it goes on the wrist and is adjustable, it will comfortably fit people of all sizes, and you don’t have to bare your upper arm. The initial launch will be directly through Walgreens who has agreed to sell their new product. The company has 7,841 drugstores and in March announced reports of record sales
(Walgreens,2012). Live Well believes that this partnership is just what it needs to get its product out to its target market and maximize revenue.
Costs To Make/Buy/Provide Product The sales and administrative overhead to be charged to…