Marketing Plan Budget
Using a cost-benefit analysis tool, construct a budget for the marketing promotion plan of St. Anthony Medical Center. List marketing interventions and reflect line items and costs associated with each. Next, determine monetary and other potential benefits. Examine costs versus benefits over a time horizon of 13 years. Make a recommendation, and support it with rationale.
Additional materials:
Market Action Plan and Financial Analysis
St. Anthony Medical Center is challenged with growing the business using a market pull strategy. As the health administration intern for St. Anthony Medical Center, your task is to propose a marketing action plan for the Labor and Delivery (L&D) service line. The marketing action plan will include major action items necessary to achieve the desired financial target and the associated costs and benefits for each item. Your marketing action plan will influence leadership's decision on its overall strategy for the L&D unit.
Screen 1 There are three steps to doing a cost benefit analysis. Screen 2 The first is: Identify costs. On your spreadsheet, list all the proposed actions and their corresponding costs. Screen 3 It's helpful to think of costs in two categories: monetary, and non-monetary. Monetary would be any fees, licenses, materials, training, payroll costs, and so on. Non-monetary are things like potential risks or influences on brand reputation. You'l1 need to do some research to come up with estimates for non-monetary co Screen 4 sts. Once you've listed both types of anticipated costs, add them together to get the total costs. Screen 5 The second step is: Identify benefits. Just like with costs, you would list both monetary and non- monetary benefits. Screen 6 Monetary benefits could be things like projected increased profits. Non-monetary benefits might be things like increased customer satisfaction and better brand recognition. Again, this will be determined by your research. Screen Add all anticipated benefits together to get the total benefits. Screen 8 The third and final step is: Evaluate costs and benefits. Evaluating costs versus benefits on a three- to five-year time horizon is important in order to determine the long-term benefit of the proposed actions. Screen 9 To evaluate, compare the totals. Are the costs higher? If so, your project actions may need to be adjusted, if possible. Ifthere's no realistic way to alter your project, it may not be considered a worthwhile investment for the organization. Screen 10 On the other hand, if the total benefits are much greater than total costs, you might conclude that the project will be a worthwhile investment. Screen 11 To recap, the three steps of cost benefit analysis are: Identify costs, identify benefits, and thern evaluate the costs and benefits. Screen 1 There are three steps to doing a cost benefit analysis. Screen 2 The first is: Identify costs. On your spreadsheet, list all the proposed actions and their corresponding costs. Screen 3 It's helpful to think of costs in two categories: monetary, and non-monetary. Monetary would be any fees, licenses, materials, training, payroll costs, and so on. Non-monetary are things like potential risks or influences on brand reputation. You'l1 need to do some research to come up with estimates for non-monetary co Screen 4 sts. Once you've listed both types of anticipated costs, add them together to get the total costs. Screen 5 The second step is: Identify benefits. Just like with costs, you would list both monetary and non- monetary benefits. Screen 6 Monetary benefits could be things like projected increased profits. Non-monetary benefits might be things like increased customer satisfaction and better brand recognition. Again, this will be determined by your research. Screen Add all anticipated benefits together to get the total benefits. Screen 8 The third and final step is: Evaluate costs and benefits. Evaluating costs versus benefits on a three- to five-year time horizon is important in order to determine the long-term benefit of the proposed actions. Screen 9 To evaluate, compare the totals. Are the costs higher? If so, your project actions may need to be adjusted, if possible. Ifthere's no realistic way to alter your project, it may not be considered a worthwhile investment for the organization. Screen 10 On the other hand, if the total benefits are much greater than total costs, you might conclude that the project will be a worthwhile investment. Screen 11 To recap, the three steps of cost benefit analysis are: Identify costs, identify benefits, and thern evaluate the costs and benefits
