Retail Clinics Marketing Research Plan

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Retail Clinics Marketing Research Plan
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Retail Clinics Marketing Research Plan
Project Summary
The proposed business will be dealing with health care providers in the community. This
retail clinic will principally involve different medical services deemed inadequate in the
community. The retail clinic will deal with various services such as immunization, preventative
and curative medical care, and other medical services such as managing minor physical trauma.
The clinic will have different medical personnel, such as nursing PR actioners. This article seeks
to uncover the existing marketing gaps through secondary sources.
Supply and Demand Matrix Classification
According to Sutevski (2016), a retail clinic can be categorized as an "Excellent Chance
for Success-Supply and Demand Matrix ."The quadrant is marked by high demand and low
supply. Health care is a basic need for all humans, making a retail clinic a viable idea because
health workers, especially nurses, are limited compared to clients. Medical services are in
demand because modern lifestyles predispose people to many infections and diseases (Santana et
al., 2021). The same research outlines that, despite many clients, there is still a massive shortage
of health care practitioners, making the industry less competitive. The available care in the
market is expensive; therefore, providing quality care at a reasonable cost also makes this
business idea excellent for success.
Research Questions
Is the healthcare industry dealing with a retail clinic business viable? Research on the
marketability of health care services.
Industry Analysis
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Studies illustrate that the healthcare industry deals with a business organization that
provides healthcare services and other medical commodities (Babalola, 2017). This project and
the proposed business venture is a retail clinic principally under this industry. With many
medical services, manufacturing medical equipment, and insurance services in demand, this
venture is bound to succeed. According to Babalola (2017), the Healthcare industry demand is
gradually rising because unhealthy lifestyles are leading to conditions like obesity, increasing the
likely hood of developing conditions such as stroke, diabetes, and heart diseases.
Industry Trends
Vogenberg & Santilli (2019) outline that personalization has increased and will continue
to increase beyond 2020. Health care has witnessed evolution, especially with technology.
Telehealth and telemedicine, integrated medical technologies, and development of medical care
policies. This research is concerned with more personalization in healthcare; this involves mental
health, preventive measures, and physical health application.
Market Analysis
Studies suggest that the market is highly fragmented due to several local and global
market competitors (Cision company, 2022). Additionally, it is predicted that the consolidation
efforts made by multinational corporations would intensify the rivalry between new and regional
market entrants (Cision company, 2022). Market share is something that the top players are
always trying to get more of. Service providers are now putting more emphasis on regional
growth than expanding their service offerings. A further issue is that the market is generally
unregulated, which might result in unfair competition and aggressive takeovers.
The Anticipated Future Market Potential
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With the increase in health care technology integration, awareness of the need for health
services is rising. Personal medical equipment has been growing, monitoring, and managing
health care issues efficiently. According to Saracco (2022), telemedicine will not be an issue but
digital regulation, making retail clinic business viable.
The Level of Competition
According to Propper (2018), the health care market is not perfect competition because
different organizations with financial power can move their prices. Again, rural hospitals may be
the only institution in a geographical area making monopoly conditions. The retail clinic has
some level of competition; however, according to studies by Propper (2018), medical services
demand continues to rise, making the competition less stiff.
Demographic Analysis Target Audience
The research proposal concerned the general population because health care services at
the anticipated level will cut across all ages. Health care services are needed by the pediatrics,
adults, and the aged population.
Potential Customers and Clients
The potential clients for the proposed retail clinic venture are all patients of all ages
(Propper, 2018). However, with increased awareness due to mass media influences, people
appreciate the need for health care checkups.
The Target Audience
The target audience is the general public because retail clinics deal with simple ailments
and outpatient medical patients.
The Market Size
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The market size will closely estimate the local population because the retail clinics
depend on walk-in clients. According to Cision company (2022), The market is anticipated to
reach US$18.7 billion by 2031 and expand at a CAGR of 15.6%.
Outcome Anticipated by The Target Audience
Propper (2018) outlines that clients require high-quality holistic care; patients must be
treated with integrity. Customers and clients what low-cost quality care, personalized medical
care, and digitalized health care.
Barriers to Achieving the venture
The health care services industry, especially retail clinics, experiences challenges such as
a disconnect between reimbursement and actual care costs. This is because clinics are considered
to provide low-margin services. Challenges of staffing, where most of these clinics are operated
by nurse practitioners; however, these health workers have a limited scope of practice (Cision
company, 2022). Financial constraints are another main problem that retail clinics go through.
Possible Solutions
The possible solutions included."
 Developing reimbursement policies
 Increasing service capacity through advertising to increase margin service provision.
 Training health care workers
 Seeking financial assistance from other sources
Sales Projection
It has been suggested that non-emergency medical treatment may be provided through
cheaper retail clinics rather than hospitals. According to RAND (2016), approximately $4.4
billion might be saved annually if just 20% of those who go to emergency rooms do not have
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true emergencies but instead go to a retail clinic or urgent care facility. With this information, a
retail clinic will be estimated at around $512,000 monthly.
Summarize of Findings
According to this study, this venture is viable because studies show that retail clinics
continue to provide essential services to the general public. The health care industry has been
evolving due to technological innovation, which has made telemedicine rampant. Studies also
conclude that retail clinics serve all acute non-complicated conditions among children, adults,
and the aged. The market for health care services continues to increase because of the poor
lifestyle leading to health problems such as obesity. Customers and clients anticipate high-
quality, personalized, and digitalized medical services at affordable costs. Retail clinics serve at a
local level; however, the overall sale may increase with advertisement. Studies suggest that retail
clinics experience reimbursement problems, low sales, financial limitations, and limited scope of
practice. Developing reimbursement policies. Possible solutions include increasing service
capacity through advertising to increase margin service provision. Training health care workers
and seeking financial assistance from other sources. The venture is estimated to make around
$512,000 of sales a month.
References
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Babalola, O. (2017). Consumers and Their Demand for Healthcare. Journal of Health & Medical
Economics, 03(01). https://doi.org/10.21767/2471-9927.100032
Cision company. (2022). Retail Clinics Market Size Worth US$ ~18.7 billion by 2031: Exclusive
Report by Growth Plus Reports. Www.prnewswire.co.uk.
https://www.prnewswire.co.uk/news-releases/retail-clinics-market-size-worth-us-18-7-
billion-by-2031-exclusive-report-by-growth-plus-reports-874473171.html
Propper, C. (2018). Competition in health care: lessons from the English experience. Health
Economics, Policy, and Law, 13(3-4), 492–508.
https://doi.org/10.1017/s1744133117000494
RAND. (2016). The Evolving Role of Retail Clinics: Rand.org; RAND Corporation.
https://www.rand.org/pubs/research_briefs/RB9491-2.html
Santana, I. R., Mason, A., Gutacker, N., Kasteridis, P., Santos, R., & Rice, N. (2021). Need,
demand, supply in health care: working definitions, and their implications for defining
access. Health Economics, Policy and Law, 1–13.
https://doi.org/10.1017/S1744133121000293
Saracco, R. (2022). 2025 Outlook: Healthcare. IEEE Future Directions.
https://cmte.ieee.org/futuredirections/2021/11/04/2025-outlook-healthcare/
Sutevski, D. (2016, December 10). Use Supply and Demand Matrix to Measure Business
Potential Energy of Your Ideas. Entrepreneurs Box.
https://www.entrepreneurshipinabox.com/11899/use-supply-and-demand-matrix/
Vogenberg, F. R., & Santilli, J. (2019). Key Trends in Healthcare for 2020 and Beyond.
American Health & Drug Benefits, 12(7), 348–350.
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6996619/
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1

Course Number: Course Name

Retail Clinics Marketing Research Plan

to uncover the existing marketing gaps through secondary sources.

Supply and Demand Matrix Classification

According to Sutevski (2016), a retail clinic can be categorized as an "Excellent Chance

business idea excellent for success.

marketability of health care services.

health, preventive measures, and physical health application.

unregulated, which might result in unfair competition and aggressive takeovers.

The Anticipated Future Market Potential

digital regulation, making retail clinic business viable.

The Level of Competition

demand continues to rise, making the competition less stiff.

Demographic Analysis Target Audience

adults, and the aged population.

Potential Customers and Clients

appreciate the need for health care checkups.

The Target Audience

and outpatient medical patients.

The Market Size

reach US$18.7 billion by 2031 and expand at a CAGR of 15.6%.

Outcome Anticipated by The Target Audience

care, and digitalized health care.

Barriers to Achieving the venture

The possible solutions included."

 Developing reimbursement policies

 Increasing service capacity through advertising to increase margin service provision.

 Training health care workers

 Seeking financial assistance from other sources

retail clinic will be estimated at around $512,000 monthly.

practice. Developing reimbursement policies. Possible solutions include increasing service

$512,000 of sales a month.

Economics, 03(01). https://doi.org/10.21767/2471-9927.100032

Report by Growth Plus Reports. Www.prnewswire.co.uk.

Economics, Policy, and Law, 13(3-4), 492–508.

access. Health Economics, Policy and Law, 1–13.

Saracco, R. (2022). 2025 Outlook: Healthcare. IEEE Future Directions.

Potential Energy of Your Ideas. Entrepreneurs Box.

American Health & Drug Benefits, 12(7), 348–350.

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