Executive summary
The goal of this study is to develop a substantial launch plan based on an innovative entrepreneurial business concept that involves offering clinical facilities to University of Hertfordshire students. This is the reason this activity includes a wide range of activities like ownership, budgeting, budgeting, marketing, positioning, and business model canvas. In light of this, it can be said that, from the standpoint of strategically marketing entrepreneurship, this study has met all the requirements for creating a launch plan based on an original entrepreneurial idea.
“Comprehensive Study: Implementing Strategic Marketing Initiatives to Attract Students to Clinical Facilities at the University of Hertfordshire” this study examines the specific marketing strategies proposed in the launch plan aimed at attracting students to the clinical facilities at the University of Hertfordshire. By analyzing various marketing tactics, including digital marketing campaigns, targeted outreach efforts, and partnerships with healthcare organizations, this research aims to provide insights into effective methods for increasing student engagement with clinical services on campus.
Table of Contents
Introduction
The process of business ideation is crucial for generating creative ideas that can support entrepreneurial endeavors and provide value to customers. In strategic entrepreneurship and marketing, the elements of the ideation process play a significant role in achieving positive outcomes. Therefore, this study aims to develop a launch plan, incorporating entrepreneurial marketing strategies, for a concept focused on clinical facilities at the University of Hertfordshire.
Latest service recommendation by explaining the overall designs as well as features
In terms of this innovative concept of providing clinical facilities to students at the University of Hertfordshire, a well-designed approach can greatly enhance the value of the idea. The features and structural design of this concept are geared towards supporting students in meeting their essential healthcare needs, including access to a medical shop facility.
The design of this idea prioritizes easy access to basic healthcare services, particularly for students who are registered with a general practitioner (GP). As argued by Baldassarre et al. (2020), effective design implementation is crucial when launching an entrepreneurial idea, as it can positively impact marketing efforts. Therefore, by implementing this specific concept, university students could benefit from various discounts and access to comprehensive health checkups, along with additional healthcare perks.
Business model canvas
| Key partners Medical interns Healthcare professionals and organisations Students | Key activities Assisting students with their clinical requirements and ensuring they receive necessary healthcare support to meet their needs. | Value propositions Entrepreneurial Strategy for Clinical Support Services at University | Customer relationships Value based customer relationship | Customer segments Students of Hertfordshire University are first priority |
| Key resources Experts in clinical healthcare and medical professionals, along with necessary tools, are supported by associated financial resources. | Channels PartnershipStudents Professional staff | |||
| Cost structure Based on value-driven effectiveness | Revenue streams Clinical facilities, medical shop and healthcare checkup | |||
Form of ownership
The chosen ownership structure for this venture will be a partnership, allowing for a simplified and collaborative approach to business operations. Partners will collectively contribute to the development and growth of the business, leveraging the advantages of this ownership model, such as lower start-up costs, increased borrowing capacity, and ease of establishment. Following the principles outlined by Toms et al. (2020), partners will share responsibilities for various aspects of the business, including development, marketing, and launch activities. This decision is based on the belief that a partnership will foster equal participation and commitment from all involved parties, leading to greater success for the venture.
Analyzing stakeholders
Figure 1: Stakeholder analysis matrix
(Source: Liu et al. 2021)
According to the diagram provided, stakeholders are selected for a creative business idea based on their power and interest in the business. In the case of launching a business based on this particular idea, internal stakeholders such as university students, general learners, teaching staff, working staff, and medical staff are given priority. However, as noted by Leonidou et al. (2020), external stakeholders can also play a significant role in supporting and elevating the business. Therefore, professional doctors, healthcare staff, NHS workers, nurses, medical interns, healthcare organizations, and medical institutions are also considered important stakeholders. In the context of this healthcare-based entrepreneurial idea, these external stakeholders are positioned as “keep informed” and “keep satisfied” based on their power and interest.
Launch plan
Proposed Announcement Date and Communication Channel
The proposed date for launching the creative business idea is May 29th, 2024, within the university premises. This date allows for the introduction of new healthcare support and medical services to the students. To effectively communicate and market this entrepreneurial venture, a variety of communication channels should be utilized.
Gomez-Oliva et al. (2019) emphasize the importance of employing advanced and adaptable communication channels when launching a creative business idea. Therefore, for this healthcare business, a multi-faceted approach is recommended. This includes:
- Audio-Visual Presentations: Utilize videos and presentations to convey the benefits and services offered by the business. This can be done through digital screens, presentations during orientation events, or online platforms.
- Graphical Presentations: Visual aids such as infographics, posters, and brochures can effectively communicate key information about the business and its services. These can be displayed in high-traffic areas around the university campus.
- Relationship Development: Building relationships with students, faculty, and staff is crucial for generating interest and trust in the business. This can be achieved through networking events, open houses, and collaborations with student organizations.
- Enhanced Project Events: Hosting special events or workshops related to healthcare and wellness can attract attention and create buzz around the business. These events can feature guest speakers, interactive activities, and demonstrations of the services offered.
By leveraging these communication channels, the business can effectively reach its target audience and establish a strong presence within the university community.
Brand positioning
Figure 2: Perceptual positioning
(Source: Created by author)
Brand positioning involves determining the primary placement of a brand in the minds of consumers and distinguishing it from competitors. It focuses on creating a unique position in the market through creative designs and innovative ideas. However, Sjödin et al. (2020) argue that when strategically planning an entrepreneurial idea, it’s essential to prioritize value creation for customers over outperforming competitors. Perceptual mapping can help describe the precise positioning of the idea in relation to customer perceptions.
Business objectives based on entrepreneurial marketing
“Comprehensive Study: Implementing Strategic Marketing Initiatives to Attract Students to Clinical Facilities at the University of Hertfordshire”
The business objectives based on entrepreneurial marketing for this study include:
- Establishing a strong brand presence: Create a recognizable brand identity for the clinical facilities offered to University of Hertfordshire students, ensuring it stands out in the market and resonates with the target audience.
- Generating awareness: Implement marketing strategies to raise awareness among University of Hertfordshire students about the clinical facilities available to them, highlighting the benefits and unique value proposition.
- Attracting customers: Develop targeted marketing campaigns to attract students to utilize the clinical facilities, emphasizing convenience, affordability, and quality of service.
- Building partnerships: Forge strategic partnerships with relevant stakeholders within the University of Hertfordshire community, such as student organizations, faculty members, and administrative departments, to enhance visibility and credibility.
- Maximizing student engagement: Implement initiatives to actively engage with students through various channels, including social media, campus events, and educational workshops, to foster a sense of community and loyalty.
- Ensuring financial sustainability: Develop a sustainable business model that balances revenue generation with cost management, ensuring the long-term viability and growth of the entrepreneurial venture.
- Continuous improvement: Establish mechanisms for gathering feedback from students and stakeholders to identify areas for improvement and innovation, driving ongoing refinement of the business concept and service offerings.
Management of the budget, measurement, and control
The budget allocation for launching this entrepreneurial idea is set at £35,000, with £9,000 earmarked for entrepreneurial marketing. According to Euchi (2021), healthcare businesses typically require significant investments in costly medical equipment and tools. Hence, this budget is deemed sufficient for the proposed venture. Monitoring and control mechanisms will be implemented through regular maintenance of financial statements, expenditure records, cash budgets, health statements, and transaction details to ensure effective management of resources.
Conclusion
The study suggests that a comprehensive marketing launch plan is essential for successfully introducing an entrepreneurial business idea. It emphasizes the importance of creativity, particularly in launching ideas related to clinical support. Therefore, it can be inferred that when launching a creative entrepreneurial idea, it is crucial to maintain a high level of innovation throughout the process.
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