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Abundant Health Corporation's Marketing Plan

Abundant Health Corporation is the name of the company located in New York City in

the United States. Abundant Health Corporation usually provides health care services. The

company typically operates in several segments, such as Pharmacy Services and Health Care

Services. Pharmacy Services is focused on offering pharmacy benefit management solutions

whereby it works directly with individual pharmacies to refund for drugs distributed to legatees

and uses its purchasing power to negotiate prices of medicines directly from manufacturers. The

company's Health Care Benefits segment provides consumer-directed health insurance products.

It also offers services like pharmacy, behavioral management, and dental services. The company

also has a segment focused on sales of prescription drugs and the provision of management and

administration services. Abundant Health Corporation is trying its best to provide quality

services to its customers and employees. The company has decided to develop a marketing plan

so that it may be able to achieve all its set goals. To effectively create a marketing plan, it will be

crucial to discuss its mission statement, short-term and long-term goals, environmental analysis,

and SWOT analysis.

Abundant Health Corporation's mission statement is to improve the lives of its customers

by ensuring that its pharmacy services are affordable, safe, and easy to access. The company's

mission statement suggests that the company is fully dedicated to assisting its customers in

different ways to ensure that they get the best healthcare possible. The company's mission
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statement comprises two main points: improving the lives and enhancing the health of their

customers. Its principal purpose is to improve the lives of its clients by ensuring that it links them

with quality services. Abundant Health Corporation is enhancing its customer's health through its

integrated system. Its integrated system recommends a variety of healthcare-related approaches

that boost the services provided to its customers. The wide range of health-care-related

techniques endorsed by the company's integrated system plays a significant role in assisting the

care providers in managing pharmacy benefit programs of its members. It results in better health

and improved lives of the patients. To meet its mission statement requirements, the company also

has healthcare professionals with the latest information resources, which helps in the

improvement of patient care.

Abundant Health Corporation has introduced short-term business plans that will

significantly help in achieving its objectives. The company's first short-term goal is to increase

its market share. Abundant Health Corporation has decided to increase its market share through

innovation, strengthening customer relationships, and effective hiring practices. Through

innovation, the company plans to develop new technology that its close competitors are yet to

have. Consumer Value App is the latest technological innovation where the company's customers

would refill their prescriptions by scanning the barcode and fetching their meds whenever they

are ready. Digital tools are another technological innovation that the company is planning

develop. The new tools from the Digital Innovation lab will significantly reduce healthcare costs.

Abundant Health Corporation is also planning to strengthen the customer relationship to increase

its market share. Maintaining customer relationships will enable the company to win their

customer's loyalty, preventing them from turning to their competitors after producing a new
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product. Acquiring skilled and dedicated employees will also significantly increase its markets

share.

Another short-term goal for Abundant Health Corporation is to track website content

downloads and monitor the website visitors. It will significantly help in knowing the visitors

well and enhancing the user's experience. Knowing the details of the website visitors like age,

geographical location, interests, and gender will improve their experience, which will, in turn,

attract more new users. Tracking downloads of the company's website content will also help it in

finding ways to optimize the website. Being aware of the devices and browsers used to download

content from the website will help redesign the website to meet the customers` preferences. It

will ensure that the company has driven the right content to its website through the preferred

channels. Tracking downloads of Abundant Health Corporation's website content will also help

the site's search engine optimization. Search engine optimization plays a significant role in the

determent of a company's growth. When the company is aware of the customers' interest, it can

create targeted content that will help in getting better visibility on search engines.

Abundant Health Corporation has also come up with long-term goals that it expects to

have achieved before the end of five years. An increase in profit margin is one of the long-term

goals. When a company's net profit is greater than the average for its industry, it is considered a

competitive advantage. Abundant Health Corporation is planning to increase its profit margin by

increasing its revenue. Boosting revenues to increase profit margin is the most common option

whereby a company increases sales or the prices of its products or services. The company must

ensure that the demand for its products or services is high enough before inflating the prices to

avoiding inventory leftover in the warehouses. Increasing sales is the best strategy for increasing

the revenue of the company. Another approach to improving the net profit that Abundant Health
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Corporation is planning to implement is reducing costs. The best option of reducing the costs of

operation without altering the quality of the company's products and services is through its

expansion. Funding expansion to increase profit margin can only be effective after a very long

time. An increase in production usually leads to higher sales volume and a reduction in average

cost per product.

Another long-term goal for Abundant Health Corporation is to increase customer

engagement. Customer engagement is the way a business interacts with its customers, whether

online or face-to-face. Interactions between a company and a customer should influence them to

feel and act positively towards the business's service or product. Abundant Health Corporation is

planning to improve customer engagement by offering helpful and relevant content. The

company should take its time to understand its customers and their needs, not just what relates to

its product and service. Sharing relevant information about the company's service and product

will help in increasing the customer's experience. It is also essential for the company to offer

content that is addressing those challenges facing its customers. Abundant Health Corporation is

also planning to build a customer community on social media that will greatly help in improving

customer engagement. Creating a customer community in social media will provide a platform

where customers will be sharing those challenges facing them, and the company will provide

ways of overcoming them. Through this platform, the company will be sharing crucial

information like services updates. Rewarding engagement will also play an essential role in

increasing the customer's engagement. Putting a reward program for customers will ensure that

the company acquires commitment and loyalty from them. Some of these rewards may include

sharing a customer's success story through the social media community where the company's

product played a role.

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There are several ways in which Abundant Health Corporation can measure both short-

and long-term goals. First, the company can write a clearly defined goal and ensure that it can

assign numbers and a time frame to its goal. Another way is breaking the long-term goal into

short-term additions, which will provide a clear view of where the company is today and steps to

be taken to achieve its set goal. Choosing the method of tracking the goal follows whereby the

company comes up with a chart filled in progression at various intervals. Tracking the goal helps

the company visualize the progress to determine steps to be taken to achieve the goal. Tracking

the progression can also help make some adjustments to increase the chances of meeting the set

goal.

Abundant Health Corporation's environmental analysis will assist in analyzing the

company's macro-environment. Several external factors influence the strategic decision-making

of the Abundant Health Corporation. Political factors are one of the environmental forces that

influence the operations of this company. Notably, political stability is one of the political factors

whereby high political stability provides a conducive business environment ensuring market

growth. On the other hand, political instability scares away investors and stakeholders, which

results in low productivity for a company. Abundant Health Corporation is operating in Health

Care Plans in different states with diverse political conditions. Abundant Health Corporation is

required to diversify the systematic risks of the political environment in various states.

Economic factors are another environmental force that impacts the operations of

Abundant Health Corporation. Several economic factors are seen to influence this company.

Labor market condition is one of the economic factors whereby the corporation is expected to

understand how it will attract talented and skilled labor to improve its productivity. A flexible

labor market will ensure that the company does not face hardship in acquiring qualified
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employees. Interest rate is another economic factor influencing the company's operations. High-

interest rates will attract investors and increase the growth and expansion of Abundant Health

Corporation. The economic structure also affects this company. Different countries have diverse

economic structures; thus, Abundant Health Corporation faces multiple economic systems since

it is located in various countries.

Society's culture usually influences a company. Social factors such as demographic trends

generally affect a corporation's activities. Understanding demographic trends will help Abundant

Health Corporation make proper decisions on the perfect market segment to focus their full

attention. It is also crucial to comprehend the general attitude of the population being served by

the company. It will help in enabling the company to know ways in which it will deal with such

attitudes. It is also crucial for the company to focus on equality and power distance. The growing

inequality in different states is influencing international companies like Abundant Health

Corporation.

The technological factor is another critical macro-environmental force that significantly

influences an organization's activities. The rapid global technological advancement is having a

great impact on the development of various companies. Abundant Health Corporation can make

use of the opportunities offered by social media to improve its marketing strategies. A detailed

analysis of technological innovations like 5G can greatly help Abundant Health Corporation stay

ahead of the competition. Research has been made easier through technological advancement;

thus, it is easier for corporations to carry out analyses and innovate.

Environmental factors also affect the growth and development of Abundant Health

Corporation. The international presence of Abundant Health Corporation requires it to

understand different environmental factors. Extreme weather conditions can significantly

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increase the company's cost of operations which may result in losses. Some countries may

possess renewable technologies and encourage investment in them. Abundant Health

Corporation may decide to invest in them, which may result in long-term sustainability.

Recycling and waste management is another factor that this company should consider. Adoption

of these practices by factories surrounding this corporation may be beneficial.

It is crucial to develop a SWOT analysis for the products and services provided by

Abundant Health Corporation. Abundant Health Corporation has several strengths that enable it

to survive in the market. One of its strengths is the high level of market penetration that provides

it with economies of scale (Phadermrod et al. 194-203). Abundant Health Corporation's brand is

another strength that empowers it against its close competitors. Its brand has enabled it to be

recognized and appreciated by the target customers. The condition of value chain synergy is

another recognized strength of this company. Abundant Health Corporation's retail pharmacy

store provides value by making it convenient for clients to fill their prescriptions.

Abundant Health Corporation also has several weaknesses. The company has an imitable

business model that its competitors can quickly adapt to their operations. The company is simply

healthcare coupled with pharmacy operations. It would be an effortless task for a new entrant to

create a competitive advantage similar to Abundant Health Corporation by applying a similar

model. Another weakness for this company is the limited retail scope in the retail pharmacy

business because it primarily depends on the American market. Vulnerability to regulatory

pressures is another weakness facing this company whereby the United States regulatory changes

broadly impact it.

Abundant Health Corporation has several opportunities. The opportunity for e-commerce

growth is very important for the development of the company's operations (Yu et al. 160-159).
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Abundant Health Corporation can use the opportunity to develop various technologies to assist it

in perfecting its operations. International expansion of the company's retail pharmacy processes

is an important opportunity since the corporation mainly operates in the United States. Global

expansion can enable it to increase revenue. Diversification through mergers is another

opportunity that would help the company expand its operations beyond the United States.

Abundant Health Corporation can also use the acquisition to expand its operations.

In SWOT analysis, it is also important to consider threats facing Abundant Health

Corporation. Direct competition with retailers is a major threat to this company. Most retailers

are seen to compete with the company's retail pharmacy operations. Imitation of business model

is another threat that is reducing the company's competitive advantages. Abundant Health

Corporation should develop more competencies that will enable it to counter this threat.

Regulatory changes in the retail pharmacy industry are also a significant threat since America's

retail pharmacy industry is usually regulated.

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Works Cited

Phadermrod, Boonyarat, Richard M. Crowder, and Gary B. Wills. "Importance-performance

analysis based SWOT analysis." International Journal of Information Management 44

(2019): 194-203.

Yu, Wantao, Ramakrishnan Ramanathan, and Prithwiraj Nath. "Environmental pressures and

performance: An analysis of the roles of environmental innovation strategy and

marketing capability." Technological Forecasting and Social Change 117 (2017): 160-

169.