Market Analysis Summary
According to the 2005 local area "Economic and Demographic Profile Report," there is an increasing demand for cost-effective health care in the nation and in our region. Specifically, the local population (within 35 miles) is predicted to grow approximately 3.5% per year and has a population roughly around 160,000 people as of 2004.
The largest age group in our area in 2004 was between 40-49, with 31,714 people. Residents over 60 make up a higher percentage of the population in here than the regional average. Since we will be open to patients of all ages, our market segmentation breaks potential patients out into local population (within 35 miles) and patients from the surrounding region (within 70 miles).
There are currently 4-5 family practitioners in town, with 15,000 people living within 4 miles. These are favorable statistics that offer an excellent patient-to-doctor ratio, in addition to the limited number of surrounding family medical practices.
Target Market Segment Strategy
Park Square Family Medicine will locate and focus its efforts on the entire local population (within 35 miles). Our segmentation strategy is geographic for a number of reasons:
- The rural and semi-rural patients of this area will not, and often cannot, travel more than 30 miles to see a doctor. They would rather "wait it out" on all but urgent matters.
- Our clinic is a general family practice, and will treat patients of all ages, incomes, physical abilities, races, and ethnicities. As a family clinic, there is no need to create marketing materials targeted at only one or two of these groups, but we can appeal to all with a similar message.
- The expected growth of the local population, at 3.5% a year, makes this an ideal location for a broadly geographic marketing approach.
Service Business Analysis
Park Square Family Medicine is part of the larger medical industry, in particular "Offices and Clinics of Medical Doctors." Private medical practices are numerous, generally small (1 - 4 physicians) and may provide either general or specialist services. They are well-suited to rural and semi-rural areas, which often do not have a large enough population to make a hospital or larger medical group a viable proposition.
There are currently five family practitioners in this town of 15,000, with 160,000 potential patients within 35 miles. These are favorable statistics that offer an excellent patient-to-doctor ratio for marketing efforts.
Competition and Buying Patterns
In general, competition among fellow family practitioners our town and the surrounding area is small. The growing population base and the limited number of doctors creates a great potential for meeting our patient load goals.
When choosing a family doctor, most patients look for someone knowledgeable and skilled who will listen carefully to their health concerns. They are more likely to return to a doctor whose location and hours are convenient and accessible, who have short waiting times for getting appointments and sitting in the waiting room, whose staff is friendly and helpful, and who work effectively with their insurance provider.
The relative importance of each of these factors will vary by patients' age range, medical needs, and level of sophistication in managing their own health.