New Service/Product Idea:
Epic Systems aims to develop a new telehealth service to improve dementia care in older adults. Older adults experiencing different types of dementia tend to require constant attention from their caregivers. Therefore, there is a huge need to develop a service that will allow the caregivers to monitor, communicate, and care for their patients remotely.
Rubric attached along with instructions below:
Context
My chosen company is Epic System.
Write a paper that addresses the following:
o Describe your corporate mission (Epic Systems) and brand description and how these two components drive business decisions.
o Assess how your new idea fits into the brand.
o Evaluate the effectiveness of your organization’s current brand and how this influences your new product/service.
Need
For your idea, continue your paper by addressing the following:
o TargetMarket
Define basic demographics of your targeted consumer or buying style of organizational buyer, and analyze why they are a good choice.
Define behavioral and psychographic characteristics of your targeted consumer or buying style of organizational buyer, and analyze
why they are a good choice.
o Want or Need
Analyze what your target demographic(s) want or need and how the new idea meets those wants or needs. Defend why your chosen target demographic(s) is best for this new product/service.
Pricing and Costs
Using the idea that you have chosen, finish your paper by covering the following:
o Determine your fixed and variable costs and how they fit with your company’s short- and long-term goals. Use a narrative with a table to show calculations for cost categories. Provide reasonable estimates for each of the categories. Specific or in-depth financial analysis is not necessary.
o Judge how much your target market is willing to pay for your product/service. Examine competitors’ pricing and explain reasoning for differences.
o Evaluate how much your target market is willing to pay for your product/service if it aligns with their corporate social responsibility (CSR) preferences. Weave CSR into the launch of your new idea.
o Justify your pricing strategy (skimming, penetration, economy, or premium).
