BSBMKG501 New Business Opportunity Created by AH and B College Assessment Answer
The report is based on a new business opportunity created by the AH&B College. The business opportunity is deploying nursing courses in developing countries. The report summarizes about the business and its key products as well as mentions the marketing opportunities and the marketing principals required to enhance its business operations. The report also symbolizes the business needs alongside with the resource requirement and the financial viability of the business. The stakeholders for the new business opportunity has been identified in the report as well as the impacts of certain organizational changes have also been well mentioned in the report.
Identifying and evaluating marketing opportunities
AH&B college in Sydney Australia has introduced a new range of products and services into their operations besides the courses on business marketing and hairdressing. The internal stakeholders of the college have introduced a new business opportunity by implementing nursing practices in developing countries. The main reason for acknowledging such innovation bringing a change into their product line up is to summon better developments in the field of medical science into developing countries like India, Pakistan, Bangladesh as well as Myanmar. AH&B has set up this progress for brining into such innovation in action is by setting by temporary hospital outlets where nursing can be practiced and encouraging students to join the nursing course by reducing the course fee.
Findings for the market information
Analyzing the market information leads to the vibrant strength, opportunity, weakness and the threat to this innovative market incorporated by the AH&B college. The strength of implementing nursing practices or courses in developing countries is to upraise in the standards of the medical dilemma and reduce the rate of inappropriate death cases due to lack of medical outlook. According to the findings qualitative data which claims that the fatal death rate in India is around 22,500 while in Pakistan, Bangladesh and Myanmar it is around 1000, 2100 and 750 respectively per day. Improvised Nursing practices can reduce such cases. The major weaknesses would be less financial viability as the course of financing would be quite less in developing countries. The opportunity for this market grows as it focuses on more engagement and employment into the healthcare fields. Last among the analysis finds the threats towards this new business opportunity placed by AH&B College. The threat lies into upraising of the competition by other nursing home and medical facilities to implement more of nursing courses.
AH&B college has taken up this new innovation into their business agendas with an optimized outlook on the current situation of the developing countries. Yet the stakeholders have some of its basic business needs to launch the innovative operation and reach out to the maximum range of people.
- The first among the significant business need is the requirement for deliberate advertisements to target the influential customer group. This might require the help from the embassy of the particular countries but a through advertisement procedure is required to reach out to the mass and target the customer group most likely to take up with the nursing practices.
- The second among the significant business need would be the demographics of the developing countries through which the operations are going to be programmed. The demographics would help the internal stakeholders of AH&B college to figure out the significant places in which the nursing outlets should be structured.
- The certain external factors like the economy and the financial analysis of the particular developing country in which the operation is going to be programmed should also be among the major needs of the management board for the nursing practice service. A survey of the economic and the financial stability of the country would lead the management board to figure out the price of their product and services.
- A proper market analysis like the threats towards their business innovation such as the political stability of the particular countries in which the program is set to operate also falls among the major business requirements for AH&B college.
- The last among the major business requirement should be a detailed customer profile of every individual consumer which would help influence the operations between the management and the consumers. These were some of the basic requirements upon the current business model of AH&B College needs to be modified to enhance smooth operations.
The objective behind upraising this innovative business agenda is to upheave the medical standards and medical practices of the developing countries. Analyzing of the market potential upraises the market opportunities behind this business agenda. With a raise in the nursing courses or practices into developing countries, the major opportunity which formulates is that of the comprehensive use of nursing technology and developing rapid first-hand help. Another major opportunity that could well be developed with the implementation of the nursing courses is the rise of the employment rate in healthcare services. With these certain major market opportunities put straight, the fatal death rate would reduce and the developing countries would witness improvement in their medical standards. These certain market opportunities enable the organization to meet its objectives.
Adjoining the new opportunity with the current business
The implication of the idea would certainly raise the medical standards of the developing countries. The marketing plan to execute the operations for the program is to determine the growth rate of this new business opportunity in these developing countries. The central idea is to gain more attention and to promote how tactful and useful would be these nursing courses be into formulating a better medically developed country. To push these central ideas ahead the marketing plan would certainly include promotion with community partners, educating the likely consumers via social media and other channels as well as partnerships with community organizations and other healthcare practices. The central idea behind the business agenda is to raise medical standards of the developing countries grabbing as much as participants and attention possible. This would certainly help the current business of AH&B College like management and hairdressing to gain new propaganda and add a variety of choice to its consumers.
Evaluating the new business opportunity and its impact on the current business.
The evaluation of the central idea would be solely done on the basis of mass teachings in urban sectors of the developing countries by the community organizations. The partnerships with the community organizations as well as the promotion via social media would certainly help in evaluating the central idea of the business. The evaluation of the idea would also be summoned in recognizing the likely consumers and incorporating with the consumers via every detail possible. This would certainly impact the current business of AH&B college as a systematic flow of the new opportunity would raise the profit standards of the college although with less financial viability.
|Nursing Courses ||Cost |
|Nursing equipment ||3000$AUD|
|Nursing faculty ||3700$AUD|
|Nursing centers ||700$AUD|
- The certain benefits upon implementing this new business opportunity by AH&B College is to upraise the healthcare standards of these developing countries. The more synchronized and systematic would be the improvisation of this new opportunity would be the well-developed would be the medical standard of that particular country.
- Deploying nursing courses in developing countries would lead to introducing of modern medical technologies and healthcare facilities which would summon a decrease in the fatal death cases.
Risks to determine
There are certain legislation, codes of practices and national standards that formulates risks while formulating this new business opportunity by the AH&B college. The most prominent type of risk in deploying nursing courses in developing countries might be the lack of responses upon the business dilemmas. This might result in a financial instability for the business to function smoothly. The code of practices and the national standards claims first to identify the hazard and then to access the possible measures for the risk (Shelton, et al., 2009). Another certain risk that is quite determined to be faced by internal stakeholder while inducing nursing practices in developing countries is political instability. This formulates a major risk from the legislation and thus to access this risk with the norms of the codes of practices the internal stakeholder’s needs to manage a global all-time business license to conduct smooth operations.
Financial viability and recommendations
The scope for better financial viability is quite less as developing countries are always surrounded by economic instability. This new business opportunity might start out with quite less financial viability and might only address to meet its expenditures and not a sufficient profit. The total financial viability reveals the total expenditure behind deploying the nursing courses is 7400$AUD. The net return from the total investments is around 7950$AUD. The economic standards of developing countries are quite below compared to Australia and thus if the operation carries on for a longer time and gains propaganda then certainly the financial viability would improve (McAtee & E., 2005.).
Some of the most potent competitors of AH&B college’s new business opportunity would be:
Shaheed Zulfiqar Ali Bhutto Medical University, Pims
Contact - Shaheed Zulfiqar Ali Bhutto Medical University (SZABMU), PIMS, G-8/3, Islamabad, 44000
College of Nursing
Contact- Room NO:606, 5th Floor, Mahbub Plaza,
4/A Indira Road, Farmgate, Dhaka-1215
The University of Nursing
677/709 Bogyoke Aung San Road, Lanmadaw P.O 11131, Yangon, Myanmar
Return on Investment
|Nursing Courses ||Cost ||Return|
|Nursing equipment ||3000$AUD||3200$AUD|
|Nursing faculty ||3700$AUD||3900$AUD|
|Nursing centers ||700$AUD||850$AUD|
- Product development- Viability is the acceptance of the product by the consumers as per it fulfils their need. The new business opportunity of deploying nursing courses in developing countries by AH&B College will address to certain marketing opportunity like product development (Marrone, 2016). The viability factor stands on the acceptance of the product and thus product development summons to be a certain cause in enhancing market viability. Influencing the nursing courses with modern changes and technologies as well as distributing sparking notes for easy understanding certainly increases the viability.
- Marketing penetration- Market penetration accelerates its contribution to the market. Market penetration basically claims that the product should be sold maximum to the existing consumers or the targeted consumers. Marketing penetration emphasizes in increasing the sale of the product under existing segments. Thus the nursing courses should be aimed to deliver towards a particular existing range of customers to increase sales (Berger, 2016).
Changes to accelerate marketing opportunities
The changes in the basis of marketing opportunities like product development, market penetration could be best defined with the principals of the marketing mix. Below formulated are the changes documented to improvise advantage on the viable marketing opportunities.
- Product- both marketing opportunities like product development and marketing development is based upon the product. Modification into product manufacturing like bringing into new technological equipment for better nursing courses will help to gain sound product development and better marketing development by gaining new consumers (Marušić & Praksa, 2019).
- Promotion- promoting the services of the nursing courses in the right way would help to accelerate marketing opportunities like Market penetration. The better the promotions of the nursing courses would take place the more would be the existing consumers of the developing countries be attracted towards it.
- Place- this is another most important factor for the internal stakeholders of the business to set the demographics right. Launching the business in the right place would help in accelerating marketing opportunities like diversification. Diversification ranges among the viable marketing opportunities which summons to the selling of a new product to new consumers.
- People- choosing or targeting the right consumers increases marketing opportunities like market development or market penetration. Choosing consumers who would be likely attracted by the services of nursing courses will surely raise the standards of market penetration and increase the number of targeted customers (Borden & H, 2009).
- Implementing new technology- based on the product development marketing opportunity implementation of new technology would be the most significant of the organizational changes. The new technologies would lead to add new features in the nursing courses and thus improvise learning.
- Change in leadership- a change in leadership is another significant organizational change. It will help to manage the team with better consumer goals and thus target the right consumers which would certainly accelerate the chances of market penetration and market development. With a new leadership the management board, as well as the nursing course faculties, will able to target the right consumers and thus market penetration would be quite accessible (Pianesi & Adriano, 2019).
|Resource requirements||Nursing courses faculties |
Research and development
The key stakeholders for the new business opportunity of deploying nursing courses in developing countries by AH&B College are listed below.
- The first among the internal stakeholder is the board of management which organizes every business agenda for this new opportunity. The board of management is responsible for every major action taken to comprehend the business.
- The second internal stakeholders are the Nursing faculties who are liable to the best instruct the best of the nursing lessons to the students who opt for the course. They are solely responsible for upskilled learning.
- The last among the internal stakeholder is the vice-chancellor of AH&B college who manages the current business along with the new business and thus can formulate necessary policies and is not answerable to the management.
- The first among the external stakeholders are the consumers or the students who opt for the nursing courses and thus is indirectly related to the functioning of its operations.
- The last among the external stakeholders are the investors who amplify investment to the functioning of this new business opportunity. They are not directly related to the decision-making committee.
Impact on stakeholders
With the organizational changes, the internal stakeholders would be quite benefitted as targeting the right consumers will upheave the profit of the business. The nursing faculties another among the internal stakeholders would also be benefitted as implementing new technologies would make their job much easy. The external stakeholders like the investors will have to invest a big amount for improving technologies to gain a lot and the consumers or the students the last among the external stakeholders would indulge into an enhanced way of learning (Částek, O., Cenek, & M, 2017).