You may recall attending team meetings where colleagues said, “I feel this would be good for our patients,” or “I believe that this plan will help to position our department as a leader,” or “if we could only get this budget item approved, I am sure we would be successful.” This week you will be challenged to move beyond speculation, and to develop some basic financial skills to demonstrate the potential impact of a marketing idea in a measurable manner so that the senior leadership team can make a more informed decision. Quantitative and qualitative elements are included, and you as an intern will now be prepared with tools that assist in more objective decision making. One of these tools, the cost-benefit analysis, has a wide variety of applications beyond simply estimating the impact of marketing plan action steps or interventions.
St. Anthony Medical Center’s Labor and Delivery service line is challenged with growing the business using a market pull strategy. To achieve this overarching goal, you will propose a marketing action plan with accompanying proposed costs and benefits. Additionally, your plan will need to include costs and benefits for each proposed intervention.
In this assignment, you will use cost-benefit analysis and make a final recommendation as to whether or not the plan should be implemented. You will also propose a rationale for your recommendation. Use a cost-benefit analysis spreadsheet, either the one provided by the finance director or another of your choosing, to analyze the financial impact to the organization. Note: Distinguished performance includes analysis of three alternatives over a three-year time period. These alternatives include remaining status quo with spending ($10,000 per year), reducing the budget by 10 percent, or increasing the budget by 10 percent. Hint: Use of various social media can decrease costs and increase market reach.
Submit your analysis and recommendations by Sunday of this week. Be sure to use current APA style and formatting throughout.
##IMPORTANT NOTE BY PROF–
Hello hope all is well!
Regarding week 6 assignment,your budget is $10,000 dollars. You are not to exceed this per the below instructions:
Also I would consider using the table from your assignment as your discussion post allowing feedback on your budget plan by your peers.