Hero Smart Dispenser_Draft 1 (1) (1)

MKT 541 STRATEGIC MARKETING SUMMER 2023 GROUP PROJECT ASSIGNMENT Hero Smart Dispenser Chor Mun Look A19736 Clara Otae Acquah Sodiq Adedunjoye Akande Ogechukwu Vivian Anazodo Nkemsonum Sandra Osakuni

Table of Contents 1.0 INTRODUCTION 1 1.1 Company Overview ..................................................................................................... 1 1.2 Product Description ..................................................................................................... 1 2.0 PESTEL ANALYSIS 2 3.0 MARKETING OBJECTIVES 3 4.0 SWOT ANALYSIS 4 5.0 TARGET MARKET ANALYSIS 5 6.0 MARKETING STRATEGIES 5 6.1 Influencer Partnerships and User Testimonials ........................................................... 5 6.2 Enhanced Targeted Online Advertising and Content Marketing ................................. 5 6.3 Partnerships with Healthcare Providers and Organizations ........................................ 6 7.0 PRODUCT MARKETING MIX 6 8.0 PRODUCT LIFECYCLE 7 9.0 BUDGET COST 7 10.0 STRATEGY EVALUATION 8 11.0 CONCLUSION 8

1.0 INTRODUCTION 1.1 Company Overview Hero Health, founded in 2016, is a San Francisco-based company that develops and markets smart pill dispensers. Their flagship product, the Hero Smart Dispenser, is designed to help people with chronic diseases, the elderly, and those struggling to remember their medication. Hero Health has raised over $10 million in funding from investors like Andreessen Horowitz and Initialized Capital. CEO Michal Levin, with 20 years of healthcare industry experience, leads the company in developing innovative products and services to make medication adherence easier. 1.2 Product Description The Hero Smart Dispenser is a portable device that helps people stay on top of their medication schedule. It has several features that make it a valuable tool for people who are trying to improve their medication adherence. These features include: ● Automatic dispensing: The Hero Smart Dispenser automatically dispenses medication at the times that users have programmed into the device. This eliminates the need for users to remember to take their medication. ● Reminders: The Hero Smart Dispenser sends reminders to users when it is time to take their medication. Users can also set up the device to send reminders to their caregivers or loved ones. ● Tracking: The Hero Smart Dispenser tracks medication usage. This allows users to see how often they have taken their medication and when they are due for a refill. ● Internet Connectivity: The Hero Smart Dispenser is connected to an app. This allows users to track their progress, get reminders, and view their medication history. Benefits of Using Hero Smart Pill Dispenser There are many benefits to using a Hero smart pill dispenser. Some of the benefits include: ● Improved medication adherence: Studies have shown that people who use smart pill dispensers are more likely to adhere to their medication schedule. This can lead to better health outcomes and reduced healthcare costs.

● Reduced stress: Managing a chronic illness can be stressful. A smart pill dispenser can help to reduce stress by taking the guesswork out of medication management. ● Increased independence: A smart pill dispenser can help people with disabilities or mobility issues to take their medication independently. ● Peace of mind: Knowing that you're taking your medication as prescribed can give you peace of mind. 2.0 PESTEL ANALYSIS ● Political o Government regulations: The Hero smart pill dispenser is subject to government regulations, such as those governing the safety and efficacy of medical devices. These regulations can impact the development, marketing, and sale of the device. o Healthcare policies: The Hero smart pill dispenser could be impacted by changes in healthcare policies, such as those that affect the reimbursement of medical devices. These changes could make the device more or less affordable for consumers. ● Economic o Insurance coverage: The availability of insurance coverage for medication management devices will also affect the adoption of the Hero smart pill dispenser. If insurance companies cover the cost of the device, more people will be able to afford it. o Economic growth: Economic growth can lead to an increase in demand for the Hero smart pill dispenser, as more potential clients may have enough disposable income to purchase the device. ● Social o Aging population: Medication management is a major market driver in the United States because of the aging population. The aging population is a growing market for the Hero smart pill dispenser, as older adults are more likely to take multiple medications and may have difficulty remembering to take their medication on time. o Increased awareness of medication adherence: There is an increasing awareness of the importance of medication adherence. As people become more

i. To raise brand awareness and improve the Hero Smart Dispenser's exposure and recognition within the target group. ii. To acquire a high percentage of the smart dispenser market. iii. To enter new markets globally. iv. To drive customer engagement and sales conversion in the upcoming fiscal year. v. To establish the Hero Smart Dispenser as a trustworthy and dependable solution.

4.0 SWOT ANALYSIS The table below shows the SWOT analysis for Hero Smart Dispenser. STRENGTH WEAKNESS OPPORTUNITIES THREATS 1. User Friendly . Hero smart pill dispenser has a great interface, light weight, with a web portal, making life easy for users and caregivers. 2. Remote Therapeutic Monitoring (RTM) . It uses RTM to gather and track health data for convenience and adherence to medication. 3. Constant availability . It does not need constant fill up as it holds up to ten different medications for a 90-day supply. 4. Accuracy . Improves medication accuracy, lowering prescription errors by distributing the proper dosage at the appointed time. 5. Low subscription fee . Allows users to rent the product with low monthly subscription fees that are also covered with insurance. It also has a 90-day money back guarantee if users are not satisfied. 6. Easy reminders . Users and caregivers are alerted with sounds and blinking lights. 1. Patient Privacy . Patient health history is usually not erased before passing it on or recycling to the next individual. 2. Subscription . Users must commit to at least a 12-month paid subscription once the product has been received by user. 3. Return Policy . Users must return within 30 days to be able to do so for free with subscription fees already running once activated. 4. Subscription Plan . Hero smart Dispenser cannot be used without a subscription plan. 1. New distribution channel . Partnership with medical facilities, and insurance providers to include subscription in a larger healthcare plan, or covered partially or totally by insurance, for accessibility to a larger target market. 2. Low-rate monthly subscription . It allows anyone to own the smart pill dispenser thereby reaching a larger target market. 3. Expanding distribution network . Hero smart dispenser only has a market in America, expanding it to other continents/countries like Philippines, Cambodia, Africa, and even Europe will increase market share. 4. Fast paced lifestyle 1. Competitors . Competing brands with comparable characteristics may hamper growth potential. 2. Advancement in technology. It could place a strain on Hero smart dispenser, therefore the need to remain up to date. 4

5.1 TARGET MARKET ANALYSIS The Hero Smart Dispenser is a one-of-a-kind device developed to make medication administration easier and boost adherence. It is aimed at the elderly, chronic disease patients, carers, and time-pressed professionals. The software gives carers real-time information and notifications, allowing them to remotely monitor medication adherence and resolve any issues that arise. The target market consists mostly of people over the age of 65, with a larger age range including working professionals. The device appeals to both men and women with moderate to high income levels and a preference for technology, health, convenience, and health-related products. Understanding the demographics, psychographics, and behaviours of the target market can help a marketing plan effectively engage potential buyers. 6 .0 MARKETING STRATEGIES 6 .1 Influencer Partnerships and User Testimonials Influencer collaborations and user testimonials can greatly increase Hero Smart Dispenser marketing by leveraging audience trust and credibility, increasing reach and visibility, and offering true narrative. Hero Smart Dispenser helps boost brand visibility and awareness by targeting niche demographics and enhancing engagement. Hero Smart Dispenser may tap into their audience, utilise their authority, and establish trust among potential consumers by engaging with target market influencers such as the elderly and caretakers. The company can improve Hero Smart Dispenser awareness, interest, and acceptability by increasing user testimonies and publicising them through marketing channels. 6 .2 Enhanced Targeted Online Advertising and Content Marketing The Hero Smart Dispenser has an effective online advertising and content marketing strategy that may be improved by fine-tuning audience segmentation, expanding content formats, optimizing landing sites and conversion routes, retargeting and email marketing, and including graphic content. Examine existing audience categories for underserved groups, incorporating more visual content, provide digital resources such as e-books or checklists that highlight the unique product characteristics and hosting webinars are some of the examples that can be implemented. Furthermore, it is critical to encourage user-generated content by holding contests or campaigns to encourage users to contribute their drug management 5

experiences or advice. Finally, it is critical to test and analyze the success of several landing page versions to find areas for improvement. 6 .3 Partnerships with Healthcare Providers and Organizations By collaborating with healthcare practitioners and organisations, Hero Smart Dispenser marketing may boost credibility, reach, education, and prescription. This strategy enables instructional initiatives, new product distribution channels, and collaborative marketing efforts. Active patient promotion is part of collaborative marketing initiatives, while insights and comments help with product enhancement. Partnerships should be addressed with caution, incorporating relevant healthcare providers and organisations with a common interest in drug control. 7.1 PRODUCT MARKETING MIX The table below shows the detailed marketing mix for Hero Smart Dispenser. Four 4Ps Description Product Hero Smart Dispenser is a cutting-edge medication management device that combines technology and convenience, with intelligent dosing, customised reminders, smartphone app connectivity, medication tracking, and safety features. Pricing Hero Health Inc. will decide Hero Smart Dispenser pricing strategies based on criteria such as production costs, market demand, and perceived value. Pricing schemes may be value-based, competitive, or subscription-based. Place The Hero Smart Dispenser will be distributed through various channels. This includes online sales through the Hero Health Inc. website, authorized retailers, and potential partnerships with healthcare providers, pharmacies, or home healthcare agencies. The distribution strategy aims to make the product easily accessible to a wide customer base, considering regional or national/international reach. Promotion To create confidence and credibility, the Hero Smart Dispenser's marketing approach comprises digital campaigns, social media presence, targeted online advertising, partnership with healthcare influencers, trade fairs, exhibits, conferences, testimonials, customer success stories, and favourable reviews. Potential clients and the healthcare community will be engaged through direct marketing, email marketing, and public relations. 5

10.0 STRATEGY EVALUATION The table below shows the evaluation methods for the effectiveness of the strategies mentioned: Strategies Evaluation Methods Influencer partnerships and user testimonials 1. Increase in brand mentions and social media engagement. 2. Increase in the number of followers and engagement of the partnered influencers. 3. Positive user reviews and ratings on important platforms have increased. Enhanced targeted online advertising and content marketing 1. Track and analyse click-through rates (CTR) and conversions from online advertisements. 2. Website traffic and engagement with content marketing assets are measured. 3. Keep track of keyword rankings and organic search traffic. 4. Examine client feedback and questions generated by internet advertising campaigns. Partnerships with healthcare providers and organizations 1. Keep track of the number of collaborations formed and their reach. 2. Assess the effectiveness of co-marketing activities in terms of brand awareness and sales. 3. Track participation and involvement in industry events. 4. Examine sales statistics and customer comments related to healthcare provider collaborations. 11.0 CONCLUSION In conclusion, the Hero Smart Dispenser marketing strategy focuses on leveraging influencer alliances, targeted internet advertising, content marketing, and partnerships with healthcare providers and organisations to achieve its goals. The plan attempts to boost brand awareness, drive consumer engagement and conversion, and establish credibility and trust by allocating budget to these methods. By implementing these tactics efficiently and analysing their effectiveness through key performance indicators and customer feedback, the Hero Smart Dispenser may position itself as a market leader, reaching its target audience and driving sales and market penetration. 5