The Tooth Fairy 2.1.1 Market demographics The profile for The Tooth Fairy,s customer consists of the following geographic, demographic, and behavior factor Geographics The geographic target is the city of Hampton, virginia with a population of 210, 000 a 30 mile area is in need of the services The total targeted population is 36, 095 Demographics Primarily female(62%0) The adult' s range in age from 27-76 Have at least $45, 000 in income 36% are professionals 54% are live-at-home parents The seniors have over $50,000 in household income Behavior Factors Are concerned about their appearance Finally feel comfortable with spending money on themselves as opposed to their family The seniors are ready to live life to its fullest, minor disappointments no longer get them Table 2.1.1: Target Market Analysi Target Market Analysis Market Segments Characteristic Characteristic Characteristic 2.1.2 Market Needs The Tooth Fairy is providing its customers with general dental maintenance as well as a wide selection of cosmetic enhancements. Flexibility of the service offerings will allow The Tooth Fairy to gain market share. The following benefits are important to the targeted customers Selection: Customers appreciate a wide range of choices of enhancements Flexibility: a wide range of business hours helps accommodate people's varying schedules Customer Service: The Tooth Fairy will facilitate equality through superior customer service where all of the needs of the patient are met including providing the patient with much information they need about the procedures for them to feel completely at ease in the Dr's presence
2.1.1 Market Demographics The profile for The Tooth Fairy's customer consists of the following geographic, demographic, and behavior factors. Geographics • The geographic target is the city of Hampton, Virginia with a population of 210,000. • A 30 mile area is in need of the services. • The total targeted population is 36,095. Demographics • Primarily female (62%). • The adult's range in age from 27-76. • Have at least $45,000 in income. • 36% are professionals. • 54% are live-at-home parents. • The seniors have over $50,000 in household income. Behavior Factors • Are concerned about their appearance. • Finally feel comfortable with spending money on themselves as opposed to their family. • The seniors are ready to live life to its fullest, minor disappointments no longer get them down. Table 2.1.1: Target Market Analysis Target Market Analysis Market Segments Characteristic Characteristic Characteristic Characteristic Characteristic Adults ----- Seniors ----- 2.1.2 Market Needs The Tooth Fairy is providing its customers with general dental maintenance as well as a wide selection of cosmetic enhancements. Flexibility of the service offerings will allow The Tooth Fairy to gain market share. The following benefits are important to the targeted customers. • Selection: Customers appreciate a wide range of choices of enhancements. • Flexibility: A wide range of business hours helps accommodate people's varying schedules. • Customer Service: The Tooth Fairy will facilitate equality through superior customer service where all of the needs of the patient are met, including providing the patient with as much information they need about the procedures for them to feel completely at ease in the Dr.'s presence. The Tooth Fairy Page 3
The Tooth Fairy 2.1.3 Market Trends The marketing trend for dentistry is movement toward elective procedures. The major impetus for this trend can be explained by the insurance industry. as the health care industry continues to have costs spiraling upwards, the physicians are getting squeezed as the allowable amount of imbursement from the insurance companies continues to decrease. This creates a fertile environment for elective procedures that do not rely on reimbursement from the insurance company. the doctors are paid directly by the clients Market Forecast 60,000 50.000 30.00 Adults enters 20,000 10.000 2002 2004 2006
2.1.3 Market Trends The marketing trend for dentistry is movement toward elective procedures. The major impetus for this trend can be explained by the insurance industry. As the health care industry continues to have costs spiraling upwards, the physicians are getting squeezed as the allowable amount of reimbursement from the insurance companies continues to decrease. This creates a fertile environment for elective procedures that do not rely on reimbursement from the insurance company. The doctors are paid directly by the clients. 0 10,000 20,000 30,000 40,000 50,000 60,000 2002 2003 2004 2005 2006 Adults Seniors Market Forecast The Tooth Fairy Page 4