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Assisted Living facilities are growing fast in today’s society. “There are (estimated) 38,000 assisted living centers, 17,000 nursing homes, 2,200 “continued care retirement communities” and hundreds more “independent living” residences in the U.S., according to the National Investment Center for the Seniors Housing and Care Industries” (Opening, 2015). The opportunity for launching Twilight in the United States based on need and demand is substantial. It is vital to consider the need to expand globally. “The United States senior citizens will account for 20% of the nation’s total population by 2030, up from just 12.4% in 2000. By 2050, the number of U.S. citizens aged 85 and over could quintuple, to 21 million. The senior-aged group will explode” (Opening, 2015).
The growth of the Baby Boomer generation is a global issue, and Twilight needs to consider the opportunity to expand globally. The primary focus of the company is to launch successfully in the United States and develop locally based upon need and demand. However, the company will consider global opportunities for expansion due to the growing need for senior care facilities. The five-year vision will allow the owner to search and find global locations to launch the Twilight facility. The first step is to determine how to expand globally. The location will be carefully analyzed to determine the need. Once the location is determined, all local and governmental regulations will be carefully considered to ensure a successful launch in the new global market. Where has not yet been established, it will require substantial research and analysis for a fast growing Baby Boomer market and the need for a Twilight facility to meet the demands of the aging population.
The projected budget and cost of operating Twilight shows the potential for significant profit from the point of opening its doors. The facility requires that the residents pay in advance for the services, so the projected revenue will be obtained in advance of the expenses being spent. This provides an advantage for Twilight because they can adjust their operating expenses if the projected sales are not met. It will allow for the company to remain profitable even if the sales do not reach the projected revenue.
The measurement and control for Twilight will be readily identified based upon resident sales and utilization. With the competitive field of senior living and care, it is important to be reactive to the needs of the market. “Many communities have resorted to reduced entrance or monthly fees, free or discounted upgrade packages, moving allowances, home staging assistance, and other tactics to encourage sales. Some assisted living communities are offering other deals as well to make the deal: a month free, waived community fees, help with home sales and more” (Adami, 2011). Twilight can measure the response to their launch and determine what revisions need to be made. The primary concern is profitability and reputation. Twilight cannot build their name in the senior community if they do not capitalize on the market. If the company does not obtain substantial responses during their opening, they can provide motivating promotions like waving community fees or offering a month free. It is an incentive that will spark the launch of Twilight.
The control is based on how much discounts are provided versus the potential for profit. “On average, the cost to live in an ALF ranges from $3,000 to $4,500 a month. Because of the hefty price tag, only individuals with a relatively significant disposable income are typically able to afford these services” (Senior, 2009). The target market is focused on all levels of revenue for the senior community. The measurement and control will be firmly based on the upper-class market where seniors will be funding their stay out of pocket. It is where the company can make provisions based upon response. Twilight can control how residents respond to utilizing their facility by providing incentives and discounts to get the seniors on board. Once the seniors experience the services and facility that Twilight will provide, they will continue utilizing the service. The measurability will be strongly dependent upon the number of seniors that Twilight has in their facility upon its grand opening.
Adami, Patti. (2011). Marketing Assisted Living Today. Retrieved from http://www.ltlmagazine.com/article/marketing-assisted-living-today
Opening a New Assisted Living Facility How to Set Up and Open a New Assisted Living Facility. (2015). Retrieved from http://www.assistedlivingfacilities.org/resources/opening-a-new-assisted-living-facility/
Senior Housing Industry Outlook & Trends For 2009. (2009). Senior Housing News. Retrieved from http://seniorhousingnews.com/2009/01/05/senior-housing-industry-outlook-trends-for-2009/
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