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This paper will discuss the different types of diabetes found in different countries, the rate of growth of diabetes and how the new product helped in achieving all the above objectives. This group work will develop a short term market objective for the company products using the simple, measurable, attainable, realistic and timing method. The short term objectives are to be achieved within one year.
After inventing a new and effective instrument that could easily and quickly detect the quantity of insulin and glucose in the body, the group decided to choose a company that symbolizes the instrument.
The company chosen is known to be a leading one when it comes to matters related to diabetes for the past quarter of a century. It goes by the name Medtronic Inc, and the equipment they were to symbolize was Quik Fik. The company then set out to carry out their research and set the short term objectives as below.
- To find out the general growth rate of diabetes in the selected countries.
- To find out the different types of diabetes in the selected counties.
- To find out the type of diabetes that is more common among men, women, and children.
- To find out at what stage it is advisable to administer the use of the new equipment and how effective the result would be.
Medtro Inc. Company was built about sixty years ago for the purpose of supplying medical materials in America. This company is known to have set a worldwide pace in the health business and expertise. As said earlier the company was to symbolize the QuikFik equipment. This instrument is meant to manually monitor the amount of glucose in the body and mechanically dispense insulin depending on the outcome.
It is one of the many American companies that are known to use the collective insulin pump and glucose check up method. The company was meant to introduce the new Quik Fik facility in a distant environment. Medtro Inc is best acknowledged for its properly structured insulin pumps and their regular glucose examination process (Medtronic.com, 2010).
The new instrument allowed diabetic patients to check and be able to contain their daily glucose quantities so that they could be able to live a more proactive life.
It was believed to be the most appropriate company to represent this highly manufactured equipment that was hoped to save many lives since they operated simultaneously with physicians from various parts of the world who also worked hard to help diabetic people live full and active lives.
Among their recent technological developments are medical supply services to their patients, analytical equipment, and automatic machines (Medtronic.com, 2010).
The number of diabetic patients in the world is noted to be increasing at an alarming rate. This has made researchers to come up with products that can help in doing away with the mechanisms to contain the users. The rate of diabetes varies widely from children to adults. In 2006, mortality report ranked diabetes as the seventh cause of death. Diabetes is grouped into three types: type 1, type 2 and gestation diabetes.
Gestation diabetes affects only expectant women at the 28th week though its prescription does not signify that a woman had diabetes before conception or will have it after delivery. Type 1 diabetes is common in children and young adults. It is also called juvenile diabetes. Type 2 diabetes occurs when the body fails to release enough insulin or when the cells disregard the released insulin (American Diabetes Association, 2010).
The Quik Fik instrument has been proven to be very effective in containing diabetes since it has an insulin pump with true glucose detection ability. It alerts the patient to check his or her glucose level by beeping.
The person monitors the glucose quantities by drawing small amounts of blood from their fingers and put it on the testing part of the device. It then tells the patient how much glucose the body requires. The device could be used at any stage and at any age.
The countries were chosen based on different issues such as diabetic pace in each country, purchasing ability, and the availability of machinery, if they could export and invest it (Sands & McPhil, 2003).
A research by Khoury, Martel and Yourougou (1994) argues that it is important to choose the countries with the largest cases of diabetes because they have the most need and demand for the product. This helps in making concise deduction as the product will be used most frequently and the data collected will be consistent (Khoury, Martel & Yourougou, 1994).
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The objectives of the group could be met and the device effectiveness was realized. The counties chosen were Mexico, Slovakia, Greece and the United Kingdom. United Kingdom was chosen because it has a concrete economy and had a high capability of collecting data that enabled Medtronic Inc to implement long term changes for success in the equipment.
American Diabetes Association. (2010). Diabetes basics. Web.
Khoury, N., Martel, J., &Yourougou, P. (1994). A Multi-criterion approach to country selection for global index funds. Global Finance Journal, 5(1), 17.
Medtronic.com (2010). About Medtronic. Web.
Sands, J., & McPhil, J. (2003). Choice criteria of listed Australian public companies for selecting an auditor: an exploratory study. International Journal of Business Studies, 11(1), 19-133.