Executive summary
The following is a report that presents information on the best marketing plan for the Medtronic’s Inc. company. In addition, it will provide a detailed description of the selected company, Medtronic’s Inc that needs a marketing plan to sell the new product.
It is also aimed at presenting details on the new product being introduced into the target market, i.e. Quick fix. Details for the procedure of choosing the country-market for the company’s product are also provided in this report. Finally, the arguments for the selection procedure of the most appropriate plan for marketing are provided, which would help the company achieve its ultimate goal.
Introduction
A marketing plan is a strategy that is often laid down by a company with an intention of satisfying the needs of the target customers as well as achieving the ultimate goals of the company. Mediatric’s Inc company, having been founded over 60 years ago, intends to introduce a Quikfix system for testing diabetes into the market, specifically the United Kingdom.
An appropriate marketing mix should be selected by the company in order to gain success in the intended objectives, thus the reason for designing marketing plan for this company. There are several marketing plans that can be utilized by the company, but the best is one that gives best results.
This paper presents information on the best procedure that should be followed in order to come up with an appropriate marketing plan for the product into the foreign market in the United Kingdom. It also provides details for the plan that is selected and the reasons for its selection over the others (The chattered institute of marketing, 2009).
Marketing objectives
According to Berkowitz (2010), marketing objectives are important, as they determine the success of measuring marketing strategies. The main objective of this paper is to investigate into the best marketing plan that would be utilized by the Medtronic’s Inc company, in marketing its Quikfix Integrated Glucose Meter and Insulin Pump into a selected foreign market, i.e., the United Kingdom.
It is also aimed at providing specific information on Mediatric’s Inc company description, description of the product, and the marketing plan that has been selected as well as the credit given to the selected method.
Company’s description
Medtronic’s Inc. corporation has been in operation for over 60 years since its inception as a medical apparatus renovation shop. Through its successful operations on medical apparatus, it was changed into a supplier of medical apparatus in America, and it has moved on very well over the years.
It is popular as a ground for new inventions and innovations, having spearheaded such activities in America. In this case, the most overwhelming innovation is on the management systems used for managing diabetes (Si et al, 2010).
The profile of the company portrays a good positioning strategy for Medtronic’s Inc. First, they have been able to lay down their objectives, which is a key element to success.
Secondly, having been able to identify equipment that functions excellently in combating a worldwide health hazard is an en excellent move towards achieving the international goals. More so, the company aspires to become not only a local distributor of the medical equipment, but also international distributors, and to become the best among all others.
This goal would really help in the company’s growth and productivity. Furthermore, they are well set to gain their full capitalization, and make the Quikfix system their patent. This would make them to prosperous international providers. The strategic planning is also seen in the fact that they have been able to identify an appropriate target market, to which the launching of the product would start be initiated.
Among the plans that the company has are; to gain approval by the united kingdom through their excellent move in the product’s distribution, to distribute the product through multiple channels throughout the country for acquirement of better results, and finally to boost their provision services through research and development (Anon, 2010).
Product description
The company’s intentions are to market a highly valued product that is deemed crucial in diabetic tests, a basis for ample interventions by medical care providers. The product, namely Quikfix integrated glucose meter and Insulin pump is the one at hand to be launched into the foreign market, the United Kingdom.
It has been specially designed with an ability to test and give results for the levels of glucose in the body; this is an integrated multipurpose system that can be used to test all types of diabetes, regardless of the disease’ physiopathology.
More so, it is able to monitor the amount of glucose that the body of the patient desires at a specific time and the sanction pump plays an important role in providing alerts whenever the glucose level is not to the requirements.
The product is also considered effective since it can be distributed through multiple channels, and is a readily useful product. Earlier, evidence on the use of the product has it that its effectiveness in the containment of tests of the diabetic disease is of very high quality.
More over, the device can be used at any place, any time, and it does not depend on the age of the patient; hence, it is worthy to be used under all circumstances. Thus, this product will really find its way into the market when an excellent marketing plan is utilized, as well as marketing mix strategies (Polman, 2010).
Selection Process for Target Country
The primary role in a marketing plan is to identify the ultimate target market that the company will focus to attract (Berkowitz, 2010, p. 71). The United Kingdom has been selected by the Medtronic Inc Company’s specialists as the target market for the integrated Quikfix system for diabetes detection.
The target market is often selected by following certain criteria depending on the disease prevalence in the country as well as the set up of the country in terms of its preparedness for disease intervention (Polman, 2010). Therefore, the country has been recommended due to their strength in economic standards and the strong will, commitment and aptitude they have always demonstrated in data collection.
At the same time, statistics prove the United Kingdom as a ground where diabetes has become prevalent among the existing population, a factor that ensures that fresh results be obtained easily from the infected patients.
Additionally, recent research findings have classified the United Kingdom among the best care providers, and ones with an excellent healthcare set up that can easily be used to provide the required data that is deemed essential in the assessment of the equipments strengths.
More over, statistical results and findings position the United Kingdom third position in terms of disease pervasiveness and frequency, which means an extraordinary market, would be proven with no time, and the success would go to the equipment providers, Medtronic’s Inc (Polman, 2010).
It is evident from the above factors that the target country would provide a very great opportunity to the company to expand its strategies. The assessment to the market predicts an excellent positioning strategy for the company if appropriate marketing mix strategies are utilized, to the extent of making the company be recognized globally as a leader in the technology implementation in the medical field.
On the other hand, it is one of the powers in the world that is known to integrate its resources to disease related research and control, a factor that demonstrates that the idea for the introduction of the system would highly be embraced, thus the company should effectively utilize the existing opportunity.
More so, the country has been known to lead in trade activities as well as in financial status, a factor that motivates the company since they would gain support from the country. Most important, a long-term research opportunity would be available for the company due to the United Kingdom having combined with other states to support an economy that would combat the prevalence of Diabetes.
Altogether, the company’s selected market is viable to help it gain marketing, research and goal accomplishment opportunities, thus the selection would be considered effective (The chattered institute of marketing, 2009).
Marketing Plan
A variety of outlines used in marketing exists, whose success depends on various factors like; the company size, type of product to be marketed, as well as the marketing scope. Owing to the fact that Medtronic’s Inc company is seeking for a foreign market, the Quick MBA marketing plan is fit for them.
Additionally, the market plan is usually designed to undergo a five process-testing, under a period of one year, hence, results can easily be obtained after a short duration and the effectiveness of the system be evaluated (Tassiopoulos, 2009). The plan is also essential since it uses contingencies, which assist in evaluating the best procedures for combating emerging problems.
More over, this type of a plan is considered important since its operations depend on the target environment, thus it is useful in handling both long term and short-term projects. Therefore, the Medtronic’s Inc company should go for the Quick MBA plan for marketing in order to achieve its goals.
Conclusion
Medtronic’s Inc Company having been successful in the implementation of the medical strategies in the past provides them with an opportunity to expand the market of the new diabetic testing integrated system. The company’s positioning strategy has been found worthy to provide success in terms of marketing plan.
The selected company is best suited for such a marketing strategy, and the selected marketing plan is deemed worth to be used by the company. Thus, the fore-stated objectives of the company have a high chance to be accomplished.
References
Anon. (2010). Medtronic, Inc. – Company Profile, Information, Business Description, History, Background Information on Medtronic, Inc. Web.
Berkowitz, E. N. (2010). Essentials of Health Care Marketing. MA: Jones & Bartlett Learning.
Polman, P. (2010). Explode your holiday sales with an internet marketing campaign. Web.
Si, D., et al. (2010). Comparison of diabetes management in five countries for general and indigenous populations: an internet-based review. BMC Health Serv Res, Vol.10, p.169. Web.
Tassiopoulos, D. (2009). New Tourism Ventures: An Entrepreneurial and Managerial Approach. Cape Town: Juta and Company Ltd.
The chattered institute of marketing. (2009). How to achieve an effective marketing mix. United Kingdom. Web.