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Medical Diagnostic Products - Swot Analysis

Essay by   •  December 19, 2011  •  Case Study  •  678 Words (3 Pages)  •  1,547 Views

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When developing a marketing plan, our company will consider "the 4 P's" - product, price, promotion, and placement. How will approach our promotional strategy, pricing strategy, and distribution strategy can all have a major affect on the initial phase of our products' life cycle.

Product

The medical diagnostic products are special products that are developed by the European Medical Diagnostics Medical Research centre. The equipment is of high quality standards and the product has been accepted in the European market, it is a tried and tested product, so the quality is not questionable. Therefore we believe the product will be accepted in the Indian market. The brand MD equipment has become a household brand in Europe hospitals and households and we intend to leverage on the popularity of the brand.

The product design is outstanding and in line with international standards, though the product is complex but its extremely user friendly and easy to maintain.

As a strategy to reduce post purchase dissonance the products come with a warranty of 5 years and full product support which include installations at hospitals by our qualified technicians.

Price

As an entry strategy we are going to use the price penetration strategy so that we beat competition at entry stage and this will ensure that Medical Diagnostics stays in the market for long. Special discounts will be offered for bulk purchases to encourage high volume purchases. Our pricing structure will b different as we intend to have a special price for distributors who will be selling Blood pressure monitors to end users at home.

Perceived - Value Pricing Strategy

The perceived value pricing strategy is made up of several elements: Image, performance, quality, customer support, and delivery. Though our marketing efforts, we will communicate and enhance our customers perceived value

Payment terms will be structured according to customer and the volumes generated from the customer. Customers pushing high volumes will get more attractive payment terms.

Penetration pricing strategy will be employed a s a entry strategy, but the pricing policy will vary according to time and circumstances

Promotion

A promotional strategy's objective will be to inform our target audience of our existence and availability. Based upon the various target audiences, we will need to do this in a few different ways. Medical journals, television, radio, magazines,. can all be used to thrust the product through the beginning stage of its life cycle.

Because of the nature of our product which is highly technical, we are going to also use the personal selling strategy as a promotion strategy for the hospitals and clinics segment. Product demonstrations will also

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