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Medtronic's Marketing Program
In the case of Medtronic, executives researched a potential new market in Asia by talking extensively with doctors in India and China. They learned that these doctors saw some of the current state-of-the-art features of heart pacemakers as unnecessary and too expensive. Instead, they wanted an affordable pacemaker that was reliable and easy to implant. This information led Medtronic to develop and market a new product, the Champion heart pacemaker, directed at the needs of this Asian market segment.
For the five-year marketing plan of Medtronic, these marketing mix activities include the following:
Product strategy. Offer a Champion brand heart pacemaker with features needed by Asian patients at an affordable price.
Price strategy. Manufacture Champion to control costs so that it can be priced below $1,000 (in U.S. dollars)—a fraction of the price of the state-of-the-art pacemakers offered in Western markets.
Promotion strategy. Feature demonstrations at cardiologist and medical conventions across Asia to introduce the Champion and highlight the device’s features and application.
Place (distribution) strategy. Search out, utilize, and train reputable medical distributors across Asia to call on cardiologists and medical clinics.
Companies can learn form this example. Market segmentation, which involves aggregating prospective buyers into groups, or segments tell the marketing manager which customers to target and which customer needs the firm’s product offerings can satisfy—the who and what aspects of the strategic marketing process. The how aspect in the planning phase—involves developing the program’s marketing mix and its budget.
Cite this as:
YouSigma. (2008). "Medtronic's Marketing Program." From http://www.yousigma.com.
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