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Market analysis piece
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The Mayo Clinic is looking to expand their international sales revenues by 100 percent, over the next five years. In order to effectively expand their clinic, it is imperative that Mayo Clinic understands foreign markets and how they operate. Foreign research greatly differs from domestic research. " The basic difference between domestic and foreign market research is the broader scope needed for foreign research, necessitated by higher levels of uncertainty.......... a countries political stabilty, cultural attributes, and geographical characteristics are some of the kinds of things that are not ordinarily gathered by domestic marketing research but they are required for a sound assessment of a foreign market." (cateroa 321) To successfully …show more content…
Primary data is data collected specifically for the task at hand. Whereas " Secondary data is the data that has been already collected and readily available from other sources. Such data is cheaper and more quickly obtainable than the primary data and also may be available when primary data can not be obtained at all."(management study guide) However, there are some draw backs to secondary data. The United States is known as an MDC.( more developed country) Therefore the amount of secondary data we have is unmatched in other countries." In many countries, substantial data collection has been initiated only recently" (cateroa 223) Another problem with accessing secondary data is our researchers language skills. All of the research from foreign countries is of course, in the language spoken in the country. Our reseachers would need to be able to read and comprehend the said language in order to effectivly utlize the secondary research. Another issue when it comes to secondary data is the reliability. When utlizing secondary data it is impertaive that several questions are asked in order to validate it. This questions include. The usual who, what , how and why. Who collected the data? What purposes was it collected for? Why was the data collected? How was the data collected? " Checking the consistency of one set of secondary data with other data is known validity is an effective and often used way of judging validity." (cateroa 226) After analyzing the secondary data, we will then turn our efforts into gathering primary data. Because we analyzed the secondary data first, we will know what questions are still left unaswered and we can tailor our research efforts towards those questions and than analyze the primary data accordingly. Although, primary data collection is expensive to obtain, the data will be specifically tailored to our research needs. Therefore ,making the
The pharmaceutical industry develops, produces, and markets drugs or pharmaceuticals compounds for medical purpose. Pharmaceutical companies produce generic, brand medications and medical devices. The industry is subject to a complex regulatory environment regarding the patenting, testing and ensuring safety and efficacy and marketing of drugs.
Given the information in the case pertaining to products of Genicon, various factors are analyzed for the choice of the country for international expansion. The structure of the healthcare system, the size of the total market, distribution structure of health care products in target countries and purchasing power parity are the key determining factors for the choice of the country for international expansion. The analysis below carries out an evaluation of the attractiveness of the particular region for Genicon’s international growth.
We are wondering why this market did not become dominated by technology, whereas the warmed hospital blankets are the most commonly used because of low cost. If this market prefers technological products, the skimming pricing strategy may have more advantages for this company. Unfortunately, the factor of price sensitivity still dominates our price decision.
The health care industry is positioned for the global market place. It is expected to grow exponentially in health-related services for the elderly. China’s population of individuals over sixty years old is expected to grow to one third in the next twenty-five years. Though their culture view aging somewhat differently than in United States, they are interested in the attractive senior living options established here. Senior care encompasses private care facilities, home health care, products, drugs and medical equipment. As the largest health care market in the world American companies have made significant global inroads over the last two decades. These businesses are positioned to offer additional services directed at retirees, and children who will be responsible for their parents and potentially their grandparents as well.
When promoting primary health care services, there are many factors that must be considered when developing an effective marketing plan. Primary care providers are the gatekeepers of health care in the United States; many patients have to visit them before being referred to specialist providers (Bodenheimer, 2003). They are also being tasked with ensuring patients are receiving preventative services and managing more complex chronic diseases (Akinci & Healey, 2004). Recruitment of primary care physicians is challenging because they are expected to do more and are not being reimbursed proportionally for the added workload (Bodenheimer, 2003). In this paper, a group of primary care physicians in Washington D.C. is looking to research their consumer population base in order to provide them better services and recruit new primary care physicians to their practice (Colorado State University-Global Campus, 2013). A successful primary care marketing plan will recruit quality health care providers while improving consumer accessibility to their services, customer satisfaction rates, and patients’ continuity of care with their health care provider.
In this unit, we will be discussing real-life healthcare organizations, the 5 P’s of healthcare marketing, and evaluation strategies that may be used to determine marketing potential.
... that is faced by Mayo Clinic during the current time which is a strategic alternative that should be incorporated into the strategic plan before increasing the global activities abroad.
Dove is a product that is not just known in the USA, but known all around the world. In one year alone Doves product sold 2.5 billion year in 80 different countries. Many women look to the dove product because they provide a wide range of cleansing and personal care products that make a genuine difference to the condition and feel of your skin and hair. Dove is also hitting the global perspective because their mean target is to provide real results for real women, there are all different kinds of women around the world and Dove has a marketing tool that relates to all of them.
Sakarya, S., Eckman, M. & Hyllegard, K. H. (2007). Market Selection for International Expansion - Assessing Opportunities in Emerging Markets. International Marketing Review, 24(2), 208-238.
Potential markets considered for expansion fit into five general areas: Latin America, Canada, Western Europe, Japan, and China. The marketing team, along with Legal counsel, immediately disqualified other areas of Europe and Asia due to political instability. The following table lists the eligible countries, with political and economic stability ratings from Jones-Dillard Rating Service:
Contents Marketing Report for UnitedHealth Group (UHG) 2 Introduction 2 Executive Summary 2 Task.1 2 Marketing Process 2 Marketing Orientation 3 Micro and Macro Factors 3 Competitive Advantages 4 Distribution Channel and Process 5 Pricing Strategy 5 Promotional Tolls 6 Marketing Mix’s additional P’s 6 Marketing Products and Services to other businesses than customers 7 Difference between international marketing from domestic marketing 8 TASK 2 10 About the new product (Details) 10 Market Segmentation criteria for the product 10 Targeting strategy for the selected product 10 How buyer behavior affects marketing activities in different situations for the selected product 11 Positioning for the Selected Product 12 Marketing mixes for two different
Secondary research is marketing research based on previously gathered data. By using secondary research companies can evaluate a strategy, based on records of market research gathered from the company itself and different sources over a period of time.
Primary marketing research is collected for the first time if the company has enough money to finance it, but in most case it is the second more accurate one. It is original and collected for a specific purpose, or to solve a specific problem. Primary research delivers more specific results than secondary research, more expensive and time consuming, which are an especially important consideration when the company is launching a new product or service. There are many ways to conduct primary research. By customizing tried-and-true approaches, focus groups, surveys, field tests, interviews or observation, you can gain information about your target market. Primary research is generally based on sampling techniques and requires statistical methodologies. The sample size could be as small as 1 percent of the market and thus the information and results gathered are highly accurate.
The study gathers the reliable information and data through the primary sources and secondary sources.