GE Healthcare system
This paper examines the most effective channels of marketing imaging at GE Healthcare. It discusses the business environment of the company and how best to market the new imaging product. Marketing is critical to the success of the implementation of new imaging in the health sector (THOMPSON, at El. 2004). This process is a component of improving the lives of communities around the world. The strengths and weaknesses as well as the alternatives of the marketing strategies are looked into. The alternative analysis and the action plan are also discussed in the paper. The paper looks at the alternative process of marketing that will make the new product appealing to the intended customers. Finally action plan and recommendations are provided.
The current situation at most marketing of medical products is an evolving one and requires the link between the traditional marketing tools and the understanding of the new imaging products to be marketed. However, the company is uncertain of the implications of the new imaging products it wants to market in the world market coupled with the unforeseen outcomes of the new imaging products on the sustainability and maintenance of the market leadership it posses. The new imaging system is said to be able to minimize customer costs, increase the individual care provisions and improve the quality of service provided to the customers at the GE healthcare systems. Additionally, the media is questioning the implications of the new imaging product in benefiting the company.
The GE healthcare system is a global company that has many opportunities and threats in equal measure that can be analyzed in regard to the case (Ian, 2007).
The company has many strengths that have enabled it to be a market leader in the health sector. Some of the company’s strengths include the health sector, imaging technology, customer base, innovation and skilled personnel.
The company came up with advanced technology to be applied in the health sector. This device or technology allowed the visual representations of organs and tissues that lie beneath the skin that would otherwise be impossible to view (Rachael, 2006). This technology further, enabled the health care to examine the medical conditions thereby gaining a deeper understanding of the condition before providing the effective course of action. This technology was advantageous to the medical practitioners and patients since it provided deeper information without has used force. It is for this reason that the company can be able to lead the market share since the technology had not been used anywhere else. This meant that every individual and practitioner in the field was drawn into the GE healthcare system, consequently giving the company a competitive edge.
The health sector
The health sector is a crucial one for each and every economy in the world. A healthy economy performs well. The health sector is a dynamic field that requires the attention of not only the government, but also the public. This is a strength for the marketing team since unlike other sectors, they need less effort in marketing their new products. Another factor that boosts the company is the fact that the health sector receives a considerably higher budget allocation compared to the other sectors which effectively facilitates the product awareness and production. For instance, the allocation of the health sector in major developed countries such as the USA has been on the rise.
The company is the one that came up with the healthmagination device that altered the way the health sector operates. This innovation, which was developed by the company’s executives shows the strength of the company and gives it a competitive advantage over its competitors. The innovation created room for quality improvement at the company and reduction of customer costs as well as the greater care for the company customers. This implies that this could be used as a marketing strategy for the products in the healthcare systems since people trust the company’s products. The innovation further, creates value for the company thereby increasing its total earnings in the long run.
The case study makes it clear that the company has built a reputable image of providing quality products in the health sector. This in turn means that the new product will easily be marketed since consumers have confidence in the health system.
Weaknesses in the company environment are inevitable. One of the weaknesses of the GE healthcare system is a technology. This is because technology is no longer the sole motivator or driver of market positioning. The company intends to make technology and development of new products as the basis of marketing strategy which is wrong in totality. Competitiveness can only come from provision of quality and unique services and products to the intended clients.
Another weakness of the company is that it is regarded as the best company in the field of health all over the world thus posing the problem of a waiting list. This makes some of the customers who are impatient to seek alternative measures. This leads to the idea of lost opportunity ultimately affecting the final total earning in revenue. This would be made worse in the cases where the problem of the said patient is not clear.
There quite a number of opportunities that the company could effectively utilize to sustain its growth and gain other market shares. These opportunities include emerging markets in China and India. This provides a ready market for the new products since the population is resoundingly big.
The world trends show a significant increase in chronic diseases which then offers an opportunity for the growth of the company through the sale of imaging products to help in the treatment of these diseases. Another opportunity that is present for utilization of the company is the fact that trends by world government to change the world sector so that it is more comprehensive to the extend of increasing the number of insured patients. This implies that the company guarantees return on the technology investment.
A predictable product introduction
This is a big opportunity for the company to utilize the marketing strategy. The process is predictable therefore the company can significantly foresee the reaction of its customers and the potential customers towards the new product. This reduces the uncertainty in the process hence facilitating the projection of the profits and total earnings from this new product.
The company has an opportunity to realize big sales from the new imaging technology. This is because the system is new in the health sector, but its main aim is to bring about quality. The company should use this as a marketing tool in the distribution of the products. This would definitely give the customers a feel that the company cares about their needs and individual care too. The fact that the new product received an applause from the media regardless of the criticism that followed implies that the product is undoubtedly good and intended for the common good of the customers (William, 2008).
Media can be a good marketing tool and a perfect channel through which new ideas and products can be able to reach to the customers. On the contrary, if not well checked, media comments and relations to the product may lead to the downfall of a product. The new imaging system devised by the GE health system is a game changer in the business operation of the company but nevertheless, the media focus on the implications and negative points at the effects of the revenue collected on the growth and sustainability of the company. Here the threat is clear as they note that the implications of the product of the company remain to be felt or seen.
Another threat to the marketing of the new product is a technology. Though technology is generally effective and facilitates the production as well as distribution of new and existing products, it can hamper the distribution of the new product in equal measure.
The management of the health system need take great care so that technology in itself does not hinder their efforts of transforming the health sector. The real results of the product will be felt through empowerment of communities in other ways of treating and detecting diseases only if technology is well utilized. It should be understood that for technology to effectively return results, a working partnership has to be built between technology and people.
Alternatives and evaluation
The situation in the GE health system is not that bad, but the marketing team needs to come up with another alternative distribution and marketing strategies so that the company can serve the people better. The company could implement the following alternatives for it to realize its goal of better services in the health sector: marketing education, after sales assistance, considering the company as the ally to the customer, improvement of quality and increase satisfaction rate.
Consider customers friends
Most people in the marketing have for a long time believed that they must at all time overcome customer objection and convince them to buy the products (NONAKA, 1991). This is a new product and it can easily be accepted and appreciated by the customers through making a relationship with them. Through this the company will be visualizing the way to helping customers realize their goals and in turn, the customers will be loyal to the company and its products. It is only through a relationship that one can be free in giving advice that not necessarily relates to the products offered. The customer will in time develop trust in the company team and products therefore making a buying decision. This is strategy is better than getting information from the key people in the industry who might have vested interests.
The company should come out clearly and communicate product quality to customers. The marketing team should provide specific features and details of the new product, including the effects of treatment of diseases and serving the community better. A sample of the product being given to some customers is an effective strategy as it helps them to understand and appreciate the quality of the new imaging product. The marketing team could be trained on the details of the health products so that it is ease to convince the public.
The company employees should be sure to put more effort and emphasis on the quality and the effect on the customer lives to yield good results. Asking questions will also aid in the final convincing of the customers to use the new products. This ensures that needs of the customers are met by the new products to be sold and facilitate customer visualizing how easier life would be if they used the imaging products. Here the customers will understand the importance of the imaging product to their lives.
Increasing conversion rate
The company is well known in the market for its quality products in the health sector. This implies that it will be much eased to convince the public to buy the imaging products developed so that they would be helped to better their lives. This can only happen if the marketing team ensures that they speak to people that matter or rather the decision makers. The company previously consulted the clinical officers in the health sector for marketing. This should be changed and instead focus on consistency in communicating with decision makers. In the event of competition, it is always tactical to know them and asses their tools of marketing. This helps in facilitating the competitive advantage that the company might acquire.
Marketing education and working together
This is an essential marketing strategy that can be a game changer in convincing the clients. More often, the marketing team goes out selling products that they do not apprehend. This reduces the conversion rate since they might not be able to communicate the intended message. The GE health system should ensure that the company employees in the marketing department have a deep understanding of the details of the imaging products and the effects it has on changing the lives of people. Sometimes the marketing team might not necessarily be people in the health field, hence they do not understand the details. This could be erased through education and training. The success of the new product of imaging can be realized through successful implementation of the company’s intentions to society. Coordination of the various branches of the company will be critical to success of the project.
Among the primary effective recommendations for the company is the fact that the global branches do not coordinate well. The teams in England do not use the same marketing software as the one in India and that in America. This implies that the time taken to market the new products will otherwise be compromised. This is a major problem that would hinder the objective of the company of marketing the new imaging product to change the lives of people. This is because the problem will further, lead to total global imbalance in its efforts to change the lives of the community.
A marketing solution needs to be struck quickly so that the new imaging takes effect and offer a deeper understanding of chronic diseases and treatment. This coordination is critical to the success of the project by utilizing the new imaging at GE health system. Another recommendation should be that all new employees undergo training on the products of the company especially the marketing team as soon as they start their contract. This action will increase the conversion rate of the company.
The company’s management should be open to ideas on the most effective way of marketing the new products. Employees together with other stakeholders need to contribute to the ideas. This ensures that the company has a variety of ideas to screen and get the most appropriate.
All the suggested ideas on marketing imaging to customers should be put to scrutiny so that the best idea is chosen for the success of the project.
The idea screened and chosen will provide a platform for developing an effective concept that would be successful.
The company needs to quickly develop a strategy for the marketing of new products to customers. It is important to provide a strategy that is all inclusive and serve the interest of the customers.
Business analysis and product development
A research to identify the needs and solutions of the health sector should be done immediately. This will allow the process being improved to serve the interest of customers.
The company should then introduce the new imaging product to the market. This should be launched through the agreed means of marketing.
Ian, W. (2007). An insider’s guide to the history of GE’s management strategies. Emerald Group Publishing Limited, 35 (4), 120-132.
NONAKA, I. (1991). The knowledge creating company. Harvard Business Review 69 (6 Nov-Dec): 96-104.
Rachael, At El. (2006). Networks, Organizational Learning and Knowledge Management: NHS Cancer Networks. Public Money & Management, 26 (2): 87-94.
THOMPSON, M. At El. (2004). Placing Knowledge Management in Context. Journal of Management Studies 41 (5): 725-747.
William, E. (2008). The Secret to GE’s Success. Strategic Direction, 24 (2), 12-34.
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