Medtronic pacemaker market research marketing strategy
|Keywords||Medtronic Shanghai Ltd Pacemaker Marketing Strategy New Rural Cooperative Medical System (NRCMS)|
Medtronic started business in China since 1989. The branch office and manufacture were setup in 1996. The annual revenue increased by 40% within past 10 years. But so far the saleroom of Medtronic China only occupies 1% of the entire Medtronic saleroom. Medtronic China is going to extend the business widely in the next 8 years, hoping to set China market as the second big market except US.Medtronic CRDM is the most important core business, and occupies the entire Medtronic business 30%. From 2003, CRDM faced challenge of rapid extension of growth cardinal number and slowing down of growth rate. How to meet company’s expectation of growth overall? How to catch opportunities under environment of’New Healthcare System Reform’? On the basis of 4P marketing strategy, keeping innovation, maintaining the company’s leading role in market share and market position, and retaining the sustained growth and keeping long-term competitive advantage are very important factors for the future development of Medtronic.The paper summaries the situation of current medical instrument industry and the development trend, briefly introduces the product characteristic and application of implantable pacemakers, analyzes the industry of national external environment using PEST analysis. By using’5-forces’model, it describes market competition pattern of implantable pacemakers in China, and carries on the analysis to enterprise’s strategy factor (SWOT) by combining Medtronic’s internal factors and the external factors. It explains Medtronic STP market strategy in China.During the segmentation and analysis of sub-market, it is found there are enormous opportunities at tier-2 market. It performs analysis on product strategy, pricing strategy, channel strategy, promotion strategy, and provides the implementation plan according to the tier-2 market. It is confirmed that the tier-2 market must be treated as an important emerging market under the new’NRCMS’policy.