|Type of paper:||Essay|
|Categories:||Marketing Strategic marketing SWOT analysis|
1. Product-Service Identification
This section gives the product to be discussed and any other relevant information that describes the product including the features, the prices, the company, the market segment, and the brand recognition. In this case, the project is focusing on a machine that is capable of detecting the location of a vein is while taking out blood. The device will help people who have difficult veins.
Brief Description of the Company
Although the machine is provided by various scientific companies, the paper will focus on Bruker Corporation. The company was founded in Germany by Professor Gunther Laukien in the year 1963. It is a public company that focuses on manufacturing scientific equipment for research purposes, and it thus operates under the scientific test equipment industry. The headquarters of the company is located in Billerica Massachusetts in the United States. It holds up to 6000 employees with annual revenue estimated at 1.77 Billion USD in the year 2017. The company stocks are traded in the Nasdaq Stock Market under the name NASDAQ: BRKR ("Bruker Corporation Company Culture", 2018).
Bruker Corporation organizational structure is segregated depending with the level of power and command across the divisions. The highest group in control is a board of directors, then the executive committee, then Frank Laukien who is the chief executive officer (CEO), and the president, and finally William Knight who is the who is the chief operating officer (COO) ("Bruker Corporation Company Culture", 2018). The next level of management entails the various managers of the various departments including finance, investment and technology, and marketing.
The Product being Offered
Bruker Corporation offers various products in the scientific field. Nevertheless, the paper focuses on the near-infrared device that makes it easier to locate veins while taking out blood. More often, patients with difficult undergo various injection to determine the related vein which leads to a lot of pain. Introducing the near-infrared device will not only reduce the pain the patient undergo but also speeds up and increases the efficiency of the laboratory tests therein.
2. Situation Analysis
This section describes the various techniques significant to understanding the internal and external factors affecting the research product. The part is relevant to understanding the product customers, the organizational capabilities, and more importantly the business environment of the products. It will discuss the market where the product sells, the SWOT analysis, and the competition both direct and indirect (Wood, 2014).
2.1 Market Summary
The product sells under the scientific and testing industry majorly used for laboratory services. It is also utilized in other sectors including pharmaceuticals, agriculture, and chemical industry. Following the technological advantages across various areas including research and scientific tests, the product is bound to face competition in the market (Garbarski, 2014). Furthermore, following the high levels of research and development in the medical sector, it thus makes the market highly turbulent.
2.2 SWOT Analysis
The SWOT analysis is a strategic management tool that is relevant in evaluating the internal and external capabilities of the business environment. It entails four vital elements including the strengths, weaknesses, opportunities, and threats. While strengths and deficiencies represent the internal factors of the business, the opportunities and threats represent the external factors (Kotler & Armstrong, n.d.). The strengths that Bruker Corporation holds are relevant to creating a successful penetration of the proposed machine. The corporation is the leading company in the industry and thus creating a strong brand image. It is also highly innovative in making it easy to penetrate a new market. It also has a highly skilled workforce that aims at delivering excellent customer service leading to high customer satisfaction. In this case, the machine stands a chance to create a competitive edge in the industry.
Although Bruker Corporation is the leading player in the industry, it faces challenges to enter into a new market segment which acts as weaknesses. This may affect the sustainability of the new machine since operating in a single market segment threatens the profitability and the market share therein. As a way to thrive in the market, the corporation ought to venture into new markets.
In opportunities, the product creates an avenue for the corporation to alleviate the customer satisfaction. Since the product enhances the efficiency of laboratory tests, it enhances the customer service which in turn helps to create a competitive edge in the industry. Following the increased automation of functions, Bruker Corporation stands a chance to enhance the machine and integrate the modern technologies within the market.
The company also faces various threats that may affect the sustainability of the product. For instance, the industry is highly competitive in creating a threat to the market share the company holds. Also, with the technology advancement, competitors can create more modernized devices. The company also faces currency fluctuations, tax rates, and fluctuating government regulations within the various countries the Bruker companies operate (Garbarski, 2014).
2.3 Direct and Indirect Competition
The product is bound to face both direct and indirect competition. In the direct competition, many pharmaceuticals are providing a similar device that helps detect veins easily. In the indirect competition, it entails other scientific manufacturers that operate in the same market segments that Bruker Corporation operates. Although these competitors do not provide similar products, they run in a related industry.
3. Marketing Strategy
In line with Bruker's mission statement, the mission of the product aims at incorporating all the rules and regulations across all the countries. It also aims at understanding the customer value proportion as a way to deliver excellent customer satisfaction.
3.2 Marketing Objectives
The core marketing objectives of the product create a wider market share, enhance the sales volumes, venture into new market segments, enter in both local and international markets, and striving to build strong customer relationships.
3.3 Financial Objectives
The primary financial objective is to maximize wealth and minimize costs. For this reason, the product aims at maintaining financial stability, maximize profits, maintaining efficiency, and liquidity.
3.4 Target Markets
The product targets pharmaceuticals, laboratories, scientific institutions, and other entities conducting scientific tests, research, and development (Wood, 2014).
Following the strong brand recognition f the company, the product thus encompasses a market positioning strategy that aims at providing high quality, reliable and efficient device that provides accurate and reliable results in the laboratory tests (Kotler & Armstrong, n.d.).
3.6 Marketing Program
Pricing: The product is to be offered at affordable prices that take into account the consumer purchasing power.
Distribution: The product will utilize various distribution strategies including the wholesalers, retailers, and direct selling. The product will be available in all the Corporation's real companies across the countries. The online sale is also possible (Kotler & Armstrong, n.d.).
Promotion: The product promotion strategy will be through advertisements, personal selling, and creating awareness through the social platforms such as Facebook, Twitter, Instagram, and the company's website.
Customer Service: The machine is designed to deliver high-quality customer service by providing accurate and reliable results.
3.7 Marketing Research
There will be many research and development to understand the consumers, the market, and other factors that may affect the efficiency f the product. It may include finding the need to modify the features of the machine to meet the changing consumer need and trends in the market.
Bruker Corporation Company Culture. (2018). Retrieved from https://www.comparably.com/companies/bruker
Garbarski, L. (2014). Creating Value for the Organization through Marketing. Management And Business Administration. Central Europe, 22(4), 60-69. doi: 10.7206/mba.ce.2084-3356.119
Kotler, P., & Armstrong, G. Principles of marketing.Westwood, J. (2016). How to write a marketing plan. London: Kogan Page.
Wood, M. (2014). The marketing plan handbook. Pearson.
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Essay Example: Marketing Strategy for the Device for Veins Location. (2022, Jul 19). Retrieved from https://speedypaper.net/essays/essay-example-marketing-strategy-for-the-device-for-veins-location
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