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Marketing strategy development refers to the marketing techniques when a new product is launched in the market. Mainly four activities are performed in the marketing strategy development of a new product these include a selection of target markets, deciding sales target, profit margins and share in the market. Every marketing strategy has some goals and the actions needed to meet that goals are described in a marketing strategy statement. A good marketing strategy statement requires research and analysis of the targeted markets in order to keep pace in the respective market.
A holistic approach means looking over the business as a whole rather than focusing on departments individually. When all the departments are looked upon as a single unit the product does not remain linked to a single department rather little effort from all the departments can be utilized to manage the development of a new product each department can add value to the product in its own way hence increasing both the value of product chances for its high-level sales.
In the year 2 017, a revenue of 21.5 billion dollars was generated by the telemedicine industry over the world. This revenue is expected to be increased up to 14.8% from the year 2018 to 2023. An increase in the number of chronic diseases associated with modern lifestyles, increase in the cost of health care, an increase in the use of Smartphone, increase in government spending of telemedicine and the increasing demand for healthcare in remote areas has resulted in a large number of sales in telemedicine industry.
‘Global Med' is considered the leader of the world in health and telemedicine development which allows the doctors from around the world to connect with their patients. It is a real-time healthcare delivery company which means that services are available within the time. Global Med is providing its telemedicine services in 55 countries over the world and has 15 million virtual consultants. Another company Gem3s technologies are also an expert in responsive health care services and have an automatic adjustment system to fit the mobile of every user. Gem3s technologies are promoting health care in the United States, United Kingdom, Dubai, India, and many other countries.
Telemedicine has made daily healthcare a very easy process as you can consult a doctor anytime just by a click of your finger. In emergency situations, you can use Skype or face time to immediately consult a doctor rather than running too far away from hospitals. This is very beneficial for people living in remote areas. But due to limitations of technology and some low rated application the results of Smartphone cannot rely upon every time. While consulting a dermatologist your Smartphone can be useless in painting the exact picture of your skin that can mislead the treatment.
The government is also contributing towards the telemedicine industry through funding and initiatives to promote these facilities and thus, government support also plays a vital role in growing sales by the telemedicine industry. Government associations and healthcare institutions are forming joint ventures and partnerships with telemedicine companies to build this trend for the next generation’s safety and healthcare.
Telemedicine is the growth phase of the product life cycle where the product sales are increasing with the passage of time and getting acceptance in the markets worldwide. Telemedicine is currently growing on a large scale but there are still some countries unaware of this technology so we say that telemedicine is in a growing phase.
With the innovation, new technology and increasing use of Smartphone world have become a global village also the technology has enhanced to the extent of perfection with a large number applications that provide a daily basis health care services. Mobile technology is the basis for telemedicine as the word ‘tells’ means communication through technology or over the phone. Without this mobile technology concept of telemedicine is not possible.
Recently the companies providing innovation are all those using high technologies. 3Mmight not be as flashy as the high-tech companies, but is also not a stodgy one. Minnesota, mining and manufacturing company (3M) are a multinational company with over 31 billion dollar sales every year and its sales are further increasing with 20% operating profit each year for the past 57 years. It sells more than fifty thousand products to different industries nearly 200 countries. Some of the most famous products in the world and some other about which very few people know both come from 3M’s production line. 3Mis very much focused upon inventing new revolutionary products and that is the secret behind such spectacular sales. It promotes innovation and collaboration which allows its employees to come up with new ideas and ultimately new products.
Some of the factors that contribute towards the success of 3M's new product include a culture of innovation, encouraging collaboration and an emphasis on research and development departments. Culture innovation means at 3M there is a culture in which employees are allowed to take risks in a protected environment and it is said that if you are not making mistakes you are not doing anything. These mistakes are sometimes blunders and blunders have resulted in many new products at 3M. They encourage collaboration so that if one employee is strict at a point in his project the other might be able to add ideas and convert that structure project to a fabulous new product. Also at 3M’s, there is a focus on research and development departments and a fixed percentage of annual profit is spent on research and development department every year.
Customer-centered means looking for a product the customer is demanding. 3M's product development is not customer centered it is rather innovation based. Employees work on the areas of their own interest and not in the areas of customer interest to produce new and revolutionary products that might become very useful for the customers later on. 3M is always working to produce new products and the product produced for the first time is obviously not demanded by the customer previously.
Product portfolio describes everything about a product, including the stage of the product life cycle in which the product exists. Product life cycle has four stages of introduction, growth, maturity and decline. As 3M is producing a vast range of products that includes more than 50 thousand products belonging to different industries around the world becomes a great challenge for 3M to form its product portfolio. Many of the products by 3M remain in research and development departments for a long time. And the products in the markets are so widespread that it becomes very difficult to keep knowledge of each product’s stage product life cycle in every market around the world.
3M sells more than 50,000 products around the world descriptions to which are always growing. Moreover, hundreds of products are always in the development phase at 3M and who knows which of them becomes a fabulous market leader or a hot seller on the very next day broadening 3M’s product portfolio a little more. Thus, there are no limits to how broad 3M’s product portfolio can grow. With every new product analysis work increases, adding new profit margins, operational risk and market leadership to the product portfolio.
According to all of the above situation and such a concrete system of innovation, collaboration and research and development it is obvious that 3M has the ability to maintain and increase its sales and growth too much higher levels. And it will continue to grow with more and more products in the market that will be the most recognized products.
From this case study, I have concluded that organizations based on innovation have more chances to succeed and keep pace in the future than the organizations following old ideas and taking work from employees like they are machines. Humans should be treated like humans and their ideas and interests should be valued. People work their best in areas of their own interest. Also, risk-taking is a key to success. Many blunders of 3M turned out to be the world's best selling products. Another thing is 3M's spending on research and development departments also had an impact on the company's growth so organizations should emphasize research development.
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