yerlin.blogg.se - Medtronic bcg matrix

How can Medtronic serve these customers best (what will be its value proposition )?īuilding an Integrated Marketing Strategy to Deliver Superior Value What are the customers that Medtronic will we serve (what is the target market )?Ģ. The two critical questions that marketing managers at Medtronic needs to answer to create customer value are –ġ. Medtronic knows that it can’t serve all the needs of the customers in the Medical Equipment & Supplies industry, so it has carefully chosen a value proposition that can maximize its institutional capabilities. The key of customer driven value creation is the – strategic trade-off that the company has made. Medtronic is fulfilling the consumer demands through its differentiated products and services. Medtronic must constantly keep track of developments in the macro and micro marketing environment to seek opportunities and avoid threats.Ĭustomers have wants, needs, and demands. Two ways of understanding marketing dynamics are by conducting SWOT analysis and PESTEL analysis of the macro environment that Medtronic operates in. Secondly they have to assess the market dynamics. Marketers at Medtronic need to assess the needs, wants, and demands of customers in the Medical Equipment & Supplies industry. Marketers at Medtronic should focus on customer needs rather than the in-house latest and greatest product and services they can deliver. Marketing starts even before the conceptualization of the product and service.

Capturing value from customers in form of profits and customer equity.

Engaging customers to build a profitable relationship.

Building an integrated marketing strategy to deliver superior value.

Understanding customers and marketplace.

The five steps of marketing process that Medtronic can use to create and capture customer value are –

What are the five Steps of Marketing Process? How Medtronic can use Five Steps of Marketing Process to improve the Marketing Effectiveness? Please email for Marketing Process Analysis based on latest data of Medtronic

Marketers at Medtronic should strive to increase the touchpoints in consumers’ lives and enrich consumers experience with Medtronic’s brands. Marketing is the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from the customers in return. According to Marketing Guru Philip Kotler – “Marketing is engaging customers and managing profitable customer relationships”.