Published by MBA Skool Team, Last Updated: March 20, 2017
Marketing Strategy of Medtronic analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Medtronic marketing mix, help the brand succeed in the market.
Medtronic marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Medtronic Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Medtronic marketing strategy can be explained as follows:
Medtronic is one of the leading global medical equipment manufacturers. Medtronic manufactures and designs a wide variety of medical equipment catering in all healthcare segments. The product mix in the marketing mix of Medtronic is elaborated as follows. Its product width includes Advanced Surgical Technology, Cardiac Rhythm, Cardiovascular, Diabetes, Digestive & Gastrointestinal, Ear-Nose & Throat, General Surgery, Neurological, Patient Care, Patient Monitoring, Respiratory, Spinal & Orthopaedic and Urological & Urogynecological. The highest number of products are in the category of cardio, neuro and general surgery. Medtronic also provide various therapies and procedures for healthcare professionals across the product segments mentioned earlier. They work with and within hospitals and finds out strategies to reduce the risks involved in any treatment. Medtronic’s innovative products help in huge cost cutting for the healthcare organizations which uses their equipment and facilities. Its partnerships provide healthcare providers enhance access, cost and quality care.
Medtronic Price/Pricing Strategy:
Below is the pricing strategy in Medtronic marketing strategy:
Medtronic although a large player in the healthcare sector, but it still faces stiff competition from General Electric, Baxter, Covidien, Criticare, Abbott, Philips, Zeiss and many more.
So, in such a scenario Medtronic prices its products very cautiously & follows a competitive pricing in its marketing mix. In the diabetes segment Medtronic devices, such as paradigm reservoir costs around $35. Price of MMT products starts from $145. Insulin pumps starts from $5600. So, the price of Medtronic products is found to be more than its competitors particularly due to its market penetration and markets share. The MRI machines are high priced particularly due to the quality of MRI systems which they sell. A few of its supportive products are primarily purchased in bulks can be purchased at a subsidised rate.
Following is the distribution strategy in the Medtronic marketing mix:
Medtronic products can be purchased from online medical ecommerce. Products catalogued in online stores tend to offer discounts. Also, if purchased in bulk, discounts will be availed easily. Also, the procedure of selling varies across segment of products, as each segment has got different buying preferences and requirements. Medtronic’s sales team are always in search for healthcare institutions looking for medical devices, thus it becomes easy for such organizations to make a Business to Business deal and also helps Medtronic to pitch in their products to any prospective enterprise. For big and expensive machines like MRI scanners, Medtronic sales depends on the requirements as the products are customizable.
For small and home devices and accessories can also be purchased from hospitals and other healthcare institutions which has got collaborations with Medtronic.
Medtronic Promotion & Advertising Strategy:
The promotional and advertising strategy in the Medtronic marketing strategy is as follows:
Medtronic invests a good amount of money for promotional activities as it is very difficult to survive in the competitive environment. Medtronic’s promotional activities & branding exercises in its marketing mix include television advertisements, billboards. Its advertisements can be seen in business websites, healthcare websites; so, that they are able to grab the attention of the enterprises looking for such products. Its website provides a good platform where they provide other healthcare solutions for professionals in healthcare sector. A major part of Medtronic’s promotional activity includes building relationships with healthcare institutions, a good and long-term relationship with such institutions increases the Customer Lifetime Value and thus increasing the revenue of Medtronic at a great extent. Hence, this concludes the entire Medtronic marketing mix.
Medtronic is a medical equipment manufacturing company. It is the largest medical technology development company in the world. Medtronic is headquartered in Dublin in Ireland. Medtronic innovates new ways and techniques in improving the global healthcare. They are constantly in touch with other innovative tech companies and collaborate with them to reach out to large population across the world. Medtronic work together with their shareholders to improve the sustainability in the healthcare sector.
Globalization has played a very important role in helping them to be connected across the globe. Headed by Omar Ishrak, with annual revenues of $28000+ Million, Medtronic is a giant in the healthcare industry.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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