Published by MBA Skool Team, Last Updated: December 08, 2018
Marketing Strategy of Abbott 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 Abbott marketing mix, help the brand succeed in the market.
Abbott marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Abbott Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Abbott marketing strategy can be explained as follows:
Abbott Laboratories is one of the leading healthcare companies in the world. Abbott Laboratories provides technologically advanced products in the health care sector like Valve Repair devices, Transcatheter Aortic Valve Replacements, Structural Heart Occludes for Cardiovascular health, personal meters, easy-to-use-test strips and flash glucose monitoring technology for Diabetes patients. It also offers nutritional products like Similac, PediaSure, Ensure etc, medicines and influenza vaccines as a part of its marketing mix pricing strategy. Hence, Abbott Laboratories has a diverse product portfolio catering to different segments in the health sector. All of Abbott's products come with very sophisticated packaging. The look and feel of the products emphasise on the extensive research that has gone into the making of the products. Apart from this the Abbott lab facilities boast of high ended technology prowess which is one of a kind
Abbott Price/Pricing Strategy:
Below is the pricing strategy in Abbott marketing strategy:
Abbott is innovation inclined and its products have been clearly successful in the market.
The main reason behind this is that Abbott has a variable pricing strategy that depends on the market and competitive dynamics. It also has a multistep pricing system that undergoes various stages before it boils down to a certain price. This showcases how its pricing strategy is defined by the research & development efforts which the company puts in.
Abbott Place & Distribution Strategy:
Following is the distribution strategy in the Abbott marketing mix:
Abbott Laboratories is present in more than 150 countries including the USA, Brazil, Canada, the Middle East, South Africa, Europe and Asia Pacific countries like India, Singapore & China. Abbott Labs also has a sturdy manufacturing and R&D infrastructure throughout the world to cater to the largest and fastest-growing markets. Since the company is a firm believer of diversity people hired by Abbott Laboratories are from various ethnic and cultural backgrounds from all over the world. The senior leaders' compensation in the company is directly tied to diversity metrics which is done by incentivising cross-cultural mentorship programme.
Abbott has achieved various awards.
Abbott Promotion & Advertising Strategy:
The promotional and advertising strategy in the Abbott marketing strategy is as follows:
Abbott Laboratories use the traditional method of advertising through digital media, print and television. It spends over 100 million on advertising and believes in investing in premium ad units. It also happened to advertise on over 250 different media channels last year across multiple media formats and advertised 18 newly launched products in the past twelve months itself. Abbott's key advertising strategy consists of informing the consumer of the high-end technology it uses in its products and how they make life easier through an interactive day to day data monitoring process. Hence this concludes the marketing mix of Abbott Laboratories.
About Abbott Laboratories:
Abbott Laboratories was is an American health care company founded by Wallace Calvin Abbott in the year 1888. Let us glance at the marketing mix strategy of Abbott Laboratories. Abbott Laboratories has been using leading-edge science and technology to provide consumers with the highest quality equipment. Also, it happens to be the market leader in the Blood screening process, Remote heart failure monitory and left ventricular assist devices.
The company has used innovation for giving patients personalised medicines, treatment of chronic pain and making neurostimulation device. Abbott's extensive research and development programme has enabled it to provide customers with services like hospital monitors for diabetes, insertable cardiac monitor and electrophysiology to name a few.
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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