MKT9205M Marketing Management Individual Assignment Sample
Here’s the best sample of MKT9205M Marketing Management Individual Assignment.
Introduction
Self-reflection is key to self-awareness, it allows the individual to grow their thoughts, feelings, emotions and actions. Self-reflection to the individual also help them in examining their interest and curiosity along with gaining a deep understanding and learning as a result of which it grows the overall skills and competencies of the individual. This essay will be reflecting on the products and services of Medibiosense such as digital and software Healthcare solutions. The product line of Medibiosense includes the vital patch that is a wearable technology-driven wireless device for monitoring ECG and heart rate. My role in the group and recommendation will also be underlaid.
Main Body
Provide an overview and reflective discussions on the new product(s)/ or service(s) market strategies you proposed to the organization, and your role in the group task
Medibiosense is a digital and software healthcare providing company that offers wearable devices to the customers known as Vital Patch that help in monitoring the heart rate, ECG, weight and blood oxygen level of the people. The specification of the product that I have gathered from the report explains that Vital Patch allows the customers in effectively real-time monitoring of patients post their surgery as it is being used to store and secure patient data (Johnston, 2017). Furthermore, the description of the product that I have learnt from the examination of the report has facilitated me in understanding its application. The learnings that I have gained from the report assisted me in knowing about the significance of wearable devices among the customers such as helping them in monitoring and measuring their regular activities and providing them rightful information that can be used by them for designing their regular activities (Knott & Scragg, 2016). The wearable devices for the customers also help them in keeping their personal information safe and secured along with remotely managing their daily activities that are available at their fingertips. I have also known about the application of Vital Patch wearable devices helping me in knowing about its features, value offering and USP that motivates the customers to make their purchasing decisions. The Vital Patch devices are being connected with the Medibiosense mobile application via Bluetooth with that of the customer’s mobile devices (Horton-Deutsch & Sherwood, 2017). The wireless devices that are attached to the body of the customer’s track and monitor the physical information, keeping archives and transmitting medical data remotely for evaluation and additional action on the development of patient wellbeing status.
The product investigation of Vital Patch has helped me in knowing about the physical specifications of the smart device such as the device measuring around 11 gm. The biosensor in Vital Patch clings to the patient’s left chest, which permits for incessant real-time investigation related to the patient’s biological and physical activities (Zwozdiak-Myers, 2018). I have also learnt about the wearable device that is being used by the customers to help in allowing in detecting high-quality electrocardiogram waveforms over the help of Bluetooth transceiver for wireless communication and data transfer. The battery that is used within the wearable device includes a zinc-air battery that allows diffusion of air for powering the battery (Larson & Gray, 2018). The processor that is used within the wearable device helps in performing real-time computations, delivering a comprehensive image of the patient’s condition along with allowing continuous operations of the sensor for more than 4 days. The processor that is used in the wearable device also performs continual monitoring, tracking down the patient’s info and data that permits the doctor to admittance the patient’s record at any time. The learnings that I have gathered while analysing the report explains the benefits that are being offered by the products to the customers (Kearney, 2019). Vital Patch as the wearable device addresses the issues of cost, quality and facility athwart the three major categories such as healthcare services, monitoring and clinical service along with health and wellness. The wearable devices that are being used by the customers also help in transmission roles to patients as part of their reintegration that maintains superiority and security, reduce hospital admission along with improving their health meaningfully.
While analysing the report about the wearable devices of Vital Patch I have also identified the challenges that are associated with the development of the Vital Patch. I have identified that the issues that are associated with the wearable device include remote patient monitoring that increases cost, availability, quality and accessibility. The lack of a digital centralised database system for the patients fails them in monitoring the records of the patients along with meeting the critical requirement for RPM (Bradley & Rustin, 2018). Other challenges that I have learned while analysing the report includes the absence of formal organisational structure making it challenging to organise the activities and systematically perform them to perform them successfully.
The market strategies for Medibiosense includes remote patient monitoring product that leads to a significant increase in the demand and subsequent deployment in terms of monitoring the patients’ daily activities and keeping their records safe (Mann & Walsh, 2017). Growth in technology is one of the market strategies that can be used by the organisation in terms of making changes in their wearable devices so that better services and offers can be offered to the customers in terms of gaining their attention towards the organisation. Technological growth in wearable patches with the specifications such as real-time patient monitoring with exact data and easier connectivity with smartphones contribute to the growth of the wearable patch market (Farrell, 2017). The learnings that I have gained from the investigation of the report has aided me in knowing about the market strategies that are being used to secure medical monitoring applications for cutting-edge wearable devices. The marketing strategies that I have learned after the brief analysis of the report explains that virtual marketing can be used for video, email, content marketing, social media and display advertisement (Redmond, 2017). Search engine optimisation can also be used by the organisation that helps in ranking the websites, it also helps the visitors of the MedibioSense website to access information and use it to make their purchasing decisions.
During the team, my role was of a leader where I have arranged all of the activities in an organised and systematic manner and performing them to gather positive results. As the leader, my first task was to develop a relationship among the employees so that better activities can be carried out in an organised and orderly manner s (Sicora, 2017). I have identified the specific skill and capabilities of the employees and provided them with jobs that best suit their experience and expertise. I have also undertaken the responsibility of identifying the technological change that becomes necessary in terms of implementing them within the wearable devices so that better products offerings can be offered to the customers (Sellars, 2017). Furthermore, as the leader, my responsibility was to identify the changes that are needed to be implemented within the organisation so that better business activities can be performed (Brown, 2019). I also performed the responsibility of leader because it helped me in knowing about the initiative that I need to undertake in terms of improving the chances of success.
Insightful reflections on the experiences learnt through ‘student as producer’ in developing the market strategies and reflections on your learning journey
While identifying the industry overview and market insight the group project enabled the researcher to identify the share trend growth size and opportunity. While assessing the focus on the strategy of rapid growth it can be identified from the discussion that the merger and acquisition are effective strategies for the company to gain competitive advantage. In terms of learning experience and journey primary identifying the industry trend and the drivers enabled the researcher to identify the information based on regional differences. The discussion was further narrowed down to market segmentation and size where the revenue generation standards were mostly focused (Mann & Walsh, 2017). Reflecting on the learning journey while developing the market strategies , it can be identified that the information technology partners when collaborating with other stakeholders such as the hospital’s the quality of the service is increased as a and the chances of overall growth of the market gets escalated.
On the basis of the discussion and finding it can be also determined that the outbreak of the covid-19 pandemic has increased the use of a remote patient monitoring process and its acceptance exponentially. The competitive landscape shares the advantages of the healthcare infrastructure in different regions while increasing the awareness among the industry participants. The original experiences can be enhanced with effective collaboration of the stakeholder and by positive collaboration and engaging the executive members. The experience journey has been enhanced by identifying the significance of customer feedback based on which the marketing strategies, social media presence and the regional experiences can be improved. In the latter section of the group project the discussion has been based on the significance of a virtual marketing that reflects lights on improving the sales experience and at the same time and sharing the businesses of players in the market to continue the sales effort regardless of the external environment and situation. It can be stated based on the learning journey that virtual marketing is a significant way of reaching the base of a customer and increasing their awareness.
Different channels such as email, content and video marketing can enhance the marketing strategies of the company as compared to the traditional form of marketing. The competition in the industry is extensively increasing as per the companies are increasing the extent of partnership and collaboration. They are able to gain the competitive advantage by spending and increasing the expenditure over research and development. The global players have increased the annual growth rate by this strategy. It has been found by the researcher on the basis of the findings in the group book project that decoding the information based on the relevant data illustrate constructive ideas resulting in generating pertinent and significant data (Redmond, 2017).
Recommendations for future projects
The recommendations for the essay have been provided on basis of the overall analysis.
- Based on the evaluation of the SWOT analysis it has been identified that data privacy and security breaches negatively impact the growth of wearable devices. Data security and data breaches also lead to loss of customer trust and loyalty that decreases the overall status of the organisation. Blockchain technology can be used in terms of eliminating the issues of data breaches and data loss. The blockchain technology used within the organisation also helps in uplifting visibility and traceability along with increasing the speed within the organisation that maintains high efficiency and effectiveness.
- Remote Patient Monitoring increases cost, availability and accessibility making it challenging for the organisation in performing the activities of healthcare in a systematic and organised manner. RPM technology can be improved by electronically connecting with cellular networking or Bluetooth. Improved RPM within the wearable devices benefits in blood pressure monitoring, weight scales, performing blood glucose meters and spirometers. Therefore, RPM within wearable devices needs to be improved in terms of serving the customers better.
Conclusion
A brief analysis of the essay has presented about the reflective learning about evaluating the product description of the wearable devices. Medibiosens offers wearable devices to the customers that help the customers in measuring the blood pressure, ECG and blood oxygen level. The people can also track out their regular activities through the help of Vital Patch wearable devices as a result of which enables the organisation in attracting the attention of the customers towards the organisation. My role as a team leader has also been explained in the essay. During the essay, recommendations have also been laid down so that data can be stored and secured regarding patient safety.
References
Bradley, J. & Rustin, M., 2018. Work discussion: Learning from reflective practise in work with children and families. London: Routledge.
Brown, J., 2019. Reflective Practice of Counseling and Psychotherapy in a Diverse Society. London: Springer International Publishing.
Farrell, T., 2017. Research on reflective practice in TESOL. London: Routledge.
Horton-Deutsch, S. & Sherwood, G., 2017. Reflective practice: Transforming education and improving outcomes. London: Sigma Theta Tau.
Johnston, C., 2017. Teaching Business & Economics. Reflective practice, 21(1), pp. 19-21.
Kearney, C., 2019. Modern English Teacher. Reflective practice: A process of discovery, 28(3), pp. 9-10.
Knott, C. & Scragg, T. e., 2016. Reflective practice in social work. London: Learning Matters.
Larson, E. & Gray, C., 2018. Project management: The managerial process. London: McGraw-Hill Education.
Mann, S. & Walsh, S., 2017. Reflective practice in English language teaching: Research-based principles and practices. London: Taylor & Francis.
Redmond, B., 2017. Reflection in action: Developing reflective practise in health and social services. London: Routledge.
Sellars, M., 2017. Reflective practice for teachers. London: Sage.
Sicora, A., 2017. Reflective practice, risk and mistakes in social work. Journal of Social Work Practice, 31(4), pp. 491-502.
Zwozdiak-Myers, P., 2018. The teacher’s reflective practice handbook: Becoming an extended professional through capturing evidence-informed practice. London: Routledge.
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