MKT9205M MBA Marketing Management Assignment Sample
Here’s the best sample of MKT9205M MBA Marketing Management Assignment.
Evaluation of experiences in undertaking Assignment A
The present study or essay is a reflective section concerning and evaluation and analysis of the assignment associated with the case study of a well-established medical devices organisation, MedBioSense. It includes an assessment of the applied model, the Porter Five Forces. Later, it also proposes certain suggestions or recommendations to the corporation to ensure its growth as well as success of the new launched product, Vital Patch.
The concerned assignment or study reflected the significance of developing a robust and effective marketing strategy for launching a new product or service in the market. For this purpose, it analysed the case study of a corporation, MedBioSense, launching a new product called, Vital Patch. The assignment reflects an in-depth analysis as well as vital details of the new product launch as well as promotional strategy for it, as well as the existing products of the firm.
The report reflected an overview and background of the concerned corporation. It can be observed that MedBioSense is a digital company engaged in selling digital devices and technologies for a wide range of medical purposes, based in United Kingdom. The devices offered by the corporation and enable the patients to view and monitor real-time clinical information associated with their physiology (Green, 2021). These devices also help in measuring respiration rate, heart rate, SPo2 or blood oxygen level, body temperature, ECG, as well as other such health aspects. These medical devices offered by the corporation further contribute in it and speeding up the entire process of health control and monitoring by the patients, doctors, and other medical professionals.
The report on assignment highlighted a justification concerning the new product launch by the concerned corporation. MedBioSense Corporation holds an established and well-developed position in the wearable technology field or industry. The corporation identifies a growth-oriented opportunity to diversify its product portfolio by launching a prominent product, Vital Patch (Zhongming et. al. 2021). However, the healthcare market in the UK highlights intense and aggressive competition or rivalry. Yet, the new product launch by the corporation holds the potential to significantly contribute in accomplishment of the vision and mission of the firm to make the lives of patients easier and comforting. The new product, Vital Patch will be operated through a battery biosensor, as well as is wireless. It will be worn by patients and other normal individual on their torso region. It will help in the measurement and monitoring of different body activities, including respiration rate, heart rate, SPo2, body temperature, ECG, activity levels, and body postures. In addition to this, the assignment also highlighted the increased level of consciousness and concern among the people towards their health, particularly oxygen level intake. The outbreak of the Covid 19 pandemic resulted in awakening health awareness, well-being, and other such healthy habits. These factors further resulted in offering significant, excellent, and growth-oriented opportunities for the company to grasp its hold or position in the market and launch the all in one modernise device for healthcare (Aronson et. al. 2020). The device will enable the patients as well as other individuals to primarily focus on their well-being, habits, screen time, monitoring, as well as will assist in proper treatment and medication with the ongoing management.
Market Segmentation and Targeting
The assignment further reflected the target market which must be applied or implemented by the corporation to promote, market, sell, and distribute its new product, a vital part. The assignment segmented the target market as per different dimensions, including psychographic, and demographic. This significantly supported in defining and gaining a clear or better understanding of the target audiences as well as ideal customers of the corporation as well as the newly launched product (Bitkina et. al. 2020). Only this, it also helps and supported in the identification of the right market, right audience, and right promotional tactics for the product, as well as ensuring maximum effectiveness of the marketing strategy.
In addition to this, it offered much help and support to develop a better understanding and observation associated with different aspects of market segmentation and targeting. For an instance, the psychographic dimension of market segmentation emphasised on health-conscious people, who prefer investing in medical wearables and modernise devices (Oderanti and Li, 2018). Whereas, the dimension of demographic segmentation included people within the age group of 18 years or more. It primarily emphasises on the young generation as well as health-conscious individuals, belonging to middle income group or a significant level of disposable income. Therefore, it can be observed that the model or framework of market targeting and segmentation makes it easier and faster for the corporation to develop effective and highly targeted marketing plans and campaigns. Not only this, development of a robust plan associated with market targeting and segmentation for the ensures greater company focus, product designing and development, market expansion, as well as ensures efficient use of resources.
Porter’s Five Forces Model or Framework
The later section of the report reflected the current portfolio of the concerned corporation, MedBioSense. In addition to this, the section also reflected or evaluated the competitive landscape of the medical wearable industry, in the United Kingdom. For this purpose, it applied the theoretical framework or model of Porter’s Five Forces (Fahy et. al. 2019). The application on implementation of this theoretical framework significantly contributed in undertaking and evaluation and an in-depth analysis of the competitive scenario of the industry, as well as assess the potential of the newly launched product. Not only this, it offered immense support in identifying where the power actually lies within a business situation. It holds utmost potential in developing understanding of the key strengths associated with the current competitive position of an organisation. It also helps in assessing the strengths of a position which the concerned corporation, MedBioSense, may look forward to engage into.
The Porter Five Forces model challenged the thinking skills and capabilities, as it demanded an actual or real-time assessment of the competitive levels in the industry. It also helped or supported the identification of level of power of different dimensions or factors affecting the launch and future potential of the new product, Vital Patch. The model included five main factors or forces which further represent the principal sources of competitive pressures and rivalry within an industry (Yaqoob et. al. 2019). These forces comprise of; competitive rivalry, supplier power, buyer power, the rate of substitution, as well as threat of new entrants in the industry. The application of the model demanded an assessment and observation or analysis of the real-time data or information associated with the healthcare as well as the medical devices industry in the UK. It further contributed in reflecting the strength or power of each force as well as its impact on the future potential and launch of the new product in the market.
However, the model of porters five forces lacked consideration and emphasis upon the technological factors of forces. Technological innovate ion and digital techniques have highlighted a significant transformation or evolution in the ways the modern corporation undertake business activities and operation (Borsci et. al. 2018). Not only this, the modern technologies and digital techniques further play a vital role in driving the corporation towards the development, maintenance, and retention of strong competitive edges, cost effectiveness, and overall industrial success. The five forces model does not include or focuses on such aspects, which are significant contributors in determining the level of competitiveness or rivalry in an industry.
Recommendations and suggestions
In addition to this, while applying the model or framework of Porter five forces, it has also been observed that the model is of little help considering the anticipation of where competitive advantages or edges can be developed or what lies ahead in the industry. The model failed to consider the aspects of hyper competitive nature of corporate environment, dynamic attributes, constant state of flux, as well as market instability (Campbell et. al. 2018). The application of the model concerning the new product launch and the competitiveness of the concerned corporation, MedBioSense, further lacked consideration towards the resources and assets of the corporation. Competitive advantages or edges of a corporation are strengthened and derived from the leveraging sources as well as competencies within the corporation. Therefore, the application of the model highlighted appropriate emphasis to words the resource-based view of the concern form. Therefore, the application of the model or the theoretical stream work of porter five forces offered certain issues and challenges. However, its application in consideration with the corporation as well as the new product launch is appropriate and fulfils the needs concerning the assessment of competitive levels in the industry (Herman and Goossens, 2019). Hence, it can be observed that the application of the model facilitated the completion of the assignment as well as contributed in ensuring its effectiveness.
The application and use of the Porter Five forces model observe that all the factors or forces, except the bargaining power of suppliers, impose high level of effect on the concerned corporation, MedBioSense. In addition to this, the corporation as well as its plan concerning new product launch is exposed to several challenges and issues, as well as threats considering the high level of rivalry or competitiveness in the industry. Other than this, the corporation is recommended or suggested to principal focus on the mitigation, and even elimination of such challenges or potential threats. For this purpose, the corporation must aim at developing, maintaining, and improving the levels of trust, confidence, and loyalty among its existing, as well as potential customers (Mavrogiorgou et. al. 2019). This can further be done by offering trusted products, while also ensuring superior quality standards. Such techniques and strategies have been analysed and observed to forge the potential to mitigate the identified issues offered by intense and aggressive rivalry. Not only this, it will also offer immense support to the corporation to develop, maintain, and retain good brand image, as well as deliver values associated with the minimisation of customer turnover rate.
Other than this, it is also recommended or suggested to the concerned organisation, MedBioSense, to primarily focus or aim at coming up with innovative or creative ideas in the industry. This is because customers are more aligned to words innovative and unique products, exhibiting excellent, superior, and exceptional attributes, from the competitor’s brand or rival products. Such a product portfolio will further help and support the corporation to develop, strengthen, and maximise its competitive advantages and position in the industry, thereby, guaranteeing a well reputed brand name as well as established brand image (van Velthoven et. al. 2018). In addition to this, the corporation is also suggested to pay attention and consideration to the aspect of sustainability and environmental protection. Its wearable products like vital patch, and others must ensure maximum standards of patient safety, health control and monitoring, as well as other such aspects of individual well-being. Therefore, these aspects, strategies, or techniques have been analysed and observed after undertaking and an in-depth analysis of different factors of forces affecting the viability, or growth-oriented potential of the corporation, as well as the newly launched wearable device, Vital Patch.
Lastly, the assignment highlighted to significant or prominent virtual channels, which holds the potential to facilitate the launch of the new product by MedBioSense. These platforms include social media channels, like Facebook, YouTube, and Instagram. In addition to this, it also comprises of SEO marketing tool, which utilises different online blogs for the promotion of new product by using SEO content (Gardner et. al. 2018). Hence, it can be analysed and observed that the assignment holds utmost significance and value in reflecting the marketing strategy and it is important for new product launch as well as an organisation.
Hence, it can be concluded or articulate it from the above study or reflection of the assignment that effective marketing and promotional tactics hold utmost significance in ensuring success of a newly launched product or an organisation in the industry. The above reflection highlighted an assessment or analysis of the assignment or study associated with a case study organisation, MedBioSense. It highlights an observation of applying different theoretical frameworks or models, like the porter five forces model to evaluate and analyse the competitive rivalry in the industry. Further, it offers certain recommendations or suggestions to the corporation concerning improvisation of its marketing strategy and overall industrial success.
References
Aronson, J.K., Heneghan, C. and Ferner, R.E., (2020). Medical devices: definition, classification, and regulatory implications. Drug safety, 43(2), pp.83-93.
Bitkina, O.V., Kim, H.K. and Park, J., (2020). Usability and user experience of medical devices: An overview of the current state, analysis methodologies, and future challenges. International Journal of Industrial Ergonomics, 76, p.102932.
Borsci, S., Uchegbu, I., Buckle, P., Ni, Z., Walne, S. and Hanna, G.B., (2018). Designing medical technology for resilience: integrating health economics and human factors approaches. Expert review of medical devices, 15(1), pp.15-26.
Campbell, B., Campbell, M., Dobson, L., Higgins, J., Dillon, B., Marlow, M. and Pomfrett, C.J., (2018). Assessing the value of innovative medical devices and diagnostics: the importance of clear and relevant claims of benefit. International journal of technology assessment in health care, 34(4), pp.419-424.
Fahy, N., Hervey, T., Greer, S., Jarman, H., Stuckler, D., Galsworthy, M. and McKee, M., (2019). How will Brexit affect health services in the UK? An updated evaluation. The Lancet, 393(10174), pp.949-958.
Gardner, J., Webster, A. and Barry, J., (2018). Anticipating the clinical adoption of regenerative medicine: building institutional readiness in the UK. Regenerative medicine, 13(1), pp.29-39.
Green, J.I., (2021). Medical device legislation for custom-made devices after the UK has left the EU: answers to ten important questions. British dental journal, 231(8), pp.513-521.
Herman, A. and Goossens, A., (2019). The need to disclose the composition of medical devices at the European level. Contact dermatitis, 81(3), pp.159-160.
Lamprou, D.A., (2020). Emerging technologies for diagnostics and drug delivery in the fight against COVID-19 and other pandemics. Expert review of medical devices, 17(10), pp.1007-1012.
Mavrogiorgou, A., Kiourtis, A., Perakis, K., Pitsios, S. and Kyriazis, D., (2019). IoT in healthcare: Achieving interoperability of high-quality data acquired by IoT medical devices. Sensors, 19(9), p.1978.
Oderanti, F.O. and Li, F., (2018). Commercialization of eHealth innovations in the market of the UK healthcare sector: A framework for a sustainable business model. Psychology & Marketing, 35(2), pp.120-137.
Van Velthoven, M.H., Smith, J., Wells, G. and Brindley, D., (2018). Digital health app development standards: a systematic review protocol. BMJ open, 8(8), p.e022969.
van Velthoven, M.H., Wyatt, J.C., Meinert, E., Brindley, D. and Wells, G., (2018). How standards and user involvement can improve app quality: a lifecycle approach. International journal of medical informatics, 118, pp.54-57.
Yaqoob, T., Abbas, H. and Atiquzzaman, M., (2019). Security vulnerabilities, attacks, countermeasures, and regulations of networked medical devices—A review. IEEE Communications Surveys & Tutorials, 21(4), pp.3723-3768.
Zhongming, Z., Linong, L., Wangqiang, Z. and Wei, L., (2021). New proposals to strengthen medical devices regulation and bolster UK life sciences sector.
Natalia Zhukova, 2021. [Online:]. Accessed through:< https://www.semrush.com/blog/understanding-porters-five-forces-model/ >
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