Having obtained my bachelor in electrical and computer engineering years ago, I am always inclined towards technical solutions and creativity in the technology field was more of a passion than a job. During my final year project at the American University of Beirut, I was lucky enough to be a member of an amazing, homogeneous, easy going, creative and passionate team with my colleagues Rand Kassamani and Rachad Ismail, and a great advisor, Professor Dr. Nasir Husni Sabbah. Our masterpiece took a complete year to be ready.
We were even contacted by Microsoft Corporation (Middle east division) in order to compete in the Microsoft Imagine Cup, where we placed second. Description of the Framework Conditions Description of the product idea The product in discussion is an innovation in the field of biomedical engineering and it is a handheld respiration monitor. It is a device that monitors the respiration pattern of a subject and allows the identification of respiratory and neurological disorders. The innovation in our product however, is mobility and connectivity.
These two terms will occur at multiple stages in this marketing plan. The device is portable and very light weight, and can be connected to any pc or laptop using a standard USB 2. 0 port as shown in the picture below. It is extremely energy efficient so it can use power through the USB connection, and no external power source needed. Going a bit more into technical details, the devices uses a series of high precision sensors and modules to gage pressure and digitize data which makes it compliant to the SMDA standard.
The device is accompanied with a software that can be installed on any workstation with Microsoft Windows OS. The respiration monitor is operated through the software, where you can initiate the tests and collect the results that include but are not limited to: airflow speed, breathes per minute, lung capacity, residual air volume, as well as live monitoring of the breathing pattern. The results are then saved in form of a report on the workstation and uploaded to a cloud drive using Windows Azure technology so that the reports will be accessible from any location at any time.
The software uses an encryption module to protect the account of the operator where he can find all his previous activities/tests. In this way, we can guarantee that data relevant to the operator is readily available for use which will save a lot of time and effort as well as minimizing the risks on patients in critical condition. Selection of an Eligible Company The decision of the company to adopt and launch my product is GE Healthcare. This decision is based on my reasons, such as market position, brand image, technological advancement and sales force.
Throughout this plan we will discuss how the position of GE healthcare will establish a standard in the medical device market through the launch of the respiratory monitoring and diagnostic device that will be branded as “XHALE” Strategic Focus and Plan Mission Statement As an established firm in the healthcare sector, and abiding by our slogan “We Deliver”, we always strive to provide the world with superior solutions. We employ our futuristic vision using our talents in favor of being a leader in the industry.
Our goal is to be present in every medical institute around the globe and to be part of the efforts towards a healthy sustainable living. We are bringing to the world innovative yet affordable solutions Business Model We reach out the world through a network of retailers starting from Germany and propagating worldwide in order to fulfill our vision. Providing affordable and reliable solutions to a big segment of consumer in the healthcare domain Situation Analysis Global environmental factors
Being one of industry leaders, GE Healthcare is currently looking at this situation from various perspectives in order to nullify or minimize the threats to the launch of its new respiration monitor. The name of GE is a worldwide landmark in several aspects, especially, technological advancement, product reliability and after-sales support. Potential customers have already an idea about the capabilities of GE Healthcare, and this is the advantage we have in the market. We will use the company’s fame and brand awareness in order to market this new innovative device.
Political: Being a multinational company based in Chicago, GE Healthcare is obliged to take into consideration regulations and political situations in different countries in order to maintain the intended growth rate. However, for our case in the United States, the company will benefit from the present political stability which is also necessary for a steady growth. The company also should take into consideration the dynamics concerning healthcare laws in the country as well as the trade/exporting policies. Economic:
Understanding the economic factors in the healthcare sector is a major success factor. To start, GE Healthcare possess broad knowledge and expertise in the domain, which will allow us to make steady steps towards achieving our targets. Yet, whenever there is profit, there is risk. And by that we mean economic factors such as inflation, interest rates, currency exchange rates, economic crisis and many other factors will be decisive. The repercussions of the slowdown in economy is felt worldwide, which has a direct influence on sales. Social:
It is true that Norms, cultural traditions, and even religion are important determinants when it comes to business. For our case, these criteria are alleviated due to the nature of our company and our product. Since it is a medical device that is concerned with respiration, our experts doubt the possibility of facing any opposition. The social factor is also established by the heritage in our company. GE Healthcare adapted a socially sustainable work environment which takes into consideration the basic needs of employees. Technological:
As technology is advancing at a fast rate, new products are always under development in order to keep up with the market and other competitors especially as globalization and worldwide communication are terms in discussion. This is one of the main reasons behind the astronomical R&D spending observed in the financial statements of the big manufacturers. For our case, our presence in the US and the pool of expertise available will give us the edge in reaching our objectives. Relevant Market In an attempt to estimate out potential market size, we started by identifying a possible market segmentation scheme.
For our case, a mix of Benefit Criteria and Buying behavior-based criteria is the optimal type of segmentation. Looking at GE’s heritage and position in the US market, we can identify our main segments as: Cost sensitive customers Quality driven customers with advanced information behavior The choice of this segmentation resulted from the analysis of our customer base, based on their annual spending on medical devices in the past. Our customers are usually interested in the quality that GE healthcare established over the years as well as the professional after sale support.
We are targeting quality driver customers due to the nature of our product. Since it is a medical device, more specifically in the respiratory diagnostic domain, our customers are interested in keeping up with the latest technologies in the healthcare sector due to the increasing competition. And to abide by our motto “We deliver”, we thrive to satisfy our customers need. In broad terms, our users are state owned and private hospitals, outpatient clinics and medical centers, health research institutes, as well as medical schools.