Discuss the environmental forces acting on medical device

Assignment Help Marketing Management
Reference no: EM13837577

1. You've probably heard of some specific heart procedures, such as angioplasty and stents that are routinely performed on adults. But such heart procedures, devices, and related medications are not available for infants and children, despite the fact that almost 40,000 children are born in the United States each year with heart defects that often require repair. This is a life or death situation for many young patients, yet doctors must improvise by using devices designed and tested on adults. For instance, doctors use an adult kidney balloon in an infant's heart because it is the appropriate size for a newborn's aortic valve. However, this device is not approved for the procedure. Why are specific devices and medicines developed for the multibillion-dollar cardiovascular market not also designed for children's health care? It's a matter of economics; this segment of young consumers is just too small. One leading cardiologist attributed the discrepancy to a "profitability gap" between the children's market and the much more profitable adult market for treating heart disease. Although this might make good economic sense for companies, it is little comfort to the parents of these. Little patients.

(a) Discuss the environmental forces acting on medical device and pharmaceutical companies that are preventing them from meeting the needs of the infant and child market segment. Is it wrong for these companies to not address the needs of this segment?

(b) Suggest some solutions to this problem.

2. Many marketing decisions boil down to numbers. An important question is this: What is the market sale potential in a given segment? If the sales potential in a market is not large enough to warrant pursuing that market, then companies will not offer products and services to that market, even though a need may exist. Consider the market segment of infants and children discussed above in question 2. Certainly there is a need for medical products to save children's lives. Still, companies are not pursuing this market.

Using any back-of-the-envelope method of your choice, estimate the market sales potential for heart catheterization products to meet the needs of the infant and child segment. Assume that of the 40,000 children with heart defects each year, 60 percent will benefit from these types of products and only 50 percent of their families have the financial resources to obtain such treatment. Also assume the average price for a device is $1,000.

Reference no: EM13837577

Questions Cloud

Problem regarding the ebit-eps analysis : Abe Forrester and three of his friends from college have interested a group of venture capitalists in backing their business idea. The proposed operation would consist of a series of retail outlets to distribute and service a full line of vacuum c..
State iris''s cost minimization problem : a) State Iris's cost minimization problem and use it to derive the optimal quantities of N and A given the number of tulips produced. b) Derive Iris's total cost function. c) Derive the marginal cost function of producing tulip bulbs. d) Should Iris ..
If behavioral finance holds : 1. If the financial markets are efficient, then investors should expect their investments in those markets to:
Analyze the strategic manner : Analyze the strategic manner in which the leading company in this product group has made its pricing decisions by using one or more of the four pricing objectives.
Discuss the environmental forces acting on medical device : Discuss the environmental forces acting on medical device and pharmaceutical companies that are preventing them from meeting the needs of the infant and child market segment. Is it wrong for these companies to not address the needs of this segment
What might be some of the inhibitors on organizations : What might be some of the inhibitors on organizations or institutions who newly desire a global presence?Why is that management, a relatively small percentage of the work force, has become the prime user of information technology, as opposed to the p..
Complete the monthly cash budget for blue bill corporation : Complete the monthly cash budget for Blue Bill Corporation for June through November
Managing information technology projects : Managing information Technology projects,   1- What are some of the key outputs of each process groups?
How current external business environment impacts upon hrp : Critically analyse and evaluate how the current external business environment impacts upon job design, HRP and staffing for current and future organisational needs, and identify areas where these HR functions could be improved to better match busi..

Reviews

Write a Review

 

Marketing Management Questions & Answers

  Explain marketing strategies using the 4p''s

Explain Marketing Strategies Using the 4P's and How can companies capitalize on differentiation and positioning strategies using the 4 P's marketing mix

  Explain e-business and supply chain automation

Explain E-Business and Supply Chain Automation and how can Internet-based technologies be used to automate the supply chain

  Explaining the similarities and differences between plans

Research the Library and the Internet and locate two export market plans for products similar to EduTot, Write 4-6 paragraphs explaining the similarities and differences between these plans and your own plan

  Identify the differences between good and service marketing

1.discuss the ethics of pricing products to match the value that consumers are willing to pay for products e.g. 2.50

  Compare and contrast outsourcing and offshoring

Many companies have conducted a cost benefit analysis and have found that it is more efficient to outsource certain tasks. Compare and contrast outsourcing and offshoring

  Describe the marketing channels and process

Describe the marketing channels and process that is used to distribute this product to you and other consumers

  Discuss the key types of marketing materials

Outline your main marketing goals for promotions, offers, and giveaways. Discuss the key types of marketing materials that you intend to develop and share

  Sunpower strategy focus on the pricing of modules

SunPower's strategy focus on the pricing of modules?

  Explain the difference between a census and a sample

Explain the difference between a census and a sample, Define a population. Give an example of a population

  Built on more than rock and roll

Built on More Than Rock and Roll

  Desciribe how the supply chain was modified from brick

Desciribe how the supply chain was modified from brick and mortar by each retailer's Web site

  Develop and discuss a relationship that can be modeled

Develop and discuss a relationship that can be modeled with a simple regression and state the model in mathematical terms.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd