Bristol Biomedical Company

Bristol biomedical company came into being about ten years ago. It is a small fifty person medical device company. For years it has made sufficient revenue to fulfill the needs of the company and its employees and has also managed to make a profit. The reason for preparing a new marketing plan for the company is that the company through the hard work of its workers has invented a new x-ray machine which is both inexpensive and easy to use in a doctor’s office. Therefore a new marketing plan is being devised so as to market the product properly and also to target a vast market.Executive summary: The marketing plan for the Bristol Biomedical Company will consist basically of four steps which will guide our product and ultimately the company towards success; on the basis of these four steps a marketing plan will be developed. These four areas are Organization, Research, Creativity process, and Control. The area relating to organization will relate mainly to the establishment of m arketing goals and objectives. The research area will include the outlining of market audit, completing the completion of data and finally analyzing the audit targeting.The creativity process will deal in developing strategies and tactics and finally the control phase will deal with developing an effective control system. Our marketing plan will basically target the first two areas i. e. the organization and the research part and a little of the creativity process and we will also deal with the target market. The organizational and marketing plan will provide a base from which specific marketing goals and objective can be developed. Executive Summary: It should include research paper one material Marketing Plan:The core market objective for the marketing plan for Bristol Biomedical Device Company is for generating enough sales of x-ray machines of high premium qualities. The marketing plan consists of four areas: †¢ Target Marketing †¢ Pricing Strategy †¢ Product â₠¬ ¢ Place Target Marketing: The company must develop an action plan for introducing the x-ray machines into the markets. Within the role of markets the company must target its distribution and promotion to the best prospect groups. These prospects have following characteristics: †¢ They would be early adopters†¢ They would be heavy users †¢ They would be opinion leaders †¢ They could be reached at a low cost Geographically, Seattle is the originator of corporate successes in diverse businesses such as Starbucks, Amazon. com etc. It can be assumed that the diversity found in these successful businesses is due to the diversification of the local people. Seattle's economic circle is driven by bioinformatics and medical equipment which are trusted for premium quality. There is just one private hospital in Seattle and remaining are mostly government owned institutions.The management can use network planning techniques such as critical path scheduling. Critical path sc heduling calls for developing a master chart showing the simultaneous and sequential activities that must take place to launch the product. By estimating how much time each activity takes the management estimates the completion time for the entire project. Any delay in any activity on the critical path will cause the project to be delayed. The management of the Bristol Biomedical Company believes the theory of innovation, diffusion and consumer adoption to identify early adopters.The consumer adoption process is influenced by many factors beyond the marketers control including consumers that are private doctors and dentists and other health organizations willing to try new machines, personal influences and the characteristics of the new x-ray machine innovations. Demographically, variables such as age, income, occupation, religion, race, generation, nationality and social classes are mainly found in Seattle's population. Seattle locals are entrepreneurial, outdoorsy, rugged yet lite rate; they have a high sense of understanding.The new x-ray machine with its exclusive features such as being less economical and comprehensible enough to be used in doctors clinics. Situational Analysis: The term situational analysis â€Å"is a shorthand description for keeping track of what is going around you in a complex, dynamic environment†. Situational Analysis helps to keep in mind the uncontrollable factors while making a plan. The situational analysis is an analysis of the market and the competitive forces in terms that most influence revenues.The SWOT analysis gives statements to analysis of marketing. These generally involves analyzing the opportunities available such as customer requirements, product capabilities, cost of services and the price the market will bear to obtain the maximum self income. Several factors maybe responsible for hindrance and weakness: †¢ Social and governmental constraints. †¢ Fragmented markets †¢ Development costs being higher than expected. †¢ Competitors fight back better than expected.Bristol Biomedical Device Company can insure the success by a leading factor of its unique superior x-ray machine for example its higher quality and new features in use. Another key success factor of company is its well defined product concept prior to development where the management carefully analyzes the target market, product requirements and benefits before proceeding. Other success factors for the company are the technological and marketing synergy as Seattle is source of innovations by a scientifically oriented population, quality of execution in all stages and market attractiveness.Pricing Strategy: The main part of the marketing mix plan of the Bristol Biomedical Company Device has set a price for the first time for its success when the firm develops a new innovation and its supplying its machines to a new distributive channel or geographical area and at the time of new contract. The company considers it's product on quality and price on different levels considering its special needs that is ease and convenience. Each price that the company might charge has different impacts on its marketing obecjectives.The company wants to charge a price that covers it's cost of producing, distributing and selling the products including a good compensation for it's efforts and risks. The company should consider value pricing where they charge a relatively low price for high quality pricing and in return they gain more and more customer satisfaction. Planning should take into account costs per unit and display the projected surpluses, losses, subsidiary or contribution towards fixed costs. This information will be critical for: †¢ Pricing policy.†¢ Range of Products and services offered. †¢ Time required in achieving planned objectives. This wall all depend upon the particular circumstances of the organization. Product: Bristol Biomedical Device Company came up with an innovative new product in advanced radiological field through a new x-ray machine to satisfy want and need for medical equipments. The x-ray machine is easy to use and comes at an affordable price and occupies small space. This machine gives the fundamental services or benefits that the health professionals are buying.This x-ray machine is really an augmented product; it gives the total consumption system where the needs and wants are properly accomplished. General Electrics Medical System Division, Japanese model are the real competitors. Siemens and Toshiba are competitors in this radiological field. The Bristol Biomedical Company has no threat by its competitors as its product strategy considers through the five levels of the product. The most fundamental level is the core benefit that the customer is really buying.This x-ray machine includes additional services and benefits that distinguish the company's offer from that of competitors. Place: The Bristol Biomedical Company has a strong ma rketing plan for its fulfillment of core marketing objective that is to achieve the maximum number of sales. The increase in demand depends upon the place (marketing mix too) which includes the various activities that market demand is fulfilled, accessible, and available to target marketing. It links various marketing facilitators to supply its product efficiently it also includes the physical distribution firms and their decision making skills.Place is the distribution of the product of sale promotion, advertising, sales force, public relations, direct mail and telemarketing to reach the distribution channels and the target customers According to Corey observation in selecting and marketing channels a distributional system is an important external and internal resources such as manufacturing, research, engineering and field sales personnel and facilities. It represents as well a commitment to a set of policies and practices that constitute the long term relationship with the custom er.Determining the types of distribution channels is important because it can have a great impact on sales. The channels should be selected based on those distribution channels that can best satisfy those distribution markets. Developing a comprehensive marketing strategy will enhance the success of the x-ray machine sales. The customer demographic and Psychographic patterns along with competitive product advantages and key product features should be utilized to name the product, project a product image, advertise and package product.The sales force and the distribution channel must be selected and made aware of this product. Bibliography: †¢ Abell, D. (1980). Defining the Business: The Starting Point of Strategic Planning: Prentice-Hall. †¢ Levitt, T. (1986). The Marketing Imagination: Free Press. †¢ Pfeffer, J. , & Salancik, G. R. (1978). The External Control of Organizations: Harper & Row. †¢ Peters, T. J. , & Waterman, R. H. (1982). In Search of Excellence: H arper & Row †¢ Kotler, P. (1976) Marketing Management (3rd ed. ): Prentice-Hall . Coltheart, M. ,