Marketing Report: Launch Plan for Innovative Soft Tissue Repair Device

Desklib provides past papers and solved assignments. This marketing plan details the launch of a new medical device.

MARKETING PLAN

TABLE OF CONTENTS
BUSINESS IDEA AND BUSINESS MODEL.........................................................................................3
MARKETING OBJECTIVES............................................................................................................... 4
OPERATIONS.................................................................................................................................. 6
PROCUREMENT..........................................................................................................................6
CHANNEL MANAGEMENT..........................................................................................................6
SUPPLY CHAIN MANAGEMENT..................................................................................................6
MANAGEMENT TEAM....................................................................................................................7
REFERENCES...................................................................................................................................9

BUSINESS IDEA AND BUSINESS MODEL
The business idea for marketing plan of Pro-med devices is based on this new device which is
about to be launched in the market. The device is a compact physical instrument which allows
its users to repair soft tissue damages using ultrasonic radiation and gel which comes with the
device. The idea also involves an application which will facilitate its users to send the images of
scans to the team of doctors and radiologist for further instructions and medical guidance.
The device will be very useful for people who are intensely involved in sports activities like
athletics, football and are highly vulnerable to such tissue damages. On a common notion, this
device has a huge market available for it in first sight, so a strategic marketing plan and
business model will be required to address those customers.
The business model used for this business idea will be “one for one business model” which will
perfectly fit its requirement and growth aspects. According to this model for every one device
sold to a person, there will be device given to the people who are also in huge need of such
device but cannot afford it (Parsons, 2018). There are many such people who are talented
sportspersons and due to lack of availability of resources cannot pursue their passion. This
business model will definitely contribute to their condition to some extent. Nonetheless, this
model is quite popular in the medical field since some of these devices and instruments are not
just complementary but necessary for everyone (Chatterji et al., 2008).

MARKETING OBJECTIVES
The marketing objectives for this business idea along with the proposed business model are
based on strategic market segmentation and target customers (Lidstone and MacLennan,
2017). Although it has general short terms and long term objectives which supports the
business growth of Pro-med itself but pertaining to the new device there will be separate
market research needed.
The segmentation as planned will be based on three criteria, geographic segmentation which
states the focus in urban and suburban regions of Australia. According to demographic
segmentation planned, this device will target medium to high-level income group between the
age group of 16 to 50 years. The final segmentation is based on psychographic evaluation of
the market for the device, based on which the targets will be people who are actively engaged
in sport and outdoor activities, professionally or normally.
Based on this market segmentation, the marketing objectives have been planned in accordance
with the SMART objective.

Figure 1: SMART Objectives from the marketing plan
Source: [Author’s work]
These directive frameworks help in creating more accurate and focused objectives for every
business or marketing plan. Company has created its short term and long term objective based
on this framework which are:
SHORT TERM OBJECTIVE: the short term objective is to build brand awareness and a distinct
brand image in the targeted domestic market by creating value to the customer and informing
them about the benefits of the product and its uniqueness.
LONG TERM OBJECTIVES: The long term objective of the company is to be able to enter the
international market with the product and achieve a sustainable advantage over the
competitors; “Revitive” is being one of them.
SMARTSpecific
Measurabl
e
Achievable
Relevant
Time
bound

OPERATIONS
The business operations of the company will be based on standard models and procedure
under legal and ethical obligations supporting and fostering the growth of new device in the
company's portfolio.
PROCUREMENT
The company may possibly need to outsource or acquire a pre-established manufacturing
facility or at least for some part of the device. Assembly of the device can be done in-house but
the availability of right parts will be needed strategic partnership and collaboration with other
companies. The procurement will be done in steps as the requirement revels itself because it
creates complexities in operations directly impacting on revenue generated and targets to be
achieved.
CHANNEL MANAGEMENT
The channel management process will involve identified key channels as medical clinics,
pharmaceutical stores, allied health professionals, private clinics and sport training institutions
and clubs. These channels will need an effective point of supply and contact for demand
generations. There will be a proportionate focus on management needs of each of these
channels according to their contribution in direct sales and hence in revenue generated.
SUPPLY CHAIN MANAGEMENT
The supply chain will be usual with some added features as this is a new device in the portfolio
of the company. These added elements will be sports equipment sellers and distributors
attached with medical device distributors in the area. Since the sport needs are more frequent
than medical devices and instrument needs in the market, this connection will draw some
fruitful results in the supply chain. The model which will suit the demand and supply is “Agile
supply chain model” (Magaya, 2016). Since the demand for such devices especially in a sports
context comes in an immediate manner and only an agile supply chain can provide such
demand-supply facilities.

MANAGEMENT TEAM
The management team will work in a definite hierarchy which will have fixed responsibilities
distributed to every individual relevant to its position and skillset. The organisational chart
would be like,
Figure 2: Organisational chart
Source: [Author’s work]
The responsibilities of the CEO of the company will be to take all executive-level decision like
product launch timing, marketing investment proposal, people involved in the major task,
strategy approval etc.
Under the CEO, the managers of product and marketing will have their separate functional
responsibilities. The production manager will oversee all manufacturing related issues like
availability of parts, quality control, assembly specifications and packaging related functions.

The marketing manager, on the other hand, will oversee every marketing and the promotional
activity performed. It will have separate employees for digital marketing strategy building and
for common conventional activities.

REFERENCES
 Magaya, 2016. The 6 Models of Supply Chains. Online available at
https://www.magaya.com/News/PostId/167/the-6-degrees-of-supply-chain-
connections, last accessed on 18th April 2019.
 Parsons, N., 2018. What Is a Business Model? Business Models Explained. Online
available at https://articles.bplans.com/what-is-a-business-model-business-models-
explained/, last accessed on 18th April 2019.
 Chatterji, A.K., Fabrizio, K.R., Mitchell, W. and Schulman, K.A., 2008. Physician-industry
cooperation in the medical device industry. Health Affairs, 27(6), pp.1532-1543.
 Yoon, S.J., Choi, D.C. and Park, J.W., 2007. Service orientation: its impact on business
performance in the medical service industry. The Service Industries Journal, 27(4),
pp.371-388.
 Lidstone, J. and MacLennan, J., 2017. Marketing planning for the pharmaceutical
industry. Routledge.
 Fletcher, K. and Hart, S.J., 1990. Marketing strategy and planning in the UK
pharmaceutical industry: some preliminary findings. European Journal of Marketing,
24(2), pp.55-68.