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Leading Company in Medical Science

Question:

 Describe about the Leading Company in Medical Science.

Answer:

Company analysis

3M Littman is one of the most recognized companies providing stethoscopes in the healthcare industry. This company provides a large variety of stethoscopes which are built to last and having an innovative design and best features (Morrison, 2013). The Littman stethoscope is a brand that is distinguished from other in the total world for their best quality. The consistently high-level performance of the company the Littman stethoscope is the best choice for the medical students as well as medical professionals.

The brands deliver the best innovations and engineering work and used the advance material in their every product so there is no place duplicity. 3M is a company who is formally known as Minnesota Mining and Manufacturing Company in 1967 hired Dr. Littman as a consultant. After this 3M and Littman jointly produces the wide range of 3M Littman stethoscope. The Littman Company’s recent addition is classic IIITM stethoscope having outstanding acoustics performance with unsurpassed versatility and best quality product.

Environmental factor analysis

With the improvement of our modern science, all the fields of science have improved. In medical science, this improvement also happens. Day by day our medical instruments are improving for the best results as well as their way of users (Lin, 2013). 3MTM Littman company is worlds' one of the best stethoscope company which improving the quality and performance of the stethoscope. They are one of the best product is cardiology 3Tm stethoscope having tunable diaphragms on both sides and can convert to traditional bell. This new model diaphragm is much more improved than the previous and performance is better than any other.

Competitor analysis

Instead of having a great reputation in the medical industry the company has some competitors also in their business like ULTRA SCOPE, KILA SCOPE; MDF instruments companies are also available in the competition with the 3M Littman Company. So having a competitor in the worldwide the 3M Littman have to do their best to resist in the race.

Customer analysis

3M Littman as a medical instrument provider it has worldwide customers in the medical industry. It is the first choice of the medical professionals and medical students by the brand's name (The electronic stethoscope, 2015). This brand providing tight consistency in their high-level performance so professional as well as students depends on this brands name students and doctors expect accurate results. Their trust is the key factor for the brand's outcome in the market. Another brand can't seem to duplicate this brand product as Littman delivers leading innovations and advanced materials as well as price manufacturing. Customer satisfaction is the main motto of a company like this where Littman is the best through- out the time. Every market leader will look in to invest their money in the best product available. So Littman is the best for clinical practice as well as for the students. The medical equipment of this company is available at affordable prices in the market. Buying Littman product buyers feel easy and secure (Luther, 2011). So Littman should to look for the biggest customers and medical students and leading medical schools for their growth and reputation.

SWOT analysis

SWOT analysis is the guideline toward the company's strength, weakness, opportunity and threat calculation. For the growth of any company it first needs for SWOT analysis. Without SWOT analysis it is quite impossible to spread the business. Every company has both their strength and weakness besides this they have an opportunity too. But they have to face threats too for the present competition in the market. The main strength of the company is the best quality and consistency in their performance. A company also deliver the best quality product which satisfies customers (Luther, 2011). The innovations and the advanced material are the company's best strategy to grow their reputation throughout the world. The company is the top most leading branch in the world so main weakness factor is to maintain their brand name and resist their high-level performance in the market as their already so many companies is available in the competition. The company should target to grow their business in each and every industrial sector worldwide which is not so easy to maintain a worldwide business and to keep the reputation is need a large manpower and the best management system. Their price will also vary from country to country the economic growth is not same in all the country. So they have to take care for their benefit.  For the future opportunity, the company needs to segment their market into different part depending upon the geographical, demographical, psychographic segmentation. A good market survey will help them to spread the business. The main threat is the competition available in the market. Other companies are trying to develop their product quality and if they can introduce something new then it will be a great threat to the company (Gasparri et al., 2011).

Objectives

Some questions arise when we talk about the Littman Company’s business development and future opportunity. The main objectives of a company should provide their highest quality service for their customers. The company has to fill the requirements of their customers.

But will this company able to keep their quality forever?

Company’s best objectives should be to grow their business throughout the world.

What will be their business plan and management system to maintain the products supply? Why will people like to prefer this product?

The company has to enhance their logistic execution performance to increase efficiency and reduce the manufacturing cost but they have to take care that the quality should be the same as previous(Song, Xi and Jiang, 2013).

After looking all the research, the strategic market plan must me well managed. The company has to select and open most of their shops in such like area where the popularity is high and most of the medical college and industry are presented.

Target market

To set up a new and worldwide business first one company have to segment their market into a different part.  And segmentation means to divide the market according to the survey. For a trial, they can send their product into the different market to check the need and popularity. After collecting all the feedback result the company can easily decide their strategy. Segmentation has different characteristics such like geographical, demographical, psychological, and behavior wise. Demographical means to divide the market depending upon the climate, population. If an area is well populated then they primarily need the medical treatment. And stethoscope is the basic medical instrument to check a patient and every doctor must suggest the best instrument(Hagedorn, 2011). Being a well-reputed company and for the innovation, it can be the first choice of any doctor. Demographical segmentation means to divide the market according to the sex, age, marital status, industry, school etc. So where the number of child and old age people will be more they need more medical treatment so the company has to open more shop and to deliver more product in that area. Product shell depends on the popularity.  According to the research the total development depends on the market targeting. As Littman is the leading company in medical science and its innovation gave them a reputation so they have to first decide the market target(Zhao and Zhao, 2013).

Marketing mix

The combination of elements that is used by a business to enable it to perform the needs and wants of the customer is marketing mix. The marketing mix is also known as the 4Ps of marketing. This 4P's are the parameters that have to control by the marketing manager in the marketing environment. The 4P's are product, price, place and promotion.

Product

The product terms refer to brand name styling quality as well as services that is warranty including repairs and support. In a product, the company has to provide physical differences ability differences as well as price differences. A leading company like Littman it is very important to have some innovative approach to differentiate a product.

Price

In marketing pricing strategy should be followed. The company has to take a reasonable and affordable market price for the buyers and discount should be informed if have. Price is the only element of the marketing mix that creates the revenue of the company while other 4p’s are for the costs(An open real-time tele-stethoscopy system, 2012). As the company is a worldwide business so they must have some pricing strategy for a different place. Thinking about the competition company has to maintain the price level that will help them to overcome the competition if they expect to grow their marketing. Distribution is the way that connects company directly to the customers or to sell the product through their middleman

Place

Place refer to the distribution that is about getting the products to the customers. In promotion various aspects of marketing communication decisions include(Jensen, 2011). As the company is a worldwide business so they must have some pricing strategy for a different place. Thinking about the competition company has to maintain the price level that will help them to overcome the competition if they expect to grow their marketing. Distribution is the way that connects company directly to the customers or to sell the product through their middleman.

Promotion

All the information is taken by the marketers of the new product is the main part of the promotion. In the international market to grow a company, managers have to take more detail plan and what extend all 4p' element of the plan element can be standardized to create cost effectiveness on manufacturing and as well as a marketing cost(Bertelsen, 2012). For a company to grow their market promotion, play a very important role .the most powerful tool is the advertising for the company to create awareness among the customer so the company should have a good advertising effort to give the details offering or idea about the product to increase the product sale.

Conclusion

As Littman is the leading company in medical science for their invention and quality. People want accuracy and also a good quality. But after getting a reputation and when business spread more widely than it is very tough to keep the quality same and the management system good. The company focused more on market targeting and segmentation. As it is a well-reputed company and they introduced the most basic powerful tool in medical science so to spread the business the company has to focus more on market segmentation because the business totally depends on the segmentation.

It is almost like a threat to the Littman's company that when any other company will invent a more innovative product. So to keep reputation in the competition the company also have to look care in the research process. They should invest one part of the benefit in the research process. Thus the quality can be maintained.

Finally, there are many possibilities for the company to spread their business worldwide. Littman's stethoscope is the new invention in medical science. Which is more efficient that those all of previous. So medical science will easily accept the product depends on upon the accuracy and quality. And stethoscope is the basic tool in medical science so every doctor and students and medical guide need this primarily. But more advertising, the good market strategy will help the company to get more benefit and to spread the business worldwide.

References

An open real-time tele-stethoscopy system.(2012). BioMed Central Ltd.

Bertelsen, B. (2012). Everything you need to know about SWOT analysis. [Newmarket, Ont.]: BrainMass Inc.

Gasparri, M., Wilcox, T., Tisol, W. and Haasler, G. (2011).Diaphragm Plication for Diaphragm Paralysis. Chest, 140(4), p.848A.

Hagedorn, J. (2011). Toxicology. New York: Viking.

Jensen, M. (2011). The pain stethoscope. London: Springer Healthcare.

Lin, L. (2013). Promotion. Shanghai: Chois.

Liu, C., Griffiths, C., Murray, A. and Zheng, D. (2016).Comparison of stethoscope bell and diaphragm, and of stethoscope tube length, for clinical blood pressure measurement. Blood Pressure Monitoring, 21(3), pp.178-183.

Luther, W. (2011). The marketing plan. New York: AMACOM.

Morrison, D. (2013). Stethoscope. [Place of publication not identified]: Lulu Com.

Song, C., Xi, L. and Jiang, H. (2013).Acoustic lens with variable focal length for photoacoustic microscopy. J. Appl. Phys., 114(19), p.194703.

The electronic stethoscope.(2015). BioMed Central Ltd.

Zhao, J. and Zhao, M. (2013).Modeling the Role of Toxic Substances in a Phytoplankton-Toxic Phytoplankton-Zooplankton System. AMR, 726-731, pp.1600-1603.

 

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