Marketing Strategies for a Medical Device Companies
Keywords:
Marketing strategies , Medical device companyAbstract
The global medical device market is experiencing remarkable growth, fueled by pioneering healthcare technology, a growing elderly population, and a rising need for tailored healthcare solutions (Johnson et al., 2020). This study aimed to determine the marketing strategies of a medical device company in one of the largest cities in China during the Calendar Year 2024. A descriptive research design was utilized using a self-made questionnaire for the level of marketing strategies that had undergone validity and reliability tests and was given to 30 respondents. Though the level of marketing strategies of a medical device company in all areas is high, the product obtained the lowest level of marketing strategies. It concluded that the company needs to emphasize product design to boost the product's attractiveness and competitiveness in the market. The findings of this study indicate that although customers place significant importance on a wide variety of product characteristics, many companies prioritize other marketing aspects, including pricing, promotion, and location. Pay attention to the product's characteristics to avoid missed opportunities and reduced customer satisfaction. Results of the study calls for businesses to conduct in-depth market research to determine the exact features consumers value most in medical equipment and strengthen partnerships with current clients and representatives while extending into new areas to increase market share. Invest more in product design as well to make items attractive and competitive. Keep your product prices competitive, increase transparency, and promote customer trust. Moreover, maintain competitive product prices, improve pricing transparency, and promote customer trust.
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Copyright (c) 2024 Jiandong Ma, Winnie Joy C. Mananap, Mylene A. Bautista (Author)
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