This article is a report that provides market data analysis on the diabetes clinic on a given market. The report shows volume in units, value in USD million and average price in USD data for every segment and sub-segment for the two market categories; that is glucose monitoring and insulin delivery (Spitzer). The report also entails shares for each of the mentioned market categories and the global corporate level profiles of the market participants with information on company financials and pipeline product.
Information required for the delivery of this report was obtained from data obtained from 2015 to 2022 with a projection of 7 years up to the year 2022 (Haugen). Other sources of information included annualized market revenues in USD million, volume in units and average price in $ data for every segment and sub-segments for two market categories.
The other source of information was the Company Shares for each of the two market categories. The last source of data was Global corporate-level profiles of key companies operating within the Argentina diabetes care devices market (Spitzer). These includes: F.Hoffman-la Roche ltd, life scan, Inc, Bayer HealthCare AG, Abbtt laboratories, and Becton.
Analysis
The report focuses on Argentina diabetes care devices market outlook to 2022. The major areas covered include:
Product
The company deals in medical equipment for monitoring glucose and insulin delivery. These equipments are very essential in monitoring the level of glucose and insulin thus trying to reduce the level of insulin among the people all over the world. With the increased population and many cases of diabetes, the products have ready market for their use (Haugen). The product can be said to be relevant for marketing because there will be many people suffering from diabetes who need to be operated and treated. This has lead to the success of the organization.
Price
The report provides the value in USD million on average price data for each segment and sub-segment within two market categories; that is glucose monitoring and insulin delivery. The increase in sales indicated by the report shows that there is ready market for the product within and outside Argentina. The manufactures are only required to monitor the demand and usefulness of the device so that they benefit from the sale of the product as well as the final users. The suggested retail price should not be too high to make the product affordable as well as too low to make the manufacturers incur losses.
Place
The location also contributes a lot for the success of the company. The company is situated in a region that has ready market for its product thus contributing to its success (Koharick). Apart from its location, the company carries out a market research for its products all over the world thus increasing sales. The company has also effective distribution channels that allow easy delivery of the product to customers.
Promotion
The advertisement and the education that is carried on a particular good or service, would determine the kind of market that a given service would require. This suffice well when, proper marketing is done that meets the customer’s requirements. The community members would be attracted to a place where they have been informed and understand their consequences.
Relationship with its partners
The company has good partner relationship management program. This is because focus of marketing is people. By concentrating your efforts on products or profit only, you are likely to miss the mark. This program helps the company to improve sales and gain faster lead. This has offered more efficient collaboration with the partners. It has also helped in business strategy that improves communications between corporations and their partners. This effective partner relationship management has enabled the company to have a control access to their daily life.
Market target
This is the breaking of the market into segments and then focusing your marketing efforts on a few segments. The more information you have about a target market, the more accurately you can develop your strategy. By knowing about market segmentation, you can work-out a well crafted marketing strategy in the world of today which offers a great competition in business markets.
Market segmentation is carried out in the following ways:
Geographic segmentation
This is based on location such as homes addresses. The company always targets its customers based on their geographical location so that to make more sales. This will always lead to the success of the company.
Psychographic segmentation
This is based on lifestyle preferences such as being urban dwellers. The company always tries to make the products suit their preferences so that to increase sales. For instance, the Argentine diabetes care device manufactures may target medical practitioners who have interest in doing surgery as well as other operations. By targeting these people, he is assured of making sales to those consumers.
Demographic segmentation
This is based on measurable statistics such as age, income and occupation. By targeting people who are able and willing to buy the products or services, there is a high likelihood of making sales of the products (Haugen). Also by targeting medical practioners who work in health facilities near places where diabetes is high among the population, the sale of the products is likely to be high. The company always targets customers based on their age or income status in a way that will make the products more appealing to them.
Target marketing and its significance in marketing plan
Target marketing is a concept in marketing that helps marketers to divide the market into small units comprising of people with similar interests. These units’ helps marketers come up with design strategies and procedures to promote its product in particular segments. A target market is a group of people who are inclined towards the same products and can be influenced to buy the products using similar strategies. Targeting a specific market, results into the improvement of sales of any product or services. It involves simply what the name illustrates, looking for places where the product or service is required. By bringing the product or service that a customer want within their access, there is a guarantee of sales. It is like feeding a hungry dog or a cat: they will consume any food given to them as long as they are hungry. This can be achieved by looking for the market of the consumer wanting to make the purchase. This is mainly possible in internet marketing.
This is facilitated by programs that allow tracking of internet inquiries and searches of internet users (Haugen). This makes easy access to consumers wanting certain types of items easy. Secondly, there are certain goods and services which are only needed by certain age group. For instance, The Argentine diabetes care device would be suitable to be used by older people who are likely to suffer from diabetes due to lack of exercise. By targeting places where the high number of people are older, the sale of the product is likely to go up.
Target marketing can be achieved by using banners for advertising and websites. Once you have information about a customer, you can communicate with them by use of emails, creating blogs to increase interests and creating an email brochure for the products and services you have that they are likely to buy (Koharik). You can also send newspapers on monthly basis to them to update them on the products and services you are offering. The major importance of target marketing is that similar strategies can be used to promote products and services within a target market. It also allows adoption of a more focused approach during target marketing. By target marketing, customers are known well and thus can reach out target audience in a more effective manner.
