Business Marketing Nipro Corporation

Question: Describe about the Business Marketing for Nipro Corporation. Answer: Introduction Nipro Corporation is an Australian company that is delivering advanced medical devices and instruments over the 60 years. These medical devices are innovative devices that are used to improve and enhance the lifestyle of the individuals suffering from chronic diseases (niproaustralia.com.au 2016). The project deals with the market and the marketing strategies of Nipro Corporation. A marketing plan is developed for the result blood glucose meter product. The current market situation of the company is analysed and the SWOT analysis is performed in order to understand the market position of the company. The SMART objective is used to list the objectives of the company. The evaluation of the market strategies further helps the company to improve its performance. Current market situation of Nipro Corporation The current market situation of Nipro Corporation is analysed by studying the different marketing areas such as follows: Target segment and the benefits of segmentation: Nipro Corporation carries out market segmentation in order to carry out the business effectively. The company focuses its target on the top brand healthcare industries in order to provide the medical devices needed in the hospitals and diagnostic centres. The market segmentation helps the company to determine the market opportunities and focus on one particular target (Leonidou et al., 2013). The company is able to deliver better customer service and increase its efficiency. Customer needs: The technology advancement causes the expectation of the customer to rise. The patients suffering from conic diseases related to diabetes, renal, infusion and other diseases needs effective medical help that helps them to lead a better lifestyle. Moreover, the customers prefer products and services that are effective and within their budget. Products: Nipro Corporation offers medical devices that have a comprehensive portfolio to the market. the product range of the company not only includes core areas of expertise (renal, diabetes, infusion therapy but also other general medical supplies that are of high quality that gives a 360 degree supply solution to the healthcare companies (Wilson et al., 2012). Cost factor: The Company tries to prepare its products through the application of cost effective strategies. The cost factors of the company include the labour cost, land cost and the capital cost. Key features of the products: The products offered by the company are innovative and are effective in reducing the impact of the diseases on the patients health within a less span of time (Berthon et al., 2012). The products further are within the affordable range that allows the patients to purchase them easily. Competitors: Nipro Corporation operates in a market, where it has a number of competitors. The three top competitors of the company are Cochlear, Teleflex Medical and Lumenis. These three competitors of Nipro Corporation hold a sustainable market position in Australia with a large market share. The market strategy of Cochlear is to provide low price products to grab more customers. On the other hand, Teleflex Medical and Lumenis apply the strategy of earning higher customer satisfaction to retain the potential customers. Distributing channels and its effectiveness: The distributing channel of the company has a number of units that helps to reach the final goods to the customers. The retailers, distributors and the internet are the distributing channels that the company uses (Armstrong et al., 2012). SWOT analysis Strength Innovation Cost advantage Geographic advantage Brand image Weakness Lack of marketing plan Problems in management Own known vulnerability Undifferentiated service lines Opportunity Availability of new technology Changes on customer needs New market segment Threat Competition Adverse changes in regulations Shift in market demand Superior distribution channels of competitors Objectives The objective of Nipro Corporation is to develop a marketing plan for the result blood glucose meter. Specific Clear statement Avoiding vague statements An explicit statement for the required result of the objectives Measurable Tangible target Avoid out ruling the qualitative objectives It needs to be mapped to the organisational goals Achievable Accepted by the stakeholders Adjustable and adaptable in nature Aligned to the organisational policy Meet the short-run objectives Realistic Availability of the resources needed for the result Recorded and reviewable Relevant to the mission of developing market plan for the result blood glucose meter Timeline Building of an effective team Develop a marketing plan within 6 months along with market research and analysis Marketing strategies Positioning strategy: Nipro uses the customer benefits as a positioning benefit that helps to focis on the characteristic of the product as per the demand of the customers. This helps the company to deliver innovative medical devices to the customers at low price. This increases the customer satisfaction level, brand image and companys performance. Product strategy: The Company lays a foundation of the product life cycle that helps to outline the end-to-end vision of the product. This helps the company to direct the activities of the company (Menon et al., 2015). Pricing strategy: Nipro Corporation implements the low pricing strategy that helps to create an affordable option for the customers. As the customers of the market prefer affordable products, the low pricing strategy is very effective. Promotion strategy: The Company uses the social media to promote its product in the modern era of technology. This allows catching the attention of larger mass of customers and making them aware of the products offered by the company. Distribution strategy: Nipro Corporation implements the intensive distribution strategy in the company to distribute the products. The strategy allows the company to reach the final low price products to the healthcare companies effectively (Hollensen, 2015). Marketing communication strategy: The marketing communication tools used by Nipro are personal selling, advertising, sponsorship and public relation. These tools helps to communicate massage the desired market (Jobber Ellis-Chadwick, 2012). Conclusion The above project on the marketing strategy of Nipro Corporation, Australia infers that the company needs to develop an effective marketing plan that helps the company to improve its market position. Moreover, the high competition received from the competitors increases the need of the marketing plan. The market strategies have to be implemented effectively to achieve the desired outcome and goals of the company. Reference list Armstrong, G., Kotler, P., Harker, M., Brennan, R. (2012).Marketing: an introduction. Pearson Prentice-Hall, London. Berthon, P. R., Pitt, L. F., Plangger, K., Shapiro, D. (2012). 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