Pricing is complex and any price changes require

This preview shows page 5 - 8 out of 12 pages.

Pricing is complex, and any price changes require extensive research on competitors and market trends before they can be implemented (Pricing Strategy, n.d). Medicorps will be mindfulof the price based on target regions or area selected in China. It essential to know that the price could change based on the customers preferences or appearance of a new and better products. The company will ensure to provide an accurate and evidence practice research that will help facilitate proper pricing of “iGluco”.Medicorps will coordinate with different healthcare organization and researchers to test our products and educate perspective customers on the new device. Medicorps will test its product and better tracking of lifestyle factors can impact glucose level trends. Based on the concept of “branding”, the company decided to name its new product as “iGluco”; which provide a sense of holistic approach of managing the person’s condition freely and pain free. Branding of “iGluco” is comprised of new and enhanced technology to better measure the customer’s blood sugar accurately. For example, Medicorps will introduce as
6MARKETING STRATEGY STEP 1 & 2“Whatever pace you live your life at, iGluco will is with you all the way”.This is what Medicorps aimed to differentiate themselves from any product in the market. Market StrategyMedicorps aimed to provide the most accurate performance of a non-invasive device technology for prediction of blood glucose level. “iGluco” is going to change the way people manage their condition. The company must prioritize improving the quality of patients with diabetes such as creating a glucose meters which are not required to obtain a drop of blood on their end. Also, a small piece of equipment that will be attached to the patient’s arm and through the use of the mobile device, “iGluco” could easily notify our customers if they have a low or high blood sugar level. There are plenty of traditional glucose meter device in the market and they are all required the customers to prick themselves every day. In today’s technology, Medicorps created a unique device that is not available anywhere in China. For that reason, segmenting our market for growth is crucial to help carve out a new device in China. First, the company must perform market analysis of our customers and finding the market growth rate. Our main target customers our patients who have diabetes and educating them on how to use our product. Second, connecting customers with different resources such as their healthcare providers, distributers, retailers who will be the key on how our product will be introduce in the market. This would serve as the distribution channels that will help introduce, promote and deliver our product in this market. Lastly, this is how we are going to measure the market, segment growth, and profitability within the next few years.It is essential to focus on the customers of our product which could be described as the patient the “patient”. The way to evaluate our competitive edge in this market is by focusing the patient’s autonomy and being able to provide a non-invasive product that will help them ease
7MARKETING STRATEGY STEP 1 & 2their condition and improve their quality of living. Medicorps must maintain its mission for the

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture