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marketing plan to launch a product into foreign environment

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Develop a marketing plan to launch the following product into a foreign environment.

The Food and Drug Administration (FDA) has cleared the first device for diabetics which, integrates a glucose meter and an insulin pump with a dose calculator into one device. The product, made by several American corporations, combines an insulin pump with a glucose monitor and facilitates data interchange between the two. The use of the integrated system is expected to make it more convenient for people to manage their diabetes. Manufacturing companies in the U.S. operate as medical products and services companies with expertise in medical devices to assist healthcare professionals and their patients. The companies' products are used by hospitals, clinical and medical research laboratories, blood and plasma collection centers, rehabilitation centers, nursing homes, doctors' offices and by patients at home under physician supervision. It is anticipated that several of these companies may be interested in exploring the possibilities of marketing this product to other countries with high market potential.

As a research specialist for global markets, working for a marketing research consulting company anticipating research services in this field, you and your team have been charged with the responsibility of choosing a U.S. company, selecting a country-market, and developing a marketing plan for the company/country. Your marketing plan should be concise and to the point--a blue print of how to get your company from where it is to where you want it to be in the short term (one year). The plan should focus on a marketing objective and how you intend to accomplish this objective. You will start working on the assignment in this unit, but the final product is not due until the last unit (5). Use the guideline below to develop a marketing plan for your company.

Phase I

1. Discuss the background of the chosen company and product.

2. Develop and discuss the importance of the criteria used to select your country-market. Then, compare and contrast (at least three) potential country-markets along the criteria vs the US. (Use a table to summarize the data.)

3. Finally based on your analysis in (2) above, indicate the best country-market and defend your choice.

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The response addresses the queries posted in 1677 words with references.

//The article presented here talks about the new product launched by Abbott Laboratories, which is a single device handling both the tasks of checking the insulin and the sugar level in a patient suffering from diabetes. This initial page discusses general introduction about the company and the product with its features.//

Abstract

The paper presented here discusses firstly in short about the disease of diabetes and its consistences and then about Abbott Laboratories and its product to measure the insulin and glucose level at the same time. The devise is designed to measure both at the same time and inform to cure the disease. Then just like after every new product launch, there is a study of the potential market for that, the discussion involves the global situation of diabetes with parts of the world mostly affected by it. And then the most potential market is selected for the product to be launched.

Introduction

As the technology plays much more crucial role in our day-today life making it simpler it also involves in fulfilling very tiny needs or jobs restricting the amount of physical efforts to do them. This has made the lifestyle of the people very smooth and easygoing. But at the same time, it has also brought diseases associated with the lack of physical activities to an early age, which earlier used to happen in old age only. One such disease is diabetes which occurs with the increased amount of sugar in blood. With the technology advancement in the field of medical science, there are devices such as glucose meter and insulin pump which are helpful in measuring the sugar level and taking precautions. Abbott Laboratories is bringing up a new product which will help in controlling diabetes.

Background of Abbott Laboratories

Abbott Laboratories is a USA based company which was founded by Dr. Wallace C. Abbott about 120 years ago who was a practicing physician at that time. He did some experiments with the active part of a medical plant to form tiny polls which were named 'dosimetric granules'. These became effective to his patients and were soon in demand. This marked the beginning of a very well known US based company of today's, Abbott Laboratories. The company is a global, broad-based health care company, which is involved in discovering new medicines and new technologies in the field of medical science.

The company's product range spreads from nutritional products to laboratory diagnostics through medical devices and pharmaceutical therapies addressing the health requirements of people from all the age-groups. Abbott has its units for sales, manufacturing, research and development and distribution processes in many parts of the ...

Solution Summary

The response addresses the queries posted in 1677 words with references.

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