Lodox Statscanner X-Ray Unit - Article Example

LODOX STATSCANNER X-Ray Unit Affiliation: Table of Contents Executive Summary 4 Introduction 5 Product Overview 6 Product Technology 7 Product Benefits 8 Marketing Strategy 9 Marketing Plan 10 Management Summary 10 Economic Projections 10 The Qualitative Market 11 The Quantitative Market 11 Trend Analysis 11 Competition 11 Problems and Opportunities 12 SWOT Analysis 12 Strengths 12 Weaknesses 13 Opportunities 13 Threats 13 Appropriate Growth Strategy 13 The 4Ps 13 Product 13 Price 14 Place 14 Promotion 14 Operational Plan 15 Financial Plan 15 References 16 Executive Summary Lodox is a full-body, high-speed digital radiology device used in health care facilities and testing centres to save on time and provide a full x-ray image of the body. The system’s full marketing name is the Lodox Statscan, Xmplr-dr and is a radiotherapy (DR) X-ray system for scanning capable of registering high imaging speeds of upto13 seconds for a six-foot image without the necessity of retakes or stitching of images. The Lodox applies technology that amplifies safety. The design of Lodox meets cost effective expectations of some major customers around the globe. While it saves on time by producing high quality images within a short period, the device does not include imaging films and therefore operates with the use of flash memory, hence, the production of digital images. The usability and advantages of using the Lodox will be showcased and promoted through marketing mix to include product placement, advertising, price promotion, and mass media publicity. The company behind Lodox Statscan, Lodox, projects high economic expectations as few alternative products can compare with Lodox Statscan in terms of usability and the bleeding edge technology. Like most other companies, the appropriate growth strategy for Lodox is to provide a continued supply of quality Lodox Statscanner units to the existing and emerging markets to garner increased market share, worldwide recognition, and effective marketing strategies. In terms of market promotion, besides the initial $10,000 in capital, 20% of revenues coming from sales will stand as reinvestment capitals to acquire 20% market share within each financial year for the five year marketing plan. Introduction The target market of a product is a theoretical framework that companies formulate based on the perceived customer trends in terms of income, social class, perceived preferences and forecasts based on historical data. Many are times when the variables considered do not work for these companies and therefore new products are either dropped or they drag the company down the drain with them. Customers are divided along a cluster of variables and may not necessarily consider a product due to its quality or price. Factors such as form, purpose, close alternatives, substitutes, and their brands are some of the variables that customers may focus on while making the decision to purchase a product. In marketing, companies try as much as possible to investigate the variables that customers seek from a product and try to integrate this in the final product. However, no company exists in the market place without competition and this makes the quality and price variables uniform to some level. Companies in the quest of attracting and maintaining customers use marketing through which they promote and offer information about their products to the potential target customers. Marketing mix is a strategy that companies use to communicate to customers and offer information that can secure a purchase (Berkowitz, 2010). In this case, this paper considers the Lodox Statscanner X-ray Unit, which is a radiotherapy imaging device. The purpose of this paper is to analyse the marketing plan undertaken. The paper analyses the devices’ use and applicability, technology used, benefits, marketing strategy used, marketing plan, analysis of the marketing plan, and appropriate growth strategy for the product. Product Overview Full and high are two random words that mean wholesome and above average respectively if a defining moment is necessary. When applied to the radiology field, full and high define two major qualities of Lodox Statscanner X-Ray Unit (Lodox). Lodox is a full-body, high-speed digital radiology device used in health care facilities and testing centres to save on time and provide a full x-ray image of the body. Going back on the aspect of time saving, the device can deliver a 6-foot full-body image in about 13 seconds. Compared to other radiology devices such as CR and EMR, this device stands out in the world as the only device of its kind. While comparing the device to the regular X-ray systems, it produces 10 times less radiation hence making it a lot safer and suitable for use in various conditions and on varying patient conditions. In an emergency, the fast and safe manner with which the device provides information makes it not only suitable but also economical in the long run. The system’s full marketing name is the Lodox Statscan, Xmplr-dr and is a radiotherapy (DR) X-ray system for scanning capable of registering high imaging speeds of upto13 seconds for a six-foot image without the necessity of retakes or stitching of images. The production of high quality images can be achieved at any rotation ranging from AP (0o) to lateral (90o). Most of the current X-ray systems are unable to take cross-sectional images but the Lodox is the ultimate answer to this situation. Its sensitive imaging technology is applicable for the imaging of bariatric and paediatric patients. Its uses are not limited to health care institutions and can therefore be applied in other fields (Lodox Systems, 2012). Product Technology The Lodox applies technology that amplifies safety. With consideration to its unique X-ray system, design and scanning technology, the device is on record for emitting low levels of entry and scattered radiation therefore amplifying the safety of operating staff. Its spacious design provides easy access to patients faced with emergency trauma. This allows the operators to monitor and resuscitate patients during the process of scanning. The focused imaging system allows for flood imaging with which, a single shot at the body provides high-definition image in 13 seconds. This provides instant information for use in the diagnosis of the patient’s injuries and other objectives of the process. Using its single sweep mechanism of imaging, the Lodox can be used in forensic pathology (medico-legal). This benefit is achieved through the device’s space and accessibility of a subject to acquire an all-planes view. The design of Lodox meets cost effective expectations of some major customers around the globe. While it saves on time by producing high quality images within a short period, the device does not include imaging films and therefore operates with the use of flash memory, hence, the production of digital images. Scanned Images can be stored in flash drives and computer systems for further analysis or for safe keeping. The technological framework of the Lodox maximizes on speed of imaging and quality of images, therefore making it one of the most reliable equipment for use in emergency situations. The use of a technology that does not require film cuts back on time as zero delays are incurred considering the changing durations incurred with other film-based devices (Companies and Markets, 2012). Product Benefits Regular customers in any given situation and industry do not like to have their time wasted for any reason unless it is of their own making. A regular customer is wary of time as this is directly associated with the priority the company gives to the marketing process. A healthcare customer on the other hand requires no delays especially if an emergency is administered. For this reason, a device that can deliver scan results in less than a minute serves the emergency situations with record speed. This makes the Lodox a preferred device in emergency rooms. Once in a while, patients are required to have imaging procedures performed on them to identify whether they have broken, fractured, or objects within their body parts. In most cases, the variables scanned involve the identification of injuries and fractured bones. However, other imaging needs such as the case of paediatric patients requires a flexible machine to undertake other cases as well as accommodate these irregular cases. The Lodox is a major candidate in this area of applicability as it can be applied within a set of different situations delivering fast response. The information provided by the Lodox is quick and accurate as the process involves no lagging time in terms of stitching and stabilizing images taken- high quality digital images require no stabilization and single sweep images require no stitching. Therefore, the Lodox is a reliable device that can best be used in cases of emergencies and high number of service seekers. High definition images are quality images that detail the body of the patient while highlighting areas of concern with absolute clarity. Within the medical sector, diagnosis of medical conditions depends on accurate data based on evidence collected. This means that accurate information can be collected from clear data and images – Lodox provides this advantage. The long term cost of maintenance is fair considering that the Lodox system is built in a manner capable to withstand regular uses – its stability coincides with its applicability and response speeds. In addition, the fact that it does not require a film to record images from the scans, is economical in the long run as no recording material is ever needed. Marketing Strategy Product placement is a method of using television shows, movies, and news broadcast to place products from a company as a way of marketing them. This method is not to be confused with advertisement as it does not provide information about products. Actors and people appearing in the television programs are seen using the products from which, usability, design, and/or efficiency can be deduced by the audience. Following the successful use of the Lodox in various hospitals, this product was placed on the popular TV show, Grey Anatomy. Through product placement, the product’s website had more visits than ever as people requested for information related to the product. Mass media is the cluster of all information bearing channels of communication. Newspapers, magazines, television, radio, and the internet are some of the mainstream components of the mass media. In the case of Lodox, various health and business magazines have been published to provide potential healthcare users with information about the advantages of the device and providing hospitals and other establishments with grounds of securing the device. Through television and radio publicity, Lodox has been advertised and promoted to capture market saturation. With regards to its use and trials in various healthcare situations, the Lodox has been included in television shows showing off its functionality- this has spooked an increased interest to learn more about the device and usability from health care customers. Product distinctiveness is a marketing strategy that involves the making of distinctive products from the existing competitors’ products. In the case of Lodox, product distinctiveness has been taken to a new level with the integration of technology that solves the outstanding health care problem, slow scanning processes. The Lodox, when compared with CT, EMR and other radiology devices, provides a large array of usability and stands out in terms of result delivery, image quality, space and ability to interact with a patient. In addition, the fast speed single sweep imaging technology allows for fast result delivery and stable images (Beer, 2012). Marketing Plan Management Summary The Lodox is a rare instalment into the healthcare sector and is designed to specifically address contemporary healthcare issues relating to quality of service and fast evidence-based radiology services. The Lodox will provide the grounds for implementing improvements and overhauled approach to healthcare service delivery. The usability and advantages of using the Lodox will be showcased and promoted through marketing mix to include product placement, advertising, price promotion, and mass media publicity. Economic Projections The Lodox is expected to be one of the most preferred radiology technologies within the healthcare sector and is therefore expected to outshine other radiology technologies in terms of sales. The company behind Lodox Statscan, Lodox, projects high economic expectations as few alternative products can compare with Lodox Statscan in terms of usability and the bleeding edge technology. The Qualitative Market Having been pioneered in South Africa, the Lodox is and has been adapted in major American, European, Asian, and Australian medical centers. The device is FDA approved in most of these markets and it is expected that American and European markets will be the major stronghold markets for the device. The single sweep imaging technology will see increased use of the device as it beats competition in major aspects such as imaging quality and waiting time. The Quantitative Market Publicity for the Lodox Statscanner is high and it is expected that market saturation will be achieved within the next five years as some hospitals are resistant to upgrade their systems from current expensive units they use. The target market is focused and soon, Lodox Statscanner will be a major health care instalment for developed economies – European and North American markets are preferred choices. Trend Analysis Lodox is a young company that has remained in the shadows due to its headquarters location in South Africa and lack of major health care technological advancement. However, given that the company has been providing quality devices, the Lodox Statscanner is no different. The company popularity and economic position continues to increase now that Lodox Statscanner has been unveiled to the international market. Competition With regards to the capabilities of the Lodox, competition is not much of a problem at the moment. However, health care facilities are the problem in that they are not ready to ditch their current systems for the Lodox Statscanner. While Lodox Statscanner has added advantages over other radiotherapy equipment, these facilities are not willing to let go of technologies that cost them fortunes. Major companies such as Phillips and Siemens that make EMRs and CTs are potential threats as they have the capabilities of providing the market with advanced versions of the device. Problems and Opportunities Lodox is a small company and suffers from lean-production of the Lodox Statscanner. In addition, it has few branches around the ventured markets and therefore cannot deliver fast maintenance services in case of breakdowns. The increasing demand of the Lodox Statscanner and the inability of the company to adapt mass production is a problem that may soon escalate if another company enters the market with a similar device and ability to pull off mass production. Opportunities such as market recognition of the company are results of Lodox Statscanner being the first device of its kind to launch on to the health care market. Increased sales volumes are opportunities based on the fact that Lodox Statscanner is not restricted to one field of healthcare – clinics, hospitals, and medical research centres are likely and potential customers. SWOT Analysis Strengths Bleeding edge technology Reduced patient waiting period Broad range of applications Reduced maintenance costs as compared to other devices Enhanced imaging capabilities Weaknesses High cost of acquisition Lack of research on possible malfunctions Opportunities Ability to open up new markets Overrides the current radiology technologies Lack of close alternatives or substitutes Threats Capable competitors capable of emulating the technology and making better pieces Limited number of hospitals able to adapt the technology Unknown limitations of the Lodox Statscanner Advancing technological abilities by rivals threatening the market share of the device Poor marketing mix approach, price and maintenance variables are overlooked. Appropriate Growth Strategy Like most other companies, the appropriate growth strategy for Lodox is to provide a continued supply of quality Lodox Statscanner units to the existing and emerging markets to garner increased market share, worldwide recognition, and effective marketing strategies. With consideration to weaknesses and threats identified, Lodox aims at strengthening and handling each of these concerns respectively by focusing on the underlying aspects. With increased healthcare budget through the Obama’s Affordable Healthcare Act, the adaptability of the Lodox Statscanner is expected to have an increasing market share within this market. The 4Ps Product With regards to the introduction of the Lodox Statscanner into the market, one of the major upper-hand advantages includes the quality of the product. While quality is a major consideration for the Lodox Statscanner, customer expectations come handy as the product is aimed at serving customer interests. Within the health care and radiology fields, the quality of equipment is a major decision making consideration for many customers. In this case, the quality of the Lodox Statscanner is one of the priorities that have to be emphasized due to the fact that suffering quality at the introduction stage can be fatal to the life cycle of the product. The emphasis on quality aims at capturing the first customers who buy to try the Lodox Statscanner for trial reasons as, if, dissatisfied; these can lose interest and discourage prospective buyers. Price In the determination of pricing, the product life cycle is considered with regards to market receivership of the Lodox Statscanner. In this case, skimming price strategy is adapted to ensure that the product trades at a reasonably high initial price. However, the high price is maintained relatively at per with substitutable products. The advantage at this stage is that the Lodox Statscanner does not have a close substitutes with regards to its features – hence fore; the skimming strategy fits perfectly for the product. Place Lodox Statscanner has the potential to generate sustainable revenues for the company, but poor promotional strategy can turn this potential to irreversible loss of market share and potential customers. Hence fore, to achieve the international recognition and market share, the product will have to be adapted by major health care institutions before it is distributed to smaller or private establishments for referral or diagnosis purposes. Promotion Customers do not buy products or seek services because they come across adverts or other promotional means. In this case, the trade of Lodox Statscanner depends on a thorough investment on promotional strategies that aim at accomplishing three major goals. Firstly, integrated marketing communication will cultivate attention. Secondly, continued marketing communication will establish initial market for the product. Lastly, satisfied customers will be initiated as repeat/loyal customers. Operational Plan In order to acquire considerable market share (20%) within the radiology field, profits acquired from the sale of Lodox Statscanner will be used as reinvestment capitals covering promotional goals and objectives of reaching an international market. In addition, while the threat of new entrant companies and products is a real threat, the product life cycle will be extended through periodic upgrades to subsequent upgrades. With regards to dealing with emerging competition and substitute products, the initial marketing promotion will make use of penetration price strategy to create as much product exposure to the market as possible. Financial Plan Being the first of its kind within the health care sector, Lodox Statscanner stands the chance of being one of the most utilized equipment in the sector. However, with regards to market structures and customer cultures, it also stands the chance of making fewer sales than estimated. Hence fore, the financial plan on this case focuses on marketing promotions. In this case, the Lodox Statscanner will be advertised for duration of 3 months on three major international programmed news media houses; CNN, BBC, and Aljazeera. The campaigns will also make use of a full page of the New Yolk Post as well as six month adverts on Facebook and Google pages. Successful funding of these campaigns will be achieved by an initial $10,000 capital and follow up of 20% of net income. The maximum promotional period will be a function of the product life cycle as well as its saturation within the market. References Beer, P. (2012). Lodox Stars in Grey’s Anatomy. Available online at http://www.caperay.com/blog/index.php.2013/lodox-stars-in-greys-anatomy/ Berkowitz, Eric N. (2010). Essentials of Health Care Marketing, 3rd Edition. Jones & Bartlett Learning. Companies and Markets. (2012) Medical Imaging Market: X-Ray. Digital X-Ray, CT and Other Radiography System. Available online at http://www.companiesandmarkets. Lodox Systems. (2012). Full-Body, High-Speed Digital Radiology. Available online at http/www.lodox.com Read More