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Background and Goals Medtronic Inc is the leading medical technology company in the world, controlling more than half of the world’s annual revenue on the heart-pacing market (Anonymous, 2010). Its headquarters are in Minneapolis, Minnesota and it operates in over 120 countries. In addition, around sixty-six percent of its revenue is generated locally, twenty percent in Europe, ten percent in the pacific Asia and the remaining percentage in the rest of the world. As it expanded, the firm employed Picker International Corporation of White Plains, New York to assist in running the business internationally. The founder of Medtronic Inc was an electrical engineer a profession that boosted his knowledge on specializing in medical devices. He established the company by specializing in pace making which has taken Medtronic to very high heights (Anonymous, 2010). Medtronic is a manufacturer of diversified and exclusive medical equipment, which are capable of handling any medical complication. It continues to develop better and advanced equipment in order to maintain its top position. Moreover, the firm has recently developed Combo Insulin Pump and Glucose Monitor for Diabetes, which is the best device for managing diabetes in the world. Since Medtronic is a world-class company, it aims at coming up with a marketing plan that will enable it do extensive sales in the whole world. The first step is to identify a country whereby its sales can pick significantly. Medtronic objective To ensure that every person on this earth has an opportunity to live as healthy, innovative, creative, and successful lives as they can. Combo Insulin Pump and Glucose Monitor for Diabetes For a long time, patients with diabetes have been facing acute challenges in treating and managing their insulin levels due to lack of proper devices. The devices Medtronic made would help the patients but were not as effective. Get your 100% original paper on any topic done in as little as 3 hours Learn More Diabetic patients would have their live revolve around treating the disease which involved boiling of the syringes, sharpening needles, injecting animal-based insulin formulations, checking on the diet and doing exercise. Maintaining unpredictable glucose levels has been challenging and no single and portable device was available in the market. Patients had to carry a combination of devices for checking glucose levels and injecting insulin (Fowler, 2009). Minneapolis-based medical technology company Medtronic, Inc. has however developed an Insulin Pump and Continuous Glucose Monitoring System which, integrates a glucose meter and an insulin pump with a dose calculator into one device. The device combines an insulin pump with a glucose monitor, facilitates data interchange between the two and FDA has cleared and approved the product. The device operates day and night and in case glucose levels gets dangerously low or high, it sounds or vibrates an alarm thus giving the patients confidence of leading a healthy life (Dave, 2010). The device is meant to enable people to manage their diabetes more conveniently and give them confidence of day to day healthy living. This is because the patient is aware of what is exactly happening in his body instead of doing guesswork with only a couple of finger sticks. The new device is around as three times as effective as standard therapy (David, 2010). The integrated device can be used in 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. Medtronic, Inc. Marketing Plan Having come up with a diabetic device that will ease the daily lives of the patients, Medtronic, Inc has a full opportunity in the USA and outside the country. Apart from the local market, which assures Medtronic more than sixty percent of its annual revenue, the best foreign country for Medtronic to establish extensive market for its new device would be the United Kingdom. We will write a custom Essay on Medtronic, Inc. Marketing Plan specifically for you! Get your first paper with 15% OFF Learn More United Kingdom is located in Europe and Statistics show that the second best market for Medtronic, Inc devices lies in Europe. This is because sixty-six percent of Medtronic’s annual revenue is generated locally and the next twenty percent is generated from Europe. Coupled with the fact that UK is ranked position three in the list of obese population, then it will be a potential market for Combo Insulin Pump and Glucose Monitor (Anonymous, 2010). Let us compare the UK and the US market with some potential markets in the world. Country Comparison Mexico The level of poverty in Mexico does not allow it to make a good market for Medtronic diabetic devices. The US-Mexico borders mark the highest population with diabetes in Mexico. By 1997, diabetes was the leading cause of death among the Mexican community at the border whereby the mortality rate was 50% higher than the rest of the country. However, the living environment in Mexico makes it hard for the population to obtain medical attention. This is characterized by rapidly growing population, poor infrastructure, high uninformed and armed patrols instilling fear to the people, over concentration by the government on control of drug cartels, which sums up to poverty (Zazworsky
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