Question

  Use this Medtronic 6 path analysis to inform your development of a strategy canvas, where you will explore a reconstruction of market boundaries—looking to identify potential blue ocean spaces. In other words, explore and develop a strategy to enter new markets based on blue ocean? See 6 path analysis below, provide at least 1 reference in APA format

Six Paths Analysis

1.Industry and current state of competition

It is a Fast growth industry but still with less competition

Medtronic has a strong brand name and ability to leverage technology to products and processes

It has established a strong supply chain of channel partners and retailers

It has some economies of scales due to large scale operations

Current and new customer targets- Hospitals, health clinics, healthcare providers, and government agencies

current Product segment- healthcare Therapies and medical equipment’s

still need to look across complementary product and service offerings

It has worked so far on functional-emotional orientation of an industry, but must find new arenas to beat the current competition

2.Strategic Group

New products and new markets

Mergers and acquisitions to gain strategic advantage.

Focus on technology and improving research capabilities.

It has to Build more capacities and invest money on research and development to put a barrier to new players in industry and increase its profit margins.

New product designs using different materials need to be implemented

It still needs to follow new Purchasers who pay for the product or service, target those actual users who use the products, identify and work with those influencers who have a role to play in decisions.

3. Buyer Group

In most industries, competitors converge around a common definition of target buyer. However, there are chain of buyers who are directly or indirectly involved in buying decisions, such as:

Purchasers who pay for the product or service

Actual users who use the products

Influencers who have a role to play in decisions

Intermediate buyers who are traders

Regulators who influence the buying decisions

Thus, blue ocean strategy is formulated by finding out who are the chain of buyers in your industry and which buyer group does your industry typically focus on. Medtronic created Blue Ocean by focusing on stroke patients by launching The Solitaire™ 2 Revascularization Device instead of only focusing on diabetic patients.

4. Scope of Product or Service Offering

An organization must think about what happens before, during, and after your product/service is used by the consumers. In most industries, competitors converge within the boundary of their industry’s product and service offerings. By understanding the context in which your product or service is used and what happens before, during, and after, you can identify pain points of the consumers, and eliminate these pain points through a complementary product or service offering.

Medtronic’s complementary mission and leadership in treatments for structural heart disease represents the best possible opportunity for bringing ATS Medical’s innovative cardiac surgery technologies to more surgeons and patients.

5. Functional emotional orientation

This path delves into the functional and emotional appeal that the brand and its products have on its customers.

Its cutting edge innovative technology helps in enhancing its functional aspect of the different products.

The company has shown continual growth. This is the best example of its developing function aspect of business.

The Medtronic brand is a recognized global brand.

Many highly qualified doctors have its products, used in their diagnosis.

The brand has a deep emotional connect in the minds of the consumers. The consumers can trust the brand and consider it very dependable.

6. Time

Medtronic has proved time and again, that it has the capability to look across time and predict market trends

Its continual growth across the years portrays the effectiveness of this capability

The path-cutting technology and innovation has always kept this company, a step ahead in the market

Answer 1

For developing a new strategy, lets first understand what is Blue Ocean Strategy, the actual concept of Blue Ocean Strategy means it is totally into the market of developing a strategy where one product is been launched and emphasis of the overall business is on that product, so lets understand what does the product means or conveys to us in this manner, now talking about the company as they want to expand internatioanlly the overall strategy which will be developed will be according to the product which is been selected and the overall operational strategy for growing the product into the market. So lets understand as per the guidelines the product and the strategy which will be developed will be according to it.

Now lets talk about the product, currently the product which we are talking about currently is Healthcare products hence now thinking about the health care product, it should be into the sense the quality and the product which we are offering should have all the related things related to law should be in place properly, the company should be taking care of it in such a way as this product is going to be launched and total care information is to be given, right quality judgemental parameters are to be completed to release the product into the business rather than getting negative feedbacks about the product, as this plays a very vital role.

The overall process determination followed will provide and additional advantage for growing the brand as well as the product which makes the company to think about the customers needs and choice, the product should be sold out as an unique USP ( Unique Selling Price), as USP defines the future of the company, as per your hold in the experience the company makes it very much helpful to work and get the things work accordingly. The major thing the company needs to take care about is the product is launched at right time, right place, right promotion, as this will help the comapny to define the long term objectives as well as the short term objectives,which will make the customer think is it also make people aware about the product and pricing and the products unique USP, which is to be updated which helps the customer to know about the product and to what extent it will be very much helpful for the customer.

For growth of the poduct and how to launch the product the customer will be very much helpful to understand the use the product and can become an exclusivity of the product and this will help for the product to grow and capture the market with the rolling competition, to grow the business strategic alliance group and also the group through showcasing and launching the product which will be very much helpful as this will be very much upto the mark as the organica traffic which will help to target the correct customer and and correct target audience which will understand about the product and will be buying the product to understand how the product sits into the needs of the customer.the great way for the business to perform and grow