Harvard Case - Discovery IQ by GE: Launching Super Value PET/CT Scanner
"Discovery IQ by GE: Launching Super Value PET/CT Scanner" Harvard business case study is written by Anand Kumar Jaiswal, Suresh Malodia. It deals with the challenges in the field of Marketing. The case study is 23 page(s) long and it was first published on : Mar 31, 2018
At Fern Fort University, we recommend GE Healthcare adopt a multi-pronged strategy for launching the Discovery IQ PET/CT scanner, focusing on segmentation, targeting, and positioning to maximize market penetration and establish a strong brand presence. This strategy will leverage digital marketing, social media, and content marketing to engage target audiences and build brand awareness.
2. Background
GE Healthcare, a leading medical technology company, is launching the Discovery IQ PET/CT scanner, a revolutionary device offering superior image quality and patient comfort at a lower price point. The case study highlights the challenges of entering a competitive market with established players like Siemens and Philips.
The main protagonists are:
- GE Healthcare: The company seeking to launch the Discovery IQ and establish a strong market position.
- Dr. Michael Minogue: The leader of the Discovery IQ project, responsible for developing the marketing strategy.
- Target Market: Hospitals, clinics, and imaging centers seeking advanced PET/CT technology.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Superior Technology: Discovery IQ offers improved image quality and patient comfort.
- Lower Price Point: Competitive pricing strategy offers a value proposition.
- Brand Reputation: GE Healthcare enjoys a strong brand reputation in the medical industry.
- Innovation Focus: GE Healthcare is known for its commitment to innovation.
Weaknesses:
- New Product Entry: Challenging to penetrate a market with established players.
- Limited Marketing Budget: Initial marketing budget may be constrained.
- Potential for Delays: Production and distribution challenges could arise.
Opportunities:
- Growing Demand: Increased demand for advanced imaging technology in healthcare.
- Emerging Markets: Expansion potential in developing countries with growing healthcare needs.
- Digital Marketing: Leveraging digital channels to reach target audiences effectively.
Threats:
- Competition: Strong competition from established players like Siemens and Philips.
- Price Wars: Potential for price competition to erode margins.
- Technological Advancements: Rapid advancements in medical technology could render the product obsolete.
PESTEL Analysis:
- Political: Government regulations and healthcare policies can impact market access and pricing.
- Economic: Economic conditions can influence healthcare spending and investment in new technology.
- Social: Aging population and rising healthcare awareness create demand for advanced imaging.
- Technological: Rapid advancements in imaging technology require continuous innovation.
- Environmental: Sustainability considerations are becoming increasingly important in healthcare.
- Legal: Regulatory approvals and compliance requirements are crucial for product launch.
Competitive Analysis:
- Siemens: Strong market leader with a wide range of products and services.
- Philips: Major competitor with a focus on innovation and patient-centric solutions.
- Other Players: Smaller players offering niche solutions or lower-cost alternatives.
Market Segmentation:
- Hospitals: Large hospitals with advanced imaging needs.
- Clinics: Smaller clinics with specialized imaging services.
- Imaging Centers: Independent centers offering diagnostic imaging services.
Target Market Selection:
- Hospitals: Focus on large hospitals with a high volume of PET/CT scans.
- Clinics: Target clinics specializing in oncology and cardiology.
- Imaging Centers: Engage centers offering advanced imaging services.
Brand Positioning:
- Value Proposition: Superior image quality and patient comfort at a lower price point.
- Key Message: 'The future of PET/CT imaging, accessible to all.'
- Target Audience: Healthcare professionals and patients seeking advanced imaging solutions.
Consumer Behavior Analysis:
- Healthcare Professionals: Value high-quality imaging, ease of use, and cost-effectiveness.
- Patients: Seek comfort, speed, and accurate diagnosis.
Product Lifecycle Management:
- Introduction: Focus on building awareness and generating early adoption.
- Growth: Expand market reach and build brand loyalty.
- Maturity: Maintain market share and optimize profitability.
- Decline: Consider product upgrades or replacement strategies.
4. Recommendations
Marketing Strategy:
- Segmentation, Targeting, and Positioning: Clearly define target segments, develop tailored marketing messages, and position Discovery IQ as the value-driven choice for advanced PET/CT imaging.
- Digital Marketing: Leverage online channels like websites, social media, and search engine optimization (SEO) to reach healthcare professionals and patients.
- Content Marketing: Create informative content like white papers, case studies, and webinars to educate target audiences about the benefits of Discovery IQ.
- Social Media: Engage with healthcare professionals and patients on relevant platforms like LinkedIn, Twitter, and Facebook.
- Public Relations: Generate positive media coverage through press releases, industry events, and thought leadership initiatives.
- Sales Training: Equip sales teams with the knowledge and tools to effectively communicate the value proposition of Discovery IQ.
- Partnerships: Collaborate with key opinion leaders, industry associations, and technology providers to expand market reach.
- Customer Relationship Management (CRM): Implement a CRM system to track customer interactions, manage leads, and build relationships.
- Product Launches: Host regional and national product launch events to showcase the capabilities of Discovery IQ.
- Pricing Strategy: Develop a competitive pricing strategy that balances profitability with market penetration.
5. Basis of Recommendations
These recommendations consider:
- Core Competencies: Leveraging GE Healthcare's brand reputation, innovation focus, and technological expertise.
- External Customers: Meeting the needs of healthcare professionals and patients seeking advanced imaging solutions.
- Internal Clients: Supporting the sales and marketing teams with the resources and tools needed for success.
- Competitors: Differentiating Discovery IQ from competitors through superior technology, value pricing, and targeted marketing.
- Attractiveness: The recommendations aim to achieve a strong return on investment (ROI) by maximizing market penetration and building brand loyalty.
6. Conclusion
By adopting a comprehensive marketing strategy focused on segmentation, targeting, and positioning, GE Healthcare can effectively launch the Discovery IQ PET/CT scanner, establish a strong brand presence, and achieve significant market share in the advanced imaging market.
7. Discussion
Alternatives:
- Aggressive Pricing: Offering a significantly lower price point to gain market share quickly. This could lead to lower margins and potential price wars.
- Limited Marketing: Investing minimal resources in marketing and relying on word-of-mouth. This could lead to slower adoption and limited market reach.
Risks:
- Competition: Strong competition from established players could hinder market penetration.
- Technological Advancements: Rapid advancements in imaging technology could render Discovery IQ obsolete.
- Regulatory Challenges: Changes in government regulations could impact market access and pricing.
Key Assumptions:
- Demand for Advanced Imaging: The market for advanced PET/CT imaging will continue to grow.
- Value Proposition: The combination of superior technology and lower price point will resonate with target audiences.
- Effective Marketing: The marketing strategy will effectively reach target audiences and generate demand.
8. Next Steps
- Develop a Detailed Marketing Plan: Outline specific marketing activities, timelines, budgets, and performance metrics.
- Implement Digital Marketing Strategy: Launch website, social media accounts, and content marketing initiatives.
- Train Sales Teams: Equip sales teams with the knowledge and tools to promote Discovery IQ effectively.
- Conduct Product Launch Events: Host regional and national events to showcase the capabilities of Discovery IQ.
- Monitor Performance: Track key metrics like website traffic, social media engagement, and sales leads to measure the effectiveness of the marketing strategy.
By taking these steps, GE Healthcare can successfully launch the Discovery IQ PET/CT scanner and establish a strong position in the advanced imaging market.
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Case Description
GE Healthcare's strategy was to change the face of healthcare infrastructure in India by making healthcare accessible in all parts of the country and affordable to all sections of the society. After launching its first successful super value ECG machine Mac 400, it launched its twenty-fifth super value product "Discovery IQ" a PET/CT machine in 2014. However, the challenge before the company was to increase the reach and visibility of PET/CT scanners to a large base of diagnostic centers in tier II and III cities. Key issue for customers of PET/CT scanners was of securing finance. Banks were averse to funding such projects in tier II and tier III cities due to various constraints. At the same time, though GE had a financing division, they had very limited exposure to tier II and tier III cities healthcare infrastructure. Another option was to convince Government to invest into creating PET/CT infrastructure. Essentially, the PET/CT segment team was contemplating on devising go-to-market strategy for Discovery IQ. It also wanted to assess the disruptive impact of these products in the International market.
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