Mediquip S.A., a subsidiary of Technologie Universelle, is a manufacturer of CT scanners, X-Rays, ultrasonic, and nuclear diagnostic equipment. Their competitors consist of other European companies such as Sigma FNC, Eldora, Magna, and Piper. Even though Mediquip is a fairly new player in the medical equipment market compared to their competitors, they hold a global reputation for having advanced technology and proficient after sales service. Mediquip 's sales organization consisted of eight country sales subsidiaries, each headed by a managing director. Within each of these areas sales engineers reported to their regional sales managers, who are responsible for reporting to the regional managing director.
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Thaldorf had trouble creating a sufficient relationship with most of the members of the buying center, and used the inappropriate methods for trying to make a sale, and not meeting the customer 's needs.
1. Perform a product demonstration by inviting prospected buyers for a tour of the facilities.
+ Customers become better acquainted and more knowledgeable about the product.
+ Easier for customers to evaluate and reach their final decisions.
+ Possibilities of selling product at desired selling price if the customers have the opportunity to experience the product.
- Time and cost consuming.
2. Better presentation method and explanation of the product.
+ Customers have better understanding of quality, benefits, and cost of the product by showing the value of the product.
+ Improve communication by engaging in discussions or question/answer session in order to build a concrete relationship.
- Time consuming
3. Prepare more appropriate sales personnel with proper selling strategy for the deal.
+ Effective selling - when more qualified sales personnel involved, better ideas and on how to approach prospects are expected.
- Training, labor and administrative cost.
4. Create customized cost/benefit analysis.
+ Better opportunity of acquiring a deal by asking a reasonable price.
+ Obtain value driven profit.
- Requires more time to prepare the formal proposal.
- Requires the buyer 's cooperation in
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Offer a competitive price range that is below the current market price, while offering high marginal quality and customer service.
Most of the time, the true cost of production for the particular products and services are not known to the customers. Instead, they feel the worth of a product from their sense of feeling and decide to buy it even on higher price. Therefore producers chase such marketing strategies which help them to set huge perceived value for their product or service and in this way they are able to get high prices for their products in the market (Sweeney et al., 1999).
The seller must make the desiring advantages into an existing merchandise with features and attributes that will supply the designed fulfillment of a greater quality than competitive products. But benefits and features are different. Features are the material or non material attributes given the product by its designer. Benefits are the successful dealing to the costumer problems of needs given by the product according to Boyd, Walker, Mullins & Larrénché in Marketing Management, 5th Edition (2005). “Standardization protects buyers, saves their time and energy on the selection of goods, provides for economies in buying, reduces fraud and mispresentation of goods and helps to educate buyers”. (Shirley I. Mendoza, 2003). “The essence of marketing is in developing products such as a new technologically advanced adhesive to meet buyers’ needs. A product is a good service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is receiving in exchange for money or some other unit of value, tangible attributes include physical characteristics such as color or sweetness, and intangible attributes includes becoming healthier. Hence, a product includes the breakfast cereal you eat, the accountant who fills
Sales are the lifeblood of a business, without sales there would be no business in the first place; therefore it is very important that if a business wants to succeed, it should have a sales promotion strategy in mind. The primary objective of a sales promotion is to improve a company's sales by predicting and modifying your target customer's purchasing behavior and patterns. Sales promotion is very important as it not only helps to boost sales but it also helps a business to draw new customers while at the same time retaining older ones. There are a variety of sales promotional strategies that a business can use to increase their sales, however it is important that we first understand what a sales promotion
A product is normally a thing that sold to people and mostly is tangible. Basically, the marketing of product is particularly focused on 4P’s in marketing mix namely product, price, place, and promotion (Ehmke & Fulton & Lusk, n.d.). The marketer needs to analyze the major demand of customers in a specific market in order to find out a product that can respond the market demand. Firstly, it is necessary for marketers to focus on the strength as well as eliminate the vulnerabilities of marketed products in order to improve products to meet customer’s demand as much as possible. Secondly, the price is an important factor in product marketing because of the price must be set to match with
Boosting the value of product and services: Higher benefits to the consumer product flexibility modularity and functionality. Focus on buyers needs by providing additional services such as upgrade or exchange (Stigson B 2000):
The value a customer perceives when buying and using a product or service go beyond usability. There is a set of emotional values as well, such as social status, exclusivity, friendliness and responsiveness or the degree to which personal expectations and preferences are met. Similarly, the costs perceived by the customer, normally comprise more than the actual price. They also include costs of usage, the lost opportunity to use an other offering, potential switching costs etc. Hence, the customer establishes an equation between perceived benefits and perceived costs of one product and compares this to similar equations of other products.