Introduction In today’s competitive market, a successful business needs to keep their customers in mind at all times. The customer demands more from a company today and the company needs to understand what that actually is…the author believes there needs to be a connection. The key words – need and communication is based on market research. The research will provide a company the answer to the ultimate questions, “Does the company have a potential idea for the market and does the company satisfy the needs of customer with it?” Market research offers a huge potential to gain market share but market research must be done and it is tedious and time consuming. “Marketing research also helps managers to understand trends in the
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This step may be referred to as conducting a situation analysis.” (McDaniel & Gates, 2006). An example of situation analysis was conducted when Medtronic’s marketing team did some research with studies and surveys at the Heart Rhythm Society’s™ annual trade convention back in 2000. Questionnaires, face to face peer reviews, direct mail, and e-mail lead to market research for a new innovative technology that was in the works. Experience survey was conducted as well with physicians and secondary data analysis was collected to serve as a valuable data that would soon propel Medtronic into the new technological world – as far as bringing medicine into the computer world.
Changes in Practice In 2002, Medtronic released a new technology that can be used with almost 90% of the portfolio that is offered in the Cardiac Rhythm Disease Management division. This new innovation was called CareLink® and nobody would have guessed that it would change the way a physician will practice the follow-up care for a patient with a pacemaker, defibrillator, or loop recorder (all implantable). What has been changing in the medical world for reimbursement, increase with patient’s with a implantable device like the aforementioned, and a ease of patient’s use and freedom was answered with the CareLink® network. Patients can rest assured and transmit the data from their device over a secured network and the physicians’