Essay about Market Research

862 Words 4 Pages
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 …show more content…
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’

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