Market Opportunity: Genicon's Success
2.1 MARKET OPPORTUNITY - GENICON’S EFFECTIVENESS
i) Marketing
Currently GENICON has not invested in marketing and has no set marketing plan. Given the nature of the industry advertising campaigns to the public are not necessary, as laparoscopic surgeries are not something everyone requires. They can, however, invest in marketing to surgeons and the medical community in new markets to relay the benefits of laparoscopic procedures over open surgery and highlight GENICON’s products.
ii) Communication
The case represents how effective Haberland has been with communicating, in his “convincing the suppliers that the groundwork had been laid and profits were not far off, Haberland also reinforced the notion that GENICON’s success would be directly correlated with increased sales for the …show more content…
Identify potential threats and their likeliness of occurring and address ways to remedy this. This is done through the Opportunities and Threats of a SWOT analysis.
Authorize performance standards for employees across all departments and take corrective actions if/when necessary to ensure productivity and synergy within the company.
Establish a management hierarchy for an effective organization structure across the firm. As the GENICON continues to grow, more innovation is needed; therefore, more creativity and talent are required. A management hierarchy will ensure each level of management and its employees are clear of what needs to be accomplished with very little miscommunication.
Determine what type of promotional tools would be best suited for the products being created and/or enhanced. The right promotional mix will confirm the product’s place in the market, and effectively communicate the product’s features to its target audience.
Reassess the decisions made by the Operations Management department to ensure products are made efficiently and
i) Marketing
Currently GENICON has not invested in marketing and has no set marketing plan. Given the nature of the industry advertising campaigns to the public are not necessary, as laparoscopic surgeries are not something everyone requires. They can, however, invest in marketing to surgeons and the medical community in new markets to relay the benefits of laparoscopic procedures over open surgery and highlight GENICON’s products.
ii) Communication
The case represents how effective Haberland has been with communicating, in his “convincing the suppliers that the groundwork had been laid and profits were not far off, Haberland also reinforced the notion that GENICON’s success would be directly correlated with increased sales for the …show more content…
Identify potential threats and their likeliness of occurring and address ways to remedy this. This is done through the Opportunities and Threats of a SWOT analysis.
Authorize performance standards for employees across all departments and take corrective actions if/when necessary to ensure productivity and synergy within the company.
Establish a management hierarchy for an effective organization structure across the firm. As the GENICON continues to grow, more innovation is needed; therefore, more creativity and talent are required. A management hierarchy will ensure each level of management and its employees are clear of what needs to be accomplished with very little miscommunication.
Determine what type of promotional tools would be best suited for the products being created and/or enhanced. The right promotional mix will confirm the product’s place in the market, and effectively communicate the product’s features to its target audience.
Reassess the decisions made by the Operations Management department to ensure products are made efficiently and