Medtronic Company’s Selling and Marketing Tools
Medtronic Company
Medtronic is a company that functions in the field of healthcare. Its diabetes unit provides support for patients with diabetes to give them more freedom and improve health. The company expands the availability of products necessary to manage diabetes. Applying the 4P analysis to Medtronic, the following observations can be made. As its Products, the company suggests the intensive insulin management business unit, non-intensive diabetes therapies business unit, and diabetes service and solutions business unit. The company also provides systems for blood glucose control, insulin pump cases, 24-hour support, patient education, and other products and services. The Price is not low, but the company offers highly technological and contemporary products and services which have the power to increase the quality of life of people with diabetes. As for Place, Medtronic distributes its products through its online shop and distributors. The final aspect of Promotion is realized through salespeople training, advertising, perfect customer service, and the internet.
The Selling Concept Analysis
The selling concept usually comprises demonstrations of a target product and simple sales techniques. It is important to focus on the product and its benefits for the customer. Another important aspect of the selling concept is that a product should be first created and then sold. When a company has a ready product, it can present it in the most beneficial way and study its characteristics to provide customers with detailed information. One more important aspect is the sales-volume orientation of management. It is an effective strategy because the production of volumes bigger than a company can sell is likely to lead to unnecessary expenses for a company. Finally, the selling concept focuses on the needs of the seller, because apart from an intention to provide customers with products or services, every seller aims to receive income.
Sales Person Characteristics
Personal characteristics are important for salespeople. They should be able to care for their customers, enjoy their job, be patient and kind, have ethical principles, control their emotions, and be fair in their work. A salesperson should be able to analyze the needs of the customer, present the benefits of the product he or she is selling, gain customer’s commitment, and provide high-quality service to make the customer satisfied. The job of a salesperson is a specific one. Salespeople are the representatives of their company and frequently work far from the main office thus having more freedom and less supervision. Consequently, a salesperson should be responsible and reliable. Also, the position of a salesperson demands broader people skills and the ability to resolve conflict situations. To attract new loyal customers and build long-term relationships, a salesperson needs to be creative and convincing.
Relationship Marketing Tools
The major task of relationship marketing is the development of customer loyalty. The establishment of a long-term collaborative relationship with customers is more efficient for a company that a single purchase. To complete the mentioned tasks, some relationship marketing tools can be used. First of all, customer relationship marketing (CRM) is an efficient business tool because it empowers both customer and brand loyalty. CRM software used by a company can be a powerful tool to establish relationships with customers. Customer support is another tool that is necessary for relationship marketing. In case the sold products need servicing during its use, a reliable customer support service is likely to stimulate customers’ loyalty. The SELL sequence can be applied as a marketing tool. The rule which says to Show the product features, Explain its advantages, Lead a client into a benefit, and let the customer talk to ask questions about a product or service or express their opinion is an approach that is likely to contribute to the client’s loyalty. The creation of forums and blogs dedicated to the company’s products is one more tool that allows them to provide customers with the necessary information and receive their feedback thus empowering further improvements of the product.