Marketing strategy for GE Healthcare-Free-Samples for Students

Question: Discuss, analyze and answer the case study of GE Healthcare's Pocket-Sized Imaging Device. Answer: Discussion of introduction of Vscan and analysis that is it a disruptive innovation or not Disruptive innovation refers to the innovation of a product in market, which affects the sales of an existing product in a market (King and Baatartogtokh 2015). In the context of GE Healthcare they have introduced Vscan device that is a powerful ultrasound technology. The size of this equipment is as like as a smart phone. This is very helpful for the primary care physician to diagnose gallstone, fluid on the heart and the way of heart pumping. This device is easy to carry from one room to another room. This provides the physician high imaging capabilities while they diagnose the patients. However, Vscan creates a new market and the new value network for GE Healthcare. This technology derived from the strategic viewpoints of GE Healthcare, which is termed as healthymagination. Therefore, this new technology replaces the position stethoscope and expensive ultrasound consol. Thus, it affects the existing market of the healthcare equipments those have similar functions like Vscan. Hence , it can be said that Introduction of Vscan is a disruptive innovation in the context of GE Healthcare. Lunching of the Vsacn by GE Healthcare is a disruptive innovation as it hampers the present market value of an existing product. Often innovation of new products replaces the products having similar functions (Wan et al. 2015). As per the given scenario, GE Healthcare has decided to invest $6 billion to improve the efficiency of the Vscan. $8000 Vscan device consists of the equivalent image quality of expensive midrange ultrasound console device. Hence, innovation of Vscan cannibalizes the sales of high priced imaging equipment that are produced by GE Healthcare. Marketing strategy for GE Healthcare to enhance the adoption of Vscan in US and global market Implementation of the diffusion of innovation is an effective marketing strategy for the organization to boost the adoption process of their new product (Cusumano et al. 2015). In the context of GE Healthcare incorporation of the diffusion of the innovation strategy regarding Vscan technology will be great approach to speed the adoption of such product in the global market. In US the people adopt the products by analyzing its benefits. Hence, the diffusion innovation strategy will be effective for GE Healthcare to convey the detail of their product to the target audience. Knowledge, persuasion, decision, implementation and confirmation are the five major steps of such strategy. In the knowledge stage the marketers will create the awareness among the audience regarding the product (Heidenreich and Kraemer 2016). Therefore, in the persuasion stage the GE Healthcare can understand the perspective of the audience in the global market. Therefore, in the decision stage they reveal the decision of the adaptors and then they implement the marketing process for this product. In the final stage of this strategy that is the confirmation stage GE Healthcare can understand the behavior or attitude of the adopter regarding their new product Vscan. If they are able to implement each stage of this strategy then they can offer the new Vscan products with advanced features based on the customers needs. As a result, it will be adopted in the US as well as in the global market. References Cusumano, M.A., Kahl, S.J. and Suarez, F.F., 2015. Services, industry evolution, and the competitive strategies of product firms.Strategic management journal,36(4), pp.559-575. Heidenreich, S. and Kraemer, T., 2016. Innovationsdoomed to fail? Investigating strategies to overcome passive innovation resistance.Journal of Product Innovation Management,33(3), pp.277-297. King, A.A. and Baatartogtokh, B., 2015. How useful is the theory of disruptive innovation?.MIT Sloan Management Review,57(1), p.77. Wan, F., Williamson, P.J. and Yin, E., 2015. Antecedents and implications of disruptive innovation: Evidence from China.Technovation,39, pp.94-104