Week 1 - Assignment

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School

University Of Arizona *

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Course

687

Subject

Marketing

Date

Feb 20, 2024

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docx

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Uploaded by DeanEnergyManatee35

1 Strategy HISCO has a good stance in the industry regarding its medical readers. They are headed in a good direction with their excellence in the development cycle's engineering aspect but must focus on improving their manufacturing and marketing. As the demand for this product is high, HISCO has a golden opportunity to rebuild and drive sales to produce enough revenue to reduce debts and grow its cash flow. This SWOT analysis can build a foundation for HISCO's future successes and beat its competitors, such as Redex and Matex. Maximizing strengths and weaknesses while remaining aware of their weaknesses and presentable threats allows the organization to compose itself and gear toward success and profitability. The ideal price point will be crucial for HISCO this year once marketing and manufacturing elements tie together. With a cohesive production, manufacturing, and marketing campaign, HISCO puts itself in a position to pull away from its competitors and put it in the front running with its innovative health readers. SWOT Analysis Strengths HISCO's greatest strength lies in engineering. Through much development and research, medical readers are a highly demanded product marketed in an industry that needs more focus on patient care. These medical readers will allow nurses more time to focus on patients, ultimately improving the hospital's quality care and offering a reliable product that promotes labor-saving productivity features. Labor activity is also a strength that HISCO possesses through their skilled and committed employees in not just one but all departments. Because of these strengths, HISCO will see strong growth in this category. Weaknesses Despite its exceptional engineering experience, HISCO needs to focus on its manufacturing and marketing to put themselves a step above the rest. In order to classify and address these weaknesses, identifying the skills needed and obtaining the right resources are crucial. Unfortunately, when it comes to competition, the brand itself lacks strength. In the medical reader market industry, it is essential to be prominent in brand recognition. With the implementation of additional marketing campaigns and strategies, brand recognition will follow. Opportunities Currently, HISCO is at maximum capacity in manufacturing, which means it can produce more readers than the current consumer demand. As stated earlier, HISCO has an excellent opportunity to set a trend in product pricing. The entire company's bottom line will be affected if the price is too low and could put itself out of the reach of consumers and corporations interested in the Medical Reader price way too high. Through the history of sales, results have shown a high demand for the reader, but it is up to HISCO to ensure they are marketable to the right audience, creating an optimal price point. Threats Companies with total control over a product can be seen as a monopoly. Nevertheless, Redex and Mateck are also competitors in the market reader industry. All those companies are working toward re-organizing and building their ability to compete in the overly competitive health industry. Each company has an overwhelming strength in separate categories: Redex in manufacturing, Matek in marketing, and HISCO in engineering. While the opportunity presents itself for increasing marketing and product promotion to consumers, HISCO needs to take the initiative to make the first move instead of their present competitors.

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