Marketing Case Study: Rapid Diagnostics Pty Ltd (hypothetical company)
Rapid Diagnostics Pty Ltd (RD) is a Brisbane-based biotechnology company. It is Australian owned by a group of medical scientists, who established the company in
2009 to commercialize a range of medical diagnostic products for infectious diseases.
Many of the ideas for the rapid diagnostic products came from the Biosciences research program at the University of Queensland. A number of products were working prototypes in the Biosciences laboratory. These products included a range of infectious diseases, including meningococcus and MRSA.
During its early start-up phase, the company conducted preliminary market research to identify the greatest opportunity for a rapid diagnostic product using immunochromatographic technology. During the market research study a major outbreak of meningococcal disease occurred at a Brisbane-based high school, infecting a small group of students. Many of the medical customers surveyed felt that a rapid diagnostic assay for meningococcal disease would be beneficial. However, the meningococcal outbreak was quickly under control and the disease rapidly dissipated.
The company wanted to differentiate itself in the market place to ensure it would have an excellent opportunity for early success. Choosing the right product and successfully commercializing it would provide early revenue streams to ensure further product development.
After reviewing the market research data RD decided to develop and commercialize a rapid diagnostic product for meningococcal disease. Market research data showed that current detection for meningococcal disease was difficult using current testing methods. Blood culture was slow taking at least 48 hours to obtain a result, while PCR testing conducted at the Royal Brisbane Hospital took more than 3 hours, sometimes this timeframe being quite critical. By developing a rapid 5 minute assay, this would provide a quick diagnosis of meningococcal thereby offering doctors and medical staff the ability to administer therapy as soon as possible. A rapid diagnostic test could also be used to screen other students who showed some of the symptoms of meningococcal disease. Meningococcal disease occurs worldwide, predominantly during spring but can emerge at any time during the year.
Before making the final decision to proceed with the product development project, the CEO of RD requested that a brief marketing plan be developed to ensure that the product would achieve success in the marketplace.
Additional Requirement
This assignment is a part of marketing management is about a company which is making a new marketing strategy along with industry analysis. The company takes up market segmentation to determine the demography of its customers and how to target them effectively with regards to improvements in the product, price, packaging, etc.
Word limit 1880