Market Research

Introduction

In today’s competitive market, a successful business needs to keep their customers in mind at all times. The customer demands more from a company today and the company needs to understand what that actually is…the author believes there needs to be a connection. The key words – need and communication is based on market research. The research will provide a company the answer to the ultimate questions, “Does the company have a potential idea for the market and does the company satisfy the needs of customer with it?” Market research offers a huge potential to gain market share but market research must be done and it is tedious and time consuming. “Marketing research also helps managers to understand trends in the marketplace and to take advantage of opportunities” (McDaniel & Gates, 2006). In this paper, the author will discuss the importance for companies and more specifically for Medtronic, Inc.

Insight into Medtronic’s Marketing Research

Medtronic Inc, is based in Minneapolis, MN and has been producing implantable medical device for over 50 years and is considered the pioneer and leader in its niche. A company, like Medtronic, that has been around for many years has to do their homework to understand how to stay in the marketplace. One area of importance Medtronic has capitalized on is the maintenance of the relationship between company and customer. For long term success, market research shows that the customer’s need should always be a primary concern. For Medtronic, these primary customers for Medtronic are the physicians, the allied health professionals, the patients, and the office staff that assist with patient care.

“The better the marketing researcher understands the decision...

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...Network as well. This has created a proactive crisis management public relations event as well.

Conclusion

Market Research can assist with capturing the market share and there are many methods used to investigate and do the homework to gather the data. Medtronic’s CareLink® Network as capture current and future trends. It has lead to the ever changing medical world and the tribulations that accompany it. Due to placing years, resources, and revenue in conducting a market research on the needs of the industry, the CareLink® Network has escalated the company and has changed the trends of the future.

Works Cited

McDaniel, C. & Gates, R. (2006). Marketing Research (7th ed.) Hoboken, NJ: John Wiley & Sons

Medtronic Reaches Industry Milestones. (2008). Retrieved from http://wwwp.medtronic.com/Newsroom/NewsReleaseDetails.do?itemId=1201700309433&lang=en_US