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Products & Services Brand Management and Product Leadership Product Marketing and Innovation

Best Practices in Marketing Multiple Medical Device Products in the Same Therapeutic Area: Differentiating New & Legacy Products and Qualitative Insights

ID: 5271


Features:

8 Info Graphics

13 Data Graphics

110+ Metrics

42 Narratives

5 Best Practices


Pages/Slides: 43


Published: 2013


Delivery Format: Online PDF Document


 

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Sitewide: Authorizes use of the report for a geographic site. All people at site can view the report for a year and copies can be printed.

Corporate: Authorizes use for the entire company for a year and copies can be printed. No limitations for usage inside the company.




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  • STUDY OVERVIEW
  • BENCHMARK CLASS
  • SPECIAL OFFER
Non-members: Click here to review a complimentary excerpt from "Best Practices in Marketing Multiple Medical Device Products in the Same Therapeutic Area: Differentiating New & Legacy Products and Qualitative Insights"

STUDY OVERVIEW

Medical Device companies managing multiple products for the same indication face a challenging act — making sure new products don't gain market share and profits at the expense of legacy brands. To ensure this, organizations must effectively launch and market a new product or brand in a way that challenges external competition yet sustains the sales and value of the company's legacy brands.

Best Practices, LLC conducted this study to identify successful strategies and tactics for marketing multiple brands for the same indication or area of use without cannibalizing an existing portfolio. In particular, this study presents effective methods for differentiating multiple brands as well as positioning strategies that minimize product cannibalization. In addition, this study contains extensive qualitative information regarding different leaders' approaches to this issue. Marketing leaders can use the insights and data in this research study to plan and implement their marketing strategies to create multiple, high-performing medical device brands.


KEY TOPICS

  • Effective methods of differentiating multiple brands
  • Positioning strategies that minimize product cannibalization
  • Operational changes that drive success when introducing a new brand into a product family
  • Best practices

SAMPLE KEY METRICS
  • Most effective differentiators for two or more brands within one company for the same indication or area of use
  • Successful use of brand promotion strategies
  • Positioning strategies for minimizing cannibalization
  • Operational changes resulting new product introduction
  • Positive impacts of marketing multiple products
  • Key best practices identified by the benchmark class


SAMPLE KEY FINDINGS
  • Franchise Approach: Most medical device participants (78%) have successfully promoted their products together as a franchise. Products that have complementary treatments lend themselves to franchise marketing, while those treating clearly different patient types are suited to marketing as independent brands.

STUDY METHODOLOGY


This study engaged 9 brand leaders from 8 leading medical device companies. An online survey instrument was used to collect quantitative data. Research analysts also conducted in-depth interviews to collect executive insights and harvest best practices and lessons learned.

Industries Profiled:
Medical Device; Health Care; Utilities; Biotech


Companies Profiled:
Medtronic; Aerocrine; Becton Dickinson; CareFusion; Stryker; Baxter Healthcare; HLL Lifecare; Ltd.; Nico


If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.