Use this Medtronic 6path analysis to inform your development of a strategy canvas,where you will explore a reconstruction of marketboundaries—looking to identify potential blue ocean spaces. Inother words, explore and develop a strategy to enter new marketsbased on blue ocean? See 6 path analysis below, provide at least 1reference in APA format
Six Paths Analysis
1.Industry and current state of competition
It is a Fast growth industry but still with less competition
Medtronic has a strong brand name and ability to leveragetechnology to products and processes
It has established a strong supply chain of channel partners andretailers
It has some economies of scales due to large scaleoperations
Current and new customer targets- Hospitals, health clinics,healthcare providers, and government agencies
current Product segment- healthcare Therapies and medicalequipment’s
still need to look across complementary product and serviceofferings
It has worked so far on functional-emotional orientation of anindustry, but must find new arenas to beat the currentcompetition
2.Strategic Group
New products and new markets
Mergers and acquisitions to gain strategic advantage.
Focus on technology and improving research capabilities.
It has to Build more capacities and invest money on research anddevelopment to put a barrier to new players in industry andincrease its profit margins.
New product designs using different materials need to beimplemented
It still needs to follow new Purchasers who pay for the productor service, target those actual users who use the products,identify and work with those influencers who have a role to play indecisions.
3. Buyer Group
In most industries, competitors converge around a commondefinition of target buyer. However, there are chain of buyers whoare directly or indirectly involved in buying decisions, suchas:
Purchasers who pay for the product or service
Actual users who use the products
Influencers who have a role to play in decisions
Intermediate buyers who are traders
Regulators who influence the buying decisions
Thus, blue ocean strategy is formulated by finding out who arethe chain of buyers in your industry and which buyer group doesyour industry typically focus on. Medtronic created Blue Ocean byfocusing on stroke patients by launching The Solitaire™ 2Revascularization Device instead of only focusing on diabeticpatients.
4. Scope of Product or Service Offering
An organization must think about what happens before, during,and after your product/service is used by the consumers. In mostindustries, competitors converge within the boundary of theirindustry’s product and service offerings. By understanding thecontext in which your product or service is used and what happensbefore, during, and after, you can identify pain points of theconsumers, and eliminate these pain points through a complementaryproduct or service offering.
Medtronic’s complementary mission and leadership in treatmentsfor structural heart disease represents the best possibleopportunity for bringing ATS Medical’s innovative cardiac surgerytechnologies to more surgeons and patients.
5. Functional emotional orientation
This path delves into the functional and emotional appeal thatthe brand and its products have on its customers.
Its cutting edge innovative technology helps in enhancing itsfunctional aspect of the different products.
The company has shown continual growth. This is the best exampleof its developing function aspect of business.
The Medtronic brand is a recognized global brand.
Many highly qualified doctors have its products, used in theirdiagnosis.
The brand has a deep emotional connect in the minds of theconsumers. The consumers can trust the brand and consider it verydependable.
6. Time
Medtronic has proved time and again, that it has the capabilityto look across time and predict market trends
Its continual growth across the years portrays the effectivenessof this capability
The path-cutting technology and innovation has always kept thiscompany, a step ahead in the market
