How to demonstrate product value for medical device?

How to demonstrate the product value and how to describe the product in a unique and most beneficial way?

Every marketer knows that “Product” is the key point of Marketing Mix or “4P” as we call it. Through product we demonstrate value and drive pricing, choose the distributor channels and develop promotion.
But how to demonstrate the product value and how to describe the product in a unique and most beneficial way?
There are so many marketing tools to work out the Marketing Mix. The Product Matrix is one of our favorites because of the system analyses approach.

What is System Analysis approach to the Product Matrix?

The system analysis provides great opportunity for a product description.
1) It prescribes to detach the key elements – TYPES of product activities.
2) Then break those into smaller elements – PRODUCT(s) itself.
3) Define the TARGET AUDIENCE for each product.
4) And finally segregate the product depending on it’s essence – GOODS, SERVICE or WORKS.

Such decomposition allows the marketer to value and price every single part of the PRODUCT OFFER.

Guidelines:

Use these guidelines to demonstrate the benefits of your product offer:
1) Detach the company’s BASIC product offer from the PLANNED (product of future or planned activity) offer. These are essential parts for product analysis.
2) Specify your BASIC product by business areas. Definition of strategic business areas is fundamental for company business modeling.
3) Specify the targeted audience or targeted segment for each business area.
4) Define PRODUCT that are purchased by the customer and ATTRIBUTE that is granted to the customer.
5) Remember that the Product is usually a combination of three basic items: GOODS, WORKS and SERVICES.
6) The ATTRIBUTE part of the Product consists of guarantee service (WORKS and SERVICES) and IDEOLOGEME (an idea for future product application or consumption by a customer).

How it works on practice?

Let’s see how to describe the product of a medical device company which work at a heavy medical equipment market selling it’s machines to public healthcare through distributors and providing maintenance through it’s service providers.