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Introduction Of Abbott Labs Case Study

Abbott Laboratories is an American multinational medical device and healthcare company. The company has its headquarters in Abbott Park, Illinois, U.S. The company was founded in 1888 by a Chicago physician, Wallace Calvin. The company is known for formulating well-known drugs. At present, the company sells medical devices, branded generic medicines, diagnostics, nutritional products, and generic medicines. The products of Abbott include ZonePerfect, Glucerna, BinaxNow, Similac, MitaClip, etc. The paper includes the vision and mission of the company as well as the SWOT and PESTLE analyses. It also explains the company's success factors and problems (Abbott et al. 2019)

Introduction Of Abbott Labs Case Study

Industry Structure And Economic Feature

Vision and Mission Statement of Abbott Labs

The vision and mission statement of Abbott Labs is to build life-changing technologies to keep the heart healthy and nourish the body at every life stage, help you move and feel better, and provide information, breakthroughs, and medicines to manage health.

Abbott Labs, Inc. Situation Analysis

The differentiation analysis will be done through a SWOT analysis by discussing the brand’s strengths, weaknesses, opportunities, and threats. It is a proven management framework that helps a brand benchmark its performance and business in comparison to its competitors. The company is one of the leading brands in the healthcare and pharm sectors (Pollock et al 2021).

Industry Structure And Economic Feature

Abbott Labs Case Study Strategic

The company, along with its subsidiaries, develops, discovers, sells, and manufactures healthcare products across the globe. It operates in four segments: diagnostic products, nutritional products, established pharmaceutical products, and medical devices.

The Established Pharmaceutical Products segment provides generic pharmaceuticals to treat irritable bowel syndrome, intrahepatic cholestasis, pancreatic exocrine insufficiency, Meniere’s disease, gynaecological disorders, dyslipidaemia, hypertension, hormone replacement therapy, hypothyroidism, vestibular vertigo, inflammation, pain, fever, and migraine. This segment also provides anti-infective clarithromycin, products to regulate the physiological rhythm of the colon, and influenza vaccine (Perchetti et al. 2021).

The Diagnostic Products segment provides laboratory systems in immunoassay, haematology, clinical chemistry, and transfusion. It also includes molecular diagnostics systems that automate the purification, extraction, and DNA and RNA preparation from patient samples and measure and detect infectious agents; cartridges for testing blood; point-of-care systems; rapid diagnostics lateral flow testing products; molecular point-of-care testing for SARS-CoV-2, HIV, RSV, influenza A and B, and strep A; drug and alcohol test systems; cardio metabolic test systems; and remote patient monitoring and self-test systems; and automation solutions to be used in laboratories.

The Nutritional Products segment provides adult and paediatric nutritional products. The Medical Devices segment provides electrophysiology, rhythm management, heart failure, vascular, and structural heart devices to treat diabetes and cardiovascular disease, and neuromodulator devices to manage movement disorders and chronic pain. In 1888, the CPMA was founded in North Chicago, Illinois.

i) Business Level Strategies

The company should assess its product line's growth potential and market share. The products are divided into the following groups: The products with high market share and growth are classified as "stars." Following the identification of product line stars, the company must increase its investment. Products with high market growth but low share are classified as question marks. Products with low growth and high market shares are the cash cows that require getting milked for their good performances in the market with low limits and high growth. Finally, companies with low market share and poor growth prospects must be divested by the company because it is difficult to make profits and obtain adequate returns for investing.

ii) Corporate Level Strategies

The segmentation, targeting, and positioning marketing model is a strategic marketing strategy and approach that makes communication more effective and simple. Apart from this campaigning, there is another strategy that helps in the marketing of Abbott. The campaigns focus on the pursuit of the brand's goal of addressing the challenges in health through solutions and technologies that are being developed by the company. Here, technology plays a major role in the betterment of health so that futures can be safe and secured. The advertisement, "Unlimited Possibilities, Unstoppable You," helps to convey the message that even if a person has health issues, taking care of themselves and believing in their good health can reveal the unstoppable you and find infinite possibilities. Social media marketing includes the involvement of social media platforms like Facebook, Twitter, LinkedIn, etc. to market the benefits of the company and to establish its reputation and trustworthiness.

Competitive Analysis and Advantage in the Industry

A detailed competitor analysis is important for the development of Abbott Laboratories' marketing strategy. Competitive analysis is done to understand the market share and relative positioning of the direct and indirect competitors of the company. Abbott Laboratories must first be able to identify its competitors, evaluate its strategies, and compare the weakness and strengths of its products with its product offerings. 4 -5 strategies are used to understand their key competitors' strategic positioning, and they are

The advantage in the industry includes providing research, education, and tools for healthcare professionals for the use of Abbott products to provide optimal nutrition and healthcare. 

SWOT Analysis

Strengths

 

The company focuses on high-potential fields, has a 160-country geographic reach, is a leader in multiple fields, has a successful operating system, and consistently delivers strong performance in its four major business segments.

Weaknesses

Weakness includes the controversy that surrounds the company's involvement in drug scandals, which negatively affects the brand's image.

Threats

The threats include those linked to acquisitions and mergers; an increase in the use of technology in healthcare, leading to increased vulnerability to cyber-attacks; and government regulation linked to drug pricing control.

Opportunity

The opportunities include a growing market for personalized medicines and rising demands for clinical diagnostics that are driven by chronic diseases and infections.

 PESTLE Analysis

Political Factors

The political factors include the pharmaceutical industry being the largest spender on lobbying in the USA and fearing the trade war between the US and China, which affects the medical device industry.

Economic Factors

The economic factors include the following: demographics and skill level of the population; class structure; education level as well as education standard. The economic factors include changes in the foreign exchange rate, a decrease in the procedure volume because of the pandemic, and the poor economic condition in Venezuela (Mangana et al. 2020).  

Social Factors

The increasing popularity of generic drugs for changing the large demographic across the globe, addressing social issues to improve life, and the COVID-19 pandemic causing increased concern in the management of healthcare risks are among the social facts.

Technological Factors

3D printing applications, telemedicine, the use of artificial intelligence, and the Internet of Things (IoT), which is revolutionizing the healthcare industry, are among the technological factors.

Environmental Factors

The legal factors include antitrust laws in the American healthcare sector and consumer protection laws in healthcare.

Legal Factors

The environmental factors include sustainability practices in healthcare (Perchetti et al. 2021).

Abbott Labs' Target Market Analysis

(i) Demographic Characteristics of the Market

Zippia, with the use of a database of 30 million profiles, estimated the statistics and demographics of Abbott. The estimates were verified against census, BLS, and current job opening data for accuracy.

ii) Demographic Characteristics of the Market

After getting information regarding the demographics of Abbott Laboratory, it was found that Abbott has 109,000 employees. There are 47% of women and 53% of men working as Abbott employees. At Abbott, the most common ethnicity is white (56%), followed by 18% Hispanic or Latino and 12% Asian. At Abbott, the average employee makes $73,973 per year. Abbott employees are likely to be Democratic Party members. The employees at Abbott On average, employees stay with the company for 6.4 years (Mangana et al. 2020).

iii) Psychological Characteristics of the Market

The core values of the company include being client-centric, having integrity, diversity, intellectual honesty, and collaborating.

iv) Behaviour of the Target Market

Abbott Labs applies a fiduciary mind-set to make sure that everything that is done every day is about delivering a better solution for the clients. The company aims to recruit, develop, mentor, and retain professionals that display the highest professional level as well as personal integrity. The company is most interested in fostering a cooperative, collegial, and work environment in which each of us demonstrates the highest levels of professionalism and respect.

v) Market-Appealing Strategies

Abbott's performance track record validates its successful strategy, and shares rose 50% in 2017, with total shareholders ranking first in the company's fundamental peer group. The annual dividend increase streak has lasted 46 years, and investors are waiting for the next one. The leadership of the company considers it a 130-year-old start-up. The analysts on Wall Street credit the deep leadership team's ability to deliver on promises. The fast-growing rapid diagnostic testing portfolio of Abbott allows testing in remote communities, while their nutrition business customizes healthy products as well as flavours for all market types.

Key success factors

The company has used innovation to give their patients treated for chronic pain, personalized medicines, and neurostimulation devices. The extensive research and development program of Abbott has enabled it to provide customers with services such as an insertable cardiac monitor, hospital monitors for diabetes, and electrophysiology, to name a few (Keech et al. 2020).

Abbott Labs Competitive Analysis

i) 4Ps’ comparisons with competitors

The 4 Ps of Abbott Labs is price, place, promotion, and product.

ii) Product

Abbott is one of the leading healthcare companies in the world. It provides advanced products like valve repair devices, structural heart occludes for cardiovascular health, trans catheter aortic valve easy-to-use test strips, personal meters, and flash glucose monitoring technology for diabetes patients. The company also offers nutritional products such as SimilacEnsurePediaSure, etc., as well as medicines and influenza vaccines, which are part of their marketing mix and pricing strategy (Batra et al. 2020).

iii) Price

Abbott has a pricing strategy that depends on competitive and market dynamics.

iv) Place

            Abbott Laboratories is present in over 150 countries, which include Brazil, the USA, the Middle East, Europe, Canada, South Africa, and Asia-Pacific countries such as Singapore, India, and China (DePalo et al. 2019).

v) Promotion

The company uses the traditional method to advertise through print, digital media, and television.

vi) Strengths’ comparisons with competitors

The strengths are a broad geographic reach that spans 160 countries, the presence of market leadership in multiple fields, an operating system for success, and strong performance in four major business segments.

vii) Weaknesses’ comparison with competitors'

Weakness includes the controversy that surrounds the company's involvement in drug scandals, which negatively affects the brand's image (Mangana et al. 2020).

viii) Competitive Advantage of the Organization

The company operates in four segments: diagnostic products, nutritional products, established pharmaceutical products, and medical devices.

Problems and Issues in Abbott Labs’s Organization

A few of the concerns include cyber security issues with some of the medical devices. This has resulted in lower-than-expected growth in international medical device sales as well as hampering the reputation of the company.

Marketing Mix of Abbott Labs

i) Product Strategy (Product Mix)

Strategy includes informing the consumer about cutting-edge technology, its applications in products, and how it makes life easier through an interactive day-to-day data monitoring process (Mangana et al. 2020).

ii) Pricing Strategy

It has a multistep pricing system that allows you to go through stages before settling on a price.

 iii) Promotional and Advertising Plan

This can be done through campaigns and social media.

Conclusion Financial Analysis

Financial Analysis

70 percent of revenue is generated outside of the United States, while 50 per cent of revenue is generated in faster-growing geographies where healthcare spending exceeds the growth of GDP.

Conclusion

Abbott is thus one of the leading brands in medical devices and healthcare companies. The company launches marketing campaigns to increase product sales. However, there are a few weaknesses that need to be eliminated for the growth and development of the company. The company is doing great with its SEO strategies in comparison to its competitors and maintains its high position in the market.

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