Company Information
Beckman Coulter is a leading brand in the Vitro diagnostics industry. It manufactures and supplies a broad portfolio of laboratory equipment and systems for clinical research and testing in six continents and over 130 countries, including the Sultanate of Oman. It seeks to improve the efficiency of clinical laboratories and medical professionals. Its production plants are in California and Florida. Outside the US, the firm has strategic manufacturing sites in Ireland and China.
Business Strategy
Beckman Coulter’s core business strategy is creating value with simplified and automated laboratory solutions to enhance laboratory productivity and efficiency. Its supporting strategic approaches include expanding diagnostics and technologies in the biomedical assays area and pursuing high-growth opportunities abroad. Beckman Coulter’s analytical systems readily integrate into the lab processes of its customers.
Product Strategy
The company comprises two businesses each with distinct offerings: clinical diagnosis and biomedical research. The first unit specializes in systems for immunodiagnostics and blood tests aimed at improving lab productivity. In contrast, the second one supplies equipment and other products to research laboratories and institutions.
Segmentation Strategy
Segmentation is also a component of Beckman Coulter’s business strategy. The company deals with corporate customers that can be divided into three segments: commercial, government, and organizations. Oman buyers include government agencies – the Ministries of Health and Defence, Diwan and Royal Oman Police – and private organizations such as Badr Al Samaa, Aster, and StarCare.
Marketing Goals and Strategy
Firms derive marketing advantages from product/service differentiation. Beckman Coulter’s marketing goals are to increase sales and achieve financial growth. Based on market characteristics, it offers solutions that readily integrate with the laboratory systems of the purchasing agency. Additionally, the firm provides user support and training through its sales team. It uses a market segmentation strategy where it sells a different product to each customer segment.
Strategy Recommendations
A market-driven strategy is recommended for Beckman Coulter for a deeper understanding of the Oman market, current, and future trends. A market orientation puts the consumer at the center of a company’s operations. It enhances cross-functional coordination to provide customer value. Proposed market relationship strategies are forming alliances with local players and equipping the sales team with more skills to provide technical support to users.
A value-based pricing strategy will allow Beckman Coulter to satisfy the needs of different customer groups. Beckman Coulter has shown a strong commitment to quality standards. Continued focus on quality will result in competitive advantages in the Oman market. Marketing events, educational programs, service visits, proactive sales, and commitment to honesty are also critical to creating brand loyalty in Oman.
Business Plan
Beckman Coulter should identify and avoid critical failure factors in the Oman market. Examples include poor customer support and service, weak logistics and cost management strategy, and inadequate products to meet the demand. Thus, a good business plan for Beckman Coulter, Oman, is required.
Vision and Mission
Beckman Coulter’s vision is advancing healthcare, scientific research, and charity. Its mission is to enhance patient health and decrease healthcare costs through improved lab productivity and innovative solutions. The achievement needed is developing quality products that satisfy unmet needs in biomedical research and diagnostics.
Goals and Objectives
Beckman Coulter’s corporate goals are to design testing equipment (short-term) and produce and sell simplified and automated diagnostic equipment (Mid-term to long-term) to improve disease diagnosis and patient treatment. Its objectives include enhancing hospital productivity and lower the cost of care. The company has to take fast action – introducing innovative products – to stay ahead of the competition.
Target Customers and Unique Selling Proposition
Beckman Coulter does market research to know its customers and their motivations and excitements regarding innovative biomedical solutions. The approach allows the firm to understand and provide what the consumer wants. It also has established a distribution network comprising buying centers for customers. Identifying the powerful buyer, the perception of the supplier, relationship limiting factors, outsourcing or in-house development, and customer segmentation are the other marketing decisions the company must make.
Its Oman segments include government institutions, commercial laboratories, hospitals, and medical centers. Others include universities and research institutes. Market segmentation is among Beckman Coulter’s core business strategy. The firm’s unique selling point is offering high-quality and automated solutions to customers. Its products differ from others on integration with buyer systems. It also offers after-service support and extra training for customers.
Competitor Analysis and Advantages
Market research and competitor analysis (number) can reveal important insights into the market and current and future trends in the industry. Oman’s in vitro diagnostics sector is characterized by intense competitive rivalry. Beckman Coulter’s competitors primarily come from three segments: biochemistry, immunology, hematology, and microbiology. Among the major clinical diagnostic rivals include Abbott Laboratories, Roche, Siemens, Horiba, and Mandray. These companies compete with Beckman Coulter in the biochemistry and immunology sectors. Major players in the hematology segment are Sysmex, Abbott, Siemens, and Mandray. The main competitors in the microbiology sector are BD and Vintana.
The barriers to entry are significant, giving established players a competitive edge over new entrants. The R&D investment is high, requiring integrated design, chemistry, and software development. New entrants may also be limited by a lack of a global distribution network.
Challenges Faced in Oman
Beckman Coulter, Oman, faces some challenges. The first one is its reputation where issues of quality threaten the performance of the Omani subsidiary. A high market share controlled by competitors is also a bottleneck. Many multinationals are entering the biomedical research and testing sectors, increasing the intensity of competitive rivalry. Beckman Coulter is also experiencing difficulty managing its logistics to optimize its cost advantages. Another challenge relates to inadequate customer support. Delayed response to buying institutions causes them to switch to competitor products.
Growth Opportunities
Beckman Coulter can expand the market it serves in Oman by increasing testing in hospitals and using customer product reviews to determine changing needs. Tenders from Omani’s public health agencies present a growth opportunity for the supplier. Protection of its products and innovation through intellectual property rights will ensure sustained competitive advantages. User feedback and experience should inform designs and prices. Effective customer relationship management through the training of salespeople and timely response to complaints will promote brand loyalty and increase repeat purchases. Further, Beckman Coulter can leverage its good history centered on the innovation of several applications since 1935 to grow in Oman.
Cross-functional Teams: Interview Plan
The primary cause of delayed responses to purchasing institutions is the management’s inability to create cross-functional teams. As a result, the efficiency of Beckman Coulter’s marketing efforts is limited. Additionally, the risk of switching to another supplier is high. A good working relationship between the salespeople and technicians will ensure timely response and support. An interview plan for selecting a technical sales team is required. Some key steps include beginning with a rapport-building introduction to prepare and relax the candidate, establishing the structure of the interview, asking probing questions, and allowing the interviewee to seek clarification.
Revenue and Financial Projections
Beckman Coulter announced revenue of $4.8 billion in 2018. The company relies upon on-demand analysis and only launches a new product if demand outstrips supply. A budget forecast for this strategic plan shows that resources will be required in customer relationship management (training of the sales force) and developing new products for the Oman market. It is estimated that $25 million will be required to implement the strategy recommendations for one year.