C. Promotion:
i. Goals
Goal 1: Help out with the medical technician and the nurse shortage in the United States * Create a reliable and efficient sensor which can be utilized and function well while also keeping records updated * If this keeps the nurse shortage down results become better. These include lower rates of infections to shorter stays in the hospital of office, which ultimately leads to saving money and can help hospitals avoid costly lawsuits
Goal 2: Help Physician Offices cut down on overspending

* Total spending on medical devices in the late 2000’s was one hundred and fifty billion. Saving 10% without having to buy separate machines to operate what the sensor does savings could equal 15 billion * Be able to save the doctors more money which can be used in different areas possibly including research.
Goal 3: Advertise and promote the sensor as much as possible to gain more consumer support * Use General Electric’s grasp on the social media market to be able to promote this new technology that the sensor involves * Create a virtual demo where consumers can watch videos and interact with the sensor in a 3D simulation. Also be able to print out 3D images of the sensor

ii: Detailed Description of Promotional Blend

Customer Promotion We will have a few promotional strategies for our medical sensor that will be included with advertising and a free trial based service offered to a few doctors in the United States. As a testing stage or trial stage we will be handing out our sensor to roughly one hundred doctors in the United States. The cost has already been allocated in our technology part of the budget. We will then have doctors write down wait times when using the sensor compared to when they did not have the luxury of the sensor. This will be used as an advertising ploy after we get the information back from all of the doctors. This will help us be able to sway consumers by showing them the numbers and then using those numbers to find out how much money can be saved. Office visits are nearly 20 minutes with just ten patients that’s a combined wait time of over three hours. With the sensor we hope to cut down on that wait time and be able to end up saving money and making more money by servicing more patients.

Given General Electric’s amazing work with social media advertising we will be using that to our advantage to help gain customers. General Electric’s biggest strategy was helping solve real world business challenges. They partnered with a crowdsourcing community to optimize the efficiencies in the patient experience in healthcare.
Next we would also optimize a General Electric Healthcare social media site to let consumers what is going on in the background because this will help increase brand reputation and attracting the best talent through this as well. Lastly, we would experiment often with our sensor always trying to make upgrades and make it a dominant force in the marketplace.
We would experiment similar to the moon shoes that are being released due to the 45th anniversary of the first man on the moon. We would offer a similar replica that gives consumers the opportunity to own a similar device at a huge fraction of the price. Also trying to implement snap chat as another thing to draw customers because of how popular it truly is.
“The concept behind the launch itself, though, is a perfect example of one of the philosophies that GE continually keeps when it comes to social media. They choose to experiment often with new platforms and see what works.”

Promotion to Potential Licensors
We will promote ourselves to a number of different producers who we can then build a partnership and they can help market our product even better, also forming relationships in the time being. Due to General Electric’s great history of being able to involve partners I think this gives us a leg up on the competition. Looking toward the big partners in the United States will be a big option as we try to strengthen our ties in the healthcare as well as the conglomerate industry. We will use our name and the recognition we have received to be able to leverage companies to work with us. As we begin to create and maintain these relationships with these producers, we will try to use a selling method called relationship selling to help us try and get some licensing contracts. As we begin to understand these producers overtime and try and build trust that will make us both successful and profitable as well. This will result in some long- term value as we are always trying to make more and more agreements with these producers and gain more market share as well.

D. Pricing:

i: Goals
Goal 1: We want this sensor to be reasonably priced compared to the other products that it will be taking the place of. We have decided that for fifteen hundred dollars you can purchase our product. This sensor will take the place and is not limited to a scale, a blood pressure cuff, and oxygen machines along with numerous other machines. We are also not only making it affordable to huge physicians’ offices but also smaller offices which do not have huge amounts of funding to be able to afford every piece of equipment needed for running a physician’s office successfully. It is key that the price we market our product at reflects an acceptable standard to not just one class of people but everyone as a whole because of what General Electric stands for as a company, “We bring good things to life.” As stated in our goals we hope to make this a product for everyone and not just one particular type of doctor, or office. This will only be effective if we are able to reach the consumers in a way that makes our product attractive and worth using in their offices in the future. We need to effectively incorporate value along with covering all of the costs needed including revenue and marketing.

Goal 2: Bundle the sensors together. If you buy them in bulk then they will be discounted at a price depending on the quantity the consumer purchases.

ii. Value Proposition and Customer Service Sensitivity In order for our sensor to be successful the consumer needs to feel like they are getting a good deal, and this product will help them save money in the long run. We need to begin to emphasize this by having workshops where consumers will be able to test the product before they shell out the money and make sure they understand how it works, and what exactly it does so there is absolutely no confusion. We also need the backing of consumers to help emphasize how this could help them save money and be able to implement that money in other areas of the medical field that need more money spent on. Our consumers need to understand how the convenient not so expensive price will appeal too many and will not cost them an arm and a leg to afford. Our product will appeal to the consumer because they do not want to have to keep buying newer expensive equipment, because the convenience of the sensor you can update it like a cell phone, instead of always having to buy the newest product out there. Finally, we must reach out to every type of doctor, because the sensor is not just targeted at one specific area in the medical field, but can be instituted in all fields of medicine.