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Market Research References Essays

Marketing Research For Augustine Medical Essay

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Marketing Research For Augustine Medical
This report references exhibits and appendices not included within the document

Executive summary

By early 1988, Augustine Medical executives were actively engaged in finalizing and marketing the program for the patient warming system named Bair Hugger Patient Warming System. The principal question yet to be resolved was how to price this system. Several considerations are required in terms of organizational objectives, demand for the product, customer value perception, buyer price sensitivity, the price of competitive offering, and direct variable costs. The company has two alternatives to price this system, either the skimming pricing strategy or the penetration pricing strategy.
The…show more content…

The Bair Hugger system, which consist of a heater/blower unit and a separate inflatable plastic/paper blanket, is an air-circulation product and provides hypothermia patients surface warming. The warming time per patient is about two hours. The plastic cover was patented in 1986; there is no patent protection for the heater/blower unit.

The central issue at this time was the determination of the list price to hospitals for the heater/blower unit and the plastic blanket. The price set for the Bair Hugger Patient Warming System would influence the rate at which prospective buyers would purchase the system since the market was price-sensitive to alternative methods. Also, price and volume together would influence the cash flow position of the company. Before the company prices this system, several considerations are required in terms of organizational objectives, demand for the product, customer value perception and buyer price sensitivity, the price of competitive offering, and direct variable costs.
The estimate of total potential market for heater/blower unit is 2737 units and 2737000 units for blankets (see exhibit 1). The direct cost of the heater/blower unit would be $380 and $0.85 per blanket. The initial investment, $500,000, for this system would cover the fixed cost of the company during first year of operation. Based on this basic information and other considerations, the company has to determine its pricing strategy for both

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Your Lecturers have suggested that you start with the prescribed readings in Moodle and the references you find at the end of those articles. If you want to add to these resources you could search for one or two extra references in the Library databases.

Work through the 10-12  minute interactive tutorial "Searching for journal articles in Business Source Complete" in the left hand box above to build your database searching skills, and then get started in the database Business Source Complete:

If you are looking for academic quality articles make sure that you also tick the Scholarly (Peer reviewed) journals  box to limit the results to the better quality academic articles.

The truncation symbol * will result in finding articles that mention the singular and plural form eg. sport* will retreive sport/sports/sportsperson

When searching use related terms and synonyms using the boolean operator  OR.

There will be quite a few results...scan the article titles and the journal titles to work out which articles have a useful general coverage of the topic.

You are welcome to send Andrew Dixon (the Marketing Subject Librarian at Caulfield ) an email or ask at the Research & Learning Point at the Caulfield Library if you want further assistance finding relevant articles or want to check if the material you have found is relevant and useful.

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