Abstract
The case illustrates the initiatives and corporate strategy of Philips, to enter into the health care. Where it has already developed its market, by offering different medical equipment and health care devices. By incorporating digital platform into it. In doing so, Philips had decided to offer innovative solutions and digital platform, to gather and collect customer data to the hospitals. Which will enable the hospitals to align its business strategy, with the market behaviors of the patients. In doing so, reducing cost per patient is the main objective by hospitals. Which Philips sees as an opportunity, to devise such software and health care platforms that integrates the data of the patients. Also, enables the doctors in making an effective decision. Since, moving into the initial market, it will offer the company the competitive advantage. Due, to blue-ocean strategy, yet a lot has to be research regarding the market trends by Philips. To make its digital market strategy sustainable and successful in market. Also, there are other players like GE, in the market that have initiated the digital practices in 2012.Thus, a rigorous and sustaining strategy has to be devised, to cater the market need and customer future objectives.
Philips healthcare marketing the health suite digital platform Harvard Case Solution & Analysis
Keywords: Philips, Digital landscape, Ageing, Chronic diseases
1. Why has Philips launched a Healthcare suit?
Philips has launched a health care suit, by analyzing the market trend and shift in consumer behavior, along with the change in socio-economic factors of the country. Since, 11% of the total population has turned 60 years, which is expected rise by 22%, by the end of 2050.Not only this, the rate of chronic diseases in US market is increasing, along with the ageing factor worldwide. In addition, it is also determined by the market researchers that, by the end of 2020 150 million of the population will suffer from chronic and multiple diseases, like heart issues and diabetes. These factors are giving rise to the increased management of the hospital and customer data, to offer value based solutions to the customers and to the hospitals. To manage the cost, in order to devise a strong market strategy.
Also, along with these factors, the US government spending on healthcare has increased from 3 trillion to 4.5 trillion, by the end of 2020.These all factors depicts the increasing trend and profitability of the business that is making the market attractive and sustainable in the long run. Hence, in order to tap the opportunity, Philips has launched healthcare suite, which will allow it to harvest good profits. Along with the sustainability of the revenues. Lastly, since the market is shifting towards digital platform, incorporating technology and innovation in the process, with the emergence of Cloud and Big data. Philips aims to pursue its business in the market, by inculcating technology in the health care. To offer an integrated path, than connect doctors and patients, with the effective management of customer data. That will help these hospitals, to analyze the customer insight and devise the strategies accordingly, with right budgetal location to each unit...............
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