HEALTHCARE INDUSTRY IN US

 As of 2021, the US healthcare sector has a $808 billion market value. Impressively, patient care
accounts for 65% of total income. The global health business is worth $12 trillion as a point of
comparison.
 The fasted and largest growing sector or industry in the US markets is the health care industry. It id
noted that there would be a 16% growth in the industry by 2030.
 When ranked according to how effectively monies spent translate into prolonging lives, the American
healthcare system comes up at number 22 out of 27 high-income countries. In terms of healthcare
efficiency, Denmark came out on top.
 The medical outcomes when compared to other rich nations show that the majority of Americans no
longer feel that the United States has the greatest healthcare in the world. The rapidly growing expense
of healthcare is another major worry, as is inadequate insurance.

PRODUCTS OF GE HEALTHCARE

The products of GE healthcare are categorised into various segments based on its features

1. Imaging
 Bone and metabolic health - In the fields of metabolic health and bone health, GE Healthcare is
a market leader.
 Computed tomography
 Fluoroscopy
 Magnetic Resonance
 Mammography
 Molecular Imaging
 Radiography
2. Ultrasound
 Point of care
 Urology
 Vivid Cardiovascular
 Voluson Women’s health
3. Anaesthesia Delivery Solution - The innovation in anaesthetic delivery that GE is focusing on is
assisting physicians globally in providing specialised care to a variety of patients. Clinicians may
practise anaesthetic delivery that is tailored to the needs of their patients thanks to the platform of
anaesthesia delivery options.
4. Diagnostic ECG - Over the years, GE Healthcare has continuously improved diagnostic cardiology
products. GE is more dedicated than ever to enhancing ECG analysis and creating brand-new solutions.
GE's comprehensive cardiology portfolio offers solutions that assist satisfy the demands for precise
 diagnosis and cardiology data management, regardless of whether you are doing a resting, stress, or
Holter cardiac examination.
5. Maternal and Infant care - GE Healthcare has all the products from NICU or nursery or exceptional
care to the woman and the new born babies.
6. Patient Monitoring
7. Ventilators
8. Pharmaceutical Imaging agents
9. Digital solutions
10. Refurbished solutions

STP

When designing marketing communications strategies, the STP model

is helpful since it enables marketers to prioritise propositions before
developing and delivering individualised and pertinent messages to
interact with various audiences. Market segmentation, market
targeting, and product positioning make up the three steps of the
funnel.

In the market segmentation phase, the goal is to establish a framework

for the division of the target market and discover key traits that will
distinguish each market group from the others.

When developing the targeting and positioning strategy, first assess

each segment's potential and commercial attraction. Then, develop a detailed product positioning strategy for
each segment chosen, including a customised marketing mix based on the understanding of that segment.

SEGMENTATION

Market segmentation is breaking it up into homogeneous segments. This consumer segmentation method may
be based on a number of factors. The concept is that people that are grouped together are anticipated to react to
a marketing action similarly because of their comparable traits, habits, or requirements.
Factors on which marketers base their segmentation are:

1. Demographics, such as age, sex, income, race, marital status, level of education, size of family, and type of
dwelling or profession/occupation.

2. Psychographics, often known as "personality and emotions" based on behaviour and connected to buying
preferences, includes attitudes, lifestyle, interests, and risk aversion.

3. Geographic; categorising people based on their location, such as by nation, region, area, urban or rural
setting, population density, or even climate

4. Behavioural elements; Includes purchase type, brand loyalty, usage volume, desired advantages, used
distribution methods, and response to marketing aspects.

TARGETING

The marketer must identify the target market—the market that will be served—after outlining all feasible
market segments. By responding to the following questions, the attractiveness of each section must be
evaluated in order to make a conclusion;

1. Is this segment big enough?

2. Is this market sector profitable enough?
3. How aggressively are the rivals vying for the same market share?

POSITIONING

The final step in the STP process is positioning. 

In order for your target market to be interested in what you're giving and act accordingly—prescribe or buy—
you must position your product to appeal to them. The positioning associates the product in the customer's
imagination with a certain value. Thus, it must be carried out in a way that generates and offers value to the
consumer. The four primary forms of product positioning used in pharmaceutical marketing are as follows:

1. By Feature/Benefit: Outlining a key product feature, such as a quick onset of action or a long half-life.
2. By circumstance: Outlining the product's prescription, use, or approach, such as "additional anti-diabetic
medication" or "post-operative antibiotic."
3. Showing an edge over rivals, such as greater effectiveness or better toleration
4. Hybrid positioning is achieved by combining one or more of the criteria mentioned.
SWOT ANALYSIS

More than 160 nations across the world are served by GE Healthcare, which offers revolutionary medical
technology and services for better patient care. Despite the fact that product recall concerns remain the
company's main source of worry, its strengths include focused R&D efforts, a strong market position in
diagnostic imaging, and a focus on the healthcare systems core business. The approval and introduction of new
products, business alliances, and the expanding worldwide diagnostic imaging industry may all be
advantageous to GE Healthcare. However, since releasing new products into the market becomes a lengthier
and more expensive procedure, growing regulation of the medical device industry is anticipated to raise the
company's expenses and diminish income.

 STRENGTHS
 R&D – General Healthcare has a very extensive and focused Research and development team.
They have a very powerful global workforce of approximately 300,000 workers.
 Revenue Model - By maintaining balanced income streams across all of its businesses, GE is
able to retain its diverse portfolio and avoid becoming unduly dependent on any one area of its
operations.
  Global Reach - Global reach significantly improves the brand's dynamics. They are now
operating in 160 different nations, and in 2020 alone, GE employed over 205000 employees.
The size of the business affects its strategic position in the market, market share, clientele,
popularity, and power.
 Product Portfolio - The product portfolio of General Electric is broad, including GE Capital,
aviation, power and water, oil and gas, healthcare, appliances and lights, energy management,
and transportation. The company covers a wide range of markets and has a broad portfolio
thanks to all of its business verticals.

 WEAKNESSES
 Product Recall Issues – The Healthcare faced issues with the defected returns of the products
sent out. The defects were harmful or an hindrance to the consumers.
 Raw Material Supply - One of its drawbacks is the reliance on third parties, contract
manufacturers, and commodities markets for the supply of raw materials. For the supply of raw
materials, GE is incredibly dependent on several third parties, contract manufacturers, and
commodities markets. Any delivery delays or differences in the agreement might halt GE's
operations and have a detrimental effect on revenues.
 Borrowed Funds - GE is heavily indebted, which has an effect on how the business is run. The
company has long-term debt that totals more than $200 billion. In addition, a sizable sum is used
to pay interest on borrowed money.
 Legal Consequences - Sometimes, lawsuit problems are drawn to GE's big brand. Even though
the majority of their prior legal disputes were resolved, a large company's reputation may be
damaged by ongoing legal disputes. Even when a case has been resolved or dismissed, dealing
with the fallout can be challenging.

 THREATS
 Stiff Competition - In the market, a number of companies are vying for the same group of
consumers. The top 6 rivals of GE General Electric are listed below:
1. 3M
2. Hitachi
3. Honeywell international
4. Siemens AG
5. Mitsubishi Corporations
 Increased Regulation - All of GE's businesses must abide by a range of environmental and
regulatory rules since they are all governed by multiple federal, state, local, and foreign laws.
This increases the business's compliance costs and restricts its growth.
  Data Security - Many GE employees expressed dissatisfaction at the exposure of their private
information on the company server. The company admitted the accusations and said that a
number of hackers had accessed the internal system. People's confidence in these businesses
may be damaged by incidents like these. Additionally, it makes consumers hyper-aware of their
data.
 Exchange rate variations - When currencies gain or weaken in relation to the US dollar, they
constitute a big problem for a company like GE, which has operations across the world.

 OPPORTUNITIES
 Approval and launches of new products – Since GE Healthcare has an extensive R&D team,
they have great opportunities to extend into newer products and expansion of the product line.
 Strategic collaborations and acquisitions - GE is a huge organisation that produces in several
market segments, providing the company with plenty of possibilities for growth. Robotics and
artificial intelligence are two sectors that are developing quickly, and GE sees a lot of potential
in both. They may easily grow into other sectors because their present portfolio is so varied.
 Renewable energy market - Renewable energy has a promising future and is probably going to
increase. GE is in a good position to grow its revenue and market share through the development
of renewable energy.

With the aid of their stalled income flow, varied product range, and consistent inventions, General Healthcare
has been a long-standing but robust organisation. They have some control over things like taking out huge loans
and safeguarding their reputation, but they have little to no influence over litigation. Despite being a worldwide
multinational now, they need to broaden their product line and improve technical capabilities if they want to
maintain their position.

GE Healthcare already has a sizable customer base and a worldwide focus. How well GE Healthcare selects its
business emphasis will determine its level of success. It is necessary to concentrate on a certain market niche. A
step backwards, excessive diversity and the availability of a wide range of items may also be a means of
reversal. A loss of company focus may result from excessive diversification. It is clear that new technologies
and the development of a worldwide virtual market present a chance for the company to expand. Some Asian
and African markets are still virgin to the company. It is necessary to locate and take advantage of these
commercial markets. Establish production facilities where appropriate. The company's brand identity may yet
be strengthened more effectively through smart marketing and advertising. Since customers are becoming more
receptive to scientific knowledge, there is a need for education and corporate social responsibility due to rising
human rights concerns and accountability expectations. However, there are several environmental
accountability problems that must be taken seriously.