3M Chile ? Health Care Products
Chile has one of the healthiest economies in Latin America. The publics GDP per capita was on the rise, in turn meaning they have a higher disposable income. 3M's vision is that the Chilean public would start buying higher quality items, within the health care sector. The questions started arising about how to market products to a sector that is use to having products recommended by pharmacists. This usually created a lack of brand loyalty and more of a decision made as pertains to price. The general public for the most part was unaware of higher quality health care products supplied by 3M. The question was: how is 3M going to make the public buy there products? 3M came up with two options; the first being a first aid kit comprised of 3M products that would arise awareness of the products. The second concept was to sell the items in categories, similar to the U.S drugstores.
Should the HCP management team go ahead with the first aid kit design?
For this idea to work the management team will have to change the public's idea of what a first aid kit is. Market research will definitely be required to find out if this is possible. With the right marketing scheme in place it certainly has potential. The premise for the idea is that the public will receive an umbrella of products that can be tried and replaced is a good one. The idea will get the public aware of the quality of the products, but it will only work if the public will actually buy the first aid kits. 3M's goal in this venture is obviously growth and ultimately to make as much money as possible. Profits are often limited with a smaller number of products, therefore educating and raising awareness through the first aid kit can't hurt. The idea of giving medical profe ...