Zimmer Essay Example | Topics and Well Written Essays - 500 words

Zimmer - Essay Example This allowed orthopedic companies to lower costs due to greater technology. Zimmer pioneered minimally invasive surgeries (MIS), which lowered surgical times, lessened pain, and improved recovery. The industry was forecasted to grow at 23 percent annually, but much of this growth was to occur in the spinal product segment. Zimmer did not cater to this market at all and instead focused on the knee and hip segments. Zimmer Holdings was founded in 1926 after Justin Zimmer, the original founder, could not convince his employer to sell aluminum splints. Zimmer left his job and created his own company. Over the next few years, Zimmer expanded and became a major domestic player in the orthopedic industry. In 1972 Zimmer was bought out by Bristol-Myers, which had designs on Zimmer reaching a global market. In 1989 Bristol-Myers merged with Squibb to form Bristol-Myers Squibb (BMS). In 2001, with the company already a major global pharmaceutical company, a decision was made to turn Zimmer into an independent publicly traded company. BMS appointed several individuals in management positions so as to smooth the transition to the NYSE. By the following year, Zimmer was second in the knee market worldwide, third in the hip market, and fourth in the trauma market. The president of Zimmer Incorporated, J. Raymond Elliott, quickly assessed where the company was at and decided to expand the company into Europ e. Also, Elliott wanted to do something about the spine market, where Zimmer had no presence at all. Sulzer Corporation was founded in 1834 as a Swiss manufacturing cast-iron company. Throughout the years Sulzer expanded and acquired many medical technologies. By the new millennium, Sulzer Medica (SM), as it was known by then, was a global player in the biomedical implant business. After going through some legal troubles, the company was rebranded as Centerpulse Orthopedics. Zimmer was

Annual Report for Firm F Assignment Example | Topics and Well Written Essays - 750 words

Annual Report for Firm F - Assignment Example There are a lot unmet vehicle needs in the market and Firm F aims at filling this market gaps in accordance to its available resources. Pricing strategy The company did not have a specific product strategy. However, customer based pricing and competition based pricing have been used for the past 5 years. Using the customer based pricing; Firm F has had the flexibility of charging different prices to its different customers which either fell or rose depending on the size of the customer’s wallet. The customer target for Firm F includes people of different sizes of wallet though they have a common need. Therefore, exceptionally high sticker price was tagged on each car after which information about a prospective buyer was collected to gauge how the buyer is price sensitive. If the prospective buyer as found to be price sensitive, a negation on the price was done otherwise, the car was sold at the price given on the sticker. High price for cars leads to high demand and high sales for these target groups. The vehicle industry is highly competitive and so Firm F had to use competition based pricing as its pricing strategy. In this strategy, the firm checked out on the competitor’s prices and then set the price of its cars about the same level or lower with the main of attracting more customers hence increased sales. The idea behind the use of this strategy is that when the price of the cars is set close to the price of the rivals, the firm does not risk losing its market share to its competitors. In future, the firm plans to use customer based pricing strategy as it is more profitable than the competition based strategy. Products strategy The firm did not have any specific product strategy. However, when the company started in the first period, it preferred to work on the up grading of its existing cars after which it launched another car named Falier in the second period. The firm has also three new cars during the last 2 to three periods and in betwe en the periods, the firm was busy trying to do minor and significant upgrades on its cars. Upgrading of the cars was a product strategy used by the company to improve the features of its cars in comparison with those of its competitors, and this mainly to avoid losing its market share to its rivals. In the beginning, Firm F had some cars like Fantasy, Fish and Fast which existed and later produced other cars like Flop, Farce, Fizzle and Falier. This product strategy was also aimed at meeting the tailored needs of its potential customers. The firm plans to continue producing new products in future to enhance its performance. The organization’s outlook and plan for the next 5 years Given its current customer segment, Firm F has a potential for growth. For example, it has a large customer base when it comes to enterprises. Enterprises have different needs when it comes to the variety of cars needs for its business operation. This is an opportunity for Firm F to design new produc ts which will suit the changing needs of its customers. Firm F has a capacity of increasing its production to meet the increasing needs of its products. When it comes to pricing, the competition based pricing may be a business threat. This is because other competitors may be using the same strategy hence reducing the price of their products below the new price set by the firm. At the end of the day, the firm may end up making losses. The fact that