Strategic Review of Medtronic Inc.
Strategic Research Project This paper is about a strategic overview of Medtronic Inc. Medtronic is a global leader in medical technology- alleviating pain, restoring health, and extending life for people with chronic conditions around the world. Medtronic conducts business in more than 120 countries developing and manufacturing a variety of products and therapies with emphasis on providing a complete continuum of care to diagnose, prevent and monitor chronic conditions.
Mission Statement The mission statement of Medtronic Inc. is to contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health and extend life. It is evident that Medtronic is meeting their mission statement. Medtronic is providing doctors with new therapy procedures through their research and development. Medtronic is able to design and modify medical devices that assist and meet the needs of physicians around the world. In addition, Medtronic is conducting business in more than 120 countries and focused on preserving the lives of individuals with medical needs and plagued with chronic health conditions. Medtronic’s mission statement is firmly preserved in all of its employees around the world that want "to alleviate pain, restore health, and extend life.” It is apparent that Medtronic has not lost focus as to their purpose by the assistance to nearly 6 million people benefiting from therapies each year.
Porter’s analysis of competition for Medtronic Inc.
Rivalry among competitors
Medtronic Inc. participates in the development, manufacture and marketing of medical devices. There are very few competitors in this field that include Johnson & Johnson, Guidant Corp., St Jude and Boston Scientific Group. Medical devices that are developed cost a considerable amount of money and if they have to be recalled these costs have to be absorbed. These recalls are
Mission Statement The mission statement of Medtronic Inc. is to contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health and extend life. It is evident that Medtronic is meeting their mission statement. Medtronic is providing doctors with new therapy procedures through their research and development. Medtronic is able to design and modify medical devices that assist and meet the needs of physicians around the world. In addition, Medtronic is conducting business in more than 120 countries and focused on preserving the lives of individuals with medical needs and plagued with chronic health conditions. Medtronic’s mission statement is firmly preserved in all of its employees around the world that want "to alleviate pain, restore health, and extend life.” It is apparent that Medtronic has not lost focus as to their purpose by the assistance to nearly 6 million people benefiting from therapies each year.
Porter’s analysis of competition for Medtronic Inc.
Rivalry among competitors
Medtronic Inc. participates in the development, manufacture and marketing of medical devices. There are very few competitors in this field that include Johnson & Johnson, Guidant Corp., St Jude and Boston Scientific Group. Medical devices that are developed cost a considerable amount of money and if they have to be recalled these costs have to be absorbed. These recalls are
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