|By PR Newswire||
|November 9, 2012 02:56 PM EST||
CHAPEL HILL, N.C., Nov. 9, 2012 /PRNewswire/ -- Earlier this year, a Top 5 medical device company reported revenue from emerging markets increased 20 percent in fiscal year 2012 and now represents 11 percent of the company's total revenue. Likewise, a much smaller medical device company reported this year that emerging markets represent 6 percent of the company's total revenue - up from 2 percent just four years ago.
As emerging markets continue to play a growing role in medical device organizations' success, companies need to adjust their marketing groups to ensure their budgets, staffing, and activities are aligned to capitalize on emerging markets. A recent survey involving large medical device companies found, on average, 85 percent of their marketing group FTEs were located in mature markets while 15 percent were located in emerging markets.
"Medical Device Marketing Excellence: Optimizing Group Structure and Operations" is a new report from research and consulting firm Best Practices, LLC that will help medical device marketing executives evaluate their groups to ensure they remain properly staffed and focused to maximize their productivity for the U.S. marketplace as well as the outside-U.S. market.
In addition to presenting medical device marketing benchmarks around budgets and staffing (by geography and company revenue), the study also reviews how marketing functions are organized. It also highlights anticipated trends such as increased or decreased spending and staffing on a range of marketing activities.
The study presents two segments - large companies and emerging companies - to inform marketing leaders from both large and small companies. This report contains more than 400 metrics and is based on research and information provided by 15 medical device leaders from 15 companies.
The 68-page report includes a chapter dedicated to qualitative insights based on in-depth interviews with selected marketing executives from the study. Among the questions that generated detailed narratives were:
- Does your organization use a shared-services model domestically or abroad and what have been the experiences?
- How do you expect marketing staff in mature vs. emerging markets to change over time?
To access the full report or to download a complimentary summary containing insights found in this report, click on the following link: http://www3.best-in-class.com/rr1189.htm.
For more information on this study or other recent primary research studies, contact us at 919.403.0251 or at [email protected].
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations.
SOURCE Best Practices, LLC