Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis

Case Study SWOT Analysis Solution

Case Study Description of Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility

Two companies, Myriad Genetics and OncorMed, competed to develop a genetic test for breast and ovarian cancer susceptibility. Although the two companies had offered genetic testing only to women who participated in their research studies, in 1995, both were considering selling their testing services to physicians generally. Despite the promising market for this testing service, some scientists and patient activist groups believed that it was premature to provide testing outside a carefully controlled research environment, where data could be collected on an ongoing basis to answer significant questions about the health consequences of genetic mutations and the potential benefits and risks of testing. Specifically, they argued that commercialization should wait because knowledge about an inherited predisposition to breast cancer was still emerging, and medical care options for mutation carriers were limited and not proven to be of benefit. In addition, data on the psychological and social effects on women who were tested were still evolving. Those in favor of restricting such testing to the research setting wanted laws in place to protect individuals from irresponsible testing practices, loss of privacy, and genetic discrimination. Details the decisions that Myriad and OncorMed made regarding their testing services and how the two companies addressed the concerns of those outside the company.

Authors :: Margaret L. Eaton, Rebecca Farkas, Daniel Greenwald

Topics :: Sales & Marketing

Tags :: Marketing, Product development, SWOT Analysis, SWOT Matrix, TOWS, Weighted SWOT Analysis

Swot Analysis of "Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility" written by Margaret L. Eaton, Rebecca Farkas, Daniel Greenwald includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Testing Genetic facing as an external strategic factors. Some of the topics covered in Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility case study are - Strategic Management Strategies, Marketing, Product development and Sales & Marketing.

Some of the macro environment factors that can be used to understand the Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility casestudy better are - – technology disruption, there is backlash against globalization, customer relationship management is fast transforming because of increasing concerns over data privacy, challanges to central banks by blockchain based private currencies, increasing commodity prices, competitive advantages are harder to sustain because of technology dispersion, banking and financial system is disrupted by Bitcoin and other crypto currencies, increasing household debt because of falling income levels, increasing transportation and logistics costs, etc

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Introduction to SWOT Analysis of Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility

SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Testing Genetic, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Testing Genetic operates in.

According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.

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SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix

SWOT analysis of Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility can be done for the following purposes –
1. Strategic planning using facts provided in Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility case study
2. Improving business portfolio management of Testing Genetic
3. Assessing feasibility of the new initiative in Sales & Marketing field.
4. Making a Sales & Marketing topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Testing Genetic

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Strengths Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis

The strengths of Testing Genetic in Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility Harvard Business Review case study are -

Cross disciplinary teams

– Horizontal connected teams at the Testing Genetic are driving operational speed, building greater agility, and keeping the organization nimble to compete with new competitors. It helps are organization to ideate new ideas, and execute them swiftly in the marketplace.

Highly skilled collaborators

– Testing Genetic has highly efficient outsourcing and offshoring strategy. It has resulted in greater operational flexibility and bringing down the costs in highly price sensitive segment. Secondly the value chain collaborators of the firm in Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility HBR case study have helped the firm to develop new products and bring them quickly to the marketplace.

Low bargaining power of suppliers

– Suppliers of Testing Genetic in the sector have low bargaining power. Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Testing Genetic to manage not only supply disruptions but also source products at highly competitive prices.

Effective Research and Development (R&D)

– Testing Genetic has innovation driven culture where significant part of the revenues are spent on the research and development activities. This has resulted in, as mentioned in case study Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility - staying ahead in the industry in terms of – new product launches, superior customer experience, highly competitive pricing strategies, and great returns to the shareholders.

Analytics focus

– Testing Genetic is putting a lot of focus on utilizing the power of analytics in business decision making. This has put it among the leading players in the industry. The technology infrastructure suggested by Margaret L. Eaton, Rebecca Farkas, Daniel Greenwald can also help it to harness the power of analytics for – marketing optimization, demand forecasting, customer relationship management, inventory management, information sharing across the value chain etc.

Sustainable margins compare to other players in Sales & Marketing industry

– Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility firm has clearly differentiated products in the market place. This has enabled Testing Genetic to fetch slight price premium compare to the competitors in the Sales & Marketing industry. The sustainable margins have also helped Testing Genetic to invest into research and development (R&D) and innovation.

High brand equity

– Testing Genetic has strong brand awareness and brand recognition among both - the exiting customers and potential new customers. Strong brand equity has enabled Testing Genetic to keep acquiring new customers and building profitable relationship with both the new and loyal customers.

Operational resilience

– The operational resilience strategy in the Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility Harvard Business Review case study comprises – understanding the underlying the factors in the industry, building diversified operations across different geographies so that disruption in one part of the world doesn’t impact the overall performance of the firm, and integrating the various business operations and processes through its digital transformation drive.

Diverse revenue streams

– Testing Genetic is present in almost all the verticals within the industry. This has provided firm in Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility case study a diverse revenue stream that has helped it to survive disruptions such as global pandemic in Covid-19, financial disruption of 2008, and supply chain disruption of 2021.

Ability to recruit top talent

– Testing Genetic is one of the leading recruiters in the industry. Managers in the Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.

Training and development

– Testing Genetic has one of the best training and development program in the industry. The effectiveness of the training programs can be measured in Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility Harvard Business Review case study by analyzing – employees retention, in-house promotion, loyalty, new venture initiation, lack of conflict, and high level of both employees and customer engagement.

Digital Transformation in Sales & Marketing segment

- digital transformation varies from industry to industry. For Testing Genetic digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Testing Genetic has successfully integrated the four key components of digital transformation – digital integration in processes, digital integration in marketing and customer relationship management, digital integration into the value chain, and using technology to explore new products and market opportunities.

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Weaknesses Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis

The weaknesses of Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility are -

Aligning sales with marketing

– It come across in the case study Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility that the firm needs to have more collaboration between its sales team and marketing team. Sales professionals in the industry have deep experience in developing customer relationships. Marketing department in the case Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility can leverage the sales team experience to cultivate customer relationships as Testing Genetic is planning to shift buying processes online.

Capital Spending Reduction

– Even during the low interest decade, Testing Genetic has not been able to do capital spending to the tune of the competition. This has resulted into fewer innovations and company facing stiff competition from both existing competitors and new entrants who are disrupting the industry using digital technology.

High cash cycle compare to competitors

Testing Genetic has a high cash cycle compare to other players in the industry. It needs to shorten the cash cycle by 12% to be more competitive in the marketplace, reduce inventory costs, and be more profitable.

Products dominated business model

– Even though Testing Genetic has some of the most successful products in the industry, this business model has made each new product launch extremely critical for continuous financial growth of the organization. firm in the HBR case study - Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility should strive to include more intangible value offerings along with its core products and services.

Ability to respond to the competition

– As the decision making is very deliberative, highlighted in the case study Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility, in the dynamic environment Testing Genetic has struggled to respond to the nimble upstart competition. Testing Genetic has reasonably good record with similar level competitors but it has struggled with new entrants taking away niches of its business.

High bargaining power of channel partners

– Because of the regulatory requirements, Margaret L. Eaton, Rebecca Farkas, Daniel Greenwald suggests that, Testing Genetic is facing high bargaining power of the channel partners. So far it has not able to streamline the operations to reduce the bargaining power of the value chain partners in the industry.

Slow to harness new channels of communication

– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Testing Genetic is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.

Slow to strategic competitive environment developments

– As Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility HBR case study mentions - Testing Genetic takes time to assess the upcoming competitions. This has led to missing out on atleast 2-3 big opportunities in the industry in last five years.

Workers concerns about automation

– As automation is fast increasing in the segment, Testing Genetic needs to come up with a strategy to reduce the workers concern regarding automation. Without a clear strategy, it could lead to disruption and uncertainty within the organization.

Interest costs

– Compare to the competition, Testing Genetic has borrowed money from the capital market at higher rates. It needs to restructure the interest payment and costs so that it can compete better and improve profitability.

Skills based hiring

– The stress on hiring functional specialists at Testing Genetic has created an environment where the organization is dominated by functional specialists rather than management generalist. This has resulted into product oriented approach rather than marketing oriented approach or consumers oriented approach.

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Opportunities Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis

The opportunities highlighted in the Harvard Business Review case study Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility are -

Developing new processes and practices

– Testing Genetic can develop new processes and procedures in Sales & Marketing industry using technology such as automation using artificial intelligence, real time transportation and products tracking, 3D modeling for concept development and new products pilot testing etc.

Using analytics as competitive advantage

– Testing Genetic has spent a significant amount of money and effort to integrate analytics and machine learning into its operations in the sector. This continuous investment in analytics has enabled, as illustrated in the Harvard case study Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility - to build a competitive advantage using analytics. The analytics driven competitive advantage can help Testing Genetic to build faster Go To Market strategies, better consumer insights, developing relevant product features, and building a highly efficient supply chain.

Creating value in data economy

– The success of analytics program of Testing Genetic has opened avenues for new revenue streams for the organization in the industry. This can help Testing Genetic to build a more holistic ecosystem as suggested in the Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility case study. Testing Genetic can build new products and services such as - data insight services, data privacy related products, data based consulting services, etc.

Changes in consumer behavior post Covid-19

– Consumer behavior has changed in the Sales & Marketing industry because of Covid-19 restrictions. Some of this behavior will stay once things get back to normal. Testing Genetic can take advantage of these changes in consumer behavior to build a far more efficient business model. For example consumer regular ordering of products can reduce both last mile delivery costs and market penetration costs. Testing Genetic can further use this consumer data to build better customer loyalty, provide better products and service collection, and improve the value proposition in inflationary times.

Leveraging digital technologies

– Testing Genetic can leverage digital technologies such as artificial intelligence and machine learning to automate the production process, customer analytics to get better insights into consumer behavior, realtime digital dashboards to get better sales tracking, logistics and transportation, product tracking, etc.

Reforming the budgeting process

- By establishing new metrics that will be used to evaluate both existing and potential projects Testing Genetic can not only reduce the costs of the project but also help it in integrating the projects with other processes within the organization.

Better consumer reach

– The expansion of the 5G network will help Testing Genetic to increase its market reach. Testing Genetic will be able to reach out to new customers. Secondly 5G will also provide technology framework to build new tools and products that can help more immersive consumer experience and faster consumer journey.

Redefining models of collaboration and team work

– As explained in the weaknesses section, Testing Genetic is facing challenges because of the dominance of functional experts in the organization. Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility case study suggests that firm can utilize new technology to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.

Buying journey improvements

– Testing Genetic can improve the customer journey of consumers in the industry by using analytics and artificial intelligence. Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility suggest that firm can provide automated chats to help consumers solve their own problems, provide online suggestions to get maximum out of the products and services, and help consumers to build a community where they can interact with each other to develop new features and uses.

Use of Bitcoin and other crypto currencies for transactions

– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Testing Genetic in the consumer business. Now Testing Genetic can target international markets with far fewer capital restrictions requirements than the existing system.

Remote work and new talent hiring opportunities

– The widespread usage of remote working technologies during Covid-19 has opened opportunities for Testing Genetic to expand its talent hiring zone. According to McKinsey Global Institute, 20% of the high end workforce in fields such as finance, information technology, can continously work from remote local post Covid-19. This presents a really great opportunity for Testing Genetic to hire the very best people irrespective of their geographical location.

Identify volunteer opportunities

– Covid-19 has impacted working population in two ways – it has led to people soul searching about their professional choices, resulting in mass resignation. Secondly it has encouraged people to do things that they are passionate about. This has opened opportunities for businesses to build volunteer oriented socially driven projects. Testing Genetic can explore opportunities that can attract volunteers and are consistent with its mission and vision.

Manufacturing automation

– Testing Genetic can use the latest technology developments to improve its manufacturing and designing process in Sales & Marketing segment. It can use CAD and 3D printing to build a quick prototype and pilot testing products. It can leverage automation using machine learning and artificial intelligence to do faster production at lowers costs, and it can leverage the growth in satellite and tracking technologies to improve inventory management, transportation, and shipping.

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Threats Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis

The threats mentioned in the HBR case study Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility are -

Easy access to finance

– Easy access to finance in Sales & Marketing field will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Testing Genetic can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.

Technology disruption because of hacks, piracy etc

– The colonial pipeline illustrated, how vulnerable modern organization are to international hackers, miscreants, and disruptors. The cyber security interruption, data leaks, etc can seriously jeopardize the future growth of the organization.

Shortening product life cycle

– it is one of the major threat that Testing Genetic is facing in Sales & Marketing sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.

Capital market disruption

– During the Covid-19, Dow Jones has touched record high. The valuations of a number of companies are way beyond their existing business model potential. This can lead to capital market correction which can put a number of suppliers, collaborators, value chain partners in great financial difficulty. It will directly impact the business of Testing Genetic.

Aging population

– As the populations of most advanced economies are aging, it will lead to high social security costs, higher savings among population, and lower demand for goods and services in the economy. The household savings in US, France, UK, Germany, and Japan are growing faster than predicted because of uncertainty caused by pandemic.

Backlash against dominant players

– US Congress and other legislative arms of the government are getting tough on big business especially technology companies. The digital arm of Testing Genetic business can come under increasing regulations regarding data privacy, data security, etc.

High dependence on third party suppliers

– Testing Genetic high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.

High level of anxiety and lack of motivation

– the Great Resignation in United States is the sign of broader dissatisfaction among the workforce in United States. Testing Genetic needs to understand the core reasons impacting the Sales & Marketing industry. This will help it in building a better workplace.

Instability in the European markets

– European Union markets are facing three big challenges post Covid – expanded balance sheets, Brexit related business disruption, and aggressive Russia looking to distract the existing security mechanism. Testing Genetic will face different problems in different parts of Europe. For example it will face inflationary pressures in UK, France, and Germany, balance sheet expansion and demand challenges in Southern European countries, and geopolitical instability in the Eastern Europe.

Trade war between China and United States

– The trade war between two of the biggest economies can hugely impact the opportunities for Testing Genetic in the Sales & Marketing industry. The Sales & Marketing industry is already at various protected from local competition in China, with the rise of trade war the protection levels may go up. This presents a clear threat of current business model in Chinese market.

Environmental challenges

– Testing Genetic needs to have a robust strategy against the disruptions arising from climate change and energy requirements. EU has identified it as key priority area and spending 30% of its 880 billion Euros European post Covid-19 recovery funds on green technology. Testing Genetic can take advantage of this fund but it will also bring new competitors in the Sales & Marketing industry.

Barriers of entry lowering

– As technology is more democratized, the barriers to entry in the industry are lowering. It can presents Testing Genetic with greater competitive threats in the near to medium future. Secondly it will also put downward pressure on pricing throughout the sector.

Increasing international competition and downward pressure on margins

– Apart from technology driven competitive advantage dilution, Testing Genetic can face downward pressure on margins from increasing competition from international players. The international players have stable revenue in their home market and can use those resources to penetrate prominent markets illustrated in HBR case study Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility .

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Weighted SWOT Analysis of Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility Template, Example

Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers in the HBR case study Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants. We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –

First stage for doing weighted SWOT analysis of the case study Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.

Second stage for conducting weighted SWOT analysis of the Harvard case study Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.

Third stage of constructing weighted SWOT analysis of Myriad and OncorMed and the Marketing of the First Genetic Tests for Breast Cancer Susceptibility is to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Testing Genetic needs to make to build a sustainable competitive advantage.

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