Potential market

SECTION I: The product

 

1a The innovation potential of this product is related to: 

 

  • Technology-driven innovation (under the influence of the development of science – the market is not ready for the product)
  • Market-driven innovation (as a result of market surveys, the market expects the product)
  • Replacement of existing product
  • Product related to cost reduction
  • Radical new product
  • Other, what…
This product is related to a practical needs driven innovation (under the influence of the needs in the medical treatment area). The ESS is an innovation in the  area of medicine as the system is developed on the base of well known engineering methods.  It is an interdisciplinary area. 

 

 

1b What added value for end-users does the product hold?
• higher quality
• Better technical characteristics
• Other …
The product offers more effective medical therapy. 

Better technical characteristics than old systems with high degree of visualization.

The added value of this product for the end-users is the higher quality of the medical therapy and the user friendly equipment.

 

1c What is the Unique Sales Proposition of the potential product?
The product does not compete on the market in Bulgaria as no similar products are offered or imported from other countries. 

 

 

SECTION 2: The Market

2a What is the target market for the product?  

National ¨

European ¨

Global ¨

Please describe the characteristics of your target market.

The target market for this product is the national one. 

The product can be used easy in hospitals, spa hotels, centers for rehabilitations , and after some training – by ordinary people at home.

 

2b How the product is characterized from the following options? Number of companies producing similar products in the field. 

• Base – applied by all companies in the industry

• Leading – applied by a single or limited number of competitive companies

• Key –at a development stage, but has already proven its potential

In other countries this product is produced by specialized companies in Germany and Russia as it needs very high degree of reliability. 

In Bulgaria the ESS is produced in small quantities by the developer team.

 

 

2c What type of market demand will be satisfied? 

• Existing demand – the market is already developed

• hidden (latent) demand – the market has yet to be developed

Some physicians already use this product due to the knowledge distributed by the developer throughout research medical conferences, papers written in medical journals. 

But the market is still hidden – there are a lot of physicians that don’t know about the existing product and its potential to be used against  a big number of diseases that come mainly after stress. A lot of advertising is needed among physicians and high level of management of hospitals and centers for rehabilitation.

 

2d What is the current stage of the product’s market life cycle? 

• Implementation, implementation in production (leading to a radically new product offers)

• Growth (rapid spread within the industry or outside it)

• maturity (parameters of the technical characteristics of manufactured products reached their maximum, higher-grade products can be manufactured on the basis of technological substitution)

The product is in its maturity stage, as it is developed on the base of the well known engineering methods  and applied in the medicine. 

 

2e Strategic partnerships (existing or potential).
Existing partnership: physicians, chemical engineers, software engineers work together. 

Potential partnership: Biologists could be included in the team.

 

SECTION 3: The Competition

3a What is the competition within your target market?
There are no other companies in Bulgaria producing the same product. 

There is no competition in Bulgaria, as there is no import of such or similar devices for cranial electrotherapy – electro sleeping.

 

3b What competitive advantages will the introduction of the new product ensue? 

• lower prices based on lower production costs

• product differentiation (uniqueness of the product proposal)

-high quality of product and potential to be used easily. 

- lower prices based on lower production costs in Bulgaria.

 

 

3c Potential products relate to the following price range: 

• High price range

• Average price range

• Low price range

The real price of ESS device is very high: in Germany similar system costs about 4000€; in Russia – about 3500€. 

In Bulgaria the cost of one ESS is about 1000€.

 

 

3d Potential products will be marketed: 

• To regulated markets (e.g. heat supply, water supply, universal telecommunication services, agricultural products, fishing industry, architectural services)

• To markets operating on the principle of free negotiation between agents on the market

 

The market of the product will be operating on the principle of free negotiation between agents on the market – the market is quite diversе –  starting from big hospitals, through spa hotels and complexes, physicians working  in a free market and at home, by ordinary people .

 

 

SECTION 4: Indicators

Estimated cost of the new products 2500
Expected market volume (potential / maximum number of users) 300 hospitals
Expected sales volume
Expected market share of the company (proportion between sales and total company sales in the relevant market)

 

KEYWORDS QUANTITATIVE ASSESSMENT (0-5).

Please encircle as appropriate.

Added-value potential 1 2 3 4 5√
Size of future market demand 1 2 3 4 5√
Competitive positioning of the product 1 2 3 4 5√

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