Potential market

SECTION I: The product

 

 

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…
There is a moderate innovation potential. The project owner was working in his Ph.D. and he wondered how can be formed the learning curve of anybody. He noticed that the best is the practice. To simulate the surgical circumstances on animals is very expensive and harms the animals. To learn only the theory and began to talk about the usefulness of such a simulator  with physicians and other experts. He observed that this is a real demand.

 

 

 

1b

What added value for end-users does the product hold?
• higher quality
• Better technical characteristics
• Other …
Clinics, universities may use this device. The result of usage is the possibility of practicing a surgical situation, faster, less expensive and more precise learning.

Better efficiency of learning.

Potential partners can be companies dealing with development and trade of surgical tools.

 

 

 

 

 

1c

What is the Unique Sales Proposition of the potential product?
There are laparoscopic simulators, but without the measuring features. So this is a unique device, with unique sales position for a while.

 

 

 

 

 

SECTION 2: The Market

 

 

2a

What is the target market for the product?

National ¨

European ¨

Global X¨

Please describe the characteristics of your target market.

This is not a mass product. If a similar device is introduced on conferences and special medical exhibitions and it proves its usefulness then a global market (medical universities, larger hospitals, etc) would be available.

 

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

Leading

 

 

 

 

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

There are some similar laparoscopic simulators since the past two-three years. So the demand can be relatively new, and due to the fact that none of them bearing similar features (it measures the quality of surgical intervention) this character can be a good selling point of the invention.

 

 

 

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)

Implementation. A few prototypes have to be produced. After the proper IP protection some larger and more famous universities/clinics can get them free if they sign an agreement that they are obliged to report the result of the tests within a short period of time. They may purchase the device too.

At the same time the project owner has to continue the negotiation with some potential manufacturer with professional help. This procedure has begun, but not professionally.

Some more beta tests are also important. It is necessary to elaborate some measuring software too.

 

 

2e

Strategic partnerships (existing or potential).
The project owner began to negotiate with a potential manufacturer.

It would be wise to accelerate the negotiations and begin to survey more potential partners too.

 

 

 

 

SECTION 3: The Competition

 

3a

What is the competition within your target market?
The potential users have to be convinced that the added value of this device is important and very useful for obtaining better quality.

 

 

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)

As it was described above, the uniqueness of the product and its much higher added value as the potential competitors has is a real competitive advantage.

 

 

 

 

 

3c

Potential products relate to the following price range:

• High price range

• Average price range

• Low price range

High price range

 

 

 

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

Such kind of equipment has no regulated market.

 

 

 

SECTION 4: Indicators

 

Estimated cost of the new products 1.5-2 MFt
Expected market volume (potential / maximum number of users) 1000
Expected sales volume 100
Expected market share of the company (proportion between sales and total company sales in the relevant market)  

 

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