SECTION I: The product
|1a||The innovation potential of this product is related to:
|This product is related to a technology driven innovation (under the influence of the development of science). The MTS is an innovation in both areas medicine and engineering. 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.
The added value of this product for the end-users is the higher quality of the medical therapy and user friendly equipment.
|1c||What is the Unique Sales Proposition of the potential product?|
|The product competes on the market with similar products from Germany, Italy, Russia ,Japan and China.
The product has better characteristics than systems from other countries and because of that the product has been protected by patent. If It will be produced in Bulgaria and it will have lower prices than the imported similar products from other countries.
SECTION 2: The Market
|2a||What is the target market for the product?
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, hotels, at home, and by every physician.
|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 X
• Key –at a development stage, but has already proven its potential
|In other countries this product is produced by specialized companies.
In Bulgaria it is either imported from other countries or 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
|Many 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 (for instance in stomatology, veterinary medicine) that don’t know about the existing product and its potential to be used against a big number of diseases.
|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 implementation phase.|
|2e||Strategic partnerships (existing or potential).|
|Existing partnership: physicians, chemical engineers, software engineers
Potential partnership: Mechanical engineers, Biologist
SECTION 3: The Competition
|3a||What is the competition within your target market?|
|There are no other companies in Bulgaria producing the same product.
The competition is with imported products from Germany, Italy, Russia, Japan and China.
|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 easy simultaneously with mineral weather therapy, laser therapy, ultrasound therapy, etc.
- lower prices based on lower production costs
|3c||Potential products relate to the following price range:
• High price range
• Average price range
• Low price range
|The real price of MTS units is very high. For example in Germany similar system costs 9000€. In Italy, the simplest variant of such a system costs 4000€, in Bulgaria – it is about 2000€.|
|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 divers – starting from big hospitals, through small laboratories , physicians working in a free market and finishing – 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)||?|