Market Assessment – Medical Device Manufacturing Company
The client was considering entry into a new market category. Rasdal Associates was engaged to determine the following:
- Is the market attractive? If no, stop assessment.
- Can the client be successful? If no, do not participate.
- How, when and where to participate?
The first step was to compile and analyze market research information to understand the attractiveness of the market. The next phase was to map hospital areas and therapies with needs and technologies. Then Rasdal Associates provided a report which was used as the first phase of a market assessment and plan for potential entry into this market.
This was followed by a full day strategic review session with the client management team. During this session we evaluated whether there were opportunities within the market segments that the client could address better than the current market leaders.
During the evaluation we considered the following:
- What does the client bring to the market that is unique and sustainable?
- Critical success factors
- Barriers to success
- Client strengths and weaknesses
- Technology implications
- Competition and competitive response
- Strategic alliances and joint ventures
- Magnitude and timing of resources required to meet objectives
At the end of this process, the client decided that it did not make strategic sense to enter this market.