Assignment
scope/limitations. Your assignment is to create a
business plan for entering a new market (country). The course assumption is
that this a new business unit within a successful US company which means you do
not focus on the base company issues. All your focus is on entry and business
success in the new market (country). PLEASE SEE TEMPLATE
1. Identify the NAICS code for
the industry subsector to which your selected device belongs.
2. Analyze the characteristics of the
companys potential customers in the new market and address the international
cultural differences.
3. selection
of new medical device for MediCorp to introduce in the selected country
4. MediCorp’s
main competitors in your selected medical diagnostics devices industry in the
selected country
5. market
and segment growth of your selected medical device over the next three
years in your selected country.
6. Where
does MediCorp add value as a way of gaining a competitive edge?
7. Recommendation
of relocation of one or more activities from MediCorps value chain in the
United States to your selected country, using Porters Value Chain analysis.
8. the
legal business entity to market the products in the country (review Modes of Entry for
help)
9. impact
of the countrys legal, ethical, and cultural standards on MediCorps
operations in the country (review Governance and Accountability for
more information)
10. prepare market share
estimates for MediCorps medical device in the selected country and revenue
forecasts for the next three years.
11. specify the major factors
to be tracked for strategy implementation using the four perspectives of the balanced
scorecard: the learning and growth perspective, business
process perspective, customer perspective, and financial perspective.
Definition
of customers and revenue forecast. The structure of
the market predicts who pays and who uses. Some countries are similar to the US
where the buyers are government health care system, private hospitals, private
hospitals, clinicians and individual consumers. Most developing countries focus
mass health care through the government. You may have limitations in data so
you might start with what you can learn about the structure of the health care
system through database searching and the following websites.
WORLD HEALTH ORGANIZATION
WHO
(2018f), Global Health Expenditure Database, World Health Organization,
Geneva, http:// apps.who.int/nha/database.
WHO
(2017e), Global atlas of medical devices, World Health Organization
Publishing, Geneva.
https://www.who.int/medical_devices/publications/en/
https://www.who.int/medical_devices/countries/en/
https://www.who.int/multi-media/details/public-spending-on-health-a-closer-look-at-global-trends#
https://www.who.int/health-topics/health-accounts/#tab=tab_1
OECD
OECD
(2017), Health at a Glance 2017: OECD Indicators, OECD Publishing, Paris, http://dx.doi.org/10.1787/
health_glance-2017-en. OECD (2018), OECD Health Statistics (database), https://doi.org/10.1787/data-00540-en.
Distribution
and access to customers Part of industry structure is
the methods of distribution, sales and support to the customers. Again
you may have limited data. Some countries follow the US model where there are
distributors, sales agents, and local partners. Some countries centralize
purchase direct from manufacturers. Again you may have limited data. For course
purposes you can make assumptions that are clearly identified. You may also
base your analysis of similar markets with adjustments to the new market.
Revenue
forecast. In
the exploration stage for new markets the common approach is as follows:
1.identify size of problem by statistics on the incidence and growth of the
health problem. 2) Identify the size of the served market by totaling the
revenue size of the identified incumbents. Often major firms are 60-70% of the
market. It is common to create an other category of 30-40%. The forecast of
your product depends on your competitive advantage. Are you seeking a switch
from incumbents or new entrants to the market? What is the value offering that
would motivate purchase?
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