Biomed_Entrepreneurship_Lecture_3-_March_14.2009

Biomed_Entrepreneurship_Lecture_3-_March_14.2009 - T H E EN...

Info icon This preview shows pages 1–7. Sign up to view the full content.

View Full Document Right Arrow Icon
THE ENTREPRENEURI AL MARKET ANALYSI S PROCESS Your finished Entrepreneurial Market Analysis should address each of these functional areas: Define and describe the overall industry quantitatively. Define and describe your target market sub- set(s) of the overall industry quantitatively. Generate a Competitive Environment Analysis. Develop a realistic pricing launch strategy. Develop an Advertising, Marketing and
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
THE ENTREPRENEURI AL MARKET ANALYSI S PROCESS MARKET ANALYSIS (Who you are selling to?) Identify and describe the overall industry for your new product idea: Size, Growth Rate, Trends Ex: Health Care: $2.3 trillion, 7% growth: 750,000 U.S. doctors, 5,200 hospitals, 1 of 11 Americans work in the health care industry. _______________________________________ ________ Rx industry: $230 billion/year, 3.4 billion Rx’s & OTC products, 4% growth Biotechnology : $50 billion/yr, 1,400 companies.
Image of page 2
The Target Market Analysis Process Define and describe the likely categories of potential future End-User’s for your biomedical technology product within your chosen target market subset of the overall health care industry: Health Care Technologies Major End-User Categories: Hospitals Pharmaceutical Companies Physicians Biotech Companies The Military Non-hospital Health Care Facilities Health Care Industry Suppliers
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Determine the Patient Population Define and Describe the metrics of the intended patient population your new health care industry product would serve. Example: “A novel insulin drug delivery product” Patient Population: 24 million US diabetics projected to increase to 15% of the total population by 2020.
Image of page 4
Further Characterize Your Target Market Determine any important Demographic Features for the End-User Customer Categories you have identified within your target market. A demographic feature is any characteristic which helps better define the actual future End-Users CONSUMER ORI ENTED “SELF DIAGNOSTI C” DEVI CES POSSI BLE DEMOGRAPHI C FACTORS: Gender, Age, Income, Location, other factors = Number of likely future customers for your product HEALTH CARE PROFESSI ONALS OR ORGANIZATI ONS DEMOGRAPHI C FACTORS : Size, Type of Industry, Location, other factors = Number of likely future customers for your product
Image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Target Market Metrics Example “A new device for ambulatory EKG monitoring” Industry: Health Care Target Market Demographics: Non-invasive Cardiology Diagnostic Devices Target Market End Users:
Image of page 6
Image of page 7
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern