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Just Other Articles - Essential Market Research For Your Small Business
Like it or not, competition is all around us. If you’re going to start a new business or launch a new product or service you must research the market first. You have to find out if the market wants what you’re selling or you will fail.
If your business is going to be successful you must know everythi
If your business is going to be successful you must know everythi
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ng that is going on in the marketplace. You have to know who your prospects are, who your customers will be, and most importantly who your competitors are. There are many forces and factors behind how customers purchase products and services. Gaining the right knowledge goes a long way toward your suc
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
cess in business.
There is little room for guesswork in business today. Obtaining the correct information and knowledge that is to the point, objective, and thorough is essential to your business success. You can only gain this knowledge through research and testing.
You need to find out what proble
There is little room for guesswork in business today. Obtaining the correct information and knowledge that is to the point, objective, and thorough is essential to your business success. You can only gain this knowledge through research and testing.
You need to find out what proble
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
s need to be solved and if the market wants them to be solved? You need to find out what price the market will pay to have its problems solved. The answers to these questions will form the foundation for your business plan.
Good market research gives you the best return on investment you can have, bu
Good market research gives you the best return on investment you can have, bu
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
t it is important to realize that it pays off in the long run, not in short run. There are two types of market research you need to be aware of. The first is quantitative which measures numbers and percentages of how much customers buy. The other is qualitative which gives you the reasons why customer
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
s buy a certain product or service.
Quantitative research reveals market share or how many people in a certain group buy or do something. Radio and TV ratings are quantitative research. Preference studies are quantitative in nature.
For example suppose you were doing a study on coffee and you found
Quantitative research reveals market share or how many people in a certain group buy or do something. Radio and TV ratings are quantitative research. Preference studies are quantitative in nature.
For example suppose you were doing a study on coffee and you found
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
hat 74 percent of the tested group preferred caffeinated coffee over decaffeinated coffee. Based on this study, if you were introducing a specialty brand of decaffeinated coffee, you would know that your market size is drastically less than the segment that prefers caffeinated coffee.
Without this kn
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
owledge you would have no idea what size your market opportunity is, whether you should be shooting at this particular target, or whether you will even hit it.
The primary component of any successful market research is gaining insight into your competition. At some point you need to develop a Unique
The primary component of any successful market research is gaining insight into your competition. At some point you need to develop a Unique
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
Selling Proposition or a USP.
Your Unique Selling proposition is that distinct, appealing idea that sets your business apart from every other competitor.
Your entire marketing and operational success should be built upon your Unique Selling Proposition. Your USP can touch any part of the marketing g
Your entire marketing and operational success should be built upon your Unique Selling Proposition. Your USP can touch any part of the marketing g
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
mut, price, service, quality, or exclusivity. You gain a unique selling advantage by offering a big, unique, and appealing promise that’s not being offered by your competitors.
How do you pick a USP for your business? You must identify which needs are going unfulfilled within your industry. Here are
How do you pick a USP for your business? You must identify which needs are going unfulfilled within your industry. Here are
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
six examples to get you started:
1. You offer the broadest selection.
2. You offer the biggest discounts.
3. You offer the best advice and assistance.
4. You offer the highest quality products.
5. You offer the fastest service and delivery.
6. You offer the longest and most comprehensive guarant
1. You offer the broadest selection.
2. You offer the biggest discounts.
3. You offer the best advice and assistance.
4. You offer the highest quality products.
5. You offer the fastest service and delivery.
6. You offer the longest and most comprehensive guarant
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ee.
Because of today’s technology it is easier to research and gain competitive intelligence about emerging competition than ever before. The Internet is a tremendous research tool. Surfing the Internet and looking at a competitor’s Web site is an easy thing to do. When you buy something from a compe
Because of today’s technology it is easier to research and gain competitive intelligence about emerging competition than ever before. The Internet is a tremendous research tool. Surfing the Internet and looking at a competitor’s Web site is an easy thing to do. When you buy something from a compe
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
itor’s Web site it not only gives you valuable information but it also allows you to remain anonymous, something that purchasing offline doesn’t.
Here are some other ways to conduct competitive research online:
• Participate or visit newsgroups and information forum.
• Conduct surveys.
• Extract a
Here are some other ways to conduct competitive research online:
• Participate or visit newsgroups and information forum.
• Conduct surveys.
• Extract a
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
nd explore databases.
• Find and contact strategic alliances.
• Test market products, surveys, headlines, and advertising.
The more information you gather, the better equipped you will be to compete in the marketplace. It is always best if you do your research on a regular basis because the market
• Find and contact strategic alliances.
• Test market products, surveys, headlines, and advertising.
The more information you gather, the better equipped you will be to compete in the marketplace. It is always best if you do your research on a regular basis because the market
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
and your competition are constantly changing. Once you have gathered new information you must be prepared to react quickly depending on what the research reveals about your competition and customer demands.
For example, if your customers start doing business with your competitors, it might be signal
For example, if your customers start doing business with your competitors, it might be signal
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
hat you need to reposition yourself against the competition or at least research why your customers are moving to your competitors.
When it comes to customer research you need to find out three basic things: What does your competition offer to your prospects that they like best? What is your competit
When it comes to customer research you need to find out three basic things: What does your competition offer to your prospects that they like best? What is your competit
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ion doing that your prospects don’t like? What do your prospects want that your competition does not offer?
Some businesses that can afford to, hire a market research firm to do their research for them, but nothing strengthens a relationship more than one-on-one dialogue with a customer or prospect.
Some businesses that can afford to, hire a market research firm to do their research for them, but nothing strengthens a relationship more than one-on-one dialogue with a customer or prospect.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
Asking questions helps you to do this. On the other hand, prospects and customers may be more willing to speak honestly with an objective third party than with someone directly going after their business. Here, the process isn’t as important as the answers.
Market research means researching the marke
Market research means researching the marke
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
opportunity, products, services, media options, competition, industry, prospects, customers, technology, benefits, partnerships, external forces, threats, and the economy. Most businesses fail because they launch a business, service, or new product without researching whether or not the market wants
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
it.
The market will always tell you what it will buy and the price it is willing to pay. The market will never lie to you. If you do your research and listen to what the marketplace says, you will succeed every time.
Copyright©2006 by Joe Love and JLM & Associates, Inc. All rights reserved worldwide
The market will always tell you what it will buy and the price it is willing to pay. The market will never lie to you. If you do your research and listen to what the marketplace says, you will succeed every time.
Copyright©2006 by Joe Love and JLM & Associates, Inc. All rights reserved worldwide
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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