Together Open New Opportunity for Medicine
PHASE 0 - Identifying opportunities
We are happy to help you and take over the market entry analysis for you. The goal is to determine the most suitable market entry strategy and the choice of the market entry form. Subsequently, we support your market entry with carefully developed go-to-market strategies
Market entry process
1. Market selection/market screening: Which target market should be selected?
2. Form of market entry: Which forms of market entry are available in the markets?
3. Market development or go-to market: How can the individual instruments for market development be used in the selected markets?
Determine target market
The first step is to define target markets for your products. This can either be derived in a structured way or depend on other external effects.
Perform market entry analysis
In the next step, we determine the market potential and the characteristics of the local market as well as possible barriers to market entry for the markets already defined. Based on this, we conduct targeted market research for you to identify market requirements.
1. Product life cycle
2. Industry structure analysis
3. PEST Analysis
4. SWOT analysis
Forms of market entry
The next step is to decide what is the most suitable form of market entry into the new market(s) for you. The appropriate form of market entry depends on many factors, including the available resources and capital
Export: To find the first contact points with the new market you start with the export of your products
Sales office: The establishment of a local subsidiary is the next - capital-intensive - step into the new market. You will then be on site with your own brand.
Production facility: If you not only want to sell but also produce, the establishment of a production facility is the most capital-intensive form of market entry. One reason may be the local supply of your products, another may be the lower production costs on site.
Granting of licenses: If there is increased interest, you can consider granting a license.
Franchising: If there is interest in several countries, you can consider a franchising concept.
Dealer cooperation: If the foreign commitment does not yet pay off for your own branch office, you can have your products distributed by selected local dealers.
Joint Venture & Strategic Alliance: More binding is a joint venture in which you establish a joint company together with a local partner.
Private Label Manufacturer: With private labelling, trading companies legally act as the manufacturer of the product and are therefore responsible for compliance with all rights and obligations
Waterfall strategy: One country after the other is developed. The criteria for market selection are regulatory requirements, market potential, competition and market risk. The focus is on centralized rollout.
Sprinkler strategy: Several of the selected target markets are being developed simultaneously. This diversifies the risks. If one target market is not successful, the company has already invested in others.
Do you want to determine the market potential and the next big trends, or even create the new trend?
Do you want to explore the possibilities of improving the usability of your product through innovative solutions?
Do you want to develop an efficient market entry strategy that takes into account all stakeholder requirements and enables a fast Go to Market?