1. Discuss the process that Sarah Foster and her partners have gone through to bring to market their medical device. How might they have avoided some of the pitfalls they have encountered?
1. Innovative products are designed and consult with experts. 2. Products are tested in pigs and any problems encountered are resolved. 3. Products are patented and licensed by the Food and Drug Administration (FDA) as well as the experimental ones. (Clinical trial) 4. Clearly define the target market segment (segmentation)
5. Find the main customer groups. (Target market)
6. Competitor analysis
7. Financial Projection
9. Find a distributor.
Some of the pitfalls could have been avoided by consulting with doctors or experts in the industry as much as possible in order to hear their feedback. Ms. Foster could have also looked into hiring a doctor that would be able to help in the provide information that would allow her to improve her product that would meet the needs of the market better.
2. Examine Newland’s strategy in light of the special circumstances in this industry. What is your recommendation for moving the company forward?
The original strategy for Newland was to find a market demand for the Stone Removal Stent. They realized that there product could be the solution for removing stones from the ureter and this allowed them to have a competitive product that companies would want to pursue in the stent market. With the strategy being to produce a product above the others and have it acquired from outside investors, I would recommend that Newland invest in manufacturing to help sell their product and have it appeal to more prospective parties.
In order for the company to move forward, I would recommend that Newland pursue fulfilling the acquisitions as soon as possible rather then trying to add new products to increase the acquisition value. There were idea to add new products, but without...