The purpose of market development is to identify additional indications or applications of the current technology that are applicable to current or different customer segments in meeting an unmet need. For example, beta blockers have a number of indications from hypertension, anti-arrhythmic to cardioprotection after myocardial infarction and used by several customer segments such as internist, general practitioners, and cardiologist. Once a potential indication or application is identified along with the appropriate customer segments, the process for product development in conducting marketing and product development in parallel would be implemented. Please see Product Development for more details.
- Product Assessment
- Identifying a critical unmet need from the customer and whether the customer will use/buy it.
- Obtaining the optimal product profile from customers.
- Market Assessment
- Defining the size of the overall market, product potential, and other influences in the market place.
- Competitive Intelligence or Landscape
- Identifying all competitors and their strengths and weaknesses.
- Competitive Advantage
- Identifying the products’ benefits in terms of clinical differentiation.
- Marketing Strategy and Plan
- Developing the positioning, messaging, pricing, reimbursement, and programs in marketing the product.
- Launch Strategy
- Creating a project time line that incorporates milestones, critical paths for a successful launch.