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Market analysis plays a vital role in establishing a business venture in light of attracting consumers (Ferrell & Hartline, 2014). This essay presents the market analysis for a health care product in Washington, DC. The paper also highlights the target market, its size, and the benefits the initiator may get from the product. The external environment and the SWOT analysis of the product are necessary. The essay then concludes with the competitor’s analysis.
The healthcare product is equipment that will greatly assist in the early detection of some non-communicable diseases that range from heart illness to cancer and diabetes. The equipment is not entirely new since most of the healthcare facilities in Washington, DC, have already used such machines. One of them is the medical imaging machine that will be highly significant, especially in providing assistance in the diagnosis of the communicable diseases. Furthermore, treatment machines, such as infusion pumps, will be used for administering the treatment process. The diagnostic medical equipment will also be applied to control the spread of the non-communicable diseases.However, it is more advanced such than common equipment in the sector since it can detect the diseases earlier enough compared to the equipment currently operated in other public medical organizations. The equipment will be available in the public facilities already offering the services for the three non-communicable illnesses. The strategy is aimed at reducing the costs associated with training new staff on how to use the equipment. Additionally, such organizations by now have a list of the people with the diseases as well as at-risk population. The residents will benefit from the advanced yet affordable technology for servicing the lw-income patients.
The providers of healthcare equipment mainly target the low-income people living in Washington, DC. Specifically, it will focus on the population of ages 19 years and above given that they are at a higher risk of developing the diseases. However, a special focus will be on individuals of 19-45 age brackets. This age group is highly susceptible to the non-communicable diseases. It is composed of the most active members of the society that are highly vulnerable to such diseases as they also travel much. At the same time, there will be enactment of special considerations of the other age brackets as they can be susceptible to non-communicable diseases on a periodic basis (McQueen, 2013). According to McQueen (2013), a majority of the people who suffer from the non-communicable diseases are likely to have sedentary lifestyles or inadequate diets. As a result, the equipment will strive to reach out to such people across Washington, DC. Furthermore, around 18.6% of the state population does not have access to quality medical care due to poverty (US Census Bureau, n.d). For this reason, the new equipment will ensure the low-income individuals have an opportunity to easily access the diagnosing and treatment of the indicated diseases.
Size of the Market
It is essential to know the volume of the market of the healthcare product before launching the new product or service. Since the target market is already identified, the next step is to determine the people who are likely to use the equipment. According to Ferrell and Hartline (2014), one of the methods of establishing the market size is by accessing various sector databases. The records include the data collected by the industry associations, the federal and state governments, to name a few. Another way to estimate the market volume is by studying the competitors regarding their sales and consumer values (Lamb, Hair, & McDaniel, 2009). Moreover, carrying out surveys and referring to focus groups is an effective method of learning the approximate number of potential clients who may benefit from the equipment (Kotler, Burton, Deans, Brown, & Armstrong, 2012).
Lamb, Hair, and McDaniel (2009) explain that thorough awareness in the needs of a target market is the best way to compete with other product providers. Thus, due to the growing challenge of obesity rates in Washington, DC, one of the needs is equipment that is capable of detecting this non-communicable disease early enough. The other requirement involves affordable healthcare for the ailments since the majority of the target market are poor population.
External Environment Analysis
The healthcare product may perform well once it is launched as it has adopted the latest technology that is not available in the market. Secondly, the consideration of the economic environment is essential because most of the target population has low incomes. Hence, some of clientele may not afford to pay for the treatment using the new equipment unless the services are subsidized. Legally, the federal and local governments have certain regulations on new healthcare products or services to protect the lives of the patients (McQueen, 2013). Furthermore, the socio-demographic trends have an influence on the product in that some people, especially youths, do not seek regular medical check-ups. McQueen (2013) mentions the ability of environmental pollution to increase the risks of cancer. Since Washington, DC, is an urban area, public facilities using the new equipment will experience an increase in the number of patients.