Market research techniques
Futuremed is an Australian company that manufactures and markets radiopharmaceuticals (medgadget.com 2018)
The company is run by a board of directors who look after the seniors management team
The management team is expected to find out potential innovation in nuclear medicine
They need a systematic approach or a potential disruptive technologies.
The radioactive medicines are called the radiopharmaceuticals .
The various radioisotopes are used in these drugs which are useful in major therapies and diagnosis (medgadget.com 2018)
These kinds of drugs are also used in the nuclear medicines for specific diseases .
The Futuremed company focuses on the customer demands and their prices of medicines are determined by the customer demands .
The internal process of the organization focuses on diseases and outcomes enabling them to generate patient – centric solutions (medgadget.com 2018)
The local and global pharma teams are connected with each other to work in more efficient ways
The company maintains trusted relationships and partnerships with the customers and stakeholders .
They have a well structured supply chain management system to run the business smoothly.
The Futuremed company conducts the market research by quantitative , qualitative , online and offline techniques.
In the quantitative research a selected group of people are asked a series of questions . The opinions of the entire sample determine the outcomes (medgadget.com 2018).
In the qualitative market research not the groups but individuals are questioned and their impressions and opinions are captured reading a particular issue
The Futuremed company also conducts online market research mostly via internet and social media sites . The online market research is the best way for market research because it is cost –friendly , global and maintains the anonymity of the persons .
This industry is regulated legally and economically by many aspects such as safety , manufacturing quality , life cycle of product , promotion and pricing
The regulations are high for the organizations working in this industry because the quality of the medicine and safety can be critical to patient health
Although , the regulations are strict , these are designed for public –welfare
Disruptive Innovation Occurs With A Set Of Strategies Which Create A New Productiive Market Out Of The Unproduxtive , Rather Neglected Market With A New Value Network (Assink 2016).
The existing established incumbents get disrupted , displaced and their market gets occupied by relatively smaller firms.
Disruptive innovation are produced by the entrepreneurs and outsiders , rather than the market –leading companies
The incumbents neglect a particular group of customers in the rush to exceed the expectations of a certain group of customers . The small firms utilize this opportunity to disrupt them.
Continued the new entrepreneurs start by targeting those customers who are overlooked by the incumbents .
They consider the market as a platform where they can prove themselves by providing best customer service at cost –friendly rates. They incorporate modified functionality in their products and services in order to get foothold into the market .
Those incumbents who chase higher profitability from high –demanding customers , do not respond as vigorously and as sensitively to all customers as the new entrants do.
Regulatory and Economic Condition Of Futuremed
The Steps Followed By The New Entrants
The new entrepreneurs preserving the early key advantages that pushed their business forward , serve the mainstream customers and move upmarket.
While customers enjoy the exclusive services and adopt to the new offerings , disruption has already taken place (Christensen, Raynor and McDonald 2015).
Dynamic strategies are those strategies that can be adopted by new market entrants to beat the existing competitors.
It can be done by reducing price of the product, developing product modification , finding target customers via market segmentation policies or by developing new channels of distribution
Continued
Value creation on the other hand is related with the notion to compete more effectively by wining the customer satisfaction and loyalty.
It is another aspect of strategic management and also solely associated with innovation.
Innovation in the products and services can increase the value to the customers.
The new entrepreneurs can create value by adopting new organizational logic , giving immediate feedback to the customer enquiries and implementing new cooperative structure in the workforce
The problem of conservative corporate culture within the organization can be mitigated by recruiting new and young leaders who are creative in their approach and can implement dynamic changes that can disrupt the incumbents and grab the market attention . The age –old senior management of Future med highly resist change because they are not agile enough to mold themselves according to the new strategies and market demands
The senior management bodies should be shifted to those works which requires less creativity.
The fresh recruitment must be done to get the fresh talents who are fast , vigilant, full of enthusiasm and agility to accomplish tasks and promote innovative change in the organizational structure and system.
In order ton deal with the problem of getting lawfully registered on the ARTG , the under developing company Future Med a first increase the brand familiarity in the market . Since the neighboring countries like New Zealand and Indonesia have les regulations , it can get the foothold on these markets first to widen the company profile.
The Future Med company has been found to be lacking proper market research methods. The company mainly conducts the market research by focus group activities of the doctors , physicians , target markets .
They must gather direct feedback from all the customers to know what they actually need by conducting surveys on the physician education seminars , patient pre –and post –clinical trials (King and Baatartogtokh 2015) .
They can expand their social media presence to get noticed by the customers and record their feedbacks . They can provide the 24 hours service facility to attract the customers.
There are some disruptive technological innovation that can change the face of the new entrants in the pharma industry
At first the company can bring the change by sequencing Genomes at home. It enables the patients to receive therapy in a customized way according to their own genetic backgrounds (Cardinal 2018) .
The company can use the innovative technique of measuring health parameters in a cozy way by placing body censors both inside and outside.
They can make use of the supercomputers to make difficult decisions (Adner and Kapoor 2014) . It will revolutionize the medical field in a unique way and increase the chances of the company being registered under the ARTG ( Australian Register of Therapeutic Goods )
Taking the help of artificial intelligence and machines , the problems can be analyzed with greater accuracy and speed .
Conclusion
Therefore , it can be concluded from the above discussion that THE NEW ENTRANTS CAN GRAB THE MARKET EVEN IN THE PRESENCE OF THE MARKET GIANTS . They can adopt the disruptive innovation techniques to get the attention of the customers and their loyalty . They can modify or completely change the internal, external , marketing and technological scenarios In order to get the competitive edge. The recommendations can improve the face of the future med company and support them to be recognized as the most effective pharmaceutical companies .
Adner, R. and Kapoor, R., 2014. Value creation in innovation ecosystems: How the structure of technological interdependence affects firm performance in new technology generations. Strategic management journal, 31(3), pp.306-333.
Assink, M., 2016. Inhibitors of disruptive innovation capability: a conceptual model. European Journal of Innovation Management, 9(2), pp.215-233.
Cardinal, L.B., 2018. Technological innovation in the pharmaceutical industry: The use of organizational control in managing research and development. Organization science, 12(1), pp.19-36.
Christensen, C.M., Raynor, M.E. and McDonald, R., 2015. What is disruptive innovation. Harvard Business Review, 93(12), pp.44-53.
King, A.A. and Baatartogtokh, B., 2015. How useful is the theory of disruptive innovation?. MIT Sloan Management Review, 57(1), p.77.
Markides, C., 2016. Disruptive innovation: In need of better theory. Journal of product innovation management, 23(1), pp.19-25.
medgadget.com 2018. Medical Technology News | Medgadget. [online] Medgadget. Available at: https://www.medgadget.com/ [Accessed 30 Sep. 2018].
Pisano, G.P., 2015. You need an innovation strategy. Harvard Business Review, 93(6), pp.44-54.
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