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Visit us on the web: http://www.themarketechgroup.com/?utm_source=SlideShare&utm_medium=Social+Media&utm_campaign=Case+Studies About Us: With offices in North America and Europe, The MarkeTech Group provides a unique combination of extensive marketing research methodology expertise, deep medical technology domain knowledge and value-added strategic marketing consulting to medical technology companies who seek high quality marketing research studies and professional marketing strategy consulting. The MarkeTech Group's team of marketing research and strategy experts take pride in integrating their leading voice of customer (VOC) research expertise and strategic consulting into their clients' marketing and R&D departments to help successfully launch and maintain profitable products in healthcare. The MarkeTech Group, LLC 502 Mace Blvd, Suite 15 Davis, CA 95618 Tele: (+1) 530-792-8400 Fax: (+1) 530-792-8447 The MarkeTech Group, SARL 3, Rue Emile Péhant 44 000 Nantes Tele: +33 (0)2 72 01 00 80 Fax: +33 (0)2 40 48 29 40 Contact Us: http://www.themarketechgroup.com/index.php?page=Contact_TMTG&utm_source=SlideShare&utm_medium=Social+Media&utm_campaign=Case+Studies
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USA502 Mace Blvd, Suite 15Davis, CA 95618United StatesTele: (+1) 530-792-8400
BACKGROUND
CHALLENGE
IMPACT
The Client, an international medical device and technology leader, is a major player in the U.S. medical imaging device market. Its flagship product is a premium intra-operative imaging system that utilizes state-of-the-art features. With pressure from the sales department to reduce the device’s price, the Client wanted to re-evaluate its optimal pricing. By understanding competitive brand perceptions and the value of product features, the client can understand the impact on market performance.
The Client required a better understanding of the consumers’ purchasing process and the choice drivers impacting product options vs. price. Specifically, the Client wanted to understand how much price affected customers’ willingness to buy relative to the percep-tion of the brand and product features. It was important to identify which features were key determining factors for consumers to purchase the device.
SOLUTIONThe MarkeTech Group (TMTG) recommended a 2-phase approach. In Phase I, In-Depth Interviews (IDIs) were conducted to identify the elements that drive decision-making and to verify key decision-makers. This information was used to design the phase II web survey, which was then administered to 201 physicians, OR managers, and imaging directors. The data collected from the survey was then analysed and also used to develop a preference simulator, which allowed the Client to run “what-if” scenarios to model price sensitivity, feature configurations, and brand perception.
The Client realized that its strong brand, product reliability and uptime, and comprehensive technical support were key factors in consumers choosing the Company’s products. TMTG’s analysis revealed several device features that drove choice, and that price was elastic only in a small range. TMTG’s simPRO™ preference share model suggested that lowering price below an identified level will have little impact on preference and therefore, act to simply reduce margins with minimal impact on market share. The Client used TMTG recommendations to become more disciplined about pricing, resulting in improved profitability. The analysis also allowed the Client’s development team to focus on and develop key device features to maximize adoption.
EUROPE / FRANCE3 rue Emile Péhant
44000 NantesFrance
Tel: +33 (0)2 72 01 00 80www.themarketechgroup.com
MARKET
METHODOLOGY MIX
South AmericaEurope
Qualitative ResearchStrategic Consulting
Quantitative
Asia
PROFILECLIENT TYPE
PROJECT CATEGORY
PRODUCT CREATION
LAUNCH PREPARATION
Medical DeviceMedical Imaging
Medical DiagnosticsMedical IT/eHealth
BiotechnologiesPharmaceuticals
Technology AssessmentOpportunity Analysis
Customer and Product RequirementsProduct Concept Testing
Segmentation AnalysisBrand Positioning
Packaging and Materials Testing
Go to Market PlanningPricing
PRODUCT MONITORINGCustomer Satisfaction and Loyalty
Post Launch Acceptance
MARKET RESEARCH AND PLANNINGCustom Market Analysis
Market Mix Analysis
OR Equipment – Don’t Leave Money on the Table
TECHNOLOGY GO / NO GO
North America
