Marketing homework

Example： Market Size, Trends, and Growth

（ His company name is SureShade)

SureShade has created their own market niche within the boating industry and as such the sectors for the product are very specific. These sectors include, boat builders, boat dealers, and yacht service professionals. In Japan, out of the total population of 126.7 million, it is estimated that 70% (about 2.1 million) are pleasure craft users with 99,985 registered pleasure crafts (MarineTraffic, 2017). In comparison, there are 18 people per boat in the United States and 450 people per boat in Japan. This means that there are approximately 283,555 boats in use including the 99,985 that are registered. “The size of Japan’s boating market which includes sailboats, inboard/sterndrive, motor boats, other rigid boats, inflatable boats over 2.5 m and 20 kg, and PWC, increased across the board in 2012 compared to the previous year” (Pleasure Boat International Resource Guide, 2014). Figures for each type of boat are in the chart below. This boost was a result of Great East Japan Earthquake and the tsunami; many people needed to replace their boats that were damaged (Pleasure Boat International Resource Guide, 2014). Marinas that were previously built exclusively for fishing were also rebuilt to appeal to recreational users as well post-duel disasters (Pleasure Boat International Resource Guide, 2014). Correspondingly, Japan was ranked the 11th largest boating market in the world 2014. While the natural disasters may affect consumers negatively, it seems that SureShade could potentially benefit from them in this market.

Question 1 : Here you need to is Market Size, Trends, and Growth in Nigeria (for our company and product)

Our company name is DevonMD. We sell the devices to Nigeria.

Here is our company’s introduction and what do we sell :

Also, visit http://devonmd.com/  

Choose NPWT Devices we sell 3 different devices to Nigeria

It was a pleasure speaking with you on September 3, 2019 to discuss your goals for exporting Negative Pressure Wound Therapy (NPWT) devices into Nigeria. You will see below an outline of the history of Devon International Group (no need to recap history he would know) All company info should be for Devon MD as the company, not Devon International, the umbreall company Devon MD is under) and our strategy for expanding NPWT device distribution into the Nigerian healthcare system.

Background

In our first meeting, our team gained a better understanding of your company’s operations and product, for the purpose of determining the best strategy for fulfilling your business expectations and goals abroad. You identified Nigeria as a target market because it has a rapidly growing population base and economy. To enter into this market, we must create a distribution channel in the country which is cohesive with Nigeria’s current healthcare distribution channel to appeal to as many consumers as possible.

Our initial meeting has given the team an understanding of how your product operates and how the company distributes and prices to its current markets. Devon International GroupMD has created medical devices that help heal wounds and prevent debilitating amputation, using negative pressure; the average wound healing period is two months. The company’s goal is to decrease the effects of small vessel disease, resulting from diabetes, by simulating normal blood flow around a wound. The device applies negative pressure (by “sucking” through a tube) to stimulate blood flow in the wound area to allow healing to begin. It also sucks out infected liquid/puss in the wound; the bacteria in the area prevents the wound from healing, and often exacerbates its condition. Devon MDInternational Group is based in King of Prussia, PA and is currently distributing in X,Y, Z (state if you know them or say “numerous”countries,numerous countries with efforts to expand into Nigeria and Russia.

Based on the discussion, our team will first investigate the economic and medical environment in Nigeria to determine how to position this product in the company, largely based on demand and distribution capability. By surveying the macroenvironment in Nigeria, we will understand which elements of the country’s microenvironment to further explore and understand, and which national needs to address. Then, we will create an in-depth country analysis into those microelements to develop and cement our market entry strategy. This analysis will address governmental and legislative implications on future sales, and other factors that affect and inform our market entry strategy. In our meeting, you discussed previous sales on a business-to-consumer basis, but those were specific cases, so we will explore business-to-business distribution, to discover which method is more conducive to growth.

Please see the following outline for our team’s strategy for Devon International GroupMD’s market entry into Nigeria.

Research Strategy:

We will begin with extensive research into Nigeria’s healthcare system, and the general health statuses of its population. This will help us determine where the need is in Nigeria, and how we can shape our strategy to address that need. Moreover, researching the legal and regulatory environment of the country will help us avoid costly obstacles when obtaining permits or begin importing products. We will also reach out to Devon International Group’sMD’s current distributor in Kenya to get an understanding of the supply and sales chain in that country from a direct source, with the intent of taking much of the Kenyan strategy and applying it to the Nigerian market.

Industry Research:

We will analyze the current state of the health care distribution system in Nigeria, paying special attention to political and regulatory factors, and any challenges or opportunities those systems present. Despite rapid population and economic growth, the Nigerian healthcare system seems to drag, and we need to evaluate the causes for this, and find any possible solutions applicable to Devon MD. We will also look to similar countries, economically, and evaluate strategies that have been successful to inform our approach. Finally, we will examine the dynamic between healthcare providers and consumers, including the effect of prices, to determine the best method for getting Devon MD products to the appropriate consumer group.

Market Research:

The largest market for Negative Pressure Wound Therapy (NPWT) devices is in diabetics with small vessel disease, which is a direct result of diabetes. This disease prevents the body from healing properly, particularly in the feet and legs, threatening total debilitation for those afflicted. Diabetes is a growing concern worldwide, particularly in growing economies, as access to food and luxuries increases. Approximately 2%, or 1.7 million, of Nigerian adults are afflicted with diabetes, making this a prevalent concern.

Question 2 What do Customers want?

( discuss how to sell to them)

Here is information for this question

Rich people

30 – 45 years old

married with children，family is important，buy things  quality

fashion insider

15 – 29 years old, 

single，like to buy new things

Juniors

15 – 19 years old, 

mostly students，Often use media consumption

Traditional people

30 -45 years old，

 married with children，are focused on affordability and availability

bachelor

20 – 34 years old，

Hardly use media

Pick from the previous slide 1-3 segments and discuss how to sell to them