The Benefits of Market Analysis and How to Do It

A Market Analysis is an extensive and qualitative evaluation that explores the size, competition, buying patterns, and commercial settings of a market. The market analysis demonstrates to stakeholders whether or not the target market is large enough to support a business idea or proposal. Similarly, the analysis provides an overview of the company’s industry (Brad, 2014). By identifying a target market, one can indicate essential elements such as geographical location, buyer characteristics, demographics, and how to meet the needs of customers. Technology is advancing very fast in all sectors, and the medical world has not been left out. The traces of technological advancements are found in medical activities such as record-keeping, inventory management, and in medical procedures. With IRD, surgeons will be able to conduct painless surgeries that will make the patient more comfortable than before. 

Market analysis provides an opportunity for the business to acquire knowledge about its competitors in the market. Additionally, market analysis would enable one capitalize on the weaknesses found with competitor in the area. Similarly, analyzing a target market is essential because it focuses on a market that is likely to sell more than other markets. Additionally, market analysis is efficient as it creates effective ways to reach out to potential customers. When looking at the target market, it is essential to evaluate demographics to include age, gender, and level of income. This evaluation would also provide information on the target market, its spending capacity, and how it can reach your possible clients. 

Target markets include both federal and private hospitals. With the introduction of IRD, government hospitals will benefit from improved surgical outcomes. Organizations that would invest in IRD would benefit from reduction in costs of healthcare provision and enhanced delivery of quality care services that they would benefit from. Surgeons will be able to perform a large number of surgeries within a particular time frame since the technology is fast. IRD will reduce errors caused when performing surgeries since surgeon would be operating side by side with robots, which are accurate and efficient. Fatalities will decrease because patients will no longer have extended waiting times (Haag, 2013) . 

Studies show that a SWOT analysis is a credible, simple, yet dynamic mechanism to assist in developing business actions. SWOT stands for Strengths, Weakness, Opportunities, and Threats. This tool is used to evaluate the strengths and weaknesses of an organization and help identify areas where it faces challenge and it is through recognition of these challenges, that a business can address and improve its operations to meet its goals and objectives. 

Strengths 

IRD will aid in getting excellent and improved outcomes. Over many decades, patients have been afraid to undergo surgical procedures since it is excruciating and scary, but with the emergence of Ion Robot Devices, patients are more convinced and worry less about surgery ( Abdullah et al., 2017 ). The technology is fast and accurate, which is a milestone in the healthcare sector. IRD is anticipated to bring a huge change in medical facilities as surgeries would no longer take long hours, or their certainties remain unknown. 

Weakness 

One of the major weaknesses regarding IRD is poor distribution channels. The device is new in the market and it would take time to reach the end consumer. Considering the target market for this device, online marketing would not be an option. One need to confront hospitals and the government and persuade them to invest in IRD, which can be difficult. Additionally, the device is expensive, and therefore, most hospitals would not be able to buy and maintain IRD ( Bryant et al., 2018 ). On top of hospitals acquiring IRD, they will need to incur extra cost of training surgeons on how to operate the device. Similarly, they can end-up hiring experts who would be maintaining and ensuring the device works perfectly. 

Opportunities 

Current and future trends determine the opportunity for IRD in the healthcare market. The demand, price, and value for money that IRD brings is an opportunity that the business should utilize ( Abdollah et al., 2017 ). Patients are scared of ‘traditional’ surgeries, that are termed painful, therefore, increasing the demand for IRD. Considering the benefits that consumers are set to enjoy, the technology provides value for their money. Another opportunity is the uniqueness of the IRD technology. Players in the market, especially patients, are anticipated to receive IRD with open arms, given its uniqueness and operation mechanism. 

Threats 

Threats include emerging competitors- where there is another business selling similar commodities as yours at a lower price. Along with a cordial relationship with companies that frequently buy from them, such possibilities will pose as a threat to this business. Economic conditions- change in exchange rates, taxes, and inflation will affect the importation of and exportation of these products. Another threat that IRD faces in the market is invention of cheap or affordable devices in the future. The equipment is a bit expensive for hospitals or medical facilities to acquire. Therefore, the acquisition of IRD would see facilities pass the cost to patients in terms of high medical bills and fees. The innovation of the inception of another device that performs the same function as IRD is likely to lead to a shift from IRD to new technology. Both the medical provider and the ‘consumer’ would shift to a better alternative, which is cheap and affordable. Such an event is likely to run the company out of business. 

Table 1 

SWOT Analysis 

Regulation 

The regulation explains the rules business would employ to continue being afloat. Similarly, it is also an external factor as it pertains to the present rules and regulations that are set by an overseeing authority in the industry. Regulations can act as a barrier of entry where the business cannot be legally be accepted since it fails to meet certain standards. IRD meets all set standards from ensuring patient safety to adding value in the healthcare sector. Internal rules and regulations are only set when the business has met all legal requirements. Internal rules would include; only certified and well-trained surgeons who would be allowed to utilize IRD in operations and surgeries. 

Conclusion 

Strengths can help you maximize opportunities and minimize threats. The maximization of opportunities can be achieved by finding a location that will lure visitors and customers to your business. Uniqueness will contribute immensely to maximizing opportunities by consistently offering high-quality Ion Robot Devices (IRD) in a distinctive atmosphere where patients are comfortable. Assembling a team that embraces unique disciplines with proficiency in all aspects of the business. A threat is whereby one competitor sells the same IRD and possesses legal customers along with a cordial relationship with companies that frequently buy from them. Weakness will expose businesses to threat because poor quality equipment and poor services could deter patients from undergoing treatment. This will slow the ability to capitalize on opportunities. By considering SWOT, one can account on how at the moment and later on, the business will maintain the flow of its loyal clients. 

References 

Abdollah, F., Jindal, T., & Menon, M. (2017). Surgical training in the robotic surgery era: the importance of structured programs.  European urology focus ,  3 (1), 117-118. 

Brad, I. (2014). Business Plan: Major Management Tools In Development Of A Business.  LucrăriȘtiințifice Management Agricol ,  16 (2), 214. 

Bryant, A., Wei, B., Veronesi, G., &Cerfolio, R. (2018). Robotic surgery: techniques and results for resection of lung cancer. IASLC Thoracic Oncology, 12(5), 283-288. 

Haag, A. B. (2013). Writing a successful business plan: An overview.  Workplace health & safety ,  61 (1), 19-29.