A new model to evaluate the market for biotechnology
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Keywords: biotechnology, marketing, model, positioning, segmentation
A new model to evaluate the market for biotechnology Amanda McMurray and Richard Jones Date received (in revised form): 18th June, 2003
Abstract There is a clear need for a tool for market analysis of biotechnology markets. There are many well-respected and well-established models for market analysis but none that meets the specific needs of biotechnology marketing. A new model is proposed here that will transform market analysis for biotechnology. The model is a tool for visualisation of a new biotechnology market through comparison with an existing market that is well understood. It combines parameters identified as specific to the needs of a specialised biotechnology market into a single marketing tool and can be customised to include specific parameters or features relevant to an organisation, its markets or its marketing needs. It has been used to analyse the potential and risks of entry into a new market by comparing it with one that is well understood. Furthermore, by drawing on specialised competitor and market knowledge, it can be used as a strategic planning tool.
INTRODUCTION
Amanda A. McMurray, PhD Knowledge Transfer Manager, Babraham Bioscience Technologies, Babraham Hall, Babraham, CB2 4AT, UK Tel: +44 (0) 1223 496208 Fax: +44 (0) 1223 496020
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There are many marketing and market analysis tools. These have been developed, in the main, for consumer products and fail to take account of the specific features and needs of the biotechnology industry. There is almost no precedent for analysis of a true biotechnology market. Established marketing models are valuable in biotechnology marketing analysis. However, even models developed for high-technology industries are, in fact, designed to evaluate a consumer end-user market and so fail to describe and measure the biotechnology market adequately. Whereas even hightechnology products are often aimed ultimately at a mass ‘high-street’ market, biotechnology ‘products’ tend to be aimed for their entire product lifetime at a highly specialist user with specific needs. Our recent evaluation of the current and developing market for genotyping products revealed that there are no models available that can be applied directly to this market or to the wider biotechnology market. Furthermore our evaluation revealed that, although valid in describing specific features of biotechnology markets,
they have serious limitations in describing fully what is a unique market structure with special needs.
A NEW MODEL FOR MARKETING BIOTECHNOLOGY It can be argued that every biotechnology market is an opportunity for focus. Each is a specialised market in terms of product and customer needs, and as a result each one requires an individual approach. The model developed here is a visualisation tool. It enables assessment of a new biotechnology market through comparison with existing markets that have already been well characterised throughout their product life cycles and hence are well understood. The model c
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