Veinus

Abstract

In this project, go to Market strategy has been designed for the Vein Detecting device of the Veinus Company. Go to market strategy involved three broad aspects – customer segmentation, value drivers, pricing and value communication. Two basis of customer segmentation were identified - ease of access/ penetration and specialization of the department in hospital. On ease of access/penetration basis it was found that it was easier to access/penetrate private hospitals as they were willing to adopt the latest technology. In government hospitals – the bureaucratic administration posed problems in terms of access/penetration. On specialization basis, paediatric department would be most benefitted from this device. Bases on two basis of segmentation – a segmentation matrix was developed which gave a clear picture of target market. In terms of Value drivers, the primary value which was identified was lesser pricks/pain. Various other secondary value drivers were identified for the different segments. Pricing study was carried out on basis of willingness to pay of the hospitals and Value based approach. Willingness to pay of the hospitals for the device came around 75-85K and on value based pricing approach, the breakeven period came out to be 4 months. Finally, the value communication involved two aspects – the hospitals and the public which is the part of target segment. Value communication to the hospitals would be based on primary value driver. The relevant positioning statement and the tag line were developed. As the product is new to market, considerable awareness should be creating regarding it. Clinical trials, white papers and use of online resources has been suggested. Value communication to the public involved online social media to create awareness about the product.