The significance and necessity of strategy is greater than ever before in times of a dynamic market environment with increasing structural change due to issues such as digitization, market entry by technology groups outside the industry and economic interdependence. In order to develop a suitable solution for medical technology providers, a large number of strategic factors in the company’s environment must be understood and taken into account to ensure sustainable competitiveness. We are happy to advise you in the areas of company strategy, digitization strategy, marketing and sales strategy, strategies for portfolios, products, and brands as well as market entry and competitive strategies.
With the Market Strategy Excellence approach, Homburg & Partner provides medical tech companies with a simple guideline on how to systematically develop their market-oriented strategy in six modules. These modules include strategic concepts and instruments proven in practice that facilitate developing such strategies.
To begin with, we examine your company and its environment comprehensively using the “5C Model” prior to conducting an analysis using primary surveys and secondary data. The current situation is presented by contrasting customers, the competition, channels as well as country-specific factors with one’s own company.
During the explorative phase we assess the facts and trends previously identified using an estimation procedure and then, inter alia, extrapolate these in the shape of market potential and annual growth rates. The bases for these can be expert estimates or the results of market research, among others. We thus identify potential growth sectors in all areas of the 5C model specifically for you.
We then interpret the results of our descriptive analysis and project trends. By using a SWOT analysis, we conduct a comprehensive survey and systematic comparison of strengths and weaknesses as well as opportunities and risks as influencing factors on your company’s success in order to thus derive strategic potentials that are internally and externally relevant to success.
The findings collected during the first three modules are then summarized in a “House of Strategy” to present a target situation and produce strategic principles. By means of the strategy house we then derive specific recommendations for action from the SWOT matrix based upon which you will be able to strategically position your company for the future.
The last step to successfully complete developing a strategy is to guarantee a clearly controlled implementation thereof. To do so, we use a guideline to translate the strategic principles into operative measures and develop areas of activity which are then broken down into concrete individual measures.
Finally, we initiate a control process which runs through all modules and tests the effectiveness and validity of the development and implementation of the strategy – an element neglected often in business practice despite its major importance. This strategy control serves as a regular means of measuring the achievement of objectives, with key metrics such as sales, growth rates or installed base serving as KPIs.
Homburg & Partner can look back upon many years of experience in using the MSE approach to efficiently connect external opportunities in the medical technology sector with customers’ internal resources and to successfully develop market growth strategies for medical tech companies active in a purely domestic or international context.
Do you have questions or would you like to discuss the topic? Then feel free to contact our experts Dr. Michael Scholl, Karl-Hubertus Gruber and Dr. Michael Marquardt.
