Want to make I answered the professors feedback. help improve the readability, clarity, and tone to the answered feedback. Use sources already used if can.
Below is the feedback:
In Project 5, you were to identify a medical device that the company can use to expand into your selected country and decide to relocate one or more activities from MediCorp’s value chain in the United States to your selected country. You were then to devise a marketing strategy, develop financial projections, and create a strategy implementation plan for the company to craft an international business plan to market the new product in your selected country. Your final international business plan should include key findings from your marketing strategy (Steps 1–2) and financial projections and strategy implementation (Steps 3–4). It should also include an executive summary.
Below are my comments on your final Project 5 report:
Your executive summary, p. 3, suggests that MediCorp should enter Brazilian $4.7 billion market for medical devices through a General Partnership with ADAVIUM Medical. Since the focus is on hospital beds, NAICS code 423450, the size of the target market in USD should be for hospital beds rather than for the total market for ‘medical devices’. The forecast of the Brazilian health care equipment & supplies market at $70,226.5 million in 2023 needs explanation as this is almost 15 times your figure of the medical devices market in Brazil. Under Market Strategy, p.8, you mention that the company will follow local niche cost leader. The strategy and your 3-year forecast should be mentioned in the executive summary. This is because the purpose of the executive summary is to present the essential issues and recommendations. It may be the only page of your report that gets read by top management. The Final Report Template of Project 5 in step 5 asks you to start your executive summary as follows: “Business Plan for [selected client organization] to enter [selected country] $(size of market in US Dollars) market for [product/service] through a [type of legal structure] with [selected alliance partner].”
The statement that “Brazilian demand for medical equipment has grown at the fastest pace in the past decade” , p. 7, should be supported with numerical data.
Under Customers in Brazil, pp. 5-8, it is mentioned that “To promote Hot Bed, the device will feature adjustable side rails, their heights are automatically adjustable including the feet and head and have electronic buttons that are easy to operate both on the equipment and other electronic devices”. Given the advanced features and high-end technology in MediCorp’s Automated Hospital Beds, how does this tie up with MediCorp’s chosen strategy of local niche cost leader in Brazil?
You have mentioned MediCorp’s’ main competitors in Brazil as St. Jude Medical Inc., Siemens AG, Koninklijke Philips Electronics NV. Your proposal tat MediCorp’s will price the product at $85 for standard automated hospital beds and $150 for high end and more advanced automated hospital beds, p. 8, should be compared with their competitors’ prices. The prices suggested in your paper are too low for an automated hospital bed with the high-end features. For comparison, you may like to examine the price of a similar hospital bed in the US.
The market forecast for hospital beds in Brazil should be prepared before deciding on MediCorp’s share of the market. Under market strategy, it is stated that the forecasted total number of units sold is based on 4000 hospitals within Brazil. You mention that “In 2021, the Brazilian health care equipment & supplies market is forecast to have a value of $7.7 million”. Since the focus is on hospital beds, the data should relate to the market for hospital beds. Your 3-year forecast states that the plan for MediCorp is to sell 100,000 devices in year 1, forecasted average unit price sold of $110 which will equate to $11 million in year 1, 200,000 units in year 2 ($22 million), and 250,000 units in year 3. ($27.5 million). These numbers should be derived from your estimate of the current demand of the hospital beds and annual growth rate over next 3 years in Brazil and the entry price of MediCorp’s Hot Bed based on competitors’ prices and MediCorp’s marketing strategy. The revenue projections for MediCorp’s hot bed for year 1, 2, and 3 would be (no. of units sold x price per unit). Break-even analysis is not part of the project.
Discussion on the international cultural issues merits more discussion. The statement that “MediCorp will also be mindful of the colors used in correlation with the product, as colors such as black or green have a negative impact on Brazilians. Thus, it is best for the company to understand the culture and align as best as possible for new entry” is too general. The discussion can be enhanced using the Hofstede’s six cultural dimensions for Brazil and how they would play out in your marketing plans in Brazil.
In recommending the ‘general partnership’ mode of entry into Brazil, it would be useful to mention if the proposed partnership would be minority, equal, or majority and why?
Discussion on Strategy Implementation should include targets for the four perspectives of the balanced scorecard: learning and growth perspective, business process perspective, customer perspective, and financial perspective.
For more information on Strategy Implementation read this: https://en.wikipedia.org/wiki/Strategy_implementation
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