What is the Product?
A well-written product description must be appealing and informative. It is one of the first sources of information a potential buyer will see regarding your product. If well written, it will answer all common questions a new customer would want answers to, in a clear and concise format.
Who are the Users and Where will the device be used?
Identifying primary use locations and users for your product is an important step in product design. By identifying where and by whom your product will be used, product features specific to these groups can be identified and implemented. In addition to aiding product design, location and user identification will provide a foundation for calculating the potential market size for your product.
Why is this Product Better than Current Alternatives?
An understanding of competitive products is critical to successful positioning and pricing of a new product/technology. Competitive benchmarking provides an opportunity to identify the distinct advantage a new product has over its competitors. This information will be used to help you understand the relative benefit of your product versus others in the market and to provide a basis for determining your product's market price.
Is the Market Size sufficient to attract Commercial Interest?
Estimating market size is an important step in the plan to commercialize a new technology. Market size for medical devices is generally comprised of two revenue sources: the sale of the device and the annual cost of disposables.
Who will take this device to the Market?
This page describes three market entry strategies: licensing, participating in a joint venture, or starting up your own company.