Introduction
Advanced Biomedical Devices is a medical device developed by British surgeon Dr. Richard Bentley. This particular device helps in rapid wound healing processes and is known to be a revolution in the field of Medical Science. This particular article focuses on the relevant aspects that are needed for the export of particular devices. The article is known to have provided effective information about the innovation and technology that has been used to develop the particular device that is of exceptional use in the field of medical science. The article focuses on effective strategies that management has to undertake in order to expand in the international markets. The entire article focuses on several strategies that are needed for business expansion in the international market and inherently documents the effective barriers and problems that it will face while launching such new products in the industry.
The article discusses effective management strategies and the exceptional aspects that the organization will require in order to expand its market in the international market. The article also discusses the inherent aspects of products and the readiness of the product which will effectively influence the context of export of the particular product in the international market. The paper inherently focused on the international intent for the marketing of the products and the effective capability of the managerial decision to export the product to the international market. The following document will effectively provide an idea about the problems and the solutions regarding the internationalization of the product and effective ways that the company can undertake a successful export and expansion of the product reach in the international market.
Identification of Stakeholder’s Problems, Goals, and Concerns
The relevant stakeholders of the particular organization are the consumers and the producers of the particular product. However, in terms of the international expansion of the product distributors and potential customer base are the clinics and private hospitals who want to experience relevant utility with the use of those products. The management team is also a relevant stakeholder as it includes professionals coming from different countries. The manufacturing director of the company is from Germany and the other manager has spent several years in France and Malaysia. The relevant stakeholders also contemplated the international competitors and markets (PETKOVSKI et al., 2020).
The effective goal of the organization is to initiate a high demand amongst the medical distributors to sell the product to the hospitals and clinics in the global market. The success of the fall has been contemplated by the miniaturization of the devices which is an effective competitive advantage that the organization is enjoying in the market (Kokorelias et al., 2021). The projections have also contributed to the positive growth of the company in the future by the management. The problem that is inherently faced by the organization which was also raised by the owner of the organization is the aspect of after-sales services which is found to be challenging in foreign markets. If we contemplate the goal of the other stakeholders it has to be more significant in terms of the users of the particular devices.
The goal of the clinics and hospitals is to maximize their revenue with the use of effective rapid healing devices. Moreover, the use of rapid healing devices will allow the clinic and the hospitals to heal their patients faster and the beds of the hospitals will be vacated in a very minimum time (Jun et al., 2021). This will also provide the hospital with enhanced customer service. Besides the increase in customer service will also provide effective capacity for the hospital to give medical services to more customers within a very short time due to the use of the rapid healing devices. The management of the organization will focus on effective internationalization of the product which will inherently contribute towards the effective competitive advantage of the organization in the global market.
Advance Biomedical Devices will be able to export its product to Europe because of the effectiveness of the target market and because the product has performed well and has similar characteristics. The European market and the United States market have similar characteristics and hence it is relevant to mention that the product is ready to be exported. The product is already successful in the domestic market which has resulted in 20% growth of the company and has effectively accelerated its demand in recent years. Moreover, the management is said to deal with the physical problems with the close markets of Europe which would provide an attractive aspect for the company in many countries because of the similar conditions as that of the United States (Savaki et al., 2020). The products are also ready to be exported to China, Mexico, and Russia. Due to the increasing standard of living of the middle class and they are spending much more on their health. The product is unique which is there for a relevant aspect that will contribute to an increase in the demand for the product because it is a universal concern and the best interest of this is to have the fastest recovery for the patients.
Identification of Problems
The management team of the organization must target countries that provide similar market characteristics and requirements to that of the United States. The practical focus is on the community of the language to effectively communicate and reduction in cultural risk because these are the essential aspects of problems that may arise in terms of internationalization. It also contemplated the availability of corporate financial information and institutional quality. The other problems that are associated with the management refer to the diversion of the efforts toward the rescuing of domestic operations and the deserting of the export program. The aspect of inventory management is also apparent in order to meet the relevant aspects of sophistication and understand the strategies and marketing practices of the important competitors. The major problems also contribute to the development of international strategic intent.
The management of the organization has also contemplated the development of a comprehensive strategic plan that focuses on the foundation for international success. The challenge of the prices has also been an aspect of the company. The team is also focused on discussing inventory management because the devices are cheap to transport and the distributors can replenish inventory quickly and economically which will provide a significant benefit as they would not have to maintain much inventory to support the sales. These would be a condition because the devices are sensitive to temperature and can effectively function in climate control facilities. This is one of the major problems that the stakeholders might face if effective information and communication are not provided regarding the functional standards of the organization.
Analysis of Alternative Solutions
Analyzing the preparedness of the company to engage in international business it is effective to comment on Dr. Bentley and his management team who have formulated effective aspects for the clarification of the company's international goals and have significantly outlined the key elements of the strategic deduction of the organization with a comprehensive effort to establish a strategic plan that significantly lay the foundation for the international success. The performance of the product is more comprehensive in the multi-cultural market of the United States provided that the management is confident about the effectiveness of the product in the international market.
The management was not complacent with the portability because of its shape and the ease of exporting the product and the possibility of sale services when compared to the other competitors. It is effective that pricing is one of the major components which was looked at through the trade aspects in Europe and the prices were determined to maintain competitiveness in the market. However, the research has also structured the pricing approach internationally. Inherently it has been contemplated that the assessment of the suitability of the product for the foreign market was the ability of the team for identifying the extensive training that the sales representatives had to undergo in order to meet the requirements of the channel intermediaries such as doctors and other medical professionals. However, more research must be contemplated in order to identify the comprehensiveness of the international standards and the aspects of the movement of inventory internationally, such as the flexibility and adaptability to meet worldwide standards such as CE mark and ISO standards.
Recommended Solutions
The organization has a group of skillful management teams whose members have extensive work in the European market, the Pacific RIM, and Latin America. The international orientation and the diversity of the team will be effective that will provide robust knowledge and the capabilities for the organization for an effective full internationalization. The effective steps that the managers should take to prepare the form and the managers to internationalize involve the aspects of contemplating the opportunities that they need to access in the global market. In such an aspect, it is effective to analyze the internationalization and the suitability of the firm's products and services for the foreign market (Khan et al., 2020). Moreover, the assessment must comply to screen the countries to identify the attractive target market. The assessment of the market potential of the industry and the market demand for the product within the electric target market is an effective constituent for realizing the internationalization of the market outcome. The expansion of the international market will be contemplated by selecting qualified business partners and distributors or suppliers (Andreeva et al., 2019).
The potential aspect of the business is also contemplated by estimating the company sales that are potential for each target market. The company has the potential to share the annual industry sales so the firm can effectively consider the targeted countries (Yakushev et al., 2020). The approaches of the company can effectively employ estimating the sales potential for the market in Europe and other affluent countries. It can be contemplated by conducting a detailed survey of the doctors and the other health practitioner distributors and sales representatives. This can be done in order to a certain the qualitative grass of the product and its potential growth. Doing an effective trade audit by effectively providing the necessary information regarding the other modes of distribution can be complemented the existence.
Gathering the estimates from the local partners and giving a comfortable feel of the possible customer usage is the potential aspect that must be contemplated by the company. Competitor intelligence gathering is a significant aspect to generate information on competitors in the market and assess the level of sales that ABD can take away from them (Ratnasingam et al., 2019). Test marketing can be effectively contemplated to limit the operating efforts in the foreign market in order to assert long-term sales and the potential aspects of market intelligence.
Conclusion
The article has effectively discussed the effective aspects that are faced by the organization in terms of the internationalization of the product. The article has provided relevant aspects that have been a consequent factor and the relevant aspect which shall influence the internationalization of the product in European countries and other affluent countries. This provides a detailed discussion about the relevant analysis of the problems faced by the stakeholders and the concerns of the stakeholders. As most of the context of discussed in terms of the medical field, it is obvious to consider the infrastructure of the medical facilities in which the product is to be marketed.
Moreover, the success of the organization should be contemplated by the various aspects of the business and the international contemplation along with the factors that have effectively influenced the internationalization of the product. The article has also provided an effective solution that needs to be accomplished in terms of domestic operation and getting ready for the export program. It has also effectively contemplated the managerial aspects of the team and the concern of the management team to cope with the deepening internationalization.
This provides a detailed analysis of the aspects of internationalization of the products and the factors that are effective to be considered to ascertain the appropriate growth of the organization in the international market. This also provides an effective inside into the expansion of the business and the aspects that can accelerate the demand for the product. This is also contemplated with the relevant problems that organizations can undergo for diverting all their efforts towards the export program from the domestic operation.
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