Team:Lethbridge Entrepreneurs/market strategy


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Synbiologica Ltd

Market Strategy

To attract customers, Synbiologica will initially donate and sell units at a low price to researchers to try and break into the research market. Additionally, representatives from our company will attend scientific conferences of related fields with the intention of soliciting our product to potential customers whose research would benefit from BEAR. Advertisements on scientific journal websites and in scientific journals will also be used to advertise our product.

The majority of BEAR’s initial market value will stem from the research conducted by Synbiologica’s first customers who have incorporated BEAR into their methods. BEAR is designed to yield fast, accurate, real-time results, which is a form of data collection that has not yet been used in hormone research. As researchers begin to acquire results using BEAR, they will publish more scientific papers and advertise BEAR through a description of their methodology.

Eventually, Synbiologica hopes to license out the finalized BEAR product to existing biotechnology companies. This would allow us the ability to develop other technologies rather than just mass-producing one product, and the biotechnology companies would have more financial backing to promote BEAR as well as the resources to manufacture the device of a large scale. In addition, these companies already have employees with the skills to manufacture, market, and sell BEAR. We intend to sell a licence to our technology to these companies and they will be responsible for getting BEAR to its final customers.

Our pricing policy would be penetration pricing. Synbiologica intends to sell individual BEAR units and the accompanying set of modular units for as low a cost as possible to establish the benefits and use of BEAR in the scientific and medical community, thus gaining market share.

Initial distribution of BEAR will be very small while Synbiologica is still in the research and development phase and can be achieved by mail or courier. As the product gains market value, Synbiologica will contract a distribution company. From there, any biotechnology company wishing to have a licence to manufacture and sell BEAR will be responsible for distribution.