Market Growth
Market Growth
When introducing a new product to the market, it is very important to analyze the potential growth. “To grow your business in any economy requires the right strategy in the right market at the right time” (Nagel, 2015, para. 1). There are several different strategies to choose from. It is best that the one selected is a strategy that best fits the organization. Team D will utilize the product development strategy to introduce diabetic implants into an existing market.
According to the American Diabetes Association (2014), “In 2012, 29.1 million Americans, or 9.3% of the population, had diabetes” (Para. 1). Because diabetics’ pancreas no longer make or makes a small amount of insulin, these individuals are forced to control their disorder through diets and self-monitoring blood glucose devices. “Nonetheless, diabetes is costing society more than $245 billion dollars each year” (Alexandria, 2014, para. 2). The creation of diabetic implants will decrease the amount of money each year spent on treating health problems associated with diabetes.
SWOT Analysis
In order for Team D to gain a competitive advantage, the team must first perform a SWOT analysis. “When examining a potential product, a SWOT analysis can help determine the likely risks and rewards” (Goodrich, 2015, para. 1). A SWOT analysis is best described as an evaluation of products’ strengths, weaknesses, opportunities, and threats. Strengths associated diabetic implants include helping to reduce the related health problems associated with diabetes, as well as bringing an end to daily injections for diabetics. However, if diabetics are no longer responsible for self-monitoring their glucose levels and controlling their diets it can lead to a greater disadvantage, which is the amount of people diagnosed with obesity will increase. According to the Center for Disease Control (2015), “childhood obesity has doubled in the past 30 years” (Para. 1). Individuals’ chances of being diagnosed with diabetes are increased if he or she is obese. Nonetheless, Team D can gain