200850 Entrepreneurial Management Capabilities For Assessment Answers

Write a Brief Discussion on Fit between Customer Profile and Value Proposition

Vision

Good Life Hematology Centre will come up with a vision of exactly how they want the product to look like and draw a prototype of the same. They will define what exactly they want the product to do, which in this case is to monitor vital signs of patients who suffer from hemoglobin disorders so that they can manage the condition before it further escalates (World Health Organization, 2013). The company will then do a market survey to learn how such devices operate and the kind of technology and software that would be required. A prototype will then be made to experiment whether the idea is viable enough (Blank, 2013). The vision for the company in this project is, “Re-defining health care for patients with hemoglobin disorders.”

Steer

Once Good Life Hematology Centre has seen how the prototype works, they will then leap into the project. Here, a few samples will be produced and they will be sampled on patients who suffer from sickle cell anaemia and thalassaemia to see how they work. Feedback will be taken at this point and output measured against the initially set targets for the wearable technology (Cheng, 2016). Here, the company will note discrepancies and add the necessary features to enhance the product.

Accelerate

The final step in the lean start up will be to batch, grow, adapt and innovate (Sultan, 2015). Here, a few batches will be produced and marketed so that the company sees how the market responds to the new product. Once this is done, there will be an emphasis on marketing and advertising to grow the wearable technology. This will lead to full adaptation of the product by the market (Drumright, 2017). The company will then continuously innovate new ways of improving the product.

Brief Discussion on Fit between Customer Profile and Value Proposition

The value proposition is a description of the benefits customers will receive from the wearable technology. The gain creators describe how the wearable technology will create customer gains. In this case, the wearable technology will have enabled alerts that will show when a patient is in distress (Lewy,2015). It will also lead to quick decision making for patient management. The market is untapped as this will be a first for hemoglobin disorder patients.

Pain relievers describe how the wearable technology will relieve pain. In this case, the customer has an issue with time synchronization between device and mobile application and the pain reliever ensures seamless integration of device and mobile application. The customer is also concerned about device durability and pain reliever will ensure use of tough biodegradable materials.

Initial Market Segment Estimates

Market Analysis Summary

The wearable technology device is a growing sector and has high growth potential due to decreasing costs in technology. Hemoglobin disease patients currently do not have a specific monitoring device for their cases. Research shows that the wearable technology industry will have grown to revenues of $7.8 billion in the next three years (Page, 2015). The market analysis will focus on three key groups of customers:

• Sickle Cell Anaemia Patients
• Thalassaemia Patients
• Pregnant women

Market Segmentation

The market will be segmented according to three areas:

Sickle Cell Anaemia Patients – Sickle cell anaemia is characterized by various symptoms, which usually lead to painful episodes, jaundice, fatigue, stroke and wounds that do not heal. The disease is characterized by sickle shaped red blood cells, which are unable to carry oxygen sufficiently like normal cells. Sickle cell patient also suffer from low hemoglobin hence frequent transfusions due to anaemia. The pain episodes and other manifestations can be triggered by strenuous activity, dehydration, exposure to cold, infections and anaemia. The wearable device will be able to detect changes in a patient’s body in case they are dehydrated, are exposed to cold, have an infection or blood count has gone down (Jee & Sohn, 2015). Early detection will enable a patient to visit the hospital in time hence avoid painful episodes or other complications that arise from delay in treatment.

Thalassaemia Patients-In Thalassaemia is characterized by red blood cells being destroyed very quickly hence leading to anaemia. This leads to jaundice, fatigue, deformities of bones, slow growth, swollen abdomen and dark urine. The patient has to be blood transfused due to anaemia. The wearable technology will be able to detect the breakdown rate of red blood cells hence patients will be alerted and go to hospital on time (Jee & Sohn, 2015). It will also detect if the hemoglobin level is slow or the patient has another complication.

Pregnant Women – Pregnant women have to be tested if they want to know if their unborn children are suffering from any hemoglobin disorders (Jee & Sohn, 2015). The wearable device will enable detection of any hemoglobin issues that the unborn child may have hence assisting the mothers to know earlier on and make health management arrangements for their unborn children.

Market Analysis

About 5,271 people suffer from sickle cell in Australia and 1,057 in New Zealand, while about one in every 100 people in Australia suffer from thalassaemia. The population of Australia is about 52 Million people. The target market is all the people suffering from the disease.

Table: Market Analysis

Conclusion

As shown through the financial projections, the launch of wearable technology for patients with hemoglobin disorders is a viable one. These patients would welcome the device as it will greatly assist them in managing their condition hence reduce incidences for hospitalization and generally lead to better health management. A business plan should therefore be done for the project so that further investment is done, as it will revolutionize management of patients with hemoglobin disorders. Further investment will also lead to product features enhancement like for example detection of whether blood transfusion is needed or glucose needs to be added to the body. This will also assist patients know their limits when they are engaging in various activities as the wearable device will give a warning if the body is strained. The project is a feasible one and is worth the investment.

References

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Baker, G. (2017). Reducing Post-Acute Care Costs With Wearable Technology—Part 4. PROVIDER.

Blank, S. (2013). Why the lean start-up changes everything. Harvard business review, 91(5), 63-72.

Butter, G. G. J. (2015). A value based market introduction strategy for a medical device start-up: Case study of Adjuvo Motion.

Cheng, L. C. (2016, April). The mobile app usability inspection (maui) framework as a guide for minimal viable product (mvp) testing in lean development cycle. In Proceedings of the the second International Conference in HCI and UX on Indonesia 2016 (pp. 1-11). ACM.

Dimitrov, D. V. (2016). Medical internet of things and big data in healthcare. Healthcare informatics research, 22(3), 156-163.

Drumwright, H. (2017). Minimum Viable Stuff. In Management vs. Employees (pp. 75-83). Apress.

Galanello, R. (2013). Screening and diagnosis for hemoglobin disorders.

Jee, S. J., & Sohn, S. Y. (2015). Patent network based conjoint analysis for wearable device. Technological Forecasting and Social Change, 101, 338-346.

Lewy, H. (2015). Wearable technologies–future challenges for implementation in healthcare services. Healthcare technology letters, 2(1), 2-5.

Moogk, D. R. (2012). Minimum viable product and the importance of experimentation in technology startups. Technology Innovation Management Review, 2(3), 23.

Page, T. (2015). A forecast of the adoption of wearable technology.

Quattrone, P. (2016). Management accounting goes digital: Will the move make it wiser?. Management Accounting Research, 31, 118-122.

Soin, K., & Collier, P. (2013). Risk and risk management in management accounting and control.

Sprenger, M. (2016, September). Supporting the Viability of E-Health Services with Pattern-Based Business Model Design. In International Conference on Well-Being in the Information Society(pp. 161-175). Springer International Publishing.

Sultan, N. (2015). Reflective thoughts on the potential and challenges of wearable technology for healthcare provision and medical education. International Journal of Information Management, 35(5), 521-526.

World Health Organization. (2013). Sickle-cell disease and other hemoglobin disorders (Factsheet No. 308).