Market Assessment - Geographic Expansion
PMG conducted a market analysis of Argentina, Brazil, Chile, and Mexico to determine the best opportunity for geographic expansion of medical gloves in these Latin American markets. The analysis resulted in a market attractiveness model based on five key market criteria (market sizing, projected growth, competitive environment, and current trade relations) to determine which country presented the most favorable opportunity for market entry. As a result of the project, PMG’s B2B Market Research project provided the client with a target market and marketing strategy to develop their new market opportunity plans.
A rubber product export association in Malaysia was interested in the market demand for medical globes in Latin America, specifically Argentina, Brazil, Chile, and Mexico, to identify market entry requirements, trade barriers, and other details for importing medical gloves from Malaysia. These countries were selected based on economic growth and high healthcare expenditure per capita. To strengthen, the client’s current market understanding of the potential for medical gloves in these countries, the client requested an in-depth investigation of the healthcare systems of each country and the relative market opportunity for Malaysian medical gloves relative to the current supply.
The market research provided analysis of the healthcare industry and current medical glove market for each of the targeted countries. Based on the data collected through extensive primary and secondary research, PMG created a market attractiveness model ranking each country based on market size, projected growth, competition, and current or future trade relations. On a scale of 1-5 (unfavorable to favorable), each country was ranked based on each of these predetermined attributes.
PMG’s market attractiveness model determined that Brazil offered the best market opportunity for imported medical gloves. Based on these conclusions and the results from a medical glove panel survey, the market research allowed PMG to make recommendations for effective marketing strategies that specified important attributes that the client could leverage to give Malaysian imports a competitive advantage in the Brazilian market.
The market research project resulted in a specific opportunity for Malaysian medical gloves relative to the current supply base (domestic + foreign competition). The client was able to use this information to develop their new market entry strategies based on the identified opportunity.