Free Dissertation Methodology About Scope Of The Market
Market Research on Dermal Fillers and Medical Grade Gelatin
Market Research on Dermal Fillers and Medical Grade Gelatin
The purpose of this research study is to offer insights regarding the expansion of the newly introduced medical grade collagen products that are sourced from jellyfish into potential markets. Considering all the factors, the research study has proposed several marketing strategies and supply chain network that could allow Jellagen Pty to distribute its goods into the market to companies that are interested in purchasing it.
Jellagen has recently introduced medical grade collagen products that are sourced from jellyfish to instantly smooth facial wrinkles to make women more beautiful. As per the statistics, approximately 300 thousands of syringes containing collagen are sold across the globe, where the cost of 1 syringe is estimated to be $1000 . Considering the cost, Bellafill (the injectical collagen filler) seems to be pretty expensive, but the long-lasting effect of it makes the product worth it. In particular, it has been suggested that the effects of collagen lasts up to 24 months making it an important product for beauty and aesthetic brands.
According to Friesner (2011), the dermal fillers have lucrative market in United Kingdom and Europe (p. n.d). In terms of statistics, it has been projected that the market for facial feel would significantly grow to $4 billion by the end of fiscal year 2017. Since collagen products give natural feel and are exclusively designed to improve soft tissues, the market scope for the product has increased to significant extent. To be precise, there are more than 160 items that can be accessed within the United Kingdom; thus giving collagen based products excellent opportunity to expand in international markets as well.
There are several companies that are interested in purchasing collagen based products. The most important company worth considering is Galderma. The company is known for having vast variety of aesthetics as per customer’s requirements. This gives the company an exceptional position in the market as the needs and wants associated with long-lasting beauty and fairness are entertained by offering them with different products for different skin types. At the same time, Galderma has variety of products that are directly or indirectly related to dermatology.
On the other hand, the fashion industry also presents an exceptional opportunity to expand into. Victoria’s Secret is well-known for its models that would pay handsome amount of money to retain their beauty and fairness without being concerned for wrinkles and other tissue defects on face. The can give the company an opportunity to sell the collagen based products at premium costs, regardless of the level of competition. Since the company is offering variety of collagen based products, it would attract variety of customers from all around the world.
Products Available in the Market
There is a variety of collagen based products available in the market. The most common product is Artecoll, which is used in cosmetic plastic surgery. Even though, Artecoll has been used in Europe along with the rest of the countries for several years, it is not approved by the United States of America’s Food and Drug Administration . More importantly, it has been indicated that Artecoll has several side effects. For instance, there were several cases of patients where huge granulomas were developed under the skin after using Artecoll injections.
Bio-Alcamid, another product available in the market, is frequently used for lifting the cheeks. It is a permanent product used to treat deep wrinkles on the face and other body parts . However, the product has been called a nightmare by patients with an experience of it. Even though, the product is not FDA approved, it has been used by several individuals that have suffered severe consequences just after months of surgery . The case of a patient residing in Vancouver had gone viral. The patient suffering from HIV medication was referred to Dr. Denton, who suggested the use of Bio-Alcamid to reduce the facial wasting . After just three months of the product use, the patient started developing huge lumps that eventually disfigured her appearance. Even after 5 surgeries, the qualified surgeons were unable to completely remove the product and the patient’s case has now become severe.
Evolence is yet another of the alternative collagen based product that is used to treat wrinkles. According to Macaya et al. (2013), the effect of Evolence lasts 12 months and the quality of the product is considered exceptional in the market. On the contrary, the reviews of patients suffering after the use of Evolence are disturbing. Like the delineated collagen based products, it has been found that the Evolence has been approved by the US Food and Drug Administration, but was withdrawn from the market in the fiscal year 2009. In particular, several Ortho Dermatologics have suggested that “Patients and medical professionals who may currently be using Evolence products can be assured that they remain effective for the approved indications [moderate to deep wrinkles and folds] with a favourable safety profile” .Considering the unexpected termination of the collagen based products, patients from all over the United States of America have been left with more questions than answers in the 21st century.
Primary Customers in the Market
People from all walks of life are fond of their beauty and fairness, but cannot maintain it forever. Considering the desire to have a wrinkle-free face and soft body parts, several people have turned to collagen based products. The primary customers of collagen based products in the market are young adults and adults. The delineated age group are more concerned of their beauty and aesthetics, which makes them vulnerable towards collagen based products. In particular, women can be considered to be the primary customers in the market in comparison to men.
In this regards, Jellagen should focus more on women than men. This would provide the company with an opportunity to generate more revenue than by focusing on men. However, the company should not focus exclusively on women, but should also promote and advertise to attract men. It has been projected that the market for facial feel would significantly grow to $4 billion by the end of fiscal year 2017. This implies that Jellagen can attain competitive edge over competitors in the market by offering the primary customers with superior quality collagen based products, which is medically approved and tested.
Women would be the target audience of the company; therefore the company should collaborate with leading magazines and fashion models to promote their brand in the United Kingdom and Europe. Even though, women would not openly accept their desire to be a fashion model, but they are highly influenced by their beauty and fairness. In this regards, the company should promote the brand through models and celebrities that have used collagen based products, and are not afraid to hide it. In particular, it would be recommended that the company should use Victoria’s Secret models to advertise the brand, and inform the target audience regarding the positive effects of the brand on their beauty and fairness. At the same time, the target audience should be informed regarding how the product being offered is better from other collagen based products being offered in the United Kingdom .
On the other hand, the company should market their brand over the internet. The best strategy to do so would be social networking websites including; Facebook, Instagram, Twitter, and Pinterest. The delineated social networking sites play an influential role in the decision making of individuals. Therefore, the company should prioritize the use of social networking websites as a platform for marketing the collagen based product in the market. According to the statistics, there are more than 1.39 billion active users of Facebook, and it has been indicated that there is 13 percent increase on yearly basis. At the same time, it has been suggested that approximately 890 million people use Facebook on daily basis; meanwhile 1.9 billion people use Facebook through their smartphones. This makes Facebook highly important aspect of the marketing strategy, which cannot be ignored by the company.
The use of social media as a promotional tool would allow the company to increase its brand recognition. People from all walks of life are more inclined to purchase goods and services that they are familiar with, which can be achieved by promoting the brand through the use of Facebook and other related social networking websites. The use of social media would also result in enhanced brand loyalty and customer traffic over the company’s website, where all the essential information regarding the collagen based products would be available. This would make customers better acquainted with the brand, which will eventually motivate them to prefer the company’s brand over other alternatives available in the market .
Last but not the least marketing strategy would be to use experienced surgeons as the brand ambassador. The use of infamous surgeons would change the perception of customers towards the collagen based products available in the market. The company might use celebrities as the brand ambassador, but they might not be aware of the procedures and precautions of using the product. This might make the brand look bad in front of the customers. Considering this, the company should prefer the use of infamous surgeons operating in the United Kingdom and Europe. This would eventually make their fan-base and followers to use the company’s brand over others available in the market.
Supply Chain Network
Considering the nature of the industry in which Jellagen operates, the company would be recommended to outsource the distribution of the collagen based product to third party. In other words, the company should focus exclusively upon the areas that falls under their expertise, and should outsource other functions like supply chain, distribution and channel management to third party. This would provide the company with several benefits. The foremost benefit of outsourcing the supply chain would be the cost. The company would be relieved from the stress of distributing the product all over the United Kingdom and Europe. This implies that the company would have significant time to work on Research and Development to take the collagen based product to the next level to obtain superiority and competitive edge over the competitors .
The selection of a professional organization would allow the organization to reduce the costs associated with the movement of goods from one place to another. This means that the company would have higher capital for other functions; whereas the outsourced company would be liable to manage the logistics and to provide the company with cost-effective distribution plans . At the same time, outsourcing of supply chain would result in significant improvement in terms of efficiency and cost-effectiveness. More importantly, the demand of the customers could be easily met, if the company plans to outsource its supply chain management function to professionals .
Conclusively, it has been found that collagen based products have significant scope in the United Kingdom and Europe. There are more than 160 collagen based products, but it has been found that majority of the offered products have severe consequences. For instance, in the case of Artecoll it was found that the product was not FDA approved, but surgeons preferred it to the people. As a result, majority of the patients started facing severe consequences including granulomas under the skin after using Artecoll injections. Similar side effects were found after the use of Bio-Alcamid and Evolence. Since the collagen based product offered by the company is FDA approved and medically tested, it would have significant potential against the competitors in the market.
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