Case Study: Price Setting – Medical Products
Challenge: A global leader in endoscopy sought to price a new product for endoscopic surgery in relation to the development of their Go-To-Market plan.
Approach: The company engaged Wiglaf Pricing to execute market research and conduct conjoint analysis on the new product.
The market research process started with defining the sampling plan and research construction. Specific research inputs required included an examination of the dimensions of differentiation and the qualitative differences between offerings. The research approach enabled the company to compare its products to competitors’ as well as possible new products. It included surgeons and procurement managers.
Once the research plan was constructed, the survey was executed and analyzed by Wiglaf Pricing resulting in documented research findings. The effort concluded with a management discussion of the findings and their implications.
Result: The company understood the value on the table with their new product, the value of their differentiation, and the potential to price in relation to the value they delivered. The resulting research findings were used to define the company’s Go-To-Market plan based on market evidence, executive discussions, and economic tradeoffs.