Wheelstair should expand into markets with increasing demand for accessibility devices due to both aging populations and increasing disability awareness.
Team 243
Wheelstair
Thalia Trinity Ching Hui En
Nasir McDaniel
Kelvin Kyei Boamah
Maria Valentina Suarez Osorio
Salman Abdulaziz K. Rashed
Gaurav Dhankhar
Section I: Industry/Competition Analysis and Market Potential
1. Global Market Scan
Key takeaways:
Wheelstair should expand into markets with increasing demand for accessibility devices due to both aging populations and increasing disability awareness. Such examples include Germany.
Wheelstair should take advantage of its geographical advantage next to countries that meet the above criteria, focusing on EU expansion prior to international expansion. This reduces transport costs during the early stages of the product life cycle.
Regulatory compliance and competitors with more financial resources and Wheelstair’s largest threats.
Wheelstair may struggle with new market penetration due to regulatory compliance, adoption resistance and lack of awareness. In response, Wheelstair should focus on building consumer awareness, trust, then desire for the product in marketing.
Acquiring safety certifications and getting covered by insurance will increase consumer awareness and trust, hence demand.
Social media and digital advertising should be used for cost efficiency.
Rather than securing seeding capital from bank loans, Wheelstair can look into venture capitalists and business angels.
1.1 PESTLE
This PESTLE analysis evaluates the global trends affecting the accessibility device industry.
1.2 SWOT
This SWOT analysis contextualizes Wheelstair’s position in the market in relation to the aforementioned global trends.
2. Competitor Analysis
Key takeaways:
There are established and successful markets for accessibility devices in Germany and the USA.
Due to the specialization of the product, it is recommended that Wheelstair prioritizes a slow but scalable model to expand its reach globally.
Wheelstair’s unique selling point lies in being a wheelchair accessory for manual wheelchairs rather than a powered wheelchair. Wheelchairs can use a penetration price strategy, framing themselves as a more affordable alternative to competitors (14,500€) upon market entry in addition to retaining the user’s social independence and physical activity. Why buy a new chair when users can purchase an add-on, increase their accessibility, and retain their activity levels?
Acquiring certifications for safety opens up potential to new markets, increases customer confidence and the potential to be funded by insurance which increases demand.
The following details key takeaways gleaned from analyzing competitors’ success, failures and operations. Full details for each competitor’s market entry strategies are in the appendix.
Mobius Mobility: iBot
The original model was discontinued in 2009 due to:
Expensive retail price at 25,000USD to 28,000USD (Adjusted for inflation: 35,777.74USD to 40,071.07USD aka 33,520.16€ to 37,375.49€)
Restrictions on user customizability because of its FDA classification as a Class III medical device.
Lack of insurance coverage
The current model has successfully been revamped and in production since 2019 due to:
FDA reclassification from a Class III to a Class II medical device, lowering regulatory controls.
Low but scalable sales volume
The current model (iBot PMD) is currently priced at 30,000 USD (28,107€).
iBot PMD has been granted the IMK (Wheelchair, Stair Climbing) and ITI (Wheelchair, Powered) codes by the FDA.
iBot PMD has received ACHC Accreditation and can now receive funding from private insurance plans.
Veterans who receive care through the Veterans Administration can receive an iBOT fully covered under VA Federal Supply Schedule # 36F79721D0202.
Purchase requires a prescription from the customer’s physician and training at a Mobius Mobility facility. ( )
Key takeaways:
Classify Wheelstair as a Class II medical device under FDA.
Having a Wheelchair covered by insurance would increase sales. Look into ACHC Accreditation and private insurance aside from Medicare and Medicaid.
Partnering with the Veterans Administration would be beneficial for Wheelstair.
Customers in the USA feel 35,777.74 USD (33,520.16€) is too expensive and deterred from purchasing.
WheelStair can price itself competitively (in comparison to iBot’s current 30,000 USD retail price) due to being a wheelchair accessory rather than the entire wheelchair.
Focusing on slow but steady expansion with a scalable sales strategy is more successful than investing immense amounts of money without market demand.
Seeking rapid international expansion, even with immense funding, is not a successful strategy.
Scewo: BRO
A test drive prior to purchase is required.
Current retail price: CHF 39,000 (40,717.35€)
Product can be financed through insurance in Germany
According to the Swiss Federal Tax Administration (FTA), all disability-related costs paid by customers are tax-deductible in Switzerland.
Key takeaways:
WheelStair can be financed through insurance in Germany if the product has a German medical aid number.
Slow expansion within the EU before developing to distant international markets is a successful strategy.
Caterwil
Foreign exports increased after 2019 certificates of safety of medical products in the EU and Saudi Arabia were attained.
Funded by Skolkovo Foundation
Key takeaways:
If WheelStair chooses to expand to Russia, the Skolkovo Foundation is open to international businesses and Wheelstair can apply to be a resident at the foundation for financial and tax benefits.
Attaining certificates of safety is vital to developing users’ confidence in the product, increasing demand.
B-Free Technology Ltd
Products: 2 models of stair climbing power wheelchair
Current retail prices:
B-FREE Ranger: 128,000HK to 156,000HK (15,320.36€ to 18,671.69€)
B-FREE Double Flash, latest model: 143,000HK (17,115.72€)
Other less established competitors:
TopChair-S
Wheelchair88:
Model PW-4x4Q aka Bighorn 4×4 Stair Climbing Wheelchair
Developed in Malaysia
3. New Market Selection
Key takeaways:
Germany and the USA are this report’s recommended markets for international expansion.
Based on sections 1 and 2, Germany is recommended as Wheelstair’s first target for international expansion. This is the most cost effective strategy with sizable market potential.
After establishing stable operations within the EU, Wheelstair could then expand to Western and Asian markets. See appendix for additional recommendations on order of expansion.
We recommend Wheelstair begin this second phase of international expansion with the USA.
Due to limited financial resources and specialization of product, Wheelstair should adopt a slow but scalable expansion model to progress its goal of global retailing.
4. New Market Analysis
4.1 Basic Characteristics of Chosen Markets
4.2 Values & Culture
Marketing efforts directed at the chosen markets should reflect the country’s respective values. The bolded values in the table below suggest the markets have cultural values that align with Wheelstair’s value proposition.
Wheelstair needs to enter a markets that place social value in equality for wheelchair users and are open to new technological advancements.
The USA’s value proclination towards independence, self-sufficiency and equality display social demand for accessibility devices like Wheelstair. However, the USA’s healthcare policies and governmental support towards their disabled population are lacking. Hence, Wheelstair should rely on the private healthcare sector in the USA to meet the social demand.
Germany’s values reflect a culture that emphasizes social equality based on socially agreed upon responsibility to provide communal support. These values, compounded by strong and continually growing support from healthcare policies, reflect Germany’s potential as a suitable market for Wheelstair. Wheelstair can expect social and governmental support from Germany’s market as long as the product’s value is clearly communicated.
The following is a brief description of some cultural dimensions based on Globe project:
4.3 Opportunities, Threats, Trends
GERMANY’S TRENDS:
Sustainable Mobility:
Germany is moving towards sustainable mobility. Considering the development of electric mobility solutions that align with this trend could be beneficial.
Assistive Technology:
The use of assistive technology, such as remote-controlled devices and intelligent systems, is on the rise. Wheelstair can take advantage of this trend by incorporating technological features into its products.
Focus on Inclusion:
Germany places a strong emphasis on the inclusion of people with disabilities in society. It can be capitalized on by promoting its solutions as facilitators of inclusion and independence.
GERMANY’S OPPORTUNITIES:
Aging Population:
Germany has an aging population (21.97% are over 65), creating a growing demand for accessibility and mobility solutions for the elderly. Source
Accessibility Legislation:
Germany has strict regulations on accessibility and the rights of people with disabilities. Wheelstair can benefit by offering solutions that comply with these standards and assist businesses and homeowners in complying with the law.
Advanced Technology:
Germany is known for its focus on technology and innovation. Leveraging advanced technologies such as smart lifting systems and electric mobility solutions can be advantageous.
Collaboration with Local Partners:
Establishing strategic alliances with local healthcare companies, builders, or social assistance institutions can be an opportunity to expand Wheelstair’s presence and sales in the German market
GERMANY’S THREATS:
Competition:
The accessibility and mobility market in Germany can be highly competitive. Wheelstair will have to compete with companies like Sunrise Medical, Invacare, Ottobock, Meyra, among others.
Regulation and Compliance:
Regulations in Germany can be rigorous. Ensuring compliance with all accessibility regulations and standards is essential to avoid legal sanctions.
Economic Changes:
Variations in the German economy can impact people’s willingness to invest in accessibility solutions.
THE USA’S TRENDS:
Telemedicine Impact:
COVID-19 sped up telemedicine adoption, affecting high-tech wheelchair prescriptions and acquisition.
Accessibility Awareness:
Growing awareness of accessibility boosts demand for high-tech wheelchairs suited for diverse environments.
Sustainability Focus:
Consider eco-efficiency in manufacturing and recycling to align with the U.S. sustainability trend.
Customization Advantage:
Offering customizable wheelchair options appeals to American consumers.
E-commerce Strategy:
Build a strong online presence and effective e-commerce strategy for the U.S. market.
Aging Population Demand:
An aging U.S. population may drive demand for advanced wheelchairs.
Continuous Innovation:
Stay updated with evolving technology and adapt to changing consumer needs.
THE USA’S OPPORTUNITIES:
Growing Demand:
The United States has an aging population, which increases the demand for wheelchairs and mobility devices. Furthermore, there is a growing awareness of the importance of accessibility and inclusion.
Advanced Technology:
The United States is known for adopting advanced technologies. Wheelstair can capitalize on this trend by offering high-tech wheelchairs aligned with American consumers’ expectations.
Insurance Funding:
Many Americans have health insurance that can cover the cost of high-tech wheelchairs.
Distribution Channels:
The USA has a variety of distribution channels, including specialized medical equipment stores and online platforms. The company needs to identify the most effective channels to reach consumers.
THE USA’S THREATS:
FDA Regulations and Approvals:
The Food and Drug Administration (FDA) approval process can be complex and time-consuming.
Intense Competition:
The high-tech wheelchair market in the United States is highly competitive, with several established manufacturers and suppliers. Competing with well-established brands can be challenging.
Healthcare Costs:
Healthcare costs in the United States are high, which can influence wheelchair purchase decisions. The company must consider how its pricing compares to available options.
4.4 Political & Economic Viability
GERMANY’S POLITICAL RELATIONSHIP TO POLAND:
Bilateral relations:
Germany and Poland have stable and positive political relations, which can be beneficial to the company. Cooperation in the European Union and NATO strengthens these relations.
International trade policy:
Both Germany and Poland are members of the European Union (EU), which promotes a single European market and regulates trade rules, facilitating trade between the two countries entering the German market.
Political stability:
Germany is well known for its political stability and for its effective government. This provides an environment that is conducive to doing business and entry for foreign companies.
GERMANY’S ECONOMIC HEALTH:
Size of the German market:
Germany has one of the largest economies in Europe and is an attractive market for foreign companies. Its size and purchasing power can be an advantage.
Strength of the medical technology sector:
Germany has a highly developed medical technology sector and is a leader in the medical device industry in Europe. However, this also means that competition can be intense.
Regulations and standards:
The German market has strict regulations on medical devices and accessibility.
Culture of quality and excellence:
Germany has a reputation for quality and excellence in product manufacturing. This can be a benchmark to compete successfully in the German market.
Innovation:
Germany is known for its focus on innovation and technology. This can provide opportunities for the introduction of high-tech products such as Wheelstair.
THE USA’S POLITICAL RELATIONSHIP TO POLAND:
Bilateral Relations:
Strong U.S.-Poland political ties, bolstered by NATO membership and shared security interests, can benefit Polish firms entering the American market, simplifying the entry process.
Trade Policies:
U.S. government trade policies favor competition and international trade, creating a conducive environment for foreign firms like Wheelstair, provided they meet regulatory standards.
Healthcare Regulations:
The U.S. medical device sector, including high-tech wheelchairs like Wheelstair’s products, faces stringent regulations. Government policies on device approval and regulation can impact market entry and competition.
THE USA’S ECONOMIC HEALTH:
Market Size:
The U.S. offers a vast market for medical devices, providing substantial growth potential for Wheelstair.
Competition:
The high-tech wheelchair sector in the U.S. is fiercely competitive, necessitating effective differentiation by Wheelstair.
Healthcare Costs:
High healthcare expenses in the U.S. may affect medical device purchases, making pricing and value proposition crucial considerations for Wheelstair.
Supply Chain Efficiency:
Establishing an efficient logistics system is vital for nationwide product distribution in the U.S.
Healthcare Spending Trends:
U.S. healthcare spending trends can impact medical device demand, prompting Wheelstair to adapt its strategy accordingly.
Reimbursement and Insurance:
Understanding U.S. health insurance systems and reimbursement processes is critical for Wheelstair’s success.
4.5 Disability Sentiments
GERMANY:
In general, Germany is relatively wheelchair-friendly compared to many other places worldwide. In terms of wheelchair accessibility, Germany has made significant progress in recent years, enacting a series of transformations, laws, and regulations to promote accessibility and inclusion for people with disabilities, including:
Accessible Infrastructure: Most German cities have wheelchair-accessible infrastructure, including sidewalks with ramps, elevators at train and subway stations, and accessible public restrooms.
Public Transportation: Public transportation is typically wheelchair-accessible, with buses and trains equipped with ramps and wheelchair spaces. Major cities also have adapted taxi services.
Accessibility Regulations: Germany has strict regulations regarding accessibility in both public and private buildings, accommodations, and workplaces. This includes the General Equal Treatment Act for People with Disabilities (Allgemeines Gleichbehandlungsgesetz, AGG).
Inclusive Culture: German society tends to be aware of inclusion and strives to be respectful and understanding of the needs of people with disabilities.
Events and Recreation: Many cultural and sports events, as well as tourist attractions, are wheelchair-accessible, often offering discounts for people with disabilities.
Supportive Laws and Organizations: Germany has supportive legislation such as the Disability Equality Act (Behindertengleichstellungsgesetz, BGG), the General Equal Treatment Act (Allgemeines Gleichbehandlungsgesetz, AGG), and Accessibility Laws. Additionally, there are organizations that support people with disabilities, such as the German Council for People with Disabilities (Deutscher Behindertenrat), Rehabilitation Service Center (Reha-Service-Zentrum), and Consultation Office for People with Disabilities (Beratungsstelle für Behinderte).
It’s important to note that accessibility can vary depending on the location and specific place in Germany. Some rural areas may have less accessible infrastructure compared to larger cities.
Moreover, there are still challenges to be addressed to ensure full access to society for all people with disabilities. For instance, some private businesses are not adequately adapted for people with disabilities. Additionally, public awareness about disability remains low in some cases.
USA:
Text goes here
4.5.1 Search Engine Sentiments
GERMANY:
Figure ?? is a collage depicting Germany’s sentiments towards disability and wheelchair users. The information was gathered by searching the following keywords via Google search engine after filtering for Germany’s regional results: “disability”, “disabled” and “wheelchair”. The first page of webpage results and image results are compiled.
Key takeaways:
Germany has a positive and progressive mindset towards the disabled community and wheelchair users.
Germany is respectful and supportive towards the wheelchair community’s accessibility needs.
Germany emphasizes a social and community approach to supporting the disabled community.
Germany understands the wheelchair community’s diverse and varying mobility abilities, celebrating an active disabled lifestyle as well as the need for self-autonomy.
Webpage search results are mostly directed towards the disabled community rather than the general public or their caretakers. This shows Germany values the disabled community’s self-autonomy, independence and supports their ability to care for themselves. The resources provided via search include accessibility guides across work, school and tourist travel, wheelchair sports and social community events for the disabled. This showcases Germany’s social community focus that was predicted via the country’s values. Additionally, it demonstrates that Germany is aware of the importance for accessibility and is currently working towards a more accessible future.
The image search shows a diverse representation of wheelchair users across various mobility abilities outside of stereotypes (i.e. complete loss of mobility, lack of active lifestyle). There are multiple instances of wheelchair sports in the search results. This showcases an active wheelchair lifestyle with a vibrant community rather than depicting wheelchairs in a negative or limiting light. Furthermore, Germany’s understanding of the specific need for an active wheelchair lifestyle aligns with Wheelstair’s mission to empower manual wheelchair users. Due to these reasons, high demand for Wheelstair is predicted in Germany’s market.
Lastly, the wheelchair accessory retailer called Alber featured on the first page of search results. Alber currently has stair climbers directed towards caretakers () rather than Wheelstair’s product offering. Wheelstair could potentially partner with Alber as a retailer in Germany.
USA:
Figure ??? is a collage depicting the USA’s sentiments towards disability and wheelchair users. The information was gathered through the same aforementioned technique, adjusted to display the USA’s regional results.
Key takeaways:
The USA has a less developed socio-cultural understanding of the disabled community but demands for disability activism are developing.
The USA has a more corporate approach to disability activism compared to the social community based approach from Germany. As a result, the American wheelchair community is less established than in Germany.
Disability issues have less visibility in the public eye and social community connection than Germany.
There is some developing representation of different wheelchair user bodies outside of stereotypes.
There are some irrelevant webpage results when searching in the USA’s region. This reflects lesser disability visibility and public priority. The general American public may have less social connection to the disabled community due to the corporate nature of American disability activism. The majority of relevant search results directed towards the disabled community are disability benefits, insurance and wheelchair retail sites. This financial and retail focus is different from Germany’s vibrant community based approach to disability support. That being said, this presents Wheelstair with many retail and corporate opportunities as the lack of social emphasis on accessibility implies an unmet need in manual wheelchair users. This circumstance highlights the importance for Wheelstair’s marketing efforts to continue raising awareness for the need for the product while educating the public on disability issues to generate social demand for the product. These efforts can coordinate with the USA’s developing awareness towards disability issues.
4.5.2 Assessment of Infrastructural Accessibility
GERMANY:
Due to geographical limitations, this research was conducted by exploring various locations in Germany on Google maps street view.
The closer the location is to the city, the more wheelchair accessible it is. In urban city areas, sidewalks are wide enough to accommodate wheelchairs and other mobility devices. There are wheelchair parking spaces in the city and urban residential areas. Train stations have ramps and further online research shows the inside of buses and trains have designated areas for wheelchairs ().
Unfortunately, it is not uncommon for streets to be paved with cobblestone which can make getting around by wheelchair more difficult.
Various travel reviews (, , ) from wheelchair users concur that Germany is generally an accessible location with extremely accessible public transport. But some buildings, especially older buildings, lack ramps or lifts at the entrance. In such cases, help was needed from staff to get up and down stairs. Accessibility support from staff was reported to be excellent where infrastructural challenges hindered wheelchair accessibility. The inside of buildings are generally less wheelchair accessible than the outside.
Overall, Germany is generally accessible with wheelchair users’ biggest challenges being stairs at entrances of old buildings.
USA:
Nasir / Salman put real life images and assessments here.
4.6 Operations
4.6.1 Product Licensing
Research product licensing and certification in the chosen markets:
Does the product( a medical device class 1 in Europe, certified by the company only) need to be certified by an external body to be sold in the proposed market? If so, how could such certification be obtained,and who is granting it? Are there any other legal requirements or cultural necessities with respect to the product packaging, labeling, branding, etc.? Are assistive devices to climb stairs or to remove architectural barriers co-financed from public sources (a state, a region,or a local community). If so,what level of financing is available and how much certification could be obtained,and who is granting it?
– Who to contact
– What certification is needed
– Step by step
– Are there other legal requirements?
GERMANY:
To acquire licensing in Germany you would go through the Federal Institute of Drug and Medical Devices. Send an informal letter along with the needed documents in article 3 of the delegated EU regulation.
CE Certification?
USA:
Foreign companies selling to the U.S. have to go through server licensing through the FDA. To pass this you would also need to get a Durable Medical Equipment (DME) license. Know Your Device’s Classification. Medical devices fall into three classes.
1:Develop a Prototype
2:Submit Your Application (If Applicable)
3:Wait for FDA Review and Approval
4:Maintain FDA Compliance.
4.6.2 Product Modifications
Note: Include Product Modifications?
Wattage of electricity
Plug heads needed
etc.
4.6.3 Transport Costs
GERMANY:
Shipping and transportation from Poland to Germany only takes 1-2 days to ship and a parcel shipping system with 5,000 points from Poland to Germany. It is also inexpensive.
Specify if land/air/sea and why?
Transport company contact details
USA:
Packages traveling from Poland to the US are calculated by weight ranging from a dollar and up along with a flat rate fee of about 17 dollars per box for regular shipping. As well as an import tariff of 23% of the full price of the item. Customs import for large-scale shipping over $800 is based on the purchase value of the full shipment. Wheelstair would need freight costs, insurance, duty fees, and additional costs. Average tariff for America is 20%.
Specify if land/air/sea and why?
Transport company contact details
4.6.4 Product Distribution Channels
Joint venture with wheelchair manufacturers?
Possible but different in distribution. Wheelchairs are standard products with massive distribution across retailers without much advanced professional input. Users need individual training and assessment to use the device. Traditional channels of distribution might not work well. Users need training to use it and may feel it is complicated. Retail salespeople might not feel qualified to sell the device, preferring to stick with standard products. Audience sentiments feel worried about the safety of the device or how to use it. They feel it is complicated.
They wouldn’t mind partnering with companies either selling, co-developing.
As long as partners are established and understand disability needs. Would rather work with specialized agents that can work with doctors for specialized equipment.
In non-European far away countries, they are keen on licensing agreements to develop the product and production with partners, leaving the distribution in their hands with some support, quality control and advice. Started conversation in Japan, searching in the USA.
Decide how the products will be sold: Online? Retail? Specialized distribution channels? There must be a certified user-trainer. Medical product with safety concerns.
Servicing once a year
Find out who will be paying in each market? This will affect who needs to be marketed to.
No online retailing. Needs to be in-person due to requiring training.
Joint with wheelchair and wheelchair accessories manufacturers, retailers?
Enter the tourism sector due to inaccessibility of old architecture? There are already accessibility services in the tourism industry for equipment rentals.
List potential retailers after justifying why. List contact details and justification for each retailer
4.7 Estimated Projected Sales
Estimate how many units sold per year
Estimate how many units rented per year
Estimate projected sales for the chosen markets (ALL DO):
What is the market potential for Wheelchairs in the number of units sold and rented for a country? Assuming we will sell for 14500 Euro end-user price or rent a unit for 575 Euro per month, how many units do you believe we may sell and/or rent?
Estimated price as per webinar: 7500 Euros aka 8000 USD
Our recommended price: 13,000€
GERMANY:
The projected sales of selling wheel stairs devices in Germany are Moderate. There is profit to be had, but in Germany’s medical field for wheelchairs and wheelchair accessories, most of the profit is made from their exports and shipping those items to other places.
USA:
Typical wheelchair climber lifts and accessories are 15,515, and rent for 615.25 are the prices in Euros converted to USD. The average cost in Europe for these types of accessories goes from E1200 to E1500 for the basic packages. The average sale of these devices in America is valued at 1.9 billion overall which between stair climbers and wheelchair lifts in America totaled 546 million in 2023 as of now. So the possible sales for a wheelchair could be projected into the 10 million in and up as there are currently 11 big companies involved all making around 8 million and up in various wheelchair accessories.
Section II: Marketing & Promotion
5. Pricing Strategy
A penetration pricing strategy is recommended upon market entry into both Germany and the USA. The lower price point compared to competitors should aid Wheelstair’s introduction into new markets by attracting customers away from competitors.
Price skimming is not recommended unless Wheelstair is able to attain a partnership with either a medical or insurance company for co-financing. Attempting to profit through a higher price point will deter potential customers away, as seen from competitor’s failed strategies. Additionally, price skimming does not align with Wheelstair’s company value of empowered wheelchair users by providing accessibility for all. Instead, price skimming would portray the message that Wheelstair seeks profit rather than empowerment. Attempting price skimming may create a negative brand impression of Wheelstair due to contradicting company values.
Cost plus pricing is a possible strategy Wheelstair may adopt after having already established itself in a new market. After sustainable and consistent profit margins have been displayed over more than a 2 year period, Wheelstair may slightly increase product pricing to seek profit. Up to 10% of price increase is recommended as customers may be deterred by drastic price increases with the same dangers mentioned in price skimming.
5.1 Optimal Price Point
Recommended price on market entry:
USA: 12,000 USD (11,380.80€)
Germany: 13,000€
This optimal price point was determined using wheelchair lifts and current competitors as references.
Affordable wheelchair lifts cost approximately:
USA: 2,000 to 3,000 USD (1,896.80€ to 2,845.20€)
Germany: 3,800€ to 9,700€
High end wheelchair lifts cost approximately:
USA: 20,000 to 30,000USD (18,968€ to 28,452€)
Germany: 8,000€ to 15,000€
Wheelchair lifts were considered as reference points due to being wheelchair accessories. However, Wheelstair’s innovative technology allows the product to be priced higher in the market in comparison to wheelchair lifts.
Aligning with Wheelstair’s company value of providing accessibility to all while employing a penetration price strategy, the recommended optimal price is higher than wheelchair lifts but more affordable than competitors’ powered wheelchairs.
Account for exchange rates in analysis.
5.2 Method of Pricing
Value-based pricing is recommended whereby the price is determined by consumers’ perceived value of the product.
Combining value-based pricing with co-financing through partnerships allows for price fluctuations. Co-financing provides Wheelstair with a level of security because even if a customer is unable to pay in full, Wheelstair can add on interest fees or take their device back when need be.
Additionally, value-based pricing will increase customer satisfaction. Customers will feel emotionally satisfied with the price they are paying for the product rather than experience dissatisfaction at perceived price gouging or seeing the Wheelstair brand as unreputable due to being too cheap.
6. Marketing Strategy
Issues addressed:
Lack of seeding capital and limited finances
Lack of brand awareness, hence lack of demand
Potential adoption resistance to new technology
The proposed marketing strategy broadly aims to generate awareness and build trust in Wheelstair’s brand to combat lack of awareness and adoption resistance respectively. Social media and digital marketing strategies are recommended for cost efficiency and global reach.
3 target audience segments have been identified with different goals respective to each segment.
Target audience 1: Venture capitalists, business angels and private investors
Goals:
Generate buzz about Wheelstair’s social importance and business potential.
Incite private investor interest to fund Wheelstair’s seeding capital.
Foster relationships with potential investor groups.
Target audience 2: Manual wheelchair users
Goals:
Generate buzz and demand for Wheelstair’s product.
Foster trust in Wheelstair as a reliable and safe product.
Foster relationships with potential consumer groups.
Target audience 3: The general public
Goals:
Generate buzz about Wheelstair’s social importance to rally public interest.
Harness public interest in Wheelstair to crowdfund seeding capital.
With Wheelstair’s goal to becoming a global company, it’s international branding should carry consistent values and brand vibe.
However, marketing messages could be adjusted to reflect specific country’s values for greater marketing effectiveness when marketing within a country:
USA: Emphasis on freedom and independence
Germany: Emphasis on independence and social support
The following recommendations detail a digital-social media marketing campaign designed to generate global awareness and demand for Wheelstair with multiple interested sources of financial support.
6.1 Promotional Channels
The proposed campaign is dubbed “The Future Moves With You” and will be in English. This targets the broad global online market whereby the majority of Internet activity takes place in English (). However, Wheelstair should translate their marketing material to the dominant language of new markets they are entering using country specific social media accounts. This boosts engagement and establishes a closer relationship with the new market Wheelstair enters.
The Future Moves With You is a call to action for private investors and the general public to lend their support to Wheelstair’s social cause. It is also a reassurance to wheelchair users that the future of society is inclusive to the disabled community.
The following is a step-by-step guide to initiating this campaign.
Step 1: Website Revamp
Wheelstair’s current website lacks sufficient information for all 3 target audiences to prompt them towards their desired behaviors.
1a. Highlight Wheelstair’s current stage of product development with a progress bar and “Updates” tab. At the moment, it is unclear whether Wheelstair is currently retailing. Potential customers can get confused. Interest and potential support from private investors and the general public may be hindered if they assume the product is already on the market.
1b. Create a donation function allowing private investors and the public to financially support Wheelstair’s cause. Reducing mental load and increasing user accessibility increases chances of action. This function introduces public fundraising as a source of seeding capital. Displaying a donation progress bar furthermore communicates to all 3 target audiences about Wheelstair’s progress towards retailing. Once Wheelstair is retailing, the website can include a “co-financing” tab where the public can contribute to sponsor a customer’s Wheelstair device.
1c. Create a user stories tab for testimonials. This highlights the social importance of Wheelstair’s efforts and lends credibility to its safety.
1d. Include specific tabs for specialized groups such as clinicians, private investors, insurances, potential partners. This allows Wheelstair to engage with more targeted audiences seeking specific information for business purposes without confusing the general public or users. See Scewo’s “Info For Users” versus “Info For Professionals” tabs ().
Step 2: Social Media Marketing
Generally, Wheelstair can enhance their online presence by increasing the frequency of posts to at least once a week.
Each social media platform allows Wheelstair to target different audiences in different ways.
This is the best platform for Wheelstair to establish business connections with private investors and professional disability associations.
Content on Linkedin should aim to display Wheelstair’s business growth potential and social importance.
Content ideas:
Post regular updates and achievements on Wheelstair’s progress towards production.
Facilitate conversation around accessible infrastructure by posting discussion topics.
Engage in conversation with other disability organizations through groups or pages to begin forming partnerships.
This platform facilitates more intimate discussion and community building than Linkedin. It allows Wheelstair to engage with all 3 target audiences on a more personal level.
Main page should curate more general content including user success stories, innovative product features, and mobility tips.
Engage in community groups such as “Wheelchair Life” () or even regional specific groups when entering new markets such as “wheelchair users in Adelaide” ()
Include as many contactable details as possible on the page. When receiving messages or comments, respond within the day to encourage engagement and questions. This shows audiences Wheelstair is interested in being personally engaged with their audience.
Seek to grow the content on Wheelstair’s page before investing in paid Facebook ads.
Content ideas:
Target private investors and the general public with educational content in the form of blogs, articles, short videos, and webinar/seminar clips covering topics related to mobility, accessibility, and assistive technology. This generates interest in the social importance of Wheelstair, creating public demand for the product.
Target wheelchair users and potential partners with content featuring Wheelstair’s product features, co-finance options, story and testimonials.
This is useful for sparking initial interest in Wheelstair and maintaining passive engagement.
Focus on visually interesting content and shorter captions to engage audiences.
Visually demonstrate Wheelstair’s product features rather than textually explain them.
Use of hashtags like #accessibility and #wheelchair boost reach.
Content ideas:
Showcasing Wheelstair in action
A headshot of users or financial supporters with a quote from their testimonials
A slideshow infographic of educational content covering topics related to mobility, accessibility, and assistive technology.
YouTube
This platform supports more long-form video content that can be cross-posted to Facebook.
Create interesting thumbnails for each video to boost engagement.
Content ideas:
Host live streams of webinars or seminars on YouTube, then archive them on the page.
Interviews from Wheelstair users, especially celebrities/influencers, about their struggles with accessibility then experience using Wheelstair.
Demonstrations of Wheelstair’s usage.
Full videos for content that has been cut down into clips for Instagram and Facebook.
Other notes
Wheelstair can also improve the quality of posts through:
Editing software such as Canva.
Influencer collaborations (See Section II: 6.1).
Taking advantage of current social media trends for content ideas.
Taking advantage of calendar holidays to post seasonal content. This includes industry specific dates such as:
1st March: International Wheelchair Day ()
19th May: Global Accessibility Awareness Day ()
3rd December: International Day of Persons with Disabilities ()
10th December: Human Rights Day ()
Step 3: Offline Relationship Management
Maintaining offline relationship management closes the relationships an online presence begins establishing.
3a. Participation in Events and Trade Shows: Showcase your product by engaging with industry professionals, potential clients and potential investors. Trade shows are the best opportunities to create partnerships and gain exposure with private investors. Gaining the support of medical professionals also targets potential end-user customers through professional recommendation.
3b. Corporate Social Responsibility (CSR): Reach out to various businesses on Linkedin that are interested in partnering with Wheelstair for their CSR activities. Participation in CSR initiatives related to disability and accessibility demonstrates commitment to the social cause.
Ideas:
Fundraising drives for Wheelstair seeding capital.
Fundraising to co-finance Wheelstair for a user.
6.2 Social Media Campaign Mockups
6.2.1 Branding
The following are the brand elements Wheelstair should maintain across marketing material for consistent brand image. This will increase brand recognisability and consumer engagement. All brand elements have been sampled from Wheelstair’s pre-existing branding via their website.
This is the color scheme Wheelstair should use in marketing material:
Title font: Signika
Subtitle font: Montserrat Classic Bold
Body font: Montserrat
6.2.2 Linkedin
The recommended image size for Linkedin posts is 1200 x 630 pixels.
Displaying business growth potential example:
Caption:
Wheelstair is thrilled to celebrate having raised 100,000 euros out of the 900,000 euros needed to begin commercial production. Thank you to all our financial supporters for contributing to Wheelstair’s mission to empower the future of disability activism through independent mobility. Coming up next, Wheelstair seeks to intensify our efforts to raise awareness about infrastructural accessibility through outreach programs.
Interested in getting involved? Email for queries regarding partnerships and funding. #TheFutureMovesWithYou
6.2.3 Facebook
The recommended image size for Facebook posts is 1200 x 630 pixels. Minimum size is 600 x 315 pixels.
Educational content example:
Caption:
Inaccessibility is an issue that wheelchair users around the world struggle with. Wheelstair believes that no one should be locked out of the future we are building together. While waiting for the world to reconstruct a more accessible future, Wheelstair puts independence in the hands of wheelchair users. #TheFutureMovesWithYou
Statistics sources: ,
6.2.4 Instagram
The recommended image size for Instagram posts is 1080 x 1080 pixel squares.
Thanking financial supporters example:
Caption:
A special thank you to John Smith for his generous support to Wheelstair’s cause. Wheelstair relies on the kindness of social entrepreneurs and public supporters to achieve our goal of empowering the world through freedom to move. Interested in supporting Wheelstair? Donate here: [Link to seeding capital progres bar webpage.]
#TheFutureMovesWithYou #wheelstair
Note: To gather quotes from financial supporters, Wheelstair’s seeding capital donation web page should ask for financial supporter’s comments as part of the donation form. The form section should ask for their motivation for donating with the prompt, “I’m donating because…”
Customer testimonial example:
Caption:
Wheelstair strives to empower manual wheelchair users all over the globe. We fight for a future where everyone has the dignity of independence. Sponsor someone’s device: [Link to co-finance webpage] #TheFutureMovesWithYou #accessibility #wheelchair #disabilityrights #wheelstair
Note: User testimonials can only be gathered once Wheelstair is retailing. As such, Wheelstair can focus on thanking financial supporters in the first stage of The Future Moves With You campaign.
6.2.5 YouTube
30 second video:
7. Key Marketing Contacts
7.1 Influencers & Celebrities
Collaborating with disabled influencers and celebrities is an effective way to engage with the disabled community by leveraging influencers/celebrities’ pre-existing audience. It creates awareness and trust around Wheelstair’s brand through endorsement, especially if the chosen influencers/celebrities are involved in disability activism efforts.
General content ideas:
Share personal experiences and testimonials regarding the usefulness of Wheelstair.
Share content related to living with disabilities and assistive technology.
The following are suggested people of interest:
Liz Carr is an English comedian and actress known for being an international disability rights activist.
Twitter (@thelizcarr): 51.7K
Website:
Contact her agent Maureen Vincent at United Agents, via her associate Lorna Fallowfield:
Email:
Phone: +44 (0) 20 3214 0912 (Calls Liz Carr’s agent)
Postal address: United Agents, 12-26 Lexington Street, London W1F 0LE
GoodTimesWithScar (Ryan) is a Youtuber and Twitch streamer known for MineCraft content. He is wheelchair bound due to a neuromuscular disease and is a disability activist currently collaborating with non-profit organization GamersOutreach ().
YouTube (GoodTimesWithScar): 2.03M Subscribers
Twitch (GoodTimesWithScar): 470K followers
Twitter (@GTWScar): 318.2K followers
Instagram (@goodtimeswithscar): 175K followers
Facebook (Goodtimeswithscar): 9.1K followers (Inactive)
Contact
Email:
Content ideas:
Demonstrate and promote Wheelstair similar to a previous wheelchair demonstration he has done ().
Run a fundraising charity streaming event on Twitch to raise money for Wheelstair’s seeding capital. Similar to his previous charity streams which raised over 400,000USD () and ongoing efforts to raise money to fund hospital equipment for hospitalized children (). This event could take place during International Wheelchair Day for additional traction.
7.2 Influential Groups
Strategic partnership and collaboration with professional medical associations creates opportunities for expansion while enhancing public trust in Wheelstair through recommendation.
The American Association of People with Disabilities (AAPD)
Works to increase the political and economic power of people with disabilities by promoting equal opportunity, economic power, independent living, and political participation..
Website:
Linkedin: 10.5k followers, 240 connections
Twitter (@AAPD): 43.1K followers
Instagram: 7250 followers
Facebook: 25K followers
Email:
Phone: 1-800-840-8844 or 202-521-4316
The Rotenburger Werke der Inneren Mission in Rotenburg (Wümme)
Provides facilities and services to empower people with disabilities to work by offering residential housing, education, job training, aid with medical problems such as diagnostics and therapy.
Website:
Facebook: 3.4K followers
Email:
Phone: +49 4261 9200
International Disability Alliance
Works in over 200 countries and territories across the world to harness international human rights and sustainable development frameworks for their national, regional and global advocacy.
Website:
Linkedin: 11,055 followers
Twitter (@IDA_CRPD_Forum): 22.4K followers
Facebook: 35K followers, 27K likes
Email:
Section III: Business Development
8. Sources of Seeding Capital Funding
8.1 Grants
The European Investment Bank (EIB) FACT CHECK
This is the lending arm of the European Union, which supports projects that contribute to EU policy objectives such as innovation, climate action, and social inclusion.
The EIB has a history of investing in Polish projects and does fund healthcare projects including development of medical devices (? UNSURE).
The EIB may be interested in Wheelstair as a project that enhances the mobility and quality of life of people with disabilities.
Email:
Phone: +352 4379-22000
Address: Federal Ministry for Economic Cooperation and Development, Postfach 12 03 22, 53045 Bonn, Germany
—-
Previous successful funding:
Private venture capitalists:
Howard David da Silva
Ian Keith Johnson
John George Lillywhite
Grants and funds:
Life Science Innovation (LSI) Fund in cooperation with NCRD from European Regional Development Fund
Pre-seed funding is often the earliest stage of startup funding, coming before seed funding and other stages. During this stage, investors provide startups with capital to begin developing products in exchange for equity.
Fast track competition by the NCRD (National Centre for Research and Development) funded by Smart Growth Operational Program (SGOP)
8.2 Private Investors
COBIN Angels is the largest professional Business Angel Community in Poland. Wheelstair can search for private investors in Poland through this network.
Have historically invested 100,000 to 2,000,000 in start-up capital.
Business skill consultancy and access to the network of private investors.
They charge a standard fee of 6% of the capital raised from investors that the network introduces Wheelstair to. The fee is due only if the capital is raised and only after the capital is paid.
Process:
Every month, COBIN Angels evaluates 50 business proposals submitted through this portal:
The top 10 proposals are analyzed.
The top 6 proposals are presented to COBIN Angels’ Investment Board. At this point, Wheelstair must sign this contract if they are in the top 6:
The top 3 proposals are invited to pitch during COBIN Angels’ Investment Session.
After seeing each pitch, the private investors decide if they want to negotiate with the Top 3 candidates and schedule one-on-one meetings.
Contacts:
Website:
Email:
Linkedin:
Facebook:
Address: Chmielna 73, 00-801 Warszawa, Cambridge Innovation Center Warsaw
Christopher K. Mckelvy is a Managing Partner at K. Ventures who is currently raising a venture capital fund to invest in startups that serve people with disabilities, plus their caregivers and family members.
Based in the USA
Website:
Linkedin:
Email:
Twitter: @CKMcKelvy
Source:
9. Co-Financing Opportunities
GERMANY:
Germany’s medical care is relatively better than America’s and is less costly so funding and financing opportunities arise most from the government as well as partnering with various health insurance companies that offer similar types of materials.
List the insurances and co-financing groups. Some will be found in this document already.
USA:
Majority of the funding for wheelchair companies in the US is from private investors, pharmaceutical companies, and partnerships. Wheelstair should form a partnership with a pharmaceutical company or find a private medical company.
List the insurances and co-financing groups. Some will be found in this document already.
10. Are Test Programs Needed?
CHALLENGE DETAILS
Dropbox PDF:
The task:
To transfer the technology they have patented to produce and commercialize it internationally.
develop a commercial answer that will enable wheelchair users to become mobile and our societies truly inclusive
Understand market potential across different cultures, institutional settings and architectural settings
Pick 2 different country markets to launch the product
Design a social network campaign and test it on our own social medias
Identify funds for Wheelchair
Verify need with local veteran associations / paralympic athletes the need for test programs. It is expensive to provide test programs and needs co-funding.
Help us with market research and industry scanning
Assess the market potential for Wheelchair across different cultures, institutional settings,and architectural settings.
—
FUNDING
Needs:
Need 900,000 euros of equity (beyond the capacity of current shareholders) to gain access to €2.1 million in non-equity financing in December 2023 from The Seal of Excellence from the European Innovation Council
Need a minimum of €2.1m to market Wheelstair in global markets successfully
Challenges:
Bank credit for medical start-ups with no sales is not available. Thus, favor venture capitalists
Wheelstair is familiar with the market for these funds in Poland and estimates the chances of obtaining financing in the local market as slim
Few funds specialize in equity investments in Wheelstair-like companies due to longer investment horizons, regulatory risks,and the inability to test the hardware before registering it with the relevant agencies.
Try these: Scewo () and While ( )
Previous successful funding:
Private venture capitalists:
Howard David da Silva
Ian Keith Johnson
John George Lillywhite
Grants and funds:
Life Science Innovation (LSI) Fund in cooperation with NCRD from European Regional Development Fund
Pre-seed funding is often the earliest stage of startup funding, coming before seed funding and other stages. During this stage, investors provide startups with capital to begin developing products in exchange for equity.
Fast track competition by the NCRD (National Centre for Research and Development) funded by Smart Growth Operational Program (SGOP)
Tasks (DUE 2nd October)
Nasir:
Rewrite Section I sections highlighted in red into a short, summarized version. Include tables and visual aids where possible.
Disability sentiments in the USA: Do research on how wheelchair friendly the USA is. Walk around in real life and take pictures of the infrastructure for reference.
Verify need for test programs (VA)
Val:
Verify need for test programs
Germany’s side: Values, culture, opportunities, threats, trends, political and economic environment in relation to Poland.
Kelvin:
Section II:
Contact influencers and groups, try to get them interested in working with Wheelstair. Find quotes for them.
Research private investors
Compile all companies for partnerships or co-financing mentioned in all sections
Salman:
Find sources for everything highlighted in yellow.
Research grants
Research trade shows in Germany.
Thalia:
Formatting research into report format. Copywriting and copyediting across the document.
Social media posts
30s Ad
Germany: Do research on how wheelchair friendly Germany is. Compile screenshots of Germany’s streets on Google maps to support this.
USA + Germany: Search engine comparison for disability sentiments
Identify funds: provide a ranking of funds whose investment profile best fits theWheelstair venture
Grants list:
Both USA and Germany. At least 2 each.
Private investors list:
USA, Germany. At least 2 each.
Poland and global. At least 3 total.
Companies for partnership or co-financing
Identifying foundations and NGOs that may co-finance special programs for veterans or paralympic athletes to test Wheelstair in real life
Note down the groups identified in Section I.
Reach out to the influential groups identified in Section II.
Verify the need for test programs in selected organisations
E.g. Veterans association or other organisations
Reach out to groups identified in all sections and determine need for testing Wheelstair in their program
We are asking you to dedicate a key portion of your time to identify, attempt to make contact with,and conduct interviews with representatives of veterans organizations, paralympic athletes,and foundations.
TASKS (DUE 9th October)
Nasir:
Disability sentiments in the USA: Do research on how wheelchair friendly the USA is. Walk around in real life and take pictures of the infrastructure for reference.
Verify need for test programs in Veterans Association
Include exchange rates in price analysis
Product licensing required in Germany and USA(Nasir)
Who to contact
What certification is required
Other legal requirements
Detail the certification process
Transport costs: (Nasir)
Choose land/air/sea then justify the decision
Include cost breakdown
Provide recommendations for specific transport companies with their contacts
Estimated projected sales
How many units per year? Why?
Val:
Verify need for test programs in Veterans Association
Kelvin:
Salman:
Find sources for everything highlighted in yellow.
Research grants
Research trade shows in Germany.
Take pictures in real life of infrastructure of buildings in USA to evaluate accessibility
Thalia:
Formatting research into report format. Copywriting and copyediting across the document.
30s Ad
Co-financing opportunities
Distribution channels
UNCLAIMED TASKS
Product licensing required in Germany and USA(Nasir)
Who to contact
What certification is required
Other legal requirements
Detail the certification process
Product modifications for both Germany and USA compared to Poland
Transport costs: (Nasir)
Choose land/air/sea then justify the decision
Include cost breakdown
Provide recommendations for specific transport companies with their contacts
Check if EIB can be used as seeding capital
Wheelstair might not qualify due to being a start-up for a wheelchair accessory which is a medical device
Explore what kind of medical equipment EIB has previously funded. If there are previous funding towards development of wheelchair accessories from a private start-up, then Wheelstair qualifies.
Evaluate what product from EIB we recommend to Wheelstair since they have multiple equity funding products
Find private investor from Germany
COMPANIES THAT CAN INVEST IN WHEELSTAIR
ACHC Accreditation
The Accreditation Commission for Health Care (ACHC) is a nationally recognized accreditation leader that provides comprehensive compliance solutions to healthcare organizations. They offer accreditation programs for various healthcare providers, including home health, hospice, pharmacy, and private duty. ACHC’s accreditation process is designed to help healthcare providers demonstrate the highest standards of performance and patient care through an educational and collaborative approach. They provide personalized advice from expert account advisors and around-the-clock access to their collection of educational resources.
Address:
You can visit their website at achc.org1. Alternatively, you can contact them via phone at (855) 937-2242 or locally at (919) 785-1214.
You can also send them a fax at (919) 785-3011 1.
If you prefer to communicate via email, you can reach out to them at [email protected].
Veteran administration
The U.S. Department of Veterans Affairs (VA) is a federal Cabinet-level agency that provides healthcare services, benefits programs, and access to national cemeteries to eligible veterans and their dependents The VA is responsible for administering a variety of benefits and services, including disability compensation, education and training, home loans, life insurance, vocational rehabilitation and employment, and more.
. .
You can contact the VA through various channels.
Address:
. .
Wheelchair accessibility in America:
The US is one of the top ranked wheelchair friendly countries in the world, ensuring that most infrastructure has accommodations for most known disabilities which would include wheelchairs. Most of the common wheelchair friendly accessories include curbs that have a built in ramp for wheelchairs, elevators are in a large number of buildings that have multiple floors, most parking spots for handicap people are often in the front of the parking lot towards the building and offer a large space so that those who need room to transport their wheelchairs in and out fo the car can do so with ease.
(Image of a curved curb and elevators in public settings)
Testing for the Veteran Affairs for Medical Devices: SIMVET
For testing medical practices the VA uses Simulation , Validation, and Testing. This process is done by running simulations on the medical device that would entail everyday use as well as testing for any malfuntions and the medcial devices durability. The validation portion is based upon the devices reliability, consumer needs analysis, how well the device integrates into todays market, and if the product can deliver results than can be easily reproduced. The testing portion is to furter insure the medical device is ready and conducting test with live people and receiving feedback from those test to predict projected need for the device as well as if the device is performing correctly.
Appendix
Section I: Industry/Competitor Analysis
1. Global Market Scan
2. Competitor Information
3. New Market Analysis
Where Wheelstair currently has international connections:
Switzerland, Geneva: CERN Nuclear Research Center
Jacek, co-founder works there as an engineer
Belgium, Brussels: The Conference Board
Michał, co-founder works there as an economist
Poland, Warsaw: University of Warsaw
Michal, co-founder is a lecturer there
Poland, Sanok: Wheelstair Lab
Germany, Düsseldorf: 14TH HEALTHCARE INNOVATION WORLD CUP® competition @ Medica
Polish-German Chamber of Commerce
France: Credit Agricole Group aka La banque verte
Enhance Alliance (Collection of European Universities specializing in science and technology research)
Sweden, Gothenburg: Chalmers University of Technology
Switzerland, Zürich: ETH Zürich
Poland, Gdańsk: Politechnika Gdańska / Gdańsk University of Technology
Poland, Warsaw: Politechnika Warszawska / Warsaw University of Technology
Norway, Trondheim: Norges Teknisk-Naturvitenskapelige Universitet
Italy, Milan: Politecnico di Milano
Rheinisch-Westfälische Technische Hochschule Aachen
Germany, Aachen: Technische Universität Berlin
Netherlands, Delft: Technische Universiteit Delft / Delft University of Technology (TU Delft)
Spain, Valencia: Universitat Politècnica de València / Valencia Polytechnic University / The Technical University of Valencia
China: 1st Award in the Huawei Start-Up Competition
Beneficial international relationships
Countries in Central Europe that have historical, social and cultural similarities:
Austria, Czech Republic, Germany, Hungary, Liechtenstein, Slovakia, Slovenia, Switzerland
European Single Market: The single market seeks to guarantee the free movement of goods, capital, services, and people, known collectively as the “four freedoms”.
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Iceland, Liechtenstein, Norway, Switzerland.
New Market Environmental Assessment: Germany
Germany is a major economic power and a leading member of the European Union.
Values
German values are based on the principles of democracy, human rights, and the rule of law.
Germans are also known for their hard work, discipline, and efficiency. These values are often seen as essential to Germany’s success as an economic power.
Culture
Opportunities
Germany has a highly developed economy with a strong social safety net. Germany is also a leader in innovation and research.
Some of the key economic sectors in Germany include:
Manufacturing
Automotive
Engineering
Chemicals
Pharmaceuticals
Electronics
Germany is also a major tourist destination, with millions of visitors each year.
Threats
The rise of populism has been a major concern in Germany in recent years. The populist Alternative for Germany (AfD) party has made significant gains in elections and now holds seats in the German Parliament.
The aging population is another challenge facing Germany. The country’s birth rate has been declining for decades, and the population is expected to shrink by millions over the next few decades. This could lead to a shortage of workers and put a strain on the social security system.
Climate change is another major threat to Germany. The country is vulnerable to flooding, droughts, and other extreme weather events. Climate change is also expected to have a significant impact on the German economy.
Germany is also vulnerable to cyberattacks and other security threats. The country has been targeted by hackers from Russia and other countries in recent years. Germany is also concerned about the threat of terrorism.
New Market Environmental Assessment: USA
CULTURE AND VALUES
Cultural values in the United States encompass Independence and Self-Sufficiency, Equality (All individuals must be treated equally, regardless of gender, race, religion, age, disability, or sexual orientation), Individualism, Respect for Privacy, Democracy and Patriotism, Work Ethic and Meritocracy (Success is achieved through hard work and personal merit), Frankness, Innovation (The pursuit of new ideas and efficiency is encouraged), Consumerism, and a value for Time and Efficiency.
Additionally, here’s a brief description of how some of these cultural dimensions manifest in the United States:
Performance Orientation: In the United States, performance and achievement are highly valued. Society focuses on goals, outcomes, and the pursuit of personal and professional success. Competition and meritocracy are encouraged.
Assertiveness: American culture tends to be direct and values open communication and the expression of opinions. Assertiveness is common in both business and social interactions, where individuals are encouraged to advocate for their viewpoints.
Future Orientation: Americans often look ahead and place value on long-term planning. Innovation and preparation for the future are important in both society and business.
Humane Orientation: While individual success is valued, there is also a strong tradition of volunteerism and support for humanitarian causes. Americans often engage in charitable activities and nonprofit organizations.
Institutional and In-Group Collectivism: The United States emphasizes individualism, valuing personal independence and autonomy. However, there are also groups and communities united by common interests.
Gender Egalitarianism: Gender equality is highly valued, with policies and laws promoting equal opportunities for men and women in the workplace and society at large.
Power Distance: Compared to some cultures, the United States tends to have lower power distance, valuing equal rights and expecting more horizontal relationships.
Uncertainty Avoidance: Overall, Americans tend to have a more open attitude toward uncertainty. Adaptability, risk-taking, and problem-solving are encouraged.
It’s important to note that these cultural dimensions can vary among individuals and groups within the United States due to its diversity and multiculturalism resulting from immigration from around the world. Additionally, regional and generational influences can also play a role in how these dimensions manifest.
USA MARKET INFLUENCES: OPPORTUNITIES, THREATS AND TRENDS.
Opportunities:
Growing Demand: The United States has an aging population, which increases the demand for wheelchairs and mobility devices. Furthermore, there is a growing awareness of the importance of accessibility and inclusion.
Advanced Technology: The United States is known for adopting advanced technologies. Wheelstair can capitalize on this trend by offering high-tech wheelchairs aligned with American consumers’ expectations.
Insurance Funding: Many Americans have health insurance that can cover the cost of high-tech wheelchairs. Understanding how insurance systems work and how they can finance these devices is crucial.
Distribution Channels: The United States has a variety of distribution channels, including specialized medical equipment stores and online platforms. The company needs to identify the most effective channels to reach consumers.
Threats:
FDA Regulations and Approvals: The Food and Drug Administration (FDA) approval process can be complex and time-consuming.
Intense Competition: The high-tech wheelchair market in the United States is highly competitive, with several established manufacturers and suppliers. Competing with well-established brands can be challenging.
Healthcare Costs: Healthcare costs in the United States are high, which can influence wheelchair purchase decisions. The company must consider how its pricing compares to available options.
Trends:
Telemedicine: The COVID-19 pandemic accelerated the adoption of telemedicine in the United States. This may influence how high-tech wheelchairs are prescribed and acquired.
Accessibility: There is a growing awareness of the importance of accessibility in both public and private spaces. High-tech wheelchairs that enhance mobility in diverse environments may be in high demand.
Sustainability: Sustainability is a growing trend in the United States. The company should consider eco-efficiency in the manufacturing and recycling of its products.
Customization: American consumers value customization. Offering customizable options and features in wheelchairs can be a competitive advantage.
E-commerce: Online shopping is popular in the United States. The company should develop a strong online presence and an effective e-commerce strategy.
Aging Population: The U.S. population is aging, which may drive demand for high-quality, technologically advanced wheelchairs.
Continuous Innovation: Technology continues to evolve. Staying abreast of the latest innovations and adapting products to changing consumer needs is essential.
USA POLITICAL AND ECONOMIC ENVIRONMENT IN RELATION TO POLAND.
Political Environment:
Bilateral Relations: The United States and Poland maintain strong political relations, in part due to their membership in NATO and their shared interest in regional security. The stability of these political relations can be beneficial for Polish companies seeking to enter the American market, as it could facilitate the entry process.
Trade Policies: The United States government has promoted trade policies that encourage competition and international trade. This could provide a favorable environment for foreign companies like Wheelstair, provided they comply with the necessary regulations and standards.
Healthcare Sector Regulations: The medical device sector, which includes high-tech wheelchairs like those offered by Wheelstair, is subject to strict regulations in the United States. Government policies regarding the approval and regulation of medical devices can influence the entry process and the ability to compete in the market.
Economic Environment:
Market Size: The United States has one of the world’s largest economies and a significant market for medical devices. This presents a great opportunity for Wheelchair in terms of reach and growth potential.
Competition: The American market for high-tech wheelchairs is highly competitive, with numerous local and global companies vying for market share. Wheelstair will face fierce competition and must differentiate itself to stand out in this environment.
Healthcare Costs: High healthcare costs in the United States can impact purchasing decisions for medical devices, including wheelchairs. Wheelstair must consider how its pricing and value proposition compare to other available options.
Supply Chains and Logistics: Efficient logistics infrastructure and supply chains are essential for success in the American market. Wheelstair will need to establish a robust logistics system to distribute its products nationwide.
Healthcare Spending Trends: Healthcare spending in the United States is significant, and spending trends can influence the demand for medical devices. Wheelstair should monitor spending trends and adjust its strategy accordingly.
Reimbursement and Health Insurance: Understanding how health insurance systems work in the United States and how patients can obtain reimbursements for high-tech wheelchairs is crucial for Wheelstair’s success.
In conclusion, the political and economic environment of the United States in relation to Poland presents opportunities and challenges for Wheelstair’s entry into the American market. While strong political relations can provide a stable environment, Wheelstair must address regulations, competition, and healthcare costs to succeed in this highly competitive and regulated market. Additionally, an understanding of economic dynamics and healthcare spending trends will be key to its entry strategy.
Fig 1. And Fig 2. ()
8.2 Private Investors
References
Khasanova, R. R., & Makarentseva, A. O. (2019). Poverty Among the Disabled and Households with Disabled Members. Problems of Economic Transition, 61(1-3), 211–226.
Link for pricing on wheelchair lifts (will format later-Nasir)
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