Health & Wellness Tourism Market Penetration, Development and Product Development
The triad: Market penetration, development and product development
A market penetration analysis enables a medical tourism business owner or supplier to examine existing offerings (products and services) in new and existing markets. Market penetration occurs through price concessions, improved promotion and increased distribution channels, acquisition of a rival in the same market, or product differentiation.
Market penetration strategy is different from market development. In a market development strategy, a supplier of medical, dental or rehab services or wellness activities attempts to expand into new markets, geographies, countries, etc., using its existing offerings. For this strategy to be successful, the supplier must build something new or characterize existing products in a new way, create economies of scale if what they are doing increases outputs, and it cannot be too different from the market in which one is already recognized as a leader.
A product development strategy is critical for health and wellness tourism business success. New couplings of activities at destinations create unique new experiences that can be tailored to be of interest to targeted consumers and commercial buyers of group health care services. Investment in research and development of additional product experiences, acquisition of rights to produce someone else’s product, branding a product for differentiation, or joint ventures with others who share similar needs and have similar customers are the key activities associated with product development strategies for health and wellness tourism business.
While not every point may be pertinent to your specific project, you can use our 3-page sample outline that describes how we have approached market penetration, development and product development health and wellness tourism startup and launch strategies for our clients over the past 35 years. You can use the 3-page outline for a Do-It-Yourself analysis. If later on, you decide that you need a little help, you are most welcome to contact us for assistance on some or all of your project.