Retinitis pigmentosa -- Patients -- Services for, Graphene -- Industrial applications, Night vision devices, Contact lenses -- Technological innovations
CatsVision is a new product Samsung is interested in developing for improved visibility in low-light conditions. The product is a set of smart contact lenses with graphene coating technology to help generate sharper image for better vision in the people diagnosed with retinitis pigmentosa.
Retinitis pigmentosa is a genetic disease that leads to a breakdown and loss of cells in the retina. It is estimated to affect 1 in 3,500 to 1 in 4,000 people in the United States and Europe. This market segment is chosen to act as a launching vehicle for the product to gain acceptance information from the market as well as ramp up large scale manufacturing abilities. Retinitis pigmentosa is chosen as the primary target market segment for the introduction of the product based on best match of the consumer needs and product features. This product can then help create a path for a wide variety of new product segments.
Samsung has the right mix of research, development and manufacturing processes to mass produce the product. The product is just a concept as of now and thus we are in the innovator stage of product and technology life cycle. The SWOT analysis and porter’s five forces are favorable for the product. The threat of new entrants, threat of substitution and power of buyers was evaluated to be low with the power of suppliers rated high. We believe the competitive rivalry is medium based on our analysis of the five forces.
The marketing mix for the product is also described in detail in this report. The product’s technical details, a rough roadmap as well as the marketable features are identified and detailed in various sections of the report. The product can be marketed to the target consumers through collaboration with the opthamologists. Eye doctors and especially ophthalmologists are identified as key partners apart from the supplier to manage for the success of the project. The go to market strategy is also presented in the report to engage the opthamologists to promote the product and reach the consumers.
The report also presents the promotion, distribution and communication channels management for the success of the project. We determined that ingredient branding of the technology can help extend recognition and goodwill of the product. This would facilitate Samsung to extend the technology to consumer home entertainment segment.
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Verma, Neeti; Tonkal, Mert Cihan; Sawant, Chaitali Sunil; Ganoskar, Poonam; and Tacco-Melendez, John, "CatsVision: Smart Lens Marketing Plan" (2019). Engineering and Technology Management Student Projects. 2267.