Eric McMillan
October 10, 2017
MGMT 491
Case Study #3
Executive Summary
I believe that Crescordia would benefit most by creating a joint venture for a resorbable product. Crescordia is faced with the idea of expanding its research and development research resorbable technology by implementing the product in the field or to wait until the technology is more effective. Innostat, who is Crescordia’s main competitor, has also begun to release its own resorbable products even though they have a far less reliable product when compared to Crescorida. Since Crescorida is currently not offering these resorbable products, some of the company’s top accounts are switching to Innostat to try this new product, but these customers are also switching the …show more content…
Many of the executives have conflicting views on what they think the company should do in its current state. Crescordia can either develop the resorbable product for the emerging market or wait and see if the market fully develops. Adding on, the research and development for resorbable products isn’t extremely helpful until they can test the products on actual patients; no further developments can be made on these products until surgeons begin testing the products when operating. Furthermore, Crescordia could also risk losing their great reputation by introducing a poor resorbable product. This is not ideal, but Crescordia has some of the best scientists and facilities in the industry so they should be able to put out a quality product soon if they decide to produce the resorbable products. With these factors, Crescordia should enter and eventually dominate this market over the weaker Innostat (as shown in Appendix A, B, …show more content…
Also, when developing the resorbable product, take into consideration the opinions of the surgeons so that the new product can be better and more useful.
For the long-term, starting a joint venture to develop the resorbable product. As found in the case, “smaller private companies do have innovation advantages—such as more focused management and a better talent pool attracted to the potential reward” which would allow the joint venture to attract some of the best scientists along with the highly regarded scientist and facilities Crescordia already has. Attempting to further develop research and development of resorbables before bringing the product to market. Maintaining close relationship with surgeons to get immediate feedback that way the joint venture can improve the product as fast as possible would also be beneficial. Once the joint venture has produced a resorbable product up to Crescordia’s standards, Crescordia will buy them
October 10, 2017
MGMT 491
Case Study #3
Executive Summary
I believe that Crescordia would benefit most by creating a joint venture for a resorbable product. Crescordia is faced with the idea of expanding its research and development research resorbable technology by implementing the product in the field or to wait until the technology is more effective. Innostat, who is Crescordia’s main competitor, has also begun to release its own resorbable products even though they have a far less reliable product when compared to Crescorida. Since Crescorida is currently not offering these resorbable products, some of the company’s top accounts are switching to Innostat to try this new product, but these customers are also switching the …show more content…
Many of the executives have conflicting views on what they think the company should do in its current state. Crescordia can either develop the resorbable product for the emerging market or wait and see if the market fully develops. Adding on, the research and development for resorbable products isn’t extremely helpful until they can test the products on actual patients; no further developments can be made on these products until surgeons begin testing the products when operating. Furthermore, Crescordia could also risk losing their great reputation by introducing a poor resorbable product. This is not ideal, but Crescordia has some of the best scientists and facilities in the industry so they should be able to put out a quality product soon if they decide to produce the resorbable products. With these factors, Crescordia should enter and eventually dominate this market over the weaker Innostat (as shown in Appendix A, B, …show more content…
Also, when developing the resorbable product, take into consideration the opinions of the surgeons so that the new product can be better and more useful.
For the long-term, starting a joint venture to develop the resorbable product. As found in the case, “smaller private companies do have innovation advantages—such as more focused management and a better talent pool attracted to the potential reward” which would allow the joint venture to attract some of the best scientists along with the highly regarded scientist and facilities Crescordia already has. Attempting to further develop research and development of resorbables before bringing the product to market. Maintaining close relationship with surgeons to get immediate feedback that way the joint venture can improve the product as fast as possible would also be beneficial. Once the joint venture has produced a resorbable product up to Crescordia’s standards, Crescordia will buy them