What Is Your Value Proposition? In this weeks Tio video, Austin talks about his

What Is Your Value Proposition? In this weeks Tio video Austin talks about his belief in his product as a new type of savory snack meal that could appeal to busy Americans. Here he is discussing his value proposition for the customer segment he serves. Read the definitions below for Market (Customer) Segments and Value Proposition and think about how they apply to your new idea: MARKET (CUSTOMER) SEGMENTS: Defines the different groups of people or organizations an enterprise aims to reach and serve. VALUE PROPOSITION: Describes the bundle of products and services that create value for a specific Customer Segment. Then for your initial post answer the questions below: For whom are you creating value? Who are your most important customers and where is the customer experiencing the product or service (in person online) What value do you deliver to the customer?Which customer needs are you satisfying? Which one of your customers problems are you helping to solve? Post your initial response by Wednesday midnight of your time zone and reply to at least 2 of your classmates initial posts by Sunday midnight of your time zone.ub 1st person to respond to JWI 575 Week 3 What is Your Value Proposition? TargetedCustomers The process of clinical trials is a significant part of the overall investment necessary to develop a medical device (or drug) (FDA 2014). In other words the act of performing clinical trials does not directly regenerate revenue nor profit as it is a proceduraltask within a medical device development program. However the idea I propose will tackle (i.e. will offer an innovative solution) the high rate of nonadherence or noncompliance within the clinical trial participants (Alsumidaie 2017). Also it will provide a method to monitor compliance for patients undergoing a prescribed therapy treatment. In particular the product/service will focus on the pulsed electromagnetic field (Hetch 2020) (PEMF) therapies which is one of the main markets my company serves. This product/service solution will target two main customer categories: PEMF Clinical Trial Leaders and Researchers (internal or external customer): This customer is responsible for obtaining inputs and insights from internal and external partners and clients to design coordinate and execute clinical trials that can deliver theexpected/needed evidence to support the commercialization of a new medical device or drug (Genentech 2021). The clinical trial leaders and researchers manage a substantialworkload under tremendous pressure and urgency (Genentech 2021). The proposed solution will reduce the clinical trial coordination and supervision time reduce the overall cost and elevate the data quality and outcomes resulting from the study. Clinicians (external customer): ModernPEMF medical devices are used by the patient at home (i.e. the patient can self-administer the therapy without a technologist or caregiver). The clinician (CMS 2019) (i.e. ahealthcare professional qualified to practice medicine) that partake in the PEMF therapy process is interested in the progress well-being and outcomes ofthe patients undergoing a PEMF therapy because typically they are managing chronicpain. The proposed product offering will enhance how the clinician assesses monitors and recommends changes to the patients under their PEMF therapy care. Also it will facilitate and support an additional revenue stream to the clinician through the medical reimbursement (Validic 2021) process. Value Creation The proposed product/service will create value to the identified customer categories through the following elements: Process Optimization: Typically the success of a clinical trial within the PEMF market depends on the participants report and the data collection managed by the clinical trial leader. The product/service idea will reduce these dependencies and elevate the reliability of the data acquisition process. The expectation is that this process optimization will create value through simplification productivity (i.e. reduce the labor content and the required human resources) and reduction of the overall clinical trial execution cost. Enabling Patient Remote Monitoring: The proposed product/service has two components: (1) the acquisition hardware (i.e. the device that will acquire the PEMF therapy delivery information directly on the patient non-invasively); and (2) the software-as-a-service(Grant 2021) (Saas) piece (i.e. the service that will work in conjunction with the acquisition hardware). These two parts will enable the clinician to monitor the patients remotely and generate an additional revenue stream. TheCenters for Medicare and Medicaid Services (CMS) have formulated reimbursementcodifications for a multitude of healthcareprocedures and services (including forpatient remote monitoring) (Validic 2021). These codes are called current proceduralterminology (CPT) and they designate the task or service a healthcare provider can offer (Pineiro 2021). For example CPT code 99454 reimburses physicians $51.61 (during a calendar month) to monitor physiological data remotely as part of the patients treatment protocol(Validic 2021). Since the acquisition hardware is durable (e.g. reusable for one particular patient) and the SaaS piece will support multiple patients simultaneously the clinician customer will likely be interested in the care and financial benefits of the proposed product/service. Value Proposition Statement Reflecting on the targeted customers and the elements of value the following is the initial value proposition statement (Shewan 2018) for the proposed product/service: Empower your patients to live productively pain-free. References: Alsumidaie M. (2017). Non-Adherence: A Direct Influence on Clinical Trial Duration and Cost. Applied Clinical Trials. Retrieved fromhttps://www.appliedclinicaltrialsonline.com/view/non-adherence-direct-influence-clinical-trial-duration-and-cost CMS. (2019). Quality Measures & You: Clinicians. Center for Medicare and Medicaid Services.Retrieved fromhttps://www.cms.gov/Medicare/Quality-Initiatives-Patient-Assessment-Instruments/MMS/QMY-Clinicians FDA. (2014). Basics About Clinical Trials. Unites StatesFood and Drug Administration. Retrieved fromhttps://www.fda.gov/patients/clinical-trials-what-patients-need-know/basics-about-clinical-trials Genentech. (2021). Global Clinical Leader. Genentech. Retrieved fromhttps://www.gene.com/careers/detail/202105-113963/Global-Clinical-Trial-Leader Grant M. (2021). Software-as-a-Service (Saas).Investopedia. Retrieved fromhttps://www.investopedia.com/terms/s/software-as-a-service-saas.asp Pineiro J. (2021).Medical Billing CPT Codes: What is CPT? Meditec. Retrieved fromhttps://www.meditec.com/blog/cpt-codes Shewan D. (2018). 7 of the Best Value Proposition Examples Weve Ever Seen. WordStream. Retrieved fromhttps://www.wordstream.com/blog/ws/2016/04/27/value-proposition-examples Validic. (2021).Your Guide to Reimbursement for Remote Patient Monitoring. Validic. Retrieved fromhttps://validic.com/your-guide-to-reimbursement-for-remote-patient-monitoring/ 2nd response RE: Week 3 DiscussionCOLLAPSE Hi all Hope you are all having a great week. Please see the following week 3 DQ post. For Whom Am I Creating Value? The market segment in which I am targeting is small businesses in Ontario that operate within the retail and service industries whose revenue is typically less than $6 million dollars a year (ASQ 1). Importantly segmenting a market is critical to focus resources increase customer retention lower cost of acquisition and improve the chances of selling to customers (OpenView 2). Ultimately value is created whenever a customer agrees to pay for a product or service but its important to understand that utility diminishes over time (Frakt 3). As a result continuous improvement will be needed to relentlessly drive value for the customer. Who are your most important customers and where is the customer experiencing the product or service (in person online) The most important customers are those that fit within the strategic direction of the company its defined market segment and who finds value in our service. Furthermore the purpose of a business should be to create and retain these customers over the long-term whereby you have the greatest potential to maximize profitability (Sherman 4). In addition since my service is about enabling data analytics for small business customers are mostly going to be experiencing this online. Specifically leveraging advanced analytic technology is mostly completed through cloud services. However I do believe in the importance of meeting with customers directly understanding their pain and incorporating them directly in the solution (Chick 5). What value do you deliver to the customer? Which customer needs are you satisfying? I believe the value that we can deliver is enabling the client to obtain customer and market insights so that they can drive value for their own customers and create a competitive market advantage. Additionally one of the most important things for a business to do is to not only create an offensive strategy but to also mitigate risk by establishing an economic moat (Gallant 6). Data analytics provides the intelligence necessary for customers to make agile forward leaning decisions instead of always chasing their tail. Which one of your customers problems are you helping to solve? The main problems that I am helping to solve is to remove the barrier to entry for accessing cost effective data analytics services and to empower my customers with the business intelligence needed for them to win. As I look at the anticipated services there is room for improvement to ensure the offerings are deep intelligent complete empowering and elegant (Kawasaki 7). Increasing the product pipeline to meet these key characteristics will help to maintain stickiness to my brand over the long term. Looking forward to your feedback. Regards Marco References ASQ. (2021). What Is A Small Business? American Society for Quality. Retrieved from https://asq.org/quality-resources/small-business OpenView. (2010). What is Market Segmentation? Open View Venture. Retrieved from https://www.youtube.com/watch?v=pxcNVrwkroU&t=12s Frakt J. & Piper M. (2014). Microeconomics Made Simple. Sherman L. (2012). If Youre in a Dogfight Become a Cat! Chick I. (2018). The Why of Innovation. Medium. Retrieved from https://medium.com/@isabelachick/the-why-of-innovation-b69e5444a Gallant C. (2021). What is an Economic Moat? Investopedia. Retrieved from https://www.investopedia.com/ask/answers/05/economicmoat.asp Kawasaki G. (2015). The Art of the Start 2.0.]

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