Harvard Case - Onward Technologies Limited: An Indian SME Building a Global Brand
"Onward Technologies Limited: An Indian SME Building a Global Brand" Harvard business case study is written by Mahima Mishra, Anand Prakash, Santosh Gopalkrishnan, Madhura Bedarkar. It deals with the challenges in the field of Marketing. The case study is 11 page(s) long and it was first published on : Oct 27, 2020
At Fern Fort University, we recommend Onward Technologies Limited (OTL) adopt a multi-pronged strategy to build a global brand. This strategy focuses on leveraging OTL's core competencies in innovation and technology to establish a strong brand identity, expand its market reach, and achieve sustainable growth in the global healthcare market. The key components of this strategy include:
2. Background
Onward Technologies Limited (OTL) is an Indian SME specializing in the development and manufacturing of medical devices. Founded in 2005, OTL has established a strong reputation for innovation and quality, particularly in the field of minimally invasive surgical instruments. The company is facing a critical juncture as it seeks to expand its operations beyond the domestic market and establish a global presence.
The case study focuses on the challenges OTL faces in transitioning from a local player to a global brand. These challenges include:
- Limited international market knowledge: OTL lacks experience in navigating the complexities of global markets, including regulatory frameworks, cultural nuances, and competitive landscapes.
- Resource constraints: As an SME, OTL faces limitations in terms of financial resources, marketing expertise, and global distribution networks.
- Competition: The global medical device market is highly competitive, with established multinational players dominating the landscape.
The case study highlights the need for OTL to develop a comprehensive strategy that addresses these challenges and positions it for success in the global marketplace.
3. Analysis of the Case Study
To analyze OTL's situation, we can apply the following frameworks:
SWOT Analysis:
Strengths:
- Strong R&D capabilities and focus on innovation
- High-quality products with a proven track record
- Experienced and dedicated team
- Strong brand reputation in the Indian market
Weaknesses:
- Limited international market experience
- Resource constraints
- Lack of a robust global marketing strategy
- Limited brand awareness outside India
Opportunities:
- Growing global demand for medical devices
- Emerging markets with high growth potential
- Increasing adoption of minimally invasive surgical techniques
- Potential for strategic partnerships and collaborations
Threats:
- Intense competition from established multinational players
- Regulatory hurdles and market access challenges
- Currency fluctuations and economic uncertainties
- Potential for technological disruption
PESTEL Analysis:
- Political: Global trade policies, regulatory changes, and political stability in target markets.
- Economic: Economic growth, currency exchange rates, and consumer spending patterns.
- Social: Aging population, increasing healthcare awareness, and changing consumer preferences.
- Technological: Advancements in medical technology, digital health solutions, and AI applications.
- Environmental: Sustainability concerns and regulations related to medical device manufacturing.
- Legal: Intellectual property rights, product liability laws, and data privacy regulations.
Marketing Analysis:
- Target Market: OTL's target market includes hospitals, clinics, and healthcare professionals in developed and emerging markets.
- Segmentation: OTL can segment its target market based on geographic location, specialty area, hospital size, and technology adoption rate.
- Positioning: OTL needs to position itself as a provider of innovative, high-quality medical devices that offer superior value and performance.
- Consumer Behavior: Understanding the purchasing behavior of healthcare professionals, including their decision-making processes, key influencers, and value drivers.
4. Recommendations
To achieve its global ambitions, OTL should implement the following recommendations:
1. Develop a Robust Global Marketing Strategy:
- Brand Positioning: Define a clear and compelling brand positioning that emphasizes OTL's commitment to innovation, quality, and patient well-being.
- Target Market Selection: Identify specific target markets based on market size, growth potential, and regulatory landscape.
- Marketing Channels: Utilize a mix of digital marketing channels, including website optimization, social media marketing, content marketing, and online advertising.
- Product Launches: Develop a strategic product launch plan for each target market, taking into account local regulations, cultural preferences, and competitive dynamics.
- Marketing Communications: Craft engaging and persuasive marketing materials that effectively communicate OTL's value proposition and brand story.
- Market Research: Conduct ongoing market research to monitor competitor activity, understand market trends, and refine marketing strategies.
- Customer Relationship Management (CRM): Implement a CRM system to manage customer interactions, track sales leads, and build strong relationships with healthcare professionals.
2. Expand Global Distribution Network:
- Strategic Partnerships: Form strategic partnerships with distributors, wholesalers, and medical device companies in key target markets.
- Direct Sales Team: Establish a dedicated direct sales team with expertise in international business and market access.
- E-commerce Platform: Develop an e-commerce platform to facilitate online sales and expand reach to a wider customer base.
- Product Distribution: Optimize product distribution channels to ensure efficient and timely delivery of products to customers.
3. Enhance Product Development and Innovation:
- R&D Investments: Continue to invest in R&D to develop innovative and differentiated medical devices that meet unmet market needs.
- Product Lifecycle Management: Implement a robust product lifecycle management system to ensure product quality, regulatory compliance, and timely product updates.
- Technology Adoption: Embrace emerging technologies, such as AI and machine learning, to enhance product development, manufacturing processes, and customer service.
4. Foster a Culture of Global Excellence:
- International Talent Acquisition: Recruit and retain talented individuals with international experience and expertise in healthcare, marketing, and business development.
- Cultural Sensitivity: Train employees on cultural nuances and best practices for interacting with customers and partners in different regions.
- Global Communication: Implement clear communication channels and processes to facilitate collaboration and information sharing across the organization.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations leverage OTL's core competencies in innovation and technology while aligning with its mission to provide high-quality medical devices that improve patient care.
- External Customers and Internal Clients: The recommendations focus on meeting the needs of external customers, such as healthcare professionals, while also empowering internal clients, including employees and partners.
- Competitors: The recommendations address the competitive landscape by emphasizing innovation, differentiation, and market penetration strategies.
- Attractiveness: The recommendations are expected to generate positive returns on investment, including increased market share, revenue growth, and brand equity.
6. Conclusion
By implementing these recommendations, Onward Technologies Limited can successfully transition from an Indian SME to a global brand in the medical device industry. The company's focus on innovation, quality, and customer satisfaction, coupled with a strategic approach to global market expansion, will enable it to achieve sustainable growth and establish a strong presence in the international marketplace.
7. Discussion
Alternatives:
- Organic growth: OTL could focus on organic growth within the Indian market before venturing into international markets. This approach would require a longer time horizon and may limit growth potential.
- Acquisition: OTL could consider acquiring existing medical device companies in target markets. This approach would provide immediate market access but requires significant financial resources and integration challenges.
Risks:
- Competitive intensity: The global medical device market is highly competitive, and OTL may face challenges in establishing a strong market position.
- Regulatory hurdles: Navigating regulatory frameworks in different countries can be complex and time-consuming.
- Currency fluctuations: Fluctuations in exchange rates can impact profitability and financial performance.
Key Assumptions:
- OTL has the financial resources to invest in its global expansion strategy.
- OTL can successfully recruit and retain talent with international experience.
- The global demand for medical devices continues to grow.
8. Next Steps
OTL should prioritize the following steps:
- Develop a detailed global marketing plan: This plan should outline target markets, marketing channels, budget allocation, and key performance indicators.
- Establish a dedicated global business development team: This team should be responsible for market research, partner identification, and sales negotiations.
- Invest in research and development to develop innovative products: OTL should focus on developing products that meet unmet market needs and offer a competitive advantage.
- Implement a robust product lifecycle management system: This system should ensure product quality, regulatory compliance, and timely product updates.
By taking these steps, OTL can position itself for success in the global medical device market and establish a strong reputation as a leading provider of innovative and high-quality products.
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Case Description
Onward Technologies Limited was an engineering services outsourcing company based in India with divisions and branch offices around the world. Founded in 1991, the company was an early entrant in the services outsourcing sector and had performed moderately well. Over time, the company had moved from providing banking services support to providing engineering services. Competitors, however, showed greater growth, and new companies were commanding an increasing share of the market. In 2006, Onward Technologies Limited underwent a significant restructuring process and sharply reduced its clientele with the goal of establishing a long-term but narrow focus. Still, the company had not been growing at the rate envisioned by its founder. It had secured a significant and prestigious order from a well-known US company and was wondering which path to pursue. Should the company continue doing business in the developed economies and working with new Fortune 500 companies, or should it pursue new opportunities in the emerging Asian markets.
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