Growth Opportunities
The company has witnessed substantial growth in the field of screening and has moved ahead very smoothly. The company, on the other hand, has been growing with a selected pace and in order to increase its sources of revenue and decrease its dependency over screening for breast cancer needs to expand. The expansion in terms of growth is very important, and the opportunities presented includes market penetration, market development, and product development as explained in Ansoff matrix.
Furthermore, each option for growth has its significant importance and flaws that are compared to avail the best possible option. On the other hand, the company seeks growth in every alternative year. Moreover, these alternatives or opportunities have their significance and in terms of profit differ widely, therefore, the company has to focus each and every aspect of these opportunities in order to move ahead with these opportunities. These opportunities are discussed below.
Growth Potential in Breast Cancer
The company generates most of its revenues from screening people for breast cancer and as suggested by the results of the Cancer Control Act the targeted results have not been yet obtained. This means the market still has potential, and the company can still make profits from this presented potential. The opportunities and scope of improvement are still present in screening for breast cancer, although the results show the more people have appeared and opted for screening for breast cancer than any other.
The reason the company should focus on screening for breast cancer is the increased awareness about the topic. The awareness has been credited to the initiative taken under Pink Ribbon awareness campaign and the ample amount of energy and dedication put in by different NGO’s, merchants and volunteers. Their efforts have made the people more aware about the issue, and now people are more attracted towards screening.
This increased in awareness has made the situation very attractive for CancerScan as the company needs to put less effort now in order to trace people for screening. On the other hand, the company has adopted a more consumer-based approach and were trying to reach the customer in order to study their behaviors and to act accordingly. This step is very important for a company to take leverage of the sole presence in the market and reach as many people as they can to explore the market completely.
On the other the obstacles as discussed above exist and there are few of them that are basic but creates immense pressure and challenges for the company to come out of the situation and reach as many people as they can to meet their targets. Secondly the cost of the test is also a demotivating factor for poor people as they suffer the most from the disease.
There are some positive aspects as well as few negative aspects of this opportunity. To be precise the flaws and advantages are there in this opportunity but overall there is an imense potential and the company using assistance from NCC and relationships with municipalities grows further to reach more people hence,it adds more into their revenue.
Opportunities in Other Cancers
The company has kept its prime focus on Breast cancer and use all its techniques and methods of segmentation and research for the screening for breast cancer. Japanese people not only suffer from breast cancer, but there are some other cancers that exist in Japan that influence and strike more people than those getting victimized from breast cancer. In the recent years stats and figures show that in Japan more people died from lung cancer, stomach cancer and colon cancer as compared to breast cancer.
Furthermore, breast cancer is highly restricted in targeting females while these cancers strike both male and female which is why the company is prescribed to shift its focus towards screening these cancers as well. The same techniques and methods can be utilized for creating awareness about these cancers, and since nobody has taken the initiative, the company can also gain a first mover advantage in the respected fields of screening. This approach will give a boost to the annual growth of the company and with revenues in the account the company is expected to grow faster, and the annual growth rate is also expected to increase.
As the company was only focusing over females in their previous approach for the screening for breast cancer while moving ahead in the approach of targeting other cancers and start screening for those as well, will allow the company to interact with males as well as increases the number of people screened or user base. On the other hand, the company’s method for segmentation is not clear as if they can be applied to other cancers as well.............................
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