Category Market Intelligence Helps a Diagnostic Apparatus Supplier Better Understand their Customers
Over the years, the market space for diagnostic apparatus has seen an astonishing growth in innovation and improved technologies. According to our procurement specialists, the increase in the growth of such technologies has resulted in the higher demand for state-of-the-art medical devices.
Consequently, to establish themselves in this market space, many diagnostic apparatus suppliers are assessing the dynamics, drivers, and segments of the markets to understand their customers better. Additionally, to optimize cost structures as well as efficiency and effectiveness of business relationships, firms have started opting for effective category management studies. Additionally, the category management studies offered by SpendEdge, help diagnostic apparatus firms assess competitors’ category strategies.
The Procurement Pain Point and Insights Offered
A leading diagnostic apparatus firm with offices spread across the globe wanted to gain a comprehensive understanding of the suppliers’ pricing and cost structure to serve their customers better. The client also wanted to conduct a price model analysis to gain a better understanding of their customers’ requirements. Additionally, they also wanted to gain insights on key metrics for a superior supplier relationship management.
To cater to the specific category requirements of the client, the category management experts at SpendEdge followed an in-depth two-step research methodology, which included primary and secondary research coupled with qualitative and quantitative data collection procedures to address the client’s issue. During the course of this category management study, the client was able to figure out the consumer purchase patterns, the frequency of purchase, and loyalty. Additionally, the client gained a better understanding of the competitors’ pricing the cost structure.
Furthermore, the diagnostic apparatus client was recommended metrics to have a superior relationship with their suppliers.
Key questions answered in this category management study include
The category management study helped the diagnostic apparatus supplier to assess the dynamics, drivers, and niches of the markets to understand and serve their clients better. Additionally, SpendEdge’s category management solutions coupled with SWOT analysis helped the client build effective sourcing strategies and maintain better relationships with their suppliers.