Problem
One of the largest specialty chemicals companies in the world retained Orr & Boss to evaluate growth opportunities in the European pharmaceuticals and cosmetics industries. Historically, this Company had not participated much in these market segments and had lost money in them. Orr & Boss was retained to take a "fresh" look at the business opportunities within these industries and recommend a successful path forward.
Solution
A two-phase approach was used to complete the assignment:
- Phase I focused on gathering data about several segments within the two industries (pharmaceuticals and cosmetics) for these specialty coatings; establishing the important market parameters for each segment such as size, players, trends, and any special market situations; and identifying three niche segments.
- Phase II was a more detailed analysis, with the sole focus being on the key segments/applications identified in Phase I. Orr & Boss developed end users characteristics for each segment. The decision-making process was dissected within each segment of interest including inside and outside influencers, purchasing cycles, specification requirements, etc.
Results
- Resulted in a market entry strategy and marketing plan.
- The company successfully entered the targeted market segments.
- Revenue and profit goals for new business venture were achieved.
