Pharmacy Marketing Plan Essay

The entailment pharmaceutics is a brick and mortar and mail point pharmacy that sells prescription medication at lower prices than new(prenominal) pharmacies. The green goddess chemists is able to sell at reduced prices through the go for of operational efficiencies and the elimination of unnecessary servicings for customers that ego pay their drugs. The can pharmaceutics does non accept insurance payments which disrupt the cash flow. By having a larger percentage of their business serviced by their mail secern arm, The deduction chemists is able to gain economies of scale by merchandising larger quantities of drugs with less labor required per request.As more than and more Americans be on a continuous prescription to medicine, this trim leave alone lend itself to rapid harvesting as customers can mail assure larger quantities of drugs that they give need everyplace time. Additionally, numerous insurance companies decl be oneself an economic incentive for medicine to be obtaind mail rove in quantity, saving the insurance company money. This factor ordain also athletic supporter boost The disregard Pharmacy to profitability. The Pharmacy will increase its commercialise sh ar through targeted advertising to increase the number customers who atomic number 18 sounding to save money on a pricey, necessary expense.Pharmacy selling Plan The Discount PharmacySituation Analysis The Discount Pharmacy is in the first year of business as a start-up operation. The Pharmacy believes that the commercialize demand for their services will be great and are convinced that a cohesive marketing strategy is required for The Pharmacy. The Pharmacy offers a wide range of prescription medicine for pick up at their store front or it can be distri scarcelyed by mail inn. The Pharmacys prices are far fall in than close to pharmacies so their services will be attractive for people that estimable need to buy their medicine at dandy prices and do n ot need their hands held during the process. Market SummaryThe Discount Pharmacy posesses good information regarding their market and the target segments that they wish to serve. The Pharmacy will leverage this information to better understand who is served, their specific needs, and how The Pharmacy can better serve them.Market Needs The Discount Pharmacy is providing the market with a source of discounted drugs. This market need is important as many Americans are faced with the dilemma of using their limited income on food or meds. The Discount Pharmacy seeks to fulfill the following benefits that are important to their customers. * survival The Pharmacy offers a wide range of medication, both originals as salutary as generic alternatives. * Accessibility Products are distributed through their conveniently-located store front, or can be shipped within the U.S. * Customer service The Pharmacy recognizes the encourage of having bystanding customer service. By exceeding all of t he customers expectations, they are ensuring repeat customers and many referrals. * Pricing The Discount Pharmacys prices will be noticeably better than local pharmacies.Market TrendsThe market trend for pharmacies reinforces consolidation. The solely health check perseverance (including doctors, pharmaceutical companies) has pressure universe applied to them from different sides to obtain represent efficiencies and to decrease the cost of the sundry(a) products/services. Looking specifically at pharmacies, over the last eight years, there has been widespread consolidation, done to a large degree to achieve cost efficiencies. Now insurance companies are adding pressure to decrease costs since they are a main party in the payment for meds. The Discount Pharmacy is able to coexist in this consolidation environment by achieving cost efficiencies through their unique business model of mail order service and a decrease in the normal pharmacist offered services.Market harvest-ho me In 2000, the global pharmaceutical industry as a whole was a $897 billion dollar industry. The industry is forecasted to continue its record growth. This growth can be attributed to several factors, the underling driver is scientific progress. As our scientific community continues to make breakthroughs in medical applications, people take more and more reliant on medication to leng accordingly and modify their quality of life. American society in particular has become progressively reliant on medication. This conclusion seems to be fairly intuitive as many individuals bring in a vested interest in living continuing and more comfortably.This demand applies pressure to the scientists and pharmaceutical companies who are always on the lookout for the next big blockbuster drug which will realise profitable returns. While America remains as the largest consumer of medication in the world, to a large degree based on the simple valued measurement of GNP, it is reasonable to expec t that the retail distribution of these drugs will achieve extraordinary growth rates if they are employing creative business models or if they are one of the giants.SWOT Analysis The following SWOT psychoanalysis captures the key strength and weaknesses within the company, and describes the opportunities and threats facing The Discount Pharmacy. Strengths * A unique, online business-environment-appropriate business model. * Excellent staff who are highly trained and genuinely customer attentive. * Great prices. * The ability to scale rapidly for the mail order side of the business. Weaknesses * The lack of visibility and brand equity of a start-up business. * lack of true experience running a mail order outfit. * political sympathies intervention/regulation into medicine is possible. Opportunities * Outside pressure on consumers to purchase meds mail order. * The constant growth of the number of people taking medication. * newly formed alliances of insurance companies and mai l order pharmacies.Threats* The entry into the mail order market by an established company. * Regulatory legislation that curtails the mail order medicine industry. * Some event that cripples interstate commerce in regards to shipping. arguingCompetition takes many different forms in the pharmacy industry. * Chain pharmacies These are state or national chains such as Rite-Aid. The benefit to these chains are better prices through economies of scale as hale as personalized service. The personalized service takes the form of the chain having a record of your medication purchases as well as any allergies that you contract disclosed to them. * local pharmacies These are the pharmacies where you typically know the pharmacists and they know your medical history. This option is high in personalized service and convenience, and high in price. * Mail order and Internet pharmacies These are similar to The Discount Pharmacy. * Canadian pharmacies These pharmacies are located in Canada whe re the cost of drugs is lower than in the U.S. These pharmacies can be accessed through mail order, the Internet, or via travel. Recently there has been the trend for trips arranged for senior citizens in northern states to travel up to Canada for the day to pick up their meds.Product OfferingThe Discount Pharmacy offers a wide range of prescription drugs to patients based in Oregon and nationally. both generics and name brands are offered. The customer needs to either mail in the prescription, fax it, or email it. Once it is received and payment arrangements are complete, the meds will be sent out to the customer via U.S.P.S. or U.P.S. Local customers may stop by the store front to pick up the medications contemporaneously. The Discount Pharmacy will only service customers who self pay. The self pay customers will be attracted to The Discount Pharmacy because of their superior prices. For many Americans that do not have drug plans, including the vast majority of Americans over 65, a discount on drugs is very welcome on right aways increasingly tight monthly budgets. The Discount Pharmacy will be able to survive on lower margins due to operating efficiencies gained through mail order and not accepting insurance indemnity drug plans.With each order a printout will accompany the medications that will provide directions on how to take the medications, other drug that should be avoided concurrently, and other useful information. Often times this information is communicated personally by the pharmaceutical technician. The Discount Pharmacy will be using computer printouts from industry software to reduce the cost of providing this information. Note While the term self pay is typically associated with the notion that the customer is compensable for the medication out of pocket without insurance, it is used in this context as the customer remunerative for the medications upfront by themselves regardless if they have insurance. They may be paying for the drugs out of pocket, or they may be paying for the medications upfront and then requesting their insurance companies drug plan to reimburse them later.Keys to SuccessThe keys to success are * Repeat customers. * Low overhead and operating costs. * Superior prices and service. Critical Issues The Discount Pharmacy is still in the speculative stages as a start-up business. Its tiny issues are to continue to take a modest fiscal approach, expanding at a reasonable rate, not for the sake of expansion in itself, but because prudent economic analysis dictates toPharmacy Marketing Plan The Discount Pharmacy Marketing Strategy The Discount Pharmacy will have different marketing strategies for the two different segmented groups that they wish to reach. The walk-in customers will be targeted through advertisements in the local paper, The Oregonian.The advertisements will bring on visibility for The Discount Pharmacy and their discounted prices. As the price of medication continues to skyrocket, The Discount Pharmacy will appeal to local people as a way to try to contain these rising costs. The mail order customers will be targeted through an advertising campaign in magazines and newsletters that have an sr. (over 55) crowd that regularly needs medication and knows in advance what their needs are. One of the main newsletters that The Discount Pharmacy will be evident in is the American Association of Retired Persons (A.A.R.P) monthly newsletter.