Market analysis pharmacy business plan

A large portion of this business was conducted in locations owned by the three industry giants that dominate the industry: At the end ofthere were just over 23, independent community pharmacies operating domestically. Growth Overall, the retail pharmacy industry grew at an annual rate of 1. Independent pharmacy growth has remained flat during this time period.

Market analysis pharmacy business plan

Students Our Competitive Advantage The retail pharmacy industry is known to be highly competitive in the U. S and in most parts of the world.

There are alternative provides like mail-order firms, grocery chains, mass merchants and dollar stores; these are the real competitors in the industry.

These competitors ensures that they do all that lies within their powers to gain favorable market share of the available market in any given region. It is a fact that small retail pharmacy stores will always struggle with larger pharmacy chains when it comes to pricing power and brand recognition, which is why smaller retail pharmacy store always go out of their ways to deliver excellent customer service.

It is through top notch customer service that they can secure a fair share of the available market.

market analysis pharmacy business plan

Smaller retail pharmacies ensures that each order carries a printout. The printout accompany the medications providing directions on how patient are expected to take the medications, other drugs that should be avoided concurrently, and other useful information.

Kingsley Greeno Retail Pharmacy Store is coming into the market well prepared to favorably compete in the industry. Our pharmacy is well positioned and visible, we have enough parking space with good security.

Our management staff are well groomed in retail pharmacy and all our employees are trained to provide customized customer service to all our clients. We are going to be one of the few retail pharmacies in Baltimore that will be opened 24 hours a week and 7 days a week.

We have enough staff that are ready to run a shift system. Kingsley Greeno Retail Pharmacy we will ensure that we have a wide range of products prescription drugs and over-the-counter drugs. We will also be involved in the sale of beauty products, cosmetic, postcards greeting cardsconvenience foods and other related products available in our store at all times.

It will be difficult for customers to visit our store and not see the product that they are looking for. One of our business goals is to make market analysis pharmacy business plan pharmacy a one stop pharmacy shop.

Kingsley Greeno Retail Pharmacy will also generate income from the sale of beauty products, cosmetic, postcards greeting cardsconvenience foods and other related products.

Sales Forecast It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field.

Below are the sales projections that we were able to come up with for the first three years of operations; First Year-: Please note that the above projection might be lower and at the same time it might be higher. In order to achieve that, we will ensure that we offer medications at lower prices, compared to what is obtainable in Baltimore.

We will also ensure that we have a wide range of drug supplies in stock for both quick shipment and store front pick up. All our employees will be well trained and equipped to provide excellent and knowledgeable customer service. Before choosing a location for our pharmacy store, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Baltimore, MD.

We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time. We hired experts who have good understanding of the retail industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Baltimore, Maryland.

In summary, Kingsley Greeno Retail Pharmacy Store will adopt the following sales and marketing approach to win customers over; Introduce our business by sending introductory letters to residence, business owners and organizations Advertise our business in community based newspapers, local TV and radio stations List our business on yellow pages ads Leverage on the internet to promote our business Direct marketing Word of mouth marketing referrals Enter into business partnership with hospitals, health care provider and health insurance companies.

We are going to explore all available conventional and non — conventional means to promote our retail business.

Profitability

Kingsley Greeno Retail Pharmacy Store has a long term plan of opening outlets in various locations all around Maryland which is why we will deliberately build our brand to be well accepted in Baltimore before venturing out. As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand to the general public.

Here are the platforms we intend leveraging on to promote and advertise Kinsley Greeno Retail Pharmacy Store; Place adverts on both print community based newspapers and magazines and electronic media platforms Sponsor relevant community programs Leverage on the internet and social media platforms like; Instagram, Facebooktwitter, et al to promote our brand Install our Bill Boards on strategic locations all around Baltimore, MD.

Engage in road show from time to time Distribute our fliers and handbills in target areas Position our Flexi Banners at strategic positions in the location where our retail store is located. Our Pricing Strategy Kingsley Greeno Retail Pharmacy Store will work towards ensuring that all our products prescription drugs and over-the-counter drugs and beauty products, cosmetic, postcards greeting cardsconvenience foods and other related products are offered at highly competitive prices compare to what is obtainable in Baltimore.

The fact that we are going to be offering our products at cheaper prices does not in any way means that we will sell sub — standard goods. Selling our products at a lower price than what is obtainable in our competitors store means that we will only reduce our profit margin.

Payment Options At Kingsley Greeno Retail Pharmacy Store, our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets; Payment by cash Payment via Point of Sale POS Machine Payment via online bank transfer online payment portal Payment via Mobile money Check only from loyal customers In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.

The cost of Launching a Website:The target market for Park Plaza Pharmacy will be those customers in the Park La Brea community who seek to get their pharmaceutical services from a Pharmacy which stresses a higher level of customer service regardless of price.

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A Sample Retail Pharmacy Business Plan Template

The market analysis section of your business plan comes after the products and services section and should provide a detailed overview of the industry you intend to sell your product or service in, including statistics to support your claims.

The Discount Pharmacy pharmacy business plan market analysis summary. The Discount Pharmacy is a retail store front/mail order purveyor of prescription medications, offering reduced prices to self-pay, cash-only customers/5(). A Sample Retail Pharmacy Business Plan Template FREE. Sample Pharmacy Business Plan Template – MARKET ANALYSIS.

Market Trends; The market trend in retail pharmacy industry is directly influenced by a country’s healthcare reform policies.

The fact that the pharmaceutical industry is highly regulated means that any entrepreneur who . Situation Analysis The Discount Pharmacy is in the first year of business as a start-up operation. The Pharmacy believes that the market demand for their services will be great and are convinced that a cohesive marketing strategy is required for The Pharmacy.

A Sample Retail Pharmacy Business Plan Template FREE