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Summary Market Analysis Research Week 2.docx DAT/565 Market Analysis Research DAT/565 MBA Business Plan Section 1: Business overview, mission, and vision Healers Pharmacy is the name of a proposed Business and the main goal of this pharmacy is to provide m
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RAS
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Rasmussen College
Market Analysis Research Week DAT/565 Market Analysis Research DAT/565 MBA Business Plan Section 1: Business overview, mission, and vision Healers Pharmacy is the name of a proposed Business and the main goal of this pharmacy is to provide medication, especially the prescription medication ...
market analysis research week 2docx dat565 market analysis research dat565 mba business plan section 1 business overview
and vision healers pharmacy is the name of a proposed busine
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DAT/565
Market Analysis Research
DAT/565
MBA Business Plan
Section 1: Business overview, mission, and vision
Healers Pharmacy is the name of a proposed Business and the main goal of this pharmacy
is to provide medication, especially the prescription medication for the patients at a reduced cost.
The prescriptions will be sold at a low cost through proper maintenance of the efficiencies in the
operation of the business while at the same time targeting a particular market segment that avoids
disruption in cash flow. The company intends to carry out its activities from a single store to
provide services to both of its market segment.
Mission Statement-To provide customers with the best prices for their prescription medication
through quality and convenience services.
Vision Statement- Healers Pharmacy is committed being an integral member of the healthcare
team responsible for the outcomes associated with the medication use process.
Section 2: Market analysis
The target market of the Healers Pharmacy, composed of two distinct groups, the local
customers who are commonly referred to as the walk-ins, and the other category is the mail order
customers. In this regard, therefore, to effectively reach the two diverse market segments, the
Healers Pharmacy may utilize two major but different strategies. The two approaches the
business will use include: Market Segmentation and the target market segment strategy
(Winston, Stevens, Sherwood, & Dunn, 2013). the two procedures are briefly discussed below;
Market Segmentation
, This is where the customers of the business are classified into two; those who use the
Mail to order and the walking-in customers.
The Mail Order Customers- these customers mainly order the medication vis the mail, the main
intention being to spend less and save money. These customers are therefore commonly regarded
to be older, mostly aged about 50 years or so. in normal circumstances, older individuals
are expected to consume more medication as compared to young individuals. The mail-order
customers are also likely to buy a large number of drugs at once that would last for several days
or even months (Winston, Stevens, Sherwood, & Dunn, 2013).
The Walking-in Customers-regarded as the customers searching for the lower prices for the
medication they require. They buy medicine at the local pharmacy. Usually, there is no
demographic for this category of customers (Winston, Stevens, Sherwood, & Dunn, 2013).
Tabulated
Market Analysis
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