In the recent years, the country has been faced with various pandemics which have led to various derailments in the economic growth of the country which has also increased the mortality rate of the citizens of the country. Due to this effect, there has been an augmenting urge to develop mechanisms through which these pandemics can be alleviated from the humans in the country. Thus, with the setting up of a pharmaceutical shop that supplies drugs whose purpose is to treat these pandemics so as to relieve the society of this burden. The pharmaceutical shop needs to have a unique brand that is convincing and persuasive to its consumers so that it can attract a large number of consumers for the realization of maximal sales. Ultimately, the managers of the shop have also to find a means in which they can directly make access to the consumers who are willing to have their services but cannot be able to make it to the pharmaceutical shop. One of the important goals when setting up a business venture is meeting the customers and market demand.
However, despite the optimal realization of the goals set by the business, it should also be taken into consideration that various factors will also influence the running of the business in the market. Political factors that will influence the running of this pharmaceutical business include the government, NHS budgets, and health care regulation. The government can set rules that affect the pharmacy arena both directly and indirectly; these rules will always force a change that has an impact both on the pharmacy arena and the healthcare sector (Yeoh and Koronois, 2010). NHS affects the pharmaceutical industry by the way in which it services its consumers with regards to the involved healthcare options; it always entails long procedures for a patient to gain access to healthcare services through NHS. The governing and professional bodies involved in the running of the pharmaceutical arena also have a hand in determining the extensiveness of the industry.
Among the economic factors that influence the industry are; economic crises, interest rates, inflation, customers, competition, taxes, and investors. Customers have a big role to play in the smooth running of a business enterprise, thus, their unavailability always derails the functionality of the business in terms of sales. High tax rates also hinder the access to pharmaceutical products which is a blow to the market. The rate of competition has augmented in the recent years, a factor that has led to off-showing of numerous businesses in the market. The economic crises in the country influence the economic stability of the country, and this later has an influence on the various sectors of the economy.
Ultimately, there exist socio-cultural factors that affect the setting up of a pharmaceutical shop in the certain vicinity. Insecurity is one of the factors that hit the businesses across the country; the rate of social crimes also makes it hard for life to be sustainable enough in the face of humans. Local population mix will always have an impact on how broad a business can go as the people will always have an influence on each other about the services and products offered by the business (Protess and McCombs, 2016). A business firm has to always ensure that it meets the local trading conditions set up in a certain society of people so that it can be able to sell its products without interference.
Additionally, in the vastly changing world technology has gained significant reproach in determining if a business can be prospective. Computer technology effectively enhances faster conduction of business services due to the automated inputs which reduce errors; the problem comes because of lack of skilled personnel to run these automated systems that require computer technology. Internet systems need to be spread all over the country so that businesses do not suffer losses related to these systems with regards to customer delivery services.
Porters Five-force Analysis
According to Porter (2008), when coming up with a marketing plan a firm needs to take into consideration about how its supplier power will be conducted; the supplier must be able to submit a product that is unique and of a manageable price. The buyer power will so much determine the extent to which the sales can be made by the business. A competitive rivalry has a role in determining the position of the business in the economy, the business needs to gain a competitive advantage over its competitors. Substitution threat significantly influences customers view about the services and products provided by the business. Consequently, the threat of a new entry into the market has an impact on the productivity of the pharmaceutical shop.
How to differentiate my product
Coming up with a brand of my own will be the first step to take in initiating the differentiation of my product from the others in the market; thus labeling will be essential in enhancing this. Specialization in the production of specific drugs that treat related disorders will also serve as a stepping-stone in differentiating my product. Adopting new ways of packaging the drugs should also help me to differentiate my products from the others sold in the market.
Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard business review, 86(1), 25-40.
Protess, D. and McCombs, M.E. eds., 2016. Agenda setting: Readings on media, public opinion, and policymaking. Routledge.
Yeoh, W. and Koronios, A., 2010. Critical success factors for business intelligence systems. Journal of computer information systems, 50(3), pp.23-32.
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