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MARKETING PLAN example

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  1 | Page   MARKETING PLAN: KATIPUNAN PHARMACY 1.   O Executive Summary Katipunan Pharmacy is on their 11 th  year in serving not just the local people of Katipunan bout also those consumers from nearest municipalities. Serving a good quality of product in the lowest price. Katipunan Pharmacy is not just offered prescription medication but also school supplies and other health related products and services. Katipunan Pharmacy is the first pharmacy in Katipunan which reach longest time in service and still counting, this gives them an edge on gaining trust than their competitors. Katipunan Pharmacy ensure the quality of products and services offered by providing good customer relation. The Katipunan Pharmacy years in service shows that this business is always in trends. Medicine is one of necessities of human, the reason why Katipunan Pharmacy boost the profitability. The continuous efforts of management will bring the business into success. 2.0 Situation Analysis Katipunan Pharmacy its 11 th  year in operation. The products and services offered are well provided and accepted by the consumers. By growing, the pharmacy business competitors arise also that makes their profit stumbled. Marketing strategy is required to their business to enhance their methods in providing a better results and be top of all competitors. 2.1 Market Summary The Katipunan Pharmacy possessed useful information about their market that they want to serve. They used this information for a better understanding on how to deal with their market and how they are going to serve them a good service that only Katipunan Pharmacy can. Target Market 10%20%30%30%10%15-19 yrs. old20-29 yrs. old30-44 yrs. old45-54 yrs.old55 yrs. Old and above Pie shows the percentage of each market assumed profit shares.  2 | Page   The table 2.1 shows predicted percentage of market growth in each potential customers. According to the PSA more than 50% of the consumers are consuming product through pharmacy. We just assumed that 50% of the total population in Katipunan in each potential customer in the year when the marketing plan is not yet in act. Every year the numbers of the potential consumers grow by their predicted percenrage. 2.1.1 Market Demographics The profile for the Katipunan Pharmacy customer consist of the following demographic, and behavior factors: Demographic According to PSA:    Pharmacy has an equal ratio between male and female.    A total of 50% of general papulation of the target market went to pharmacies    Ages 15-19 are rarely go to pharmacy, almost half of them are minors that not capable to buy prescribe medicine, mostly ages 20-44 are the one who go to pharmacy. Those who are in the age of 45-54, most of them are always stay in home and not the one who buy the product. The age 55 and above are the one who needs the product but most of them are have no strength to go to pharmacy, their decision making of choosing where to buy is not whit theme. Behavior Factors    Users who are tired in going to the city.    Users who have close relation to the personnel or the business itself.    Users that build loyalty to the business.    Users who are in more relevant and less priced medicine and other offered product.    Users who heard good things about the business from other consumers. 2.1.2 Market Needs Katipunan Pharmacy providing a quality products and services that relevant to the needs and wants of their consumers. Katipunan Pharmacy uses their good customer relation into good service that brings them into profitable firm. Katipunan Pharmacy seeks to fulfill the following benefits that are important to their customers.    Accessibility - Katipunan Pharmacy is located near their core customers that makes their products and services ease to acquire through their conveniently-located store.    Customer service - the pharmacy offers a reliable information on reading doctors prescribed medication. They serve a good customer relation by accommodating each well. They ensure that they bring satisfaction to their customer.    Pricing - the product offered by pharmacy is not just ensure to have a good quality but in a lowest price for the customers can easily acquire. 2.1.3 Market Trends Customer views about pharmacy nowadays is not  just providing good quality of medicine or any health related products but also offered different kind of products like cosmetics products. The Katipunan Pharmacy should adopt the changes on how consumers their business and what is trends nowadays. This is the indicators that their market will be wide and they will consider additional target market not just for those who are capable to buy prescribe medicine but also for the additional acquire products and services. Most of its target market uses social media, Katipunan Pharmacy should adopt this trends in order to increase the growth of its profit. Online shopping also trends in a pharmaceutical bus iness that’s why Katipunan pharmacy should consider together in building a social media account to be more relevant to the consumers. 2.1.4 Market Growth The stable profit of Katipunan Pharmacy is the indicators of continuous customer satisfaction. Because of increasing needs of health related products, the competitors also begun to arise. Those consumers that not yet build loyalty has a  3 | Page   possibility of change their buying behaviors and acquire the product of Katipunan Pharmacy. 2.2 SWOT Analysis The following SWOT analysis captures the key strengths and weaknesses within the business and describes the opportunities and threats facing Katipunan Pharmacy. 2.2.1 Strength    Katipunan Pharmacy already stablish a customer loyalty because of being the first pharmacy in Katipunan who operate a long time.    The pharmacy gain trust from their consumers because of providing them reliable services and relevant price.    Katipunan Pharmacy not only known by their service but also known to have a good proprietor that being a good public official. This brings a good reputation to the business. 2.2.2 Weaknesses    Lack of managerial skills    Personnel lack of experience and knowledge about the business 2.2.3 Opportunity    Capability to start establishing a branch    Adopt 24/7 service    Growing demand of medicine in the market 2.2.4 Threats    Personnel compensation    Growing competitors    Government regulation    Low consumer’s income      Growing consumer’s  belief about fate healer 2.3 Competition Katipunan Pharmacy is on the run of growing its market but there are lot of competitors to consider who also growing and bring treats to the business. There is only one direct competitor in Katipunan, but there are also indirect competitors like fate healers who directly affect the business. The strong culture of the Filipino, considering in rural place like Katipunan who have strong bond in beliefs of the old ones that they can be cure without taking any medicine made from science. This can create big treats to the pharmacy, but because of the good reputation and good customer relation the business it still surviving and continue providing good quality of product and services. 2.4 Product Offering Katipunan Pharmacy is offering the following product:    The first product is prescription medication both generic and name brand    The second product offered are personal hygiene products    The third product offered is school supplies. This product is rarely seen in any pharmacies that makes them different.    They also offered Beverage and frozen foods that mostly seen in other pharmacy.    In creating a marketing strategy, Pharmacy also need to adopt the trends in their business today like acquiring cosmetic products. 2.5 Keys to Success The key to success are:    Adopt trends    Maintaining good customer relation    Maintaining relevant price in the product offered    Maintaining good quality of product and services. 2.6 Critical Issues The critical issues are for Katipunan Pharmacy to:    Expand and stablish branches to wider it market area.    adopt 24/7 in service to acquire additional consumers especially those have work in day time    ensure personnel right compensation to motivate them at work    acquire additional knowledge on managing a business and its function  4 | Page   3.0 Marketing Strategy  Katipunan Pharmacy marketing strategy is to focus in providing quality of product and services in more relevant price, by this action their loyal customer will stay and can attract more potential customers by word of mouth from those who consume their product and services. All products are useful to all of the different segment this is a high indicator that it has a big chance of success by maintaining their good customer relation. According to the Philippine Statistic Authority   50.1% of the household went to pharmacies this information is shows that more than a half of a total segment are acquiring medicine in pharmacy that needs to give a better service like extending the time of service and making it 24/7 open for everyone to acquire in the pharmacy and not to the other competitor. The Pharmacy also needs to develop and engage online strategy like creating social media and adopt and accept online orders in order to serve those almost half of household who don’t want spending their times going in a pharmacy. 3.1 Mission Katipunan Pharmacy mission is to provide customers a good quality of goods and services and be more accessible to everyone. Maintaining a strong relation to customers and be more relevant and give the best and reasonable price. 3.2 Marketing Objectives    to maintain positive feedbacks from the consumers    to expand its market area    to achieve increase of growth rate in sales    to deliver good and relevant services    to forecast possible treats and benefits 3.3 Financial Objectives    to increase profit margin    to stablish stability of increase in sales    to be more profitable 3.4 Target Market Health is very important nowadays and medicine is one of the necessities of human. According to Philippine Statistic Authority (PSA) , 29,035 total target market of Katipunan Pharmacy in the age of 15 and above. More than 50% of it target market consume medicine in pharmacy and this will increase by promoting good quality of products and services. Katipunan Pharmacy product targeting the growing number of old ones and those who needs maintenance for their health. By continuing the good and accessible service this will give a good progress and increase of number of target market in the next three years. 3.5 Positioning Katipunan Pharmacy will position itself as the leading pharmacy in Katipunan and to the extent of other geographical target. Katipunan Pharmacy is providing a good quality of product and services to its core costumer. The Katipunan Pharmacy continuous effort of adopting change in the market can take it to success. This will achieve by adopting the change and trends propose by the marketing strategy. 3.6 Strategies To be the leading pharmacy in Katipunan, the need to focus on making more realizable plan that can help it happen. This will achieve by continuous effort of the management and creating a good plan for the innovation and adaptation of trends in the business. Giving the best and what is good for both the business and consumers will give a possible result. The pharmacy can use social media to reach their target market whenever they may be. It helps a lot to evaluate customer’s satisfaction and it can easily serve the consumer in their concerns. This also can use as a tools of advertising products offered that helps the consumer knows more and what benefits they can get in consuming the products. 3.7 Marketing Program Katipunan Pharmacy marketing program is comprised of the following approaches to pricing, distribution, advertising, and promotion, and customer service.    Pricing.  this will base on a per-product retail price or not exceed to the price given to the government regulation.    Distribution.  direct-to-customer will be use in this approach.    Advertising and Promotion.  The pharmacy will use the social media by making their own page in spreading
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