Discuss about the Entrepreneurship and Innovations Services.
The marketing of products, services and information that is needed to be integrated as the major objective of the site to sell the pharmacy products at a lower price with facilities to the customers of e-appointment of the customers over the applications. The company will be initiating banner advertising by negotiating with the premier Australia’s web portal. The objective of such advertisements campaign was to produce traffic to the site and create a credibility by establishing a brand name in the minds of the consumers.
The company will implement the systems of mail order customers as the company anticipates a set of customers that will order medication with the help of mail as the effort of saving money. Usually the mail order customers will be of older age that are generally over the age of 50 years. As a general sense, elderly consumers consume more amount of medication in comparison to the younger people. The mail order customers will generally purchase the maintenance medications and prescriptions for the current ailment which needs regular treatment. Such group of customers would be more likely to purchase several months of the medications at once.
The reason for targeting the elderly customers is that they would be able to producer higher amount of gain from making use of such online mode of service. The elderly customers will be targeted because the applications is technology savvy patients who will be able to enjoy convenience and privacy of making the doctor appointments through online basis. Ultimately e-appointments plans on attracting the doctors based on the gender scale by recruiting the HMOs and the PPOs. By providing appointments to several doctors at once it will help in adding value to the business and will encourage more doctors to join and will enable the e-appointment to increase at a faster rate. Following the rolling out of the initial release of e-appointment the business will move towards the marketing and the development. Such kinds of business cycles might overlap.
The marketing cycle of the business will be comprising of an attempt to increase customers base of the e-appointment of doctors along with the added features of ordering medications through online mode. This will be comprising of creating and executing the marketing strategies through campaigns or by establishing an alliance or partnerships. the development cycles will be having an additional feature of improving or adding the new feature in the applications and this cycle will be turning out to be very complimentary. The marketing cycle will enable the company to be closer to the customers and they will be able learn new features.
The target market for the company will be those consumers in the community that would seek to obtain their pharmaceutical products from the pharmacy that places emphasis on providing higher level of customer’s service irrespective of the price. The business has targeted the community having median income which could be considered enough to anticipate residents to be price insensitive. As the business emphasis on the service and quality of care the target market of the company will be expanded to take into the considerations the customers of chain of drug stores that have turned out to be disenfranchised because of the lack of the customer’s service, long waiting lines and the impersonal or the general quality of the chain drug stores.
The company can face competitions from the chain of retail pharmacies. The advantage such chains represents the better prices with the help of economies of scale along with the personalized service. Additionally, there are local pharmacies where the pharmacy stores understand the pharmacist and understand the medical history of the customers.
In the current age of technology when a large part of the products and services are delivered conveniently at the doorstep of the patients. There arises a need for accessing applications that would assist the patients and customers to avail the facilities of doctor’s appointment and door step delivery of the medicine without leaving the home. This kind of needs could be addressed by an e-access of the applications representing a function of the online model that would provide access to the medicine with the help of mobile applications and internet based platforms.
A potential target market that the company will be targeting will be the old aged customers that are residing in Australia. because there are customers that use important amount of high end medications and need a great amount of drug therapy and doctor appointment. As a reason for this launching such applications will be a profitable target market. In addition to this, the service oriented nature of the company fits nicely with the type of drug therapy management needed and e-appointment of the doctor since the old aged patients will take a considerable amount of interest in the online pharmaceutical care.
The company is in the phase of development. The phase of the business operations comprises of the analysis, design and rapid prototyping stage to be finished by the business owners. The ultimate result of the first stage is the prototype of the business which will help the owners in better understanding of the operational requirements, the architecture and low level designs along with the selected development tools and environments. The operations of the system will revisit the business plan in order to ascertain the best available path for the growth of the business and becoming profitable.
The second development represents that the company will be undergoing second reiteration which will be comprised of the analysis, design, implementations and testing that need to be performed by the owners. In this stage, external assistance will be taken into the considerations to vividly design the front end of the application. Once the second part of the system is created the system management will be online and the owners of the business will be able to perform the regular day to day activities of the business operations. The functionality of the business system could be efficiently tracked with the help of complete details of the medicines and doctor’s availability, with batch number, dispensing name of the pharmacy, doctors prescribing the medicine with name and address of the patient.
The business will additionally make use of the websites for the dissemination of the information along with the mechanism for email communication. Additionally, the pharmacy will hire a freshly graduates from college having a degree in computer science to complete and maintain the application with the measurement of reduced costs. The business will have co-presidents with other business partners will be serving as the store manager. The major responsibility of the business owners will be of growing the business management. This comprises of the marketing and adding functionality to the current system.
This is because following the completion of the second phase the owners will be able to market the system in order to obtain the user base. Once the user base is created the owners will be able to add functionality to the system. The business cycle will constantly repeat; this is because the additional functions of the owners will be able attract more number customers with the help of marketing. At this point it is probable that the owners will be able to acquire new employees so that they would support the maintenance and marketing of the system. With the growth of the user base the profit model of the business will be changed to suit the business needs.
During the first reiteration the owners would be appointing the four to five employees to carry out the operational work of the business. The owners would be acquiring the external help in order design the needed look and feel of the front end of the business operations. Additionally, the company will be appointing sales agent or the phone representatives two on the third month with an additional person on the sixth month. The company will be also employing pharmaceutical technicians two at the second month and third in the sixth months. The company will be employing order fulfilment agents two in the fifth month, a third for the eight month with a counter person phone representative and one at the third month.
On the completion of the iteration web hosting of the doctor appointment and online supply of the pharmacy will be outsourced so that the owners will be able to focus on the marketing aspects of the business management and this would help in adding functionality to the system. Prior to going operational aspects of the business, legal assistance might be needed for incorporating and writing the end user agreements. The business also need some part time employees for the third part of the operations. This would comprise of the part time employee which would assist in maintaining the current system. While the business owners might regularly add the functionality of the business to the system, the owners might consider employing part time employee that could be engaged in the activities of marketing in the proposed business operational system.
The start-up fund of the business comprises of the contributions made by owner’s and the business will also take the assistance of the bank in the form of loan with total amount of start-up fund standing $125,000. The revenue generated for the business is from the sale of the product and to a certain extent from the advertisement. The company is generally associated with the sale of the pharmacy products and appointment of doctors from the assistance of mobile applications in order to generate sales that are at the sufficient level of the site traffic. Remarkably, an approximate 20 per cent of the sales is anticipated from the sale classified mail orders through mobile applications.
As such the customer through the help of the application orders the pharmacy products and gets appointment with the desired doctor. This has provided the business with the opportunity to diversify into the mobile application pharmacy business. Once the sufficient amount of traffic is generated on the application other business opportunities such as advertisement and cross selling would originate from the application. To generate revenue, the business is keen place interest on advertisement as another means of producing revenue from the mobile applications.
The presented growth rate in the revenue of the business has been rapid since the company has placed strain on the current assets and resources of the business. Obtaining loan from the financial institutions will enable the company to attain growth by providing sufficient amount of capital to diversify and expand the business activity of the company which would ultimately expand the revenue of the streams. The company will commence deriving revenue upon the launch of the application which would be dedicated towards modifying the current system to accommodate the doctors and to generate the flexible schedule system in order to support the patients.
Conclusion:
The financial statements of the business represent that the company expects certain cost that related to the execution of the business activities as these costs are relevant and incidental to the business. Cost such as lease premises rent, administrative expenses, cost incurred on marketing survey, insurance etc. In addition to this, the income tax expense arises represents 30% of the net income before tax.
The return on capital employed stands 18% for the first year and in the second year of the operations the return on capital marginally falls due to the commencement of the loan account repayment. However, it is projected that the business would gain strength on the return on capital employed as the same would increase to 20%. The increase is attributed to the growth in the sales revenue since the business anticipates to expand its operations after passing three years of its commitment. Additionally, the business assets would be depreciated over the years under the two methods namely straight-line method and diminishing value.
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