Karolee McIlvrid
Marketing Plan Week 1
BUSN 319

To start, I am suggesting to open a pharmacy, The Apothecary, in my neighborhood, a small geographic area called Lea Hill. The population is mostly senior and the baby boomer generation. There are no pharmacies at the top of the hill where most of the neighborhood is; all people living up here have to drive to a busy area at the bottom of the hill to visit a pharmacy location.

Mission: To provide the inhabitant of Lea Hill in, with a neighborhood pharmacy with personal and professional service with their pharmacy needs.

Goals:
Financial
1. To break even financially in the first year of business without suffering any financial loss
2. To turn a 20- 25% profit in the next three years
3. Gain the financial stability to become a 24 hour pharmacy if the service is needed.

Non-Financial
1. Within 5 years be able to expand to other semi- isolated neighborhoods in the area
2. To expand our services to Durable Medical Equipment and Compounding
3. Have the ability to staff 2 pharmacists and four pharmacy technicians.

Competitive Advantage:

The Apothecary will provide services in close proximity to semi- isolated neighborhoods, as well as personal and unprecedented customer service.
SWOT Analysis:

| Strengths | Weaknesses | Internal Forces | • Close proximity | • High start-up costs | | • Personal Service | • New business to owners and customers | | • Many convenient services | • Serving a small area | | • Competitive prices | • Expensive staffing | | • Individualized drug regiment | | | Opportunities | Threats | External Forces | • Population is mostly older | • Other larger pharmacies | | • New prescriptions written every day. | • May lack the money to negotiate contracts with drug wholesalers | | • Excellent and convenient location | • Getting certified by the Board of Pharmacy | | • An all in one stop | • Customer resistance to change | | • Patient Assistance Programs | |