Valley Drug Mart Essay

1287 words - 5 pages

Analysis of a business case well written, above averageSITUATION ANALYSISGeorge Farin is the sole proprietor of the Valley Drug Mart that he has built in his hometown of Middleton, Nova Scotia, over a period of fifteen years. The business has thrived and grown through the acquisition of the towns' only competition and the relocation to a 7000 square foot building.After fifteen years in business, Mr. Farin has learned that a major pharmacy Lawton's Drugs would be opening in a new strip mall approximately one kilometre from his business. With a population of approximately 4,000 people Mr. Farin believes that the area cannot support two large pharmacies. The question of how to compete against a major chain threatens Mr. Farin. His drugstore though, has acquired the objectives for which every successful business strives, growth, social responsibility and survival.Mr. Farin has several key elements that are in his favour. He is strongly committed to the success of the community through his store and himself. He understands how important his stakeholders are to the success of his small business. His store is customer-driven, in a time when quality and service are important.The opening of Lawton's brings about opportunities for Mr. Farin, the chance to reinforce his business philosophy creating a strong customer-driven Drug Mart.PROBLEM IDENTIFICATIONThe problem facing Mr. Farin is how to survive against a large organization, namely Lawton's Drugs. Mr. Farin must devise a strategy and tactics to maintain Valley Drug Mart's market share which will allow him to compete successfully with Lawton's Drugs .SELECTION OF DECISION CRITERIAThe strategy selected must consider the consumer. The following criteria must be present in order for the alternative to achieve success:1) Increased convenience2) Increased quality3) Increased service4) Increased comfortThe above criteria will determine if the alternative selected will be successful once fully implemented.IDENTIFICATION OF ALTERNATIVESMr. Farin is faced with the problem of keeping his market share in a small town where there now is competition. The following is a list of possible alternatives:1) Do nothing. Hope that the Valley Drug Mart has a strong enough market niche within the community to withstand competition. Mr. Farin is already a well-known member of the community and his Drug Mart sponsors many community events.2) Create strategic alliances with the other pharmacies in the area. This could provide for economies to scale in purchases of pharmaceutical and front store items and an important information network.3) Advertise and market his store more. Offer a special savings card to Valley Drug Mart members. Produce a flyer with coupons in it. Sponsor the van to chauffeur local residents who require medical treatment to Halifax. Tie the Drug Mart in with other non-competing retailers, ie: he might exchange promotional material with a nearby pizza franchise. Each of the two retailers may agree to offer,...

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