In this chapter, Holdford talks about the different marketing strategies to succeed in business. The two main types of marketing strategies are low cost strategies and differentiation strategies. Low cost strategies in health care depend on how businesses define the market they want to serve. Pharmacies that see themselves as low cost providers of drugs will complete by offering the cheapest drugs to customers. These companies will accept lower profit margins for invested capital to help them build a long lasting relationship with the customers. Businesses that use the differentiation strategy focuses on differentiating themselves from competitors by offering a distinct mix of products and services that are highlighted by effective advertising and promotion. Differentiation strategies emphasize value more than price competition. Customers buy more differentiated products and services because they perceive that they are getting more for their money. In pharmacy, pharmacists often try to differentiate themselves by providing greater levels of service such as faster, friendlier, more varied, or more convenient services. The differentiated strategy is targeted more for large customer populations, but small independent pharmacies can be …show more content…
This strategy works on offering greater speed and ease of shopping to pharmacy services and merchandise. This includes the ability to shop at one location, availability of store directories, clearly marked merchandise and prices, a good store layout, easy traffic flow in the aisles, minimal out-of-stock merchandise, no waiting on lines, omnichannel marketing, and expanded operating hours. In business you have to know that there is not a way to make a store that will please everyone. Convenience means different things to different people and a problem that is face with the convenience strategy is that the demand for greater convenience never