Pharmacy Practice Management

  1. Market segment
    Consist of consumers who respond in a similar way to a given set of market stimuli
  2. Ideal patient
    Display a mature, responsible attitude toward their disease. They do not allow it to control their lives. They are constantly trying to improve their condition and are willing to consider new information and new therapies
  3. Strugglers
    Do not fully accept their disease, but attempt to manage it as best they can, although they are often not successful in doing so
  4. Philosophers
    • Display contradictory personality traits but are more positive
    • Very accepting of themselves and their condition, and display a relative disinterest in active disease management
  5. Victims
    Have virtually given up. They have been psychologically defeated by diabetes and are resigned to what they believe is their unalterable and inevitable fate.
  6. Accounting
    Monitoring the financial resources of the organization
  7. Finance
    Managing the financial resources for maximum organizational benefit
  8. Human Resource Management
    Most precious asset of most organizations
  9. Operations management
    Porcesses needed to convert inputs to outputs
  10. Marketing
    Identify needs and wants and develop outputs to satisfy them
  11. Top management
    Establishes overall organizational goals and gives direction to middle management
  12. Middle management
    Who develop departmental goals and operational objectives and strategies, sometimes with input from employees
  13. Employees
    Whose participation can improve plan quality and implementation, and from clients
  14. Clients
    Whose perspective can provide unique insight and a useful "reality check"
  15. Mission
    • The over-arching purpose of the organization
    • Answers the question, "what business are we in?"
  16. Goals
    • Long-range outcomes needed to fulfill the organization's mission
    • Relatively broad in scope
    • Usually not stated in specific, measurable terms or defined timelines
  17. Objectives
    • Short-range outcomes, outputs or results to be achieved
    • Specific, measurable and usually stated in terms of a specified timeline for achieving
  18. Environmental analysis
    • Existing conditions, both internal and external
    • Current and likely future trends, including those in the macroenvironment
  19. Market Analysis
    • Existing and potential clients/customers
    • Existing and potential competitors
  20. SWOT analysis
    • Assess your organization's strengths, and weaknesses and those of your competitors
    • Determine the opportunities and threats you face
  21. Market
    • All persons sharing a need or want who may be willing and able to engage in exchange to satisfy that need or want
    • The separation or "gap" that exists between parties interested in an exchange
  22. Undifferentiated marketing
    • Mass merchandising
    • Advantage: cheap, assembly line approach
    • Disadvantage - trying to please everyone, run the risk of pleasing no one. Also risky from a standpoint of developing a strong, clear image among consumers
  23. Differentiated marketing
    • This is a middle of the road strategy that attempts to focus marketing efforts of the firm on several key segments concurrently
    • Advantage: greater market coverage
    • Disadvantage: more expensive than undifferentiated approach, and you still risk not pleasing any single segment enough to get their business and their loyalty
  24. Demand
    • A want that is backed by a willingness to exchange value
    • Demand is essential for voluntary exchange to take place
  25. Product
    • Anything that can be exchanged to satisfy a need or want
    • May be tangible or intangible
    • A product is merely a vehicle for delivering benefits
  26. Marketing
    • A human activity directed at satisfying needs and wants through exchange processes
    • The process by which the gaps between parties interested in an exchange are closed
    • The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
  27. Exchange
    • The process by which values are traded between parties
    • The act of obtaining a desire object from someone by offering something in return
    • Central concept in marketing
  28. Transactions
    Familiar form of exchange in business where tangible values is exchanged for a product or service
  29. Transfers
    Involves the exchange of intangible values
  30. Routine
    Usually low cost and frequently purchased items
  31. Limited problem solving
    • Increased complexity and cost
    • Consumer knows attributes (s)he wants, but lacks familiarity with alternative sources
  32. Extensive problem solving
    • High complexity and cost
    • Consumer may not even know what attributes to look for.
  33. Initiator
    First thinks of buying product
  34. Influencer
    Recommendation or opinion has influence with ultimate decider
  35. Decider
    Makes ultimate decision
  36. Buyer
    Negotiates terms/selects provider
  37. User
    Receives product and the benefits from its use
  38. Concentrated marketing
    • Firm identifies one "first best" market segment, and devotes entire marketing effor toward it
    • Advantages: allows you to focus on building strong customer loyalty and satisfaction. Results in awell-defined image and a strong position vis-a-vis competitors
    • Disadvantages: all your eggs are in one basket. What if the segment disappears, or is not as attractive as you thought?
  39. Intangible
    • Benefits are not obvious or readily apparent
    • Buyer cannot know results prior to purchase
  40. Inseparable
    From the provider
  41. Variable
    • Somewhat different for each client
    • Cannot be mass produced, so they must be customized to the unique needs of each client
  42. Perishable
    Cannot be stored, so downtime is not recoverable
Card Set
Pharmacy Practice Management
Pharmacy practice management