Strategies to Help West Side Medical Supply
Understanding the Challenges Faced by West Side Medical Supply
West Side Medical Supply is facing some challenges in the business. Over the past two years, the owner, Fred Schultz, experienced a loss of 26 percent of his business due to the closure of two drugstores and a local hospital. Additionally, Fred missed out on a significant opportunity when his competitor secured a contract at a new nursing home before he even knew about it. To overcome these obstacles and improve the business, Fred needs to consider the following strategies:
1. Better Understanding of Customers' Values
One key aspect that Fred should focus on is understanding his customers' values. By gaining insight into what matters most to his target market, Fred can tailor his products and services to meet their needs effectively. This could involve conducting surveys, analyzing customer feedback, and engaging with customers to gather valuable insights.
2. Improving Overall Customer Service
Another crucial area for improvement is customer service. Providing exceptional customer service can set West Side Medical Supply apart from competitors and enhance customer loyalty. Fred should invest in training his staff to deliver top-notch service, respond promptly to customer inquiries, and address any issues or concerns promptly.
3. Selling to the Public Instead of Businesses
Considering the changes in the market due to the closure of local hospitals and drugstores, Fred may need to explore the possibility of selling directly to the public instead of relying solely on business-to-business transactions. By reaching out to individual consumers, Fred can tap into new revenue streams and expand his customer base.
4. Continuous Research on Demographic Changes
To stay ahead of the competition and anticipate market trends, Fred should continuously research demographic changes. Understanding shifts in population demographics, consumer preferences, and healthcare trends can help Fred adapt his business strategies accordingly and capitalize on emerging opportunities.
What should Fred Schultz focus on to improve West Side Medical Supply?
Answer: D. Do continuous research on demographic changes
Explanation: Fred Schultz, the owner of West Medical Supply, had lost 26 percent of his business. The cause of the loss was because of the two drug stores and the closed local hospital. In order for Fred to redeem his loss and to gain more, he needs to do some research on demographic changes. By doing this, he may be able to determine the population and figure out where and how he can go through with his business.