University of Suffolk MBA: Online Medicine Store Business Plan

This business development plan focuses on establishing an online medicine store, with the primary aim of providing medicines to customers through online purchase. The plan, inspired by the 1mg model, emphasizes enhancing online services and facilities to cater to customer needs, particularly in situations where physical access to pharmacies is limited, such as during a pandemic. It includes an introduction outlining the rationale for the business idea, emphasizing the benefits of online pharmacies like convenience, cost-efficiency, and social distancing. The plan encompasses a comprehensive literature review analyzing secondary research data, competitive analysis, and marketing mix. It further delves into research methodology, including aims, objectives, research questions, and methods like surveys and market research to analyze customer satisfaction and identify challenges. The plan also addresses business canvas model, feasibility, results interpretation, and concludes with recommendations for reducing market risks and improving the business plan.

Business Development
Plan
Table of Contents

Table of Contents.................................................................................................................................
Title- Online Medicine Store (Enhancing every possible Online Services/options/facilities to the
customers).............................................................................................................................................
Introduction..........................................................................................................................................
Over all coherence/justification...................................................................................................5
Rationale for the business idea....................................................................................................6
Scenario Chosen..........................................................................................................................6
Clear aims and objectives............................................................................................................7
Background to subject area..........................................................................................................7
Structure of the Project................................................................................................................8
Literature Review...............................................................................................................................
Secondary research data about industry size...............................................................................9
Competitive Analysis.................................................................................................................10
Marketing mix of Online Medicine Store (1mg).......................................................................12
Segmentation.............................................................................................................................14
Targeting....................................................................................................................................15
Positioning.................................................................................................................................16
Business Canvas Model.............................................................................................................16
RESEARCH METHODOLOGY....................................................................................................
Aim & Objectives......................................................................................................................20
Research methods......................................................................................................................20
Qualitative- ‘..............................................................................................................................21
Quantitative-..............................................................................................................................21
Survey techniques......................................................................................................................21
Primary/secondary market research...........................................................................................22

Feasibility...................................................................................................................................22
Secondary Market Research......................................................................................................24
Research limitations...................................................................................................................26
Clear presentation of results based on the strategic analysis/Findings from data collected
(Primary / Secondary data).....................................................................................................29
Appropriate analytical interpretation of results.........................................................................29
CONCLUSION AND RECOMMENDATION..............................................................................
Conclusion.................................................................................................................................35
Recommendation.......................................................................................................................37
References.........................................................................................................................................

Title- Online Medicine Store (Enhancing every possible Online Services/options/facilities to the
customers)
Introduction
Over a few decades, way of conducting business at both national and international market is
specifically changing because of ample number of reasons like technology, current trends and
many more other aspects. In present context, technology has played an important role of
changing be overall scenario of delivering necessary products and services to the customers
(Guiñazú and et. al., 2020). Many of the business organisations are changing their way of
performing business from traditional approach of offering customers with different services from
store to online services. Another reason that came in front is pandemic or outbreak of disease
which led many organisations to start performing business through online sources. A fresh
example that can be given in present context is outbreak of Novel Corona Virus, which has not
only became the reason for many of the lives to end but it has also led the whole world to face
financial crisis. In order to perform business in these circumstances and to keep the overall
business run in much more safer way in near future it is required to focus on these pandemic
situations that may take place. Here, it has been analysed that online business can be considered
as a safer and secured way of performing selling and purchasing different range of products and
services. This will not only help a business organisation to earn maximum profits but it will also
focus on different elements like social distancing and so on (Wahyudin and Azali, 2020). The
business idea which has been taken into consideration is online medicine store which will be
delivering every single possible service along with the options and facilities to the customers in
relation to medication. This online application and website will be named as 1mg, which will be
delivering medicines along with all the different medical related facilities to the customer at their
home only.
Over all coherence/justification
In past few years, it has been analysed that online business took rise much more effectively
than the organisations that are still performing business from traditional way like physical stores
and so on. Taking into consideration of online business will not only reduce the time taking
process of visiting a physical store and then after that purchasing it, but it will also deliver the

benefit of social distancing. Outbreak of Corona Virus locked down most of cities of the world
which impacted negatively on business and financial conditions as well, but it was the online
services that work continued as there was no connection in between company's employees and
customers. Therefore, it is pretty much clear and justify that future of business belongs to online
market is it will save both time and money along with considering different aspects outbreak of
any disease. On the other hand, the products like medication that will be provided to the
customers at their home even the boxes delivered by the delivery guy will be sanitized so that no
infection of any sort of contagious diseases can take place (Kumar and et. al., 2020).
Rationale for the business idea
One of the primary reason that came in front of launching the online medical store is that it
will help customers to reduce some of the time taking processes like reaching to the store, help
customers to stay safe from different pandemics like Corona Virus and many more. Including
this, some of the other benefits of launching the new online application and website named as
1mg are: worldwide access, 24 hours every day, 7 days per week, improved customer
administration through more noteworthy adaptability, cost savings, quicker conveyance of items,
expanded demonstrable skill, less paper squander, chances to deal with the business from
anyplace on the international market. Clients may want to visit 1mg’s site to get some answers
concerning the items and administrations, rather than visiting face to face. They will likewise
hope to see 1mg site address and online applications name and email on business cards and other
special materials. Therefore, these are said to be some of the crucial reasons behind adopting the
business idea of online medical store as this will not only reduce the cost but it will also reduce
the time taking processes of reaching to a physical store and so on. Away with this, there are
many researchers that has identified some of the unique benefits of launching and online
business than the conventional pharmacy (Wang and et. al., 2020).
Scenario Chosen
Business Idea:
Scenario that has been taken into consideration is the online pharmacy store, which will be
delivering all the possible medical related services to the clients. Rather than opening a
conventional pharmacy, it can be said that online medical store will be offering customers with

ample number of benefits like it is convenient, cost-efficient, time saving and it is also
supporting social distancing which is one of the crucial way of reducing present outbreak of
Corona Virus. Therefore, it is feasible because it will be delivering safe and secured environment
for the customers because they will be we purchasing medication from their home only with the
help of online application or website of online medical store named as 1mg. Away with this, it
can be said that business idea of online pharmacy Store will be delivering ample number of
benefits for a longer period of time (Stokes and et. al., 2020).
Clear aims and objectives
Research aim: Primal aim of present business development plan is “To provide medicines to the
customers through online purchase.”
Research objectives:
 To analyse the benefits of launching online medicine pharmacy.
 To identify the different challenges faced while introducing online medicine pharmacy. To measure the impact on customer satisfaction level of online medicine store in a
situation of outbreak of contagious disease.
Research Questions:
 What are the benefits of launching online medicine pharmacy?
 What are said to be some of the crucial challenges faced while introducing online
medicine pharmacy?
 What is considered to be the impact on customer satisfaction level of online medicine
store in a situation of outbreak of contagious disease?
Background to subject area
Over the years, most of the business organisation has started performing at online platform
because it consists of wider area to target customers not only at national level but at international
level as well with the help of internet. Away with this, it can be said that online pharmacy Store
can help in enhancing profit margins along with the customer base as it is considered as a crucial
opportunity which specifically delivers medication to customers directly without any sort of
mediators. Online or E-Commerce medical industry faced boom in recent few years when
Amazon and many other business to business and business to customer organisation started

performing at international level and they got positive response from customers (Ahamed and et.
al., 2020). This is why, taking into consideration of online medicine pharmacy will deliver ample
number of benefits in much effective and in efficient manner.
Structure of the Project
Present Business Development Plan consist of proper structure, which will help the
investigator in performing in-depth research on the chosen topic which is to open or launch
online medical store named as 1mg. Basically, the effective structure is presented underneath:1. Introduction: This is considered to be the section where significance, background,
rational of the topic is going to be presented. In present context, where online pharmacy
Store is going to be opened named as 1mg, proper justification will be made in the
introduction section of why the particular business is being considered. Along with this,
this section effectively delivers the overview because it also consists of aims along with
the objectives overall research on business development plan.2. Literature Review: Under this section, it can be said that different articles along with the
information presented considering various investigations performed by researchers
previously. In present context, feasibility of the overall business model canvas, growth
rate, competitor analysis and some different theories will also be presented. On the other
side, STP approach will be presented in literature review section based on the different
articles and information considering secondary research methodology.3. Methodology: In this section of Business Development Plan, researcher will be adopting
right methodology approaches in order to select appropriate or correct results in order to
conduct proper discussion on the data which has been accumulated. Away with this, this
section will also be considering information in relation to strategic analysis where
different theories will be performed. On the other hand, feasibility
(Product/Service/Industry/ Market/Organisational/Financial feasibility issues) overall
plan is also going to be presented that will help in analysing the overall benefits that this
business development plan consists of.4. Discussion and analysis of the results: This is the phase where, discussion will be made
on the results which has been accumulated. Since the business development plan will be
considering primary investigating method for the data collection therefore, interpretation

will be made and on the basis of those interpretations discussion will be performed on the
information which has been collected (White and Fresquez, 2020).
5. Conclusion and recommendation: This is considered to be the section where
recommendations will be given by the investigator for the business development plan in
order to reduce all the risks that are present in the market. Also, what can be done in
rightful manner those kind of recommendations will also going to be presented in this
section.
Literature Review
In every single investigation, literature review section plays an important role as it delivers
the information about different investigations that has performed on the chosen topic or similar
to it. Other words, literature review can be considered as an insightful paper that presents the
present information including meaningful discoveries just as hypothetical and methodological
commitments to a specific subject (Xi And et. al., 2020).
Secondary research data about industry size
As mentioned by (Zhang and et. al., 2020), the growth of e-commerce industry taking
place in Malta, Europe directly impacted positively on e-Pharma industry. It has also been
mentioned that the new generation specifically relies heavily on the online sites like Amazon and
so on to supply different range of products. Therefore, it can easily be said that e-Pharma
industry has also improved from past few decades. If it is talk about the size of online Pharma
industry at international level then in the year of 2019 it was worth approximately to 42 billion
dollars. Also, there is an assumption that it will reach up to 107 billion dollars by the end of
2024. This was analysed considering CAGR of approximately 14.2% within the time frame of
2019 to 2024. It is pretty much clear that some of the approaches like internet of things and
continuous improvement among usage of smartphones at the global level will automatically
impact positively on the startups that are looking forward to lead the industry of online pharmacy
of Malta. It is very essential for the researchers to gather information related to the industry
along with the research topic so that they can easily conclude the whole investigation in an
affirmative manner. It is crucial to analyse and evaluate the overall satisfaction level of
customers through the online pharmacy store of during the time of contagious disease. By

analysing the response of customer regarding the satisfaction level, company will be able to
analyse the effectiveness of services and facilities of online medicine pharmacy store in market
area.
On the other hand, as mentioned by Weeks, (2020), Online drug store is a stage which goes
about as a mediator among client and the merchant for the offer of medications. Client need to
look and transfer the medicine from specialist and get their medication at their doorsteps rather
truly visiting the drug store to secure meds. Developing web use around the world, created
medicinal services foundation and rising mindfulness among the client about advantages of
internet business are a portion of the elements driving the development of the market.
Change in client conduct with an expanded interest for comfort is the key elements for the
development of the market. Moreover, expanding selection of advanced innovation in human
services division is required to fuel development in this market. Among the locales, North
America is relied upon to be the biggest market for online drug store. Developing selection of
internet business, expanding pharmaceutical needs and ascend in geriatric populace are a portion
of the key factors that drive the development in this district (Burrington and et. al., 2020).
Increment in speculations and government activities for improving the medicinal services
framework in the Asia Pacific area is relied upon to develop at a most noteworthy rate in the
coming years. The online drug store advertise in China and India have a gigantic potential for
development. Changing rules in the areas and ascend sought after for client human services items
because of progress in way of life is driving the market development of these nations.
Competitive Analysis
The pharmaceutical business, or pharma industry, is one of the quickest developing
financial segments with overall deals of more than $982 billion out of 2018. Around 47% of
deals every year originate from the U.S., with deals at $464 billion out of 2018 (Lai and Lee,
2020). In order to analyse the market of online Pharma industry, A large number of the business
associations are changing their method of performing business from customary methodology of
offering clients with various administrations from store to online administrations. Another
explanation that came in front is pandemic or flare-up of sickness which drove numerous
associations to begin performing business through online sources. A new model that can be
given in present setting is episode of Novel Corona Virus, which has not just turned into the

purpose behind huge numbers of the lives to end however it has likewise driven the entire world
to confront budgetary emergency. Porter’s five forces model is utilised and it is presented
underneath:
Porter's five forces model:
 Threat of New Entrants: In every sector there are both high and low level of threat which
have their influence on the performance of business organization in both positive and
negative way. The huge settlements accessible in the pharmaceutical business lead to a
consistent progression of new organizations being made. A group of scientists with a hot
thought or recently conceded licenses can discover investment finances anxious to give a
huge number of pounds in startup subsidizing. These littler organizations represent no
genuine danger to enormous pharma. Truth be told, one of a startup financial specialist's
primary leave systems is to sell out to a major pharma firm when new items are through
the underlying improvement stage. Therefore, it has been identified that threat of new
entrants are quite low as it requires lot of research work, investment and funds. Power of Suppliers: Suppliers are the one who provide raw materials and all the materials
to the organisation in order to produce final goods which satisfy the requirements and
demands of people. Providers have almost no force in the pharmaceutical business. The
crude materials for assembling drugs are ware items in the concoction business, which
are accessible from various sources. The vast majority of the hardware utilized in
assembling and research is accessible from different makers. Providers normally offer
different items to the producer, which conservatives valuing on rarer materials and
special gear (Colbert, Thornton and Richmond, 2020). Power of Buyers: Online Pharma is interesting among ventures in light of the fact that the
clinical patient has a flat out absence of intensity in regards to estimating. The prescriber
of the medications, the doctor, morally isn't permitted to benefit from the offer of
medications. The substance that pays for the medications, the insurance agency, just has a
state in the amount it will pay to the merchant of the medications, which means it has
little force with the medication makers. The safety net provider can decline to pay for
medicines it accepts are overrated. The main substances with any arranging power are the
drug stores and clinical foundations that satisfy the clinical patients' remedies. Indeed,
even these elements have little control over more current medications under patent or

medications with just a single producer. Online Drug stores center around their net
revenues and have minimal motivating force to furnish patients with the most reduced
conceivable valuing. Availability of Substitutes: The impact of substitutes is reliant on the individual
medication. Another FDA-affirmed blockbuster medicate that has patent security, treats a
significant wellbeing condition, and is first to advertise in quite a while classification has
a permit to print billions of dollars. The improvement of another medication that fixes a
significant infection could be worth several billions of dollars for every year. Be that as it
may, the 30th medication to treat a typical condition could take a long time to recover the
R&D costs. When a medication loses its licenses, conventional medication makers begin
selling copycat variants at significantly lower costs. A medication that got $100 million
every year in benefit could become one that gains just $1 million per year in benefit for
the time being. Furthermore, there is a significant worldwide issue with fake medications
(Talk, 2020). The best of these fakes copy a genuine medication's equation and sell it at a
lower value, which harms corporate benefits. The most noticeably terrible fakes are made
with second rate materials and can demolish the notorieties of real items.
 Competitive Rivalry: With more than $1 trillion in worldwide deals, the pharmaceutical
business can be ferocious. The colossal significance of protected innovation brings about
solid rivalry for elevated level labourers and driving specialists. Indeed, even solid
nondisclosure and non-contend provisos can't forestall the spilling of serious data. Any
potential new medication has its open data examined for the chance of making a
comparative medication to advertise as a substitute. The business shows an example of
firms blending and bigger firms purchasing littler firms that have promising exploration
or new medications. Therefore it can be said that a competitive rivalry with an online
medical industry will remain high for the organisation like 1mg because it has been
analysed to that there are already ample number of organisations that are dealing online
platform and it is may be possible that 1mg might go through different problems.
Marketing mix of Online Medicine Store (1mg) Product: According to this factor respective company offer all types of medicines that
are required and has demand in the market. Along with this company offer products after