Bbmm605 The Main Background Business Assessment Answer

Answer:

The name of the business will be “Med-Droid”. The main background for the business has been depicted with roviding online services associated to medicine and pharmacy related requirement. The users will be able to purchase edicines via online application and also get information about medicines. The main services associated to e-commerce services are related to expanding the market in the domain of online pharmacy. The business will be connected to the various partners in Australia who provides various types of medicine services (Veit et al. 2014).

Description of the Industry in which the business is going to operate

            The Australian health care industry is seen to be sophisticated and repetitive in terms of availability of the new products. In addition to this, it needs to be also seen that there is a consistent demand for full range of the medical supplies particularly for those which are seen to be old age patients. The imported devices in the country are usually depicted to be innovative and cost effective in nature. The Australian market is also seen to be motivated by number of cost control measures. In terms of the regulatory viewpoint the Australian market is very much accessible to the individuals seeking for service (Wang, Wang and Liu 2016).  

Uniqueness and distinctive features of the business

            The main distinctiveness of the business will be seen with developing a mobile application for the online medicine services which will allow the users to scan the medicine barcodes and search for comprehensive Australian medicine database. The recording of important health related information will be seen with the information such as medical condition, health processional contact details and allergies. The feature of the online application will also allow the users to set the important reminders for taking the medicines and attending the doctor’s appointment (Chaffey 2015).

Differentiated service in compared to the competitors

            The differentiated nature of the services in compare to the competitors needs to be identified in terms of providing the options of accessing the consumer medicine information and learn more about the medicines. The ecommerce website for the pharmacy services will also allow the consumers to take the different types of the services which are associated to the generating of the medicine lists and usage reports which will be suggested by the healthcare professionals via email. The phone application designed for both Android and ios platform will allow the users to store graph and share the test results pertaining to the various types of the services related to managing the heath information (Lovelock and Patterson 2015).

Customers buying from the business and not competitors

            The rationale for the customer choosing to buy from “Med-Droid” will be based on the discount pricing on the medicines and multiple options to make the payments. This is possible by the company as the company will buy the medical supplies in bulk and the partners will be able to provide the best price for the medicines. In addition to this, he creation of the separate profiles in terms of managing the medicine and health information records for others slam 7). The application will also provide a distinct service associated to ask for doctor consultation which is to be an added feature of the mobile application. These features are the main driving factors for the reasons why the customers will be buying from “Med-Droid” rather than any other pharma ecommerce mobile operator (Codeless Platforms 2017).

Marketing Research and Analysis

Potential target market for the products

            The main goal of the business is to target the individuals requiring medical supplies for any assistance. The main factors behind the target market needs to be also determined with the patients who are seeking for convenience, quality and cost effectiveness in terms of the prescribed medicines. This business will be largely conducive to the old age patients who are unable to visit a medical store to buy their medicines. Some of the various type of the focus of the other target markets of the business needs to be also determined with the inclusion of those individual who inding it difficult to buy a particular medicine form the store to unavailability (Mallick and Hamburger 2017).

Trends and buying habits of the customers

            The significant nature of the customers demand in Australia for the medical supplies in Australia needs to be taken into account with the various types of the factors which are seen to be associated to aging population. The ecommerce facility in medicines will be particular beneficial to these customer as they will be able to afford the medicines at a lesser price and also have the convenience of buying the medicine without the need of visiting stores. Several patients in Australia are further depicted to be affected with number of chorionic diseases. Such individuals are seen to be in constant need for buying of a particular medicine (Rouibah and Al-Qirim 2017).

Existing competition and potential competitors

            The competition in terms of global perspectives needs to be understood with maintenance high standard care and well-trained doctors in Australia who will be able to offer wide number of medical services. This is due to the fact the existing medicine facilitators in Australia are reliant on a low-cost structure. Some of the various types of the other consideration the competition in the industry needs to be identified in terms of the comparison of the company with the other countries like Singapore, Malaysia and South Korea (Suwalski et al. 2014).

Estimated market share for the business which it is aiming to capture

            The growth in the Australian healthcare industry in Australia needs to be determined with 7.7% in terms of CAGR is based on the economic benefits. There is also an increasing scope of the foreign direct Investment (FDI). There is also a considerable amount of increase in the revenue of the business pertaining to the increasing exports of the medical supplies. The policies pertaining to the Australian government has been focused on reducing the unnecessary spending and also freeing of the potentially strong area pertaining to the research and development (Suwalski et al. 2014).

The overall market share is seen to be generated from contribution pertaining to suppliers, care providers, insurers and consumers. The estimated factor driving the growth in the market share has been also seen to be depicted as per the encouraging the local investment and FDI in the biotech and medical technology. The increasing nature of the factors driving the growth for the company needs to be also determined as per the offshore delivery process (Pham 2016).

            The large healthcare players in Australia such as “Ansell, CSL, Mesoblast, ResMed, and Sirtex”. The overall spending of the Australian government concerned with the major funding of $ 20 billion on the Medical Research and copayment based on the GP consultations with an additional $ 7 on the copayment for the pharmaceutical benefits and scheme prescriptions (Moloney-Egnatios, ProductVisionaries 2015).

Marketing Plan

Products and Services Offered by the company

            The primary products and services offered by the company needs to be understood as follows:

• Non-Prescription Drugs- The online supermarket pharmacy will allow the customer to buy from various nature of the products associated with the antacid, plasters and aspirin. The definite nature of such customers is defined as per buying from the online stores instead of the grocery stores (Modica and Stenneth 2017).
• B2B Wholesale- This is identified as the main source of the ecommerce revenue. There are very few ecommerce players who are seen to be involved in the B2B ecommerce and marketing of the materials is usually provided with the manufacturers and the distributors. The marketing materials pertaining to the business of the company needs to be identified in terms of the distributors pushing these products to other delivery channels.
• Governmental level pharma- The company is further seen to be relying on the products such as anti-hypertension, vaccines and diabetes drugs. There is a limited number of service aspects concerning the e-marking in this area has been seen with increasing growth opportunity for “Med-Droid”.

Prices of the products and services compared to the competitors

            The company will be following a competitive pricing policy so that more number of buyers are able to afford the services. It needs to be also discerned that there has been growing nature of the services concerning the general medicines. The criteria set for the pricing concerning the products are depicted after evaluating the strategic price set by “Ansell, CSL, Mesoblast, ResMed, and Sirtex” (Chiericozzi 2017).

Pricing Strategies

            The company’s main pricing strategy at the initial strategy will be depicted with a penetration pricing to maximize the gains from the market. It needs to be also discerned that most of the services offered by the company will keep a low price for their products for a limited period of time. This strategy adopted by the company will be conducive in addressing to the significant needs required by the customers in a particular market. Therefore, the products pricing at the initial states will follow an economy pricing strategy which will be conducive in defining the set number of the strategies as per the economy producing which will attract the interest of greater number of customers pertaining to the sales at the time of recession (Naber 2017).

Discounts and loyalty rewards

            The company will be able to provide discounts in most of the products as it will buy in bulk. This will lead to a higher scope of discounted price to the customers. In addition to this, there will be an integrated digital wallet for the company which will allow the customers to make the payments at a discounted price. This will be possible as for using the wallet there will be a small amount of initial deposit which is to be mandatorily made by the users of the service. The company will receive interest on these deposits which will be conducive for providing the discounts (Peter 2014).

Place of the distribution of the services

            The location selected for set up of the registered office for the company is seen in the Melbourne. The office will be located in the Burwood, Victoria near Hawthorn. The location selection is considered to be strategic in nature as there will be considerable amount of scope for the company pertaining to the large number of IT Consulting, Services and pharmaceutical companies. This will be conducive for the business in taking the relevant pharmaceutical services and IT assistance (Gupta and Dubey 2016).

Advertising and promotion

            The strategy to advertise the pharmacy has been depicted in terms of the providing the users with the social proof, scarcity, personalization, anchoring and Reciprocity. The social proof advertising strategy will include the testimonials form the users of the services. The people will have the option to encourage the patients for posting the online reviews and which will be used for advertising and provide a real scenario of the services. The scarcity aspect for the business will be further based on the advertising for limited one day sale for the general medicines.

Moreover, the advertising as per the personalization aspect will be taken into consideration with allow the users to book a personalized health screening which will require regular check-ins with the pharmacist. It will also offer the patients with number of other services which are required to proceed with providing a full diabetes care program. The anchoring advertising strategy will show how much   lower price is offered to the consumers and the relevant nature of the benefits which will be obtained by the consumers. This will show a comparison of the old price and the new price in their website and the mobile applications (Turban et al.2018).

            The strategy for setting the registered office of “Med-Droid” will be based in Melbourne. The office will be located in the Burwood, Victoria near Hawthorn. The main advantage of this location is considered with the availability of large number of IT Consulting, Services and pharmaceutical companies. This will be conducive for the business in taking the relevant pharmaceutical services and IT assistance.

Operational procedures

            The important nature of the operational procedure for the company will focus on receiving the orders from the ecommerce systems, receiving the information on the orders and shipping of the products. The initial process will begin from automating the ecommerce process the orders from the customers. This process will involve receiving the orders, processing the orders in the warehouse and shipping of the products. The subprocess of the company needs to be understood as per receiving the orders, checking the integrity of the orders, resolving of possible issues and entering personnel information. There should be significant consideration made for responding of bad order.

The details pertaining to the manual entry of the sales details needs to be taken into account with the data extracted from the ecommerce system which includes relevant details as per the sales order details, customer information and identification of the product ordered. The employees manually check the sales order for the data pertaining to the medicines and ID of the products ordered along with the transaction ID and payment details. The employees are also considered to check for the sales order and manually entering the customer details in the business software. In case an employee identifies any anomaly then it will be resolved at the earliest. The final stage will involve passing the orders to the warehouse for the final processing (Bai, Xie and Wang 2018).

Personnel Requirements

            The general requirement of the skill set for the individuals will be seen with strong communication skills, flexibility and market awareness. The personnel requirement as per the educational qualification needs to be considered with software engineers, accountants and data entry operators. The roles of the employees need to be identified with marketplace UX design

software development, sales partner acquisition, marketing by client acquisition, content moderation, customer service, legal services, product category management, back-office operation and payments handling.

Wage Rates

            The wage rates of the employee have been selected as per the average prevailing rate in Australia particularly in the territory of Victoria. The wage rates of the individual employees per annum along with the designated role is listed as follows:

Table: PayScale of the employees of the new business in Australia

Description of the management team

The management team will be segregated into following divisions:

• Chairman
• Managing Director, online sales
• Finance Director
• Group General Counsel
• Managing Director, purchases
• Chief Executive Officer, online sales
• Chief Executive Officer, purchases
• Company Secretary
• Chief Human Resources Officer
• Executive General Manager
• Chief Human Resources Officer

Key personal of the business

Legal Structure of The Business

            The legal structure of the business will comprise of the chairman at the top position followed by the Chief Executive Officer and other board of directors under CEO.

Stock and Employment Agreements

            The employee agreement of the company will establish a legal contract on formal relationship between an employee and an employer. In majority of the agreements both the employee and employer will adhere to an understanding of important terms of employment such as general expectations, job duties, compensation, length and termination (Stories on Bond Street 2016).

Ownership Percentage of The Business

            As the business is a new start-up company it will be 100% owned by the founders. Therefore, there is no need of additional payment of interest to other financial stake.

Division of Responsibility and Accountability

            The division of responsibility and accountability will be segregated with whole conception, role expectation and role behavior. The concept of role conception will define in what way are person has been taught to raise false assumptions which may be considered with misleading titles or receiving predecessors during his or her last week on the job. The role expectation concept needs to be determined with influencing incorrect information and output of the results which are expected from a particular role. The conceptualization as per role behavior will define whether a person is actually carrying out the job (Smith, Erwin and Diaferio 2015).

Division of Work

            The division of work will be determined by segregating the different roles of employees which are seen in terms of UX design software development, sales partner acquisition, marketing by client acquisition, content moderation, customer service, legal services, product category management, back-office operation and payments handling (Sohaib and Kang 2014). Therefore, the personal responsible for UX design software development will handle all the work related to designing of the e-commerce website and performing regular maintenance. Sales partner acquisition will be responsible for handling all the purchases from medical stores at the best price possible. Similarly, the customer service team will ensure resolving of major customer queries in shortest possible time (Leong et al. 2016).

Identification, Outlining and estimation of the VC and FC

            The main costs pertaining to the fixed cost needs to be identified in terms of the various types of the expenses such as Premises, Salaries Interest on loan Commission paid to merchants, License, Rewards, incentives, Sales and Marketing. The amount pertaining to aforementioned overheads are listed in the table below. The consideration of the different types of the variable overhead of the business needs to be identified as per the Communication and cellular service expenses, Promotion Expenses, Adding new features to the Website, Logo Designs, Market survey Website Maintenance and Lease payments. The operational monthly cost needs to be considered with Premises, Lease payments, Interest on loan @ 3.59%, Communication and cellular service expenses, Promotion, Expenses and Salaries.

Table 1: Start-up cost of the business including the monthly expenses

            The distribution of the start up cost has been segregated into fixed costs and variable costs. The fixed cost is identified to be $ 209500 and variable cost is identified as $ 268800. The company should look forward to reduce the variable expenses such as adding new features to the website as soon as it draws the interest of large number of stakeholders.

Table 2: Forecast of Sales, Cash flow, Depreciation Schedule, P&L and Balance sheet

            The consideration of sales projections for the next five years can be depicted to be increasing in nature. This is identified with $ 500,000 in the first year, $ 523,600 in the second year, $ 555,170 in the third year, $ 592,805 in the fourth year and $ 633,793 in the fifth year. The depicts the success of market surveys, promotional initiatives and adding new features. The business should utilize such programs in the future years with more innovation which will lead to even further increment in the sales revenue.

The overall increase in net profit has also identified the efficiency of the cash flows. Lastly, the increasing ROC and enumerates that the business has effectively utilized the initial investment for the first five years. Such progressive increase in the cash flow statement and profit and loss forecast can be utilized for expansion opportunities or collaborating with other big e-commerce giants from sixth year onwards.

Balance Sheet

Table 3: Forecasted Balance Sheet 

            Based on the forecast of balance sheet there is no sign of discrepancy which can be observed with either assets or liabilities overheads. The company needs to consider the accurate appreciation on the assets in the long-term assessment. This should be based on consideration of replacing old long-term fixed assets such as softwares, land and buildings and computers.

Financial Ratios

Table 4: Common Financial Ratios

            The current ratio of more than 4 shows that Med-Droid needs to efficiently utilise its liquid cash rather than just using it for fulfilling the operating expenses requirements. The company has ample potential of using the surplus cash flows into expansion activities such as creating a separate division service altogether. This will lower the current ratio to a more optimised level. The depiction of asset to Equity ratio shows that the company has sufficiently utilised its equities to finance its assets.

Financial Highlights of the company

            The bar graph representation can be identified with mostly linear trends from year one to year five. Despite of such a linear increase, the gross margin of the company in the third year could have been slightly increased by better utilisation of revenues into other sources of income.

Table 5: Forecasted sales, gross margin and net profit

            The tabular representation of gross margin and net profit margin is mostly seen to be increasing in nature and therefore the business should incorporate for their strategic objectives to utilise the same. 

Capital Budgeting of Med-Droid

Table 6: Capital budgeting for Med-Droid

            Based on the net present value the cumulative Cash flow considered after discounting rate of 30% is depicted to be positive in nature. This shows that the project should be accepted for investment.

Table 7: New Break-Even Analysis of Med-Droid

(Source: As created by the Author)

            The overall evaluation of breakeven clearly shows that the company has been consistently earning revenues more than its expenses for the duration of five years. Therefore, even with revenue generation of as low as $500000 in the first year, the company can achieve its breakeven point.

Social, Environmental and Entrepreneurial (SEE).

Corporate Governance Plan

            The important nature of the corporate governance actions taken by the company will be based on the several numbers of the initiatives which are seen to be based on the number of measures for enhancing the relationship amongst the auditors, stakeholders and shareholders. In addition to this, some of the different types of the other initiatives taken by the company needs to be identified as per the optimum utilization of the economic reforms (Axtell, Smith and Tervo 2017).  

Social

            The nature of the business has been seen to be focusing on the old age patients. This is identified as the main consideration for the social concern. The convenience provided to the old age patients needs to be identified as the main form of the service which is identified as the main factors towards the welfare of the society. It needs to be also considered that the important nature of the focus pertaining to the social factors is also seen with the discounted price structure for the medicines which are mostly consumed by the old age patients (Schaefer, Corner and Kearins 2015).

Environmental

            Med-Droid is committed to reduce the use of paper as much as possible. This is conducive for the business in reducing the global carbon foot print (Norcalcompactors.net. 2016). The company will also ensure that packaging of the medicines will use only bio degradable plastics and recyclable wrapper which will be able to ensure that most of the waste produced by the business will be ecofriendly in nature. These initiatives have been also seen to be beneficial for the business in terms of the main focus on the environmental factors (Wealthmanagement.bnpparibas. 2018). 

Entrepreneurial        

            The significant nature of the entrepreneurial inventiveness will be aimed at key focus on the old age patients, quality and delivery of the services. The entrepreneurial considerations for the business will be also able to focus on the various types of the depictions of the study which are seen to be related to the maximizing the profit and at same time putting more effort in gaining more recognition for corporate governance (Epstein 2018).

            The list of KPIs for the Social, Environmental and Entrepreneurial factors which are to be monitored, measured and reported to the stakeholders are discussed below as follows:

• Measurement of success- Working towards the betterment of the lives of the people by providing more employment opportunities and empowering the careers
• Developing Markets on the Forefront-This initiate will be considered to be socially responsible to the entrepreneurial efforts. The business will tend to focus more on the SEE as per the demography and environmental requirements (Schaefer, Corner and Kearins 2015).

• Evaluation of the success in terms of the achievement of the KPI- Despite of the focus on the social, environmental and entrepreneurial initiatives the significant focus of the company will be considered with the initiatives relating to the social welfare (Sarason 2018). The entrepreneurs of the business perform an annual review of the financial performance, corporate governance efforts and sustainability factors (Tumarkin and Tumarkin 2010).
• Engagement of the customers- It needs to be understood that the customers engagement is identified as the key component of any business pertaining to the SEE factors. This will be able to ensure that the business is able to focus towards more generation of the revenue and at the same time ensuring sustainability (Rigolizzo and Amabile 2015).

The key aspect of the intellectual property rights of the business needs to be taken into account as per the important nature of the consideration of the patents and license. The patents for the individual services provided by the websites are depicted to be bound by the legal process. These may also include other elements of the business which are seen to be associated to the use of inventions, literary, artistic works, designs, symbols, names and images from other third-party software providers which are not developed by the company. Therefore, use of any such content in the e-commerce website will be subjected to consideration under IP.

Critical Risks

New Entrants

            The new entrants in e-commerce is seen to be evident with more businesses entering into this type of business. Pharmacy is no exception to this and company needs to ensure that it is able to source the medicines at the best price. This will ensure that the company is ahead in terms of most of the competitors by providing the discounted price. The involvement of the company in the government level pharma will be beneficial in terms of relying on the products such as anti-hypertension, vaccines and diabetes drugs. There is a limited number of service aspects concerning the e-marking in this area has been seen with increasing growth opportunity for “Med-Droid”.

Price cutting by the competitors

            There is a high possibility that the company may be facing several types of the critical problems which will be associated to the reducing the price by the competitors. This will create additional pressure on the company in reducing the price even further. In order to minimize the risk associated to such problems, the company will be dealing with differentiated nature of services such as B2B Wholesale. This service is considering as the main source of the ecommerce revenue. There are very few ecommerce players who are seen to be involved in the B2B ecommerce and marketing of the materials is usually provided with the manufacturers and the distributors. The marketing materials pertaining to the business of the company needs to be identified in terms of the distributors pushing these products to other delivery channels.

Actions by the Government

            There may be several types of the legislations taken by the government which may be directly affecting the performance of the business. The government in Australia does not allow for e-commerce of prescription drugs. This is a major con for the business which will eliminate any possibility of revenue to be made from the prescribed medicines.  There are several types of the other legislations which are focused on the adulteration of the drugs pertaining to the strength, purity and differences in the labelling which is considered to be major challenge in terms of selling of such medicines in terms of ecommerce business.

Changes in the consumer taste and societal demands

            The business cannot exclude the possibility of the Changes in the consumer taste and societal demands. In this case the business may be facing several types of the challenges which will be associated to the consideration of the number of factors aimed at reduced sales. It may so happen that the consumers start to favor buying medicines from the stores due to the safety concerns. Such factors are seen to be unpredictable in nature. In addition to this, it may be also seen that the offline stores of the medicines are able to provide the same service at a reduced. This may happen due to the absence of the delivery agents will pertain to decreased delivery cost which may allow the price setters of the stores to include a low price.

Licensing of the products and services

            The intellectual property rights of the business are considered as the main risk associated to the licensing of the products and services. The patents for the individual services provided by the websites are depicted to be bound by the legal process. In case of non-adherence to any clause the company may face severe legal consequences.  These may also include other problems associated to the non-adherence of the elements of the business which are seen to be associated to the use of inventions, literary, artistic works, designs, symbols, names and images from other third-party software providers which are not developed by the company. Therefore, use of any such content in the e-commerce website will be subjected to consideration under legal actions (Pharmacytimes.com. 2018).

Harvest Strategy

Plan for liquidity event and exit strategy

            In an act of liquidity, the company will main focus on execution of the business. This will be ensured by remaining steadfast in terms of the achievement and execution of the business objectives. The primary focus of the business will be also depicted in terms of the various types of the measures which will include the relevant strategies as per maintaining a dedicated strategy towards the liquidity (Mbbp.com 2018).

Transition of leadership and succession planning

            The important considerations for the transition planning will be focused on the planning for emergency situations. The leaderless of the company will be able to plan their own departure from the current organization. It needs to be also identified that the various types of the strategies associated to the consideration of the important factors defining the process of departures and arrival of new staff required for the business to operate. The transition leadership will also include supporting of the on boarding process of the new leaders (Commons 2018).

IPO and sale of the business

            The company will initially float the shares to the public with the issue of the stock to early investors. These will be considered with floating the shares among the founder, family members and friends. The stocks of the company will be depicted as per the offering for sale to common public and will be ‘going public’ with the stocks in this manner (Carpentier and Suret 2015).

Plan to license the products

            The important nature of the planning pertain to the licensing of the products needs to be taken into consideration as per focus on the various types of the subjective consideration of the intellectual property rights. The intellectual property rights of the company will be able to include licensing of the IP as per important nature of the consideration of the patents and license. It needs to be further considered that the patents for the individual services provided by the websites are depicted to be bound by several number of legal process.

These may also include other elements of the business which are seen to be associated to the use of inventions, literary, artistic works, designs, symbols, names and images from other third-party software providers which are not developed by the company. Therefore, use of any such content in the e-commerce website will be subjected to consideration under IP.

Milestone Schedule

            The important consideration of the milestone events of the study has been considered with the Financial Evaluation, Social, Environmental, Entrepreneurial initiatives framework, Consideration of critical risks, Inclusion of the harvest strategy and Publication process. The segregation of the events of the milestone process will be further segregated into several types of the subgroups which needs to be identified in terms the conduction of various study across different weeks. The total length of the milestone report preparation for the business plan has been divided in 6 weeks.

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