346613

Business Studies
Name
Institutional Affiliation

Question Response
Both corporate and marketing strategies will be used to produce an effective plan for Alima Pharmacy. By definition, corporate strategies help in setting the direction for an organization. These strategies primarily focus on enhancing profitability and revenue growth. Alima Pharmacy will employ different corporate strategies with the objective of improving its profitability. Some of the corporate strategies that the company will use include diversification of the product distribution line, reduction of debt and overhead costs, and utilization of new technologies to make operations more efficient and cost-effective. As the business grows, the company will pursue other corporate strategies such as the strategic acquisition of rival pharmaceuticals so as to increase market share and reduce competition. To ensure that these corporate strategies are successful, they will be aligned with the company’s long-term objectives.
The above corporate strategies will be complemented by specific marketing strategies, whose focus will revolve around the development, pricing, and distribution of the company’s product. With regards to Alima’s pharmaceutical products, the marketing strategies that will be implemented include segmentation and targeting the market, setting prices based on the company’s brand management and profitability objectives, and distributing the products over the counter and through mail order. The company will likewise employ a combination of various marketing communication strategies such as advertisements, social media and promotions to create increased brand awareness.

In implementing these strategies, the company will focus on customer service excellence as the primary outcome. As a way to ensure that the marketing strategies and corporate strategies complete each other, staff from the executive management will work closely with staff from the marketing department to set common objectives for the company’s long-term success.