Strategies Employed by Retail Pharmacies and Their Impact on Business Competitiveness: A Case Study of Nakuru
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Date
2014-05
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School of Business and Economics, Daystar University
Abstract
Strategic management is the administration of operations dominated by purpose and consideration of future opportunity with explicit attention given to the need to clarity or change strategy as results suggests and to enter the future on a predetermined course. The purpose of the research study was to find out the strategies employed by retail pharmacies and their impact on business competitiveness using a case study of Nakuru. The objectives of this study included; determining the strategies adopted by pharmacies and their impact on business competitiveness; finding out the extent to which the strategies adopted by retail pharmacies help in business competitiveness; and finding out the challenges which retail pharmacies faced in the process of implementing strategies on business competitiveness. The researcher used the descriptive research design. The target population included 97 pharmacy outlets in Nakuru CBD. A sample size of 49 pharmacies was picked from Nakuru CBD using simple random sampling method. The study used primary data collected using a questionnaire and interview guide. Secondary data was collected from published journals and reports. The study established that the strategies greatly affected the competitiveness of the pharmacies. Challenges faced by the pharmacies in implementing strategies on gaining competitive advantage included limited management support on implementation of strategies; competition from neighboring pharmacies; laxity from the authority (Pharmacy and Poisons Board) among others. The study recommended the use of direct marketing with brochures displayed within the pharmacy for customers to pick and carry away with them so that they get more information about the pharmacy
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Keywords
Strategies, Retail Pharmacies, Business Competitiveness, Nakuru
Citation
Gichuki, Pauline (2014). Strategies Employed by Retail Pharmacies and Their Impact on Business Competitiveness: A Case Study of Nakuru. School of Business and Economics, Daystar University: Thesis