THROUGH A LIGHT ON PHARMACY AS A PART OF MALL CULTURE & THEIR ECONOMICAL VIABILITIES WITH EMPHASIS ON CONSUMER PSYCHOLOGY
SUBMITTED FOR THE PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE DEGREE OF BACHELORS OF PHARMACY
SUBMITTED BY
MR.KANDHARE AMIT DATTATRYA
IN THE ELECTIVE SUBJECT OF MARKETTING RESEARCH BHARATI VIDYAPEETH UNIVERSITY POONA COLLEGE OF PHARMACY PUNE-411038
2008 - 2009.
CERTIFICATE
This is to certify that the work presented in the project report entitled Through A Light On Pharmacy As A Part Of Mall Culture & Their Economical Viabilities With Emphasis On Consumer Psychology has been performed by Mr. Kandhare Amit Dattatrya in the elective subject of Marketing Research submitted for the partial fulfilment of the requirement for the degree of Bachelors Of Pharmacy course in Bharati Vidyapeeth University, Poona College Of Pharmacy, Pune, under my guidance and to my satisfaction. This is now ready for examination. Facilities availed from other sources have been duly acknowledged.
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CERTIFICATE
This is to certify that the work presented in the project report entitled Through A Light On Pharmacy As A Part Of Mall Culture & Their Economical Viabilities With Emphasis On Consumer Psychology has been performed by Mr. Kandhare Amit Dattatrya in the elective subject of Marketing Research submitted for the partial fulfilment of the requirement for the degree of Bachelors Of Pharmacy course in Bharati Vidyapeeth University, Poona College Of Pharmacy, Pune, under guidance of Prof. Mr.S.N.Bhavsar .
Dr.Mr.P.R.Nalvade Subject In charge (Market Research, Bharati Vidyapeeth University, Poona College of Pharmacy, Pune)
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ACKNOWLEDGEMENT
I take this opportunity to express my profound gratitude towards our principal of Poona College of Pharmacy DR K.R. MAHADIK for providing inspiration, patronizing affectionate guidance and moral support during my graduation. My sincere regards to vice principal Dr.SUNIL DHANESHWAR for his active support and making facilities available for my project work and for their constant encouragement regarding completion of work. I express my gratefulness towards my guide Mr.S.N.BHAVSAR, Dr.Mr.P.R.NALVADE whos excellent guidance and dedicated efforts made me think upon and understand a number of problems and solve them sincerely, his keen interest and encouragement serves as a constant support and inspiration during the course of the entire project. Last but not the least I would like to thank my Family and Friends, for their unconditional support and guidance towards the completion.
Mr.KANDHARE A.D.
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INDEX
CHAPTER.NO. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. CONTENTS Exclusive synopsis Introduction To Market Research Process Operational Aspect of Market Research General Introduction to Drug Store Outlets Infrastructure of Mall Pharmacy Drug Store Store Choice Behaviour of Indian Shoppers Customer Care Various Discounts Offered By Mall Pharmacy Merits & Demerits of Mall Pharmacy Questionnaire Analysis of Data Conclusion Bibliography PAGE NO. 5 6 12 13 16 18 20 22 24 27 50 52 53
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EXCLUSIVE SYNOPSIS
Title of project: Through a light on pharmacy as a part of Mall culture & their economical viabilities with emphasis on consumer psychology. Objective of project: 1. To understand the psychology of the consumer towards Mall pharmacy drug stores. 2. To understand the Viability of the consumer in Mall pharmacy. 3. To study the storage structure & pricing structure of medicine in mall pharmacy. Scope of project: 1. To analyse the service provided by the mall pharmacy dug store. 2. To analyse the existence market of the Medicines in mall pharmacy drug store. 3. To assess potential for launching of a new drug in mall pharmacy structure. 4. To analyse the competition of the product in mall pharmacy drug store.
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5. Segmentation research: To determine the demographic, behavioural characteristics of potential buyers. 6. Advertising research: Used to predict the copy testing or track the efficacy of advertisements for any medium, measured by the ads ability to get attention communicate the message, build the brands image and motivate the consumer to purchase the product or service. 7. Distribution channel audits: To assess distributors and retailers attitude4s toward a product, brand, or company. 8. Store audit: To measure the sales of a product of product line at a statistically selected store sample in order to determine market share, or to determine whether a detail store provides adequate service. 9. Positioning research: How does the target market see the brand relative to competitors? what does the brand stand for? 10. Brand equity research: How favourably do consumers view the brand? psychographic, and
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11. Brand name testing: What do consumers feel about the names of the products? 12. Price elasticity testing: To determine how sensitive customers are to price changes. 13. Customer satisfaction studies: Exit interviews or surveys that determine a customers level of satisfaction with the quality of the transaction. 14. Sales forecasting: To determine the expected level of sales given the level of demand. With respect to other factors like advertising expenditure, sales promotion. Steps involved in market research process
Defining the Problem & Research Objectives Developing the Research Plan Collecting the Information Analysing the Information Presenting the Findings Making the Decision
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1. Defining the Problem & Research Objectives: The first step in research calls for defining the problem carefully and setting research objectives. This gives the research a direction and meaning. It may also help in reducing expenditure by getting only the required information & preventing excess unwanted data load for analysis. 2. Developing the Research Plan: Marketing research calls for developing the most efficient plan for gathering the needed information. - Field survey: collection of primary data from doctors, chemist, patients - Exploratory Research: search for secondary data
Exploratory Research
Conclusive Research
Descriptive Research
Experimental design
Multiple cases
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3. Data Sources: Data can be of two types: Primary data & Secondary data i. Primary data: a. Research instrument: - Questionnaires for doctor - Questionnaires for chemist - Questionnaires for patient b. Contact method: - Mail - Telephone - Personnel interviews ii. Secondary data: a. Books & magazines like - Government publication: Reserve bank of India, National sample survey - Non government publication: ORG marg, pathfinders - International publication: International trade centre b. Internet sources Sample size: - Total number of doctors: 9 - Total number of chemist: 22 Break up of chemist: Category Chemist in Mall pharmacy Chemist in retail drug store - Total number of consumer: 25 Break up of consumer: Age 20-55 Above 55 Number of consumer 17 8 Number of chemist 10 12
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4. Research Approaches: Deciding the correct research approach is essential in a successful market research. The survey research model was chosen in this case, as the type of research was descriptive. Survey research is best suited for this type. It includes: Observational Research Focus group Research Survey Research Behavioural data Experimental Research
5. Collecting the Information: The data collection was done based on the above plan. The selected doctors, chemists and consumer visits helped to get the required information. The data collected from consumer was arranged properly before analyzing. 6. Analysing the Data: The information gathered is tabulated, organized and with help of sound statistical techniques, and analyzed with great care. Limitation of study: 1. It cant be assure that data has high degree of precision & accuracy. 2. The information collected is dependent on attitude, preference & perception of chemist & consumer. Hence, this opinion cant be assumed to be as bias.
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Price Analysis
Marketing Plans
MARKET RESEARCH
A list of questions that can be answered through market research : Which needs of the consumer are important? Are these needs being met by mall pharmacy drug store? What is the consumer opinion about the mall pharmacy drug store? What are service that provided by the mall pharmacy dug store? How the competition of the product occurs in mall pharmacy drug store?
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Hospital Pharmacies : They catered mainly to the requirements of patients admitted in the hospital. They were housed in the hospital building and dispense a lim. number of medicines. The average size of such stores is 150-200 sq. ft Retail Stores/Standalone stores: The second category of stores, near the residential areas, provides the benefits of proximity to consumers. Some of these stores offered home delivery. The target customers of the store were the educated middle and upper class households Malls/Shop-in-shops : The biggest advantage, most retailers say, of having in-store outlets at supermarkets or departmental stores is the fact that popularity of either brand rubs off on the other.
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For e.g. 1. MedPlus Health Services: Hyderabad based pharmacy chain, MedPlus was launched in 2006 currently operates more than 500 stores in Andhra Pradesh, Maharashtra, Karnataka, TamilNadu, etc. 2. Tulsi: Tulsi is a pharmacy retail chain of Future Group. Most of the Tulsi outlets are located in Big Bazar. Future Group currently has over 35 Tulsi outlets across the country. 3. Subhiksha: The branding strategy for this retail store was low-cost and no-frills, i.e., a reliable and trustworthy store that has the lowest prices. It focused on building long-term relationships with its customers by giving them a lifetime of value and savings.
Townships:
Many pharmacy chains are planning to set up their pharmacy chain in townships. Apollo is planning to set up Medicity near Pune. Apollo has signed an agreement with Hindustan Construction Co. (HCC) to set up the medicity inside the upcoming project named Lavasa near Pune.
The organized pharmacy retail market is dominated by big industrial houses like Ranbaxy's (Fortis), Pantaloon (Tulsi), Reliance Retail's (Reliance Health and Pharma) and Subhiksha as well as health care players like Apollo Hospitals Group's (Apollo Pharmacy), Zydus Cadilla's (Dial for Health), Sagar Drugs & Pharmaceuticals' (Planet Health), ), Guardian Lifecare's (Guardian Pharmacy),Religare(Genuine medicine),etc.
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Modes of Operation: 1. Company Managed Stores - Company owned pharmacy outlets are owned and manage by company itself. Major pharmacy chains in India like Fortis, Apollo, Alchemist, Subhiksha and Dial for Health have their own pharmacy chains. 2. Franchisee - Medicine Shoppe, MedPlus, Medicine Shoppe operates through the model of franchisee stores in India.
GENUINE DRUGS: 1. These stores dispense genuine drugs that are branded and reliable. 2. Customers have absolutely no chance being deceived, like in many retails outlets where the pharmacist dispense a substitute to prescribed drug of local brand and says both are same drugs. 3. These stores do not dispense expired drugs while the retail stores sometimes do. 4. Packaging having minor defects (deformed bottles, minor broken blister pack, etc.) is kept as rejected goods in mall pharmacy and is not dispensed, while these defects do not matter in many retail outlets.
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Retail pharmacies are waiting to take off. The potential is huge and the scenario is similar to what happened in traditional retail. Nobody thought that people would want to go and buy everything from one place like Big Bazaar, Pantaloons and Shoppers Stop. Similarly, things are slowly changing in the pharma retail space. Today, retail chains like Apollo, have an all-India presence through 300 odd outlets. The growth rates of other chains like Medicine Shoppe, and Guardian Pharmacy, Religare (Genuine medicine) chain are phenomenal as they are adding three-four outlets every month. There is clearly a consumer-driven requirement for pharmacy chains. Consumers want to ensure that the medicines that they buy are not fake or spurious. In addition to counterfeiting, it is also the location that is an important issue. Traditionally, chemists or pharmacists have adopted a neighbourhood centric model, where consumers typically go and get medicines from the same neighbourhood shop. Hence, convenience of location will be an important success factor for retail pharmacy chains. Other factors, such as good bargains, discounts, ensuring the quality of medicines and avoiding retail substitution will also ensure the growth of retail chains. All India Chemists and Druggists Organization (AICDO), which for decades has been fighting to protect their business interests, by registering itself as a company.
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The pharmacy trade in the country generates an estimated business of Rs. 32,000 crore, apart from about Rs. 18,000 added by hospital pharmacies and exports. Almost all the chemists beside selling allopathic medicines also offer OTC and alternate medicines, surgicals, rehabilitation aids and body care products like soaps, tooth pastes, hair oils, shampoos, cleansing lotions and neutraceuticals, among others, for sale which according to rough estimates generate an additional turnover of about Rs. 15,000 crore. Apollo is ramping up its present network of over 120 pharmacies to 1,000 pharmacies by 2009. Fortis, healthcare services arm of the pharma giant Ranbaxy Group, which has set aside Rs. 800 crore will roll out 1,000 pharmacies in 400 towns, within a couple of years. 250 of these will go on stream during the current year, itself. Ambani brothers are also now entering in the pharmacy business. While, Anil Ambani owned Reliance Health Venture has set aside Rs. 1,200 crore for investment in pharma retailing, elder brother Mukesh Ambani is on the verge of buying a generic drug manufacturing company to meet the requirement of pharmacies to be set up within Reliance Retail outlets.
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CUSTOMER CARE
Patient counselling: Speaking of Professional Expertise, there is a lot that is contributed by a Doctor or a Healthcare Profes sional. Counselling is not just an act but also an art that needs to be trained for and practiced well. Patients suffering from various chronic diseases are always looking for moral support. Most of them being senior citizens, who are living alone, and are just looking for someone who would listen to them, comfort them, bring them out of their depression. Make them believe, that they are not dependant or helpless. Counselling is method of regenerating confidence, hope and contributing towards the well being of an individual. There are registered pharmacists available/appointed in the mall pharmacy to assist the customer. They counsel patient regarding dosage and timing. They teach patient to take dugs on time and make aware of side effect of the missed dose or administer of drugs without schedule. They also inform patient about the contraindications i.e. some drugs are contraindicated with either other drugs or some type of foods like bitter food or food products containing tyramine etc They also guide patient regarding the missed dose.
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They guide illiterate person regarding the special precautions to be taken during the dosage and the note written on the bottles (example: shake well before use, keep away from light/direct sunlight etc.) They are polite and concerned regarding the wellbeing of the patients. They also providing various discounts for employees who are works in various organisations like TATA motors employees, government employees. There are many facilities for storage of data like Patient Medication Record (PMR), Drug storage record, etc.
They also provide the home delivery services for the customer.
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Roll & Win: On purchase of Rs.500/- worth of products you get a chance to roll a dice, your dicopunr percentage will be number displayed on the dice. You get further discounts on multiple purchase of Rs. 500. i.e. if you buy for Rs. 1000 you get to roll the dice twice Scratch & Win: On [purchase of above Rs. 299, scratch and win assured discounts Cross promos and discounts: Discounts as large as 25% on Ayur, J & J products. Lucky draw: All our grand openings make you lucky! You just need to purchase worth Rs. 150 and fill a lucky draw coupon and you could be the proud owner of any thing from a mobile phone to a DVD player. Lucky draws are usually announced at the end of the month. Highest purchaser program: Highest purchaser of the day gets a special surprise gift from us.
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Value added cards: Buy for Rs. 100 or more and get stamped on your value added card. You get Rs. 50 off on your purchase as soon as you get your fifth stamp. The validity for the same is 3 months. Buy one, get one free: For purchase of Rs. 799 and above at vision Shoppe (link to vision Shoppe) buy one, get one free. SBI tie up: Medicine Shoppe customers who use their SBI debit card get 5% flat cash discount on purchase. Lots more: Diwali benefits, Holiday Hungamas, Winter
Dhamaka, Summer Bonanza, Monsoon Mega Dhamaka, Seasonal Schemes and lots more!! Win a free trip to Singapore or Malaysia or any other exciting place.
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7. They provide free home delivery for all customers. 8. Under Mall shop system, all purchases for the branches are made by the central office. This result in bulk buying which reduces the cost of the product. 9. There is a considerable increase in sales because majority of branches of Mall shop are located in important localities of the city for the convenience of the customer. 10. The fixed price and standard quality of goods help in winning the confidence of the customer. 11. The shortage of supplies at one branch can easily be met by transfer from another branch having a surplus stock. 12. There is uniformity of window display and shop decoration in all the branches of Mall shop which makes an easy identification of them. 13. In Mall shop system there is a direct contact between producer and customer, so the middle mans profit is eliminated. 14. In Mall shop sales are made strictly on cash payment. So there is practically no loss due to bad debts. 15. Mall shops are under the control of head office which follows uniform policies in regard to all important matters.
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4. Will you accept any medicines that are return by customer due to some problems? Yes No If No, any difficulty in it:
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5. Are there is any scheme or benefits offered on the punches of medicine? Yes No If yes, then please specify:
6. Are there is any scheme or offered for the senior citizens? Yes No If yes, then please specify: Sr. no. 1. 2. 3. 4. 5. Product (brands) Company % margin scheme
8. Are there is any facility for data storage of Patient Medication Record?
9. Will you give proper counselling to the customer about administration of medicines? Yes No 10. Do you fill that status of mall pharmacy is satisfactory or they require any improvement? Satisfactory Require improvement If any modification required then please suggest:
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4. Will you accept any medicines that are return by customer due to some problems? Yes No If No, any difficulty in it:
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5. Are there is any scheme or benefits offered on the punches of medicine? Yes No If yes, then please specify:
6. Are there is any scheme or offered for the senior citizens? Yes No If yes, then please specify: Sr. no. 1. 2. 3. 4. 5. Product (brands) Company % margin scheme
8. Are there is any facility for data storage of Patient Medication Record?
9. Will you give proper counselling to the customer about administration of medicines? Yes No 10. Do you fill that status of mall pharmacy is satisfactory or they require any improvement? Satisfactory Require improvement If any modification required then please suggest:
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4. Will you accept any medicines that are return by customer due to some problems? Yes No If No, any difficulty in it:
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5. Are there is any scheme or benefits offered on the punches of medicine? Yes No If yes, then please specify:
6. Are there is any scheme or offered for the senior citizens? Yes No If yes, then please specify: Sr. no. 1. 2. 3. 4. 5. Product (brands) Company % margin scheme
8. Are there is any facility for data storage of Patient Medication Record?
9. Will you give proper counselling to the customer about administration of medicines? Yes No 10. Do you fill that status of mall pharmacy is satisfactory or they require any improvement? Satisfactory Require improvement If any modification required then please suggest:
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4. Will you accept any medicines that are return by customer due to some problems? Yes No If No, any difficulty in it:
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5. Are there is any scheme or benefits offered on the punches of medicine? Yes No If yes, then please specify:
6. Are there is any scheme or offered for the senior citizens? Yes No If yes, then please specify: Sr. no. 1. 2. 3. 4. 5. Product (brands) Company % margin scheme
8. Are there is any facility for data storage of Patient Medication Record?
9. Will you give proper counselling to the customer about administration of medicines? Yes No 10. Do you fill that status of mall pharmacy is satisfactory or they require any improvement? Satisfactory Require improvement If any modification required then please suggest:
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4. Will you accept any medicines that are return by customer due to some problems? Yes No If No, any difficulty in it:
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5. Are there is any scheme or benefits offered on the punches of medicine? Yes No If yes, then please specify:
6. Are there is any scheme or offered for the senior citizens? Yes No If yes, then please specify: Sr. no. 1. 2. 3. 4. 5. Product (brands) Company % margin scheme
8. Are there is any facility for data storage of Patient Medication Record?
9. Will you give proper counselling to the customer about administration of medicines? Yes No 10. Do you fill that status of mall pharmacy is satisfactory or they require any improvement? Satisfactory Require improvement If any modification required then please suggest:
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2. Would you get the all your required medicines form Mall pharmacy drug store? Yes No 3. From which drug store chemist you will get more respect? Retail drug store Mall pharmacy drug store
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4. Will you get any special service from mall pharmacy drug store? Yes No If yes then, please specify:
5. Are you face any incident or problem during the retuning of medicines in mall pharmacy drug store? Yes No If yes then, please specify:
6. During the purchase of drug, will you get proper counselling about administration of medicines in Mall pharmacy drug store? Yes No 7. Do you fill that status of mall pharmacy is satisfactory or they require any improvement? Satisfactory Require improvement If any modification required then please suggest:
8. What you feel about the Pharma sector related to the sale of drug is: Profit oriented service oriented 9. As per the service provided by the Mall pharmacist, can you please rate them as per the following scale: Best Better Good Poor Bad Worst
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2. Would you get the all your required medicines form Mall pharmacy drug store? Yes No 3. From which drug store chemist you will get more respect? Retail drug store Mall pharmacy drug store
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4. Will you get any special service from mall pharmacy drug store? Yes No If yes then, please specify:
5. Are you face any incident or problem during the retuning of medicines in mall pharmacy drug store? Yes No If yes then, please specify:
6. During the purchase of drug, will you get proper counselling about administration of medicines in Mall pharmacy drug store? Yes No 7. Do you fill that status of mall pharmacy is satisfactory or they require any improvement? Satisfactory Require improvement If any modification required then please suggest:
8. What you feel about the Pharma sector related to the sale of drug is: Profit oriented service oriented 9. As per the service provided by the Mall pharmacist, can you please rate them as per the following scale: Best Better Good Poor Bad Worst
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2. Would you get the all your required medicines form Mall pharmacy drug store? Yes No 3. From which drug store chemist you will get more respect? Retail drug store Mall pharmacy drug store
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4. Will you get any special service from mall pharmacy drug store? Yes No If yes then, please specify:
5. Are you face any incident or problem during the retuning of medicines in mall pharmacy drug store? Yes No If yes then, please specify:
6. During the purchase of drug, will you get proper counselling about administration of medicines in Mall pharmacy drug store? Yes No 7. Do you fill that status of mall pharmacy is satisfactory or they require any improvement? Satisfactory Require improvement If any modification required then please suggest:
8. What you feel about the Pharma sector related to the sale of drug is: Profit oriented service oriented 9. As per the service provided by the Mall pharmacist, can you please rate them as per the following scale: Best Better Good Poor Bad Worst
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2. Would you get the all your required medicines form Mall pharmacy drug store? Yes No 3. From which drug store chemist you will get more respect? Retail drug store Mall pharmacy drug store
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4. Will you get any special service from mall pharmacy drug store? Yes No If yes then, please specify:
5. Are you face any incident or problem during the retuning of medicines in mall pharmacy drug store? Yes No If yes then, please specify:
6. During the purchase of drug, will you get proper counselling about administration of medicines in Mall pharmacy drug store? Yes No 7. Do you fill that status of mall pharmacy is satisfactory or they require any improvement? Satisfactory Require improvement If any modification required then please suggest:
8. What you feel about the Pharma sector related to the sale of drug is: Profit oriented service oriented 9. As per the service provided by the Mall pharmacist, can you please rate them as per the following scale: Best Better Good Poor Bad Worst
-- Thanks you for sharing your views & giving us your valuable time -- 47 -
2. Would you get the all your required medicines form Mall pharmacy drug store? Yes No 3. From which drug store chemist you will get more respect? Retail drug store Mall pharmacy drug store
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4. Will you get any special service from mall pharmacy drug store? Yes No If yes then, please specify:
5. Are you face any incident or problem during the retuning of medicines in mall pharmacy drug store? Yes No If yes then, please specify:
6. During the purchase of drug, will you get proper counselling about administration of medicines in Mall pharmacy drug store? Yes No 7. Do you fill that status of mall pharmacy is satisfactory or they require any improvement? Satisfactory Require improvement If any modification required then please suggest:
8. What you feel about the Pharma sector related to the sale of drug is: Profit oriented service oriented 9. As per the service provided by the Mall pharmacist, can you please rate them as per the following scale: Best Better Good Poor Bad Worst
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ANALYSIS OF DATA
ANALYSIS OF DOCTORS QUESTIONNAIRE
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NUMBER OF DOCTORS
DOCTOR RESPOND
NUMBER OF CHEMIST
20 15 10 5 0
TOTAL RESPONDED NOT RESPONDED PHARMACIEST IN RETAIL DRUG STORE MALL PHARMACIEST
CHEMIST RESPOND
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NUMBER OF CONSUMERS
20 15 10 5 0 TOTAL . RESPONDED
NON RESPONDED
CONSUMERS RESPOND
Age : 20 - 55 (28%)
Age : 20 - 55 (40%)
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CONCLUSION
Title of project : Through a light on pharmacy as a part of Mall culture & their economical viabilities with emphasis on consumer psychology. Observation : It was found that most of the consumer/customer likely to by or purchase their medicines from retail drug store than mall pharmacy drug store; although the mall pharmacy provides many facilities to consumer . Conclusion : A broad conclusion about store choice
behaviour among consumers indicates that image and perceptions along with individual characteristics have significant impact on the final outcome.
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BIBLIOGRAPHY
Reference Books: 1. How to do Market Research by Hague & Johnson 2. Handbook of Market Research technique by Buin & Hague
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