Main Subject - Business

What is your #1 Obligation to your customer? When I ask that question to retailers they generally say, “To provide the best service to our customer,” or “To help the customer get what they want.” or even “To provide

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

an extraordinary experience so they come back.”. While these things are all good and important, I think that there is something even more important.

Sew and Vac retailers have a tremendous opportunity compared to ot

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

er retail businesses. Most retailers have one or two revenue streams. We have at least four! Machine sales, service, parts and classes. Depending on what you sell, you may also have two to six subcategories under eac

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

of these main categories. Analyzing them individually will enable you to maximize the profits that you are getting from each of them. Saying “I do service to get machine sales.” or “I do warrantee work just to get t

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

em in the door.” could be limiting your ability to make better profits in all departments of your business.

How long have you been in business? Sixteen out of seventeen new business last less than eight years. If yo

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

are a new business or established, you need to be innovative and always be looking for ways to make your business more profitable. Notice I didn’t say increase your sales. I said more profitable. There is no reason

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

to grow your business by 20% if your bottom line profit stays the same or goes down. Network with other retailers to see what they are doing. If it works for them it will work for you. Your customer is no different t

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

an their’s. Hire a consultant to assist you. If you are doing business the same way that you were five or ten years ago, you need help!

The natural tendencies are to make the deal no matter what the price. If you do

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

’t sell something you make nothing! It is a great argument but the numbers make it hard to justify. If you are running at 50% gross margins and you deduct $100 of the price of a product, you have to sell an additiona

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

$200 in product to make up for that discount.

Price is always a consideration. However, it is not the #1 reason to buy for most people. Make sure you don’t let the “Price Buyer” set your pricing policies. A price b

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

yer will complain all the time, return every little thing, try not to pay you, tell all your good customers how little they paid and annoy everyone! Every time you have a price buyer in front of you, this is what the

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

y are really saying: “You’re not going to make any money on me today or ever.” Instead of being afraid that your price is to high, you should be terrified that your price is too low!

Most Sew & Vac stores that go ou

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

of business aren’t maintaining margins that allow them to operate a thriving and sellable business. You might say “I don’t want to sell my business.” The scary thing is that if you can’t sell your business today, y

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

u probably should be working for someone else. The only reason you won’t be able to sell your business at some point is that you are not making enough profit to attract buyers. We all want to retire sometime, don’t w

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

?

We all sell Premium products and offer premium services. We must sell at Premium prices. You can’t be a discounter and offer premium services. Mercedes does not offer a $19.99 oil change. It costs $100! Why do we

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ay $1.49 for a 20 oz. Mountain Dew at 7-Eleven when we can buy a 2 liter at the grocery store for 79?? It is because of a perceived quality or convenience that a customer has for that product or service they are buyi

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

ng. By striving to raise the quality of service and products you will raise the amount of money that customers will be willing to pay for your products and services. However, you need to ask before they will pay you.

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

If you lower your prices, or worse yet, don’t raise your prices when you can, you can only blame yourself. Not your perceived competition or customers. If the guy down the street is lower than dirt and can’t fix any

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

hing right, why do you feel that you have to lower your prices to that standard. You are a little bit better, aren’t you? If that is true, you deserve to charge more for your products and service, period!

Back to ou

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

opening question. What is your #1 obligation to your customer? I say it is making a strong bottom line profit. If you go out of business, you are not there the next time providing them extraordinary customer service

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.mainsubjects.org.ua/article/14430/mainsubjects-What-is-Your-1-Obligation-to-Your-Retail-Customer.html">What is Your #1 Obligation to Your Retail Customer?</a>

BB link (for phorums):
[url=http://www.mainsubjects.org.ua/article/14430/mainsubjects-What-is-Your-1-Obligation-to-Your-Retail-Customer.html]What is Your #1 Obligation to Your Retail Customer?[/url]

Lean enterprise and business process improvement, business optimization, cost cutting TQM, quality, Six Sigma, business reengineering and other such-like initiatives, falls within the cadre of business process management.

Job Interview is generally a set of questions asked by the interviewer to test the ability of a candidate, his/her knowledge and personality. It is the employer’s way of assessing prospective candidates, to find if they are good enough for the job for which the company is recruiting.

Do you know what impact your organizational culture is having on the performance of your company? Did you know that the culture is based in deeply entrenched and often hidden beliefs that individuals bring in the door with them? If you want to change this read on.

Tags

Links

Main Subject - What is Your #1 Obligation to Your Retail Customer?

Related Articles: