{"id":16393,"date":"2021-07-06T19:08:02","date_gmt":"2021-07-06T19:08:02","guid":{"rendered":"https:\/\/www.growthink.com\/?page_id=16393"},"modified":"2024-02-16T13:17:00","modified_gmt":"2024-02-16T13:17:00","slug":"competitive-analysis","status":"publish","type":"page","link":"https:\/\/www.growthink.com\/businessplan\/help-center\/pharmacy-business-plan\/competitive-analysis","title":{"rendered":"Pharmacy Business Plan Competitive Analysis"},"content":{"rendered":"

Pharmacy Competitive Analysis<\/strong><\/h1>\n

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.<\/p>\n

Direct competitors<\/strong>\u00a0are other pharmacies.<\/p>\n

Indirect competitors<\/strong>\u00a0are other options that customers have to purchase from you that aren\u2019t direct competitors. This includes retailers such as supermarkets and vitamin stores that may offer lower-priced OTC products. You need to mention such competition to show you understand that not everyone who needs medication uses a pharmacy for all their needs.<\/p>\n

With regards to direct competition, you want to detail the other pharmacies with which you compete. Most likely, your direct competitors will be pharmacies located very close to your location.<\/p>\n

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors\u2019 businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:<\/p>\n