Overcoming Business Challenges: Case Study of West Side Medical Supply
West Side Medical Supply, owned by Fred Schultz, is facing challenges in its business. Over the past two years, the company experienced a sudden drop of 26 percent in its business due to the closure of two drugstores and a local hospital. Additionally, Fred missed out on a significant opportunity when his competitor secured a contract at a new nursing home before Fred even knew about its construction.
The Challenge:
With these setbacks, Fred needs to strategize and make necessary changes to overcome these obstacles and improve the performance of West Side Medical Supply.
Potential Solutions:
There are several potential solutions that Fred can consider to address the challenges faced by his business:
A. Better understand his customers' values:By conducting market research and gathering feedback from customers, Fred can gain insights into what his customers value the most. Understanding the needs and preferences of his target market can help him tailor his products and services to meet their expectations.
B. Improve his overall customer service:Enhancing the customer service experience can differentiate West Side Medical Supply from its competitors. Training staff, implementing feedback systems, and providing personalized assistance can help in retaining existing customers and attracting new ones.
C. Sell to the public instead of to other businesses:Exploring the possibility of selling directly to the public can open up new revenue streams for the company. By reaching out to individual consumers, Fred can tap into a larger market and potentially mitigate the impact of losing business clients.
D. Do continuous research on demographic changes:Staying updated on demographic trends and changes in the market can help Fred adapt his business strategies accordingly. By understanding the evolving needs and preferences of different demographic segments, Fred can tailor his offerings to remain competitive and relevant.
What is the most appropriate solution for Fred Schultz to address the challenges faced by West Side Medical Supply?
The most appropriate solution for Fred Schultz to address the challenges faced by West Side Medical Supply is D. Do continuous research on demographic changes. By staying informed about demographic shifts and market trends, Fred can adapt his business strategies effectively and make informed decisions to overcome the obstacles and sustain the growth of his business.