Family Business Profile Part C
- Upload the Required Information for Part C (see below) in Microsoft Word using the template provided. Click here for Part C Template. When submitting your profile part, avoid including the required information headings below. Otherwise, your Turnitin similarity score will reflect this duplicate information. See Turnitin requirements below.
- For each Family Business Profile part, your similarity score must meet a threshold of no more than 20%.
- Parts with greater than 20% similarity must be revised and resubmitted to Turnitin as many times as needed until the 20% threshold is achieved.
- For resubmissions, it may take up to 24 hours for a new similarity score.
- It is the student’s responsibility to allow enough time for resubmission of their part to Turnitin if their initial report did not meet the 20% threshold.
- Profile parts with more than 20% threshold will receive a zero.
Required Information for Part C:
- Generation Status: Generation operating company; how many generations currently in business; presence of extended family members
- Company Address and Website Address
- Family Story: Who family is, why and how it started business; what family stands for
- Year Founded & Timing: When company began; how timing was right for business
- Company Values
- Number of Locations and Industry
- Community Involvement: Activities engaged in to give back to community and build goodwill
- Marketing Strategies: Use of “family” status in marketing and, if so, how; primary promotional strategies and outlets
- Competitive Advantages
- Number of Non-Family Employees/Managers: Techniques to make non-family members feel included
- Succession Planning: Succession plan developed or not; strategies used to prepare next generation leaders
- Future Family Business Goals
- Impression of Family Unity and Cohesion (use interview information to explain answer)
- Identification and impression of Family Governance Mechanisms (use interview information to explain answer)
- Identification of Greatest Family Business Challenges (use interview information to explain answer)
|Rodgers Family Pharmacy
|1. Kim Rodgers; Owner of the Rodgers family Pharmacy
· Who is Kim Rodgers and what motivated you to set up the pharmacy business?
· What are our family values and how do they contribute to your business success?
· When was the business established? And how did that timing contribute to its success?
· Where is the Business located? And are there other branches in different location?
· What service niche is your company providing and how does that give you a Competitive advantage over your Rivals?
· As, a business owner, what are the marketing strategies that the business is using to reach its potential customers?
· What do you envision as the future of family pharmacy?
· Do you have a succession planning mechanism? If so, what are the strategies that have been put in place to prepare next generation of leaders?
· What is your company’s take on community involvement? And does it participate in any community activity?
|2.Pam Rodgers: Manager at Rodgers Family Pharmacy
· Describe the role you play in the planning processes, strategies and implementation of financial resources in the company?
· How many non- family employees are there in the business? And how are they incorporated so that they can feel as part of the family?
· Describe the marketing strategies used by the companies, does the business utilizes the use of ‘family status in marketing? If so, how is it is the primary promotional strategies achieved?
|3. Skylar Rodgers: Board member at the Rodgers Family business
· How many generations has the company been passed to?
· What generation is currently operating the business?
· Does the company also include extended family members?
|List major Points for the Planned Interview
· Reason for its success as a Family business
· Generation Status and succession mechanism
· Employees status (including both family members; nuclear and extended )
· Services provision Niche
· Marketing strategies
· Customer- care relationship
|Additional Interview Questions:
· What are the pros and Cons of Rogers pharmacy being a family business?
· What structures do we have in place to deal with conflicts?
· What governance systems do we have in place?
|Links to Rodgers Family Pharmacy:
It provides both prospectus as well as current customers a detailed information of the company’s portfolio, the company products: from Pharmacy services, prescription refills, health products, and also being a gift shop. This is, in addition to regular updates on Health tips/advices and free services such as the current children 30-day Health Mart free vitamin programs to their customers as well as uploading videos that elaborate the services they deliver.
The Health Mart app: By downloading this App, their client is able to do the following:
· refill your prescriptions
· set text, email, and mobile reminder notifications to your help you know when it is time to take request a refill or take your medication
· view your prescription history
· get point-to-point directions to your pharmacy
· view pharmacy hours, services, events, and phone number
|The Company’s Business Rivals/Competitors
The business faces competition from Park place pharmacy, Petal Drug CO and Walmart Pharmacy all located in Petal, Mississippi. They all offer dispensing prescription drugs services their major services. Like Rodger’s family Business, all the three use social media as a major marketing strategy. They all have websites that also provide additional detailed information on their products and services. However, they also differ in some service provision; Park place pharmacy has an additional different service niche called the Long-term care specialty that supplies of medical equipment such as home dialysis machine for patient use at home for an extended period. While Petals Drug CO. also offers a different service called, Medicare open Enrollment, for elderly over 65 enroll in the program for wellbeing services. Neither of the services are offered by Rodgers Family pharmacy.
|Social Media Marketing Strategy for The Family Business
Currently the Pharmacy has an active Facebook page as a key marketing strategy. This will serve as a great advertising tool; besides it will provide a link with their prospectus customer’s well as current customers and get feedback about their products as well as increase sales. It also drives the website traffic. The page content also provides direction to its physical location as well as their contacts, outlines the business core mission and the services and special discount provided by the company. It can also enable the business to provide better customer services.