Business Plan on “MEDI+”

Submitted To

Dr. Habibur Rahman

East West University

Submitted By

Md. Mahadi Hasan Shawon

ID: 2021-3-95-080

Course Title: Entrepreneurship

Course Code: MBA 513

Submission on: 31//12/ 2021

Page |
101
Table of Contents
Executive Summary.........................................................................................................................3
Business Description.......................................................................................................................4
General Description:....................................................................................................................4
Vision & Mission.........................................................................................................................4
Goals............................................................................................................................................5
Uniqueness...................................................................................................................................5
Marketing.........................................................................................................................................6
Research Analysis........................................................................................................................6
Swot Analysis...........................................................................................................................6
Marketing Plan.............................................................................................................................7
Marketing Mix.............................................................................................................................8
Operations......................................................................................................................................11
Location – Map..........................................................................................................................11
Operations..................................................................................................................................12
Personnel needs and uses...........................................................................................................12
Proximity to suppliers................................................................................................................12
Management..................................................................................................................................13
Team...........................................................................................................................................13
Legal structure............................................................................................................................13
Governance................................................................................................................................13
Financial Plan................................................................................................................................14
Income Statement.......................................................................................................................14
Funding Requirement.................................................................................................................14
Balance Sheet.............................................................................................................................14
Break-even analysis...................................................................................................................15
Critical Risks.................................................................................................................................16
Potential Problems.....................................................................................................................16
Solutions.....................................................................................................................................16
Harvest Strategy.............................................................................................................................17
Liquidity or Exit Opportunity....................................................................................................17
Management Succession............................................................................................................17
Milestone Schedule........................................................................................................................18
 Executive Summary
MEDI+ is an online pharmacy where all types of medicine and healthcare products available.
MEDI+ will provide quick service, convenience at a competitive price. Our motto is to deliver
medicine at the customers' doorstep anytime, anywhere. Now, men or women, peoples are so
much busy in cities life and online pharmacy will be a great relief for them. It is a great
opportunity for us to developing this online pharmacy business. It is an app-based online
platform to get lifesaving medicine goods. For “MEDI+” a website will be developed called
www.mediplus.com.bd and a mobile app MEDI+. The app and website will be eye catchy,
smart, user-friendly, and fully optimized. To make the service more convenient we will accept
digital payment as well. The target market for this business is mainly Dhaka city and nearby
places based. People need his type of online medicine store service to make their life easier.
Now, the economy of Bangladesh has improved a lot which generating more income for the
population. Recently online pharmacy business starting to grow in Bangladesh and it’s very
minimal. So, I grabbed the opportunity as it’s the perfect time to establish an online pharmacy in
Bangladesh. From the market analysis, it will be easier for MEDI+ to take over the position to
customers’ minds as the competition still not so high. My main objective is to create a service-
based company and my first and foremost goal is exceeding customer expectations. My staffs
and personnel are always available to provide optimal service to the clients. The office of
MEDI+ will be in Bashundhara R/A where our creative management team will operate the
whole operation. In the business plan, I have planned all the steps and aspects to run the
business. To establish my company “MEDI+” all the regulations of the Bangladesh Government
are accommodated with the business plan. In the online pharmacy business, there are fewer
completions and barriers. Our goal is to be at the top of this industry and generate profit. We’ll
also be planning for the expansion of the business all over Bangladesh in the future. The business
plan contains a projected financial plan which is determined after an assessment of overhead
costs and revenues obtained.

General Description: Business Description

MEDI+ is a professional medicine provider company to your doorstep. It is an online platform
where anyone can order medicines at a reasonable price. It enables customers to purchase
medicines, health supplements, nutraceuticals, etc. online without the need to visit the physical
chemist shops or pharmacies. This app-based service, where it has direct links to pharmaceutical
suppliers ensuring the fastest delivery of medicines to the public. It also has other health care
products in one digital platform to make it convenient in any way possible. In Bangladesh, there
is a huge opportunity to establish an online pharmacy service to meet peoples’ needs. Especially
for the elderly customers who have found an ease of access and convenience of getting their
medicines delivered at their doorsteps. The Company is in Dhaka city to provide the service
across the city and nearby areas.

Logo

Company Name: MEDI+,

Website:

www.mediplus.com.bd

Vision & Mission

The vision of the company is to provide your best medicine and healthcare products on an online
platform 24/7. The service would be convenient, smart, and easily accessible for all. Our main
focus is to ensure a secure and smooth online shopping experience. We endeavor to provide an
online solution that is affordable, competitive, standardized for getting medicine.
Goals
Our primary goal in establishing this Company is to ensure there is easy access to an online
pharmacy to the public. We aim to develop a website for Internet Start-up: mediplus.com.bd and
sell pharmacy goods at very competitive prices. We will hire dedicated employees for order
processing, fulfillment, and customer relationship management, and routine maintenance of the
site. Initially

MEDI+ will not be too limited to Dhaka and gradually it will be spread all over Bangladesh.

Run Lead in
business Brang Market
by 3 image by share by 3
months 1.5 years years

Generate Break Expansion

revenue even by to other
by 6 2.5 years cities
months
by 5 years

Uniqueness
We can provide medicine in any type of emergency 24/7 as fast as possible. We have different
inventory warehouses across Dhaka city to deliver medicine within a max of 45 minutes.

We also provide information about pharmaceutical companies, hospitals, doctors, ambulance

services. So, we can provide medical-related news local and international as well as health tips
on our website.

Marketing
Research Analysis
In research analysis, we will survey target customers to ask about their opinion on online
pharmacy. A survey to know what type of service they expect from this type of online platform.
A SWOT Analysis is necessary to understand the position in the market and customer’s attitudes
toward online pharmacy.

Swot Analysis
 Strength
 Better access to healthcare products and
medicine at home.
 User-friendly website & organized.
 Remote area service through the internet.
 Reduction in the cost of buying medicine
from physical stores.
 For urban people its saves time for their
busy life.
 New concepts for consumers, better brand
image.
 High profitability and revenue.
 New Technological Innovation
 Quicker Shopping
Weakness
 Internet facility, smartphones are
not available for all.
 Very competitive market to
enter.
 Some might prefer physical
stores over online services.
 Customers have loyalty to others
brands and local stores.
 Lack of awareness.

Opportunity Threat
 Focus on providing healthcare
 Maintaining data & user
products differs from others.
 Staring cost is minimize as no physical security.
store is needed.  Price war with exiting rivals.
 Online shop currently in trend.
 Initially hard to reach mass
 Unlimited access to quality healthcare
products and medicine. consumers.
 Our service creates an effortless
experience.
 Most people are willing to try online
services to avoid the hassle.
 Less competitive market. High market
demand.
 Easy availability of products
A SWOT analysis is a compilation of your company's strengths, weaknesses, opportunities, and
threats. The SWOT analysis does not cover the entire business, just the factors that may
influence their ability to introduce a new product. I have shown several elements in each
category to get the most out of the SWOT. I have made specific statements to describe all the
aspects of my business.

Marketing Plan
To prepare a marketing plan, one has to understand all the elements available in the market.
From my research, I fully understand my market and how to approach each element in the
business cycle and prepared my marketing plan keeping all these important factors in mind.

Target Market

A target market is a defined group most likely to buy a company's service. There are different
types of target market strategies as well. I am focusing on an entire market with one marketing
mix, concentrating on one segment, and targeting many segments with multiple marketing
mixes. My company MEDI+ is offering all types of healthcare goods on one website. Our focus
is on the high to middle end of customers. Working-class people, middle class, and upper class
are our potential buyers.

We have built up marketing strategy planning based on segmenting a market and targeting
specific customers only. Targeting a specific market does not mean that we are excluding people
who do not fit our criteria. Rather, target marketing allows us to reach customers and build a
brand image. We have to deal with three groups of customers given below.

 Loyal customers.

 Occasional customers.

 Need-based customers.

Market Need

For easy access to the internet and the availability of smartphones, customers feel the need for an
online pharmacy or online medicine store in Bangladesh. As medicine is a part of our daily life
the need for convenient service is increasing. IN this era, it is high time to focus on the more
precisely to understand what drives the demand. We want to show our potential investor that our
service has sufficient demand in the market. We have the idea why they would use our online
service for medicines.

Competition

1. Chain pharmacies: The advantages to these chains are better prices through economies
of scale, as well as personalized service. The personalized service takes the form of the
chain having a record of your medication purchases as well as any allergies that you have
disclosed to them. Some competitive companies are given below:

 LAZZ PHARMA LTD.

 dPharma by Daraz

 Pharmacy.com.bd

 BanglaMeds

2. Local pharmacies: These are the pharmacies where you typically know the pharmacist.
It can be found a nearby place from your home and they know your medical history. This
option is high in personalized service and convenience, and high in price.

Marketing Mix
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its
brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product,
Promotion, and Place.

Product/ Service

It is an online service to deliver high-quality but low-price medicine among the consumer over
the telephone and internet. We act as a middleman business and make a sound relationship
between consumers & pharmaceuticals ltd. Pharmaceuticals Ltd provides us their medicine and
other products based on a 30% or 50% cash payment system & the rest of the payment will be
paid after- sales.

While developing MEDI+ we have tried to find answers to the following questions:

 What does the client want from the service?

 How often will the customer use it?

  Is this online platform creating value for customers?

 Are there any necessary features that you missed out on?

To describe our service, we have to explain two processes involved in our business.

 Order Process:

Customers can order their products via our website, mobile app, and over the phone. The format
of order is given below:

App Download Payment Method

or website Select medicine & goods(cash/ digital) Place order
Sign Up

 Delivery Process:

We provide real-time tracking of the goods. We have cash on delivery service and digital
payment method as well. Our delivery partner will be “eCourier” and the delivery charge is
maxed 50taka.

Price

We are selecting a price penetration strategy because we aim to sell to a huge portion of the
target customer at a lower price to capture the market. In the pharmacy business, customers
highly price sensitive.

We set the price low to attract a large portion of our population but we need to charge a
minimum amount as a service charge around 30-50 taka. Suppose a customer orders a product
whose price is below the suggested amount; the delivery charge will be too much for them.

Place

It is an online service where no particular location is needed. Customers can reach us anytime
from anywhere. We have several inventory warehouses in Dhaka to cover the whole area
efficiently. We are one click away from fulfilling customer’s demands.
Promotion

Promotions have become a critical factor in the service marketing mix. Services are easy to be
duplicated and hence it is generally the brand that sets a service apart from its counterpart. As
competition in this service is high, promotions have to be done widely just to survive in the
sector. The promotion mix decides the marketing communication techniques, strategies, and
mediums used. Here, we can promote our “MEDI+” through two strategies.

ONLINE CHANNELS

 Paid advertisements to promote MEDI+

 Advertisement in Social Media Channels

 Discounts to attract more customers to try our online service

 Sponsored Company Ads

 Search Engine Optimization

OFFLINE CHANNELS

 Radio/TV Promotions

 Newspaper/Magazine Ads

 Billboards
Operations
Location – Map
Our firm is located in central Dhaka so accessibility to its consumers will be very easy and quick.
At first, our products will be below drug items & day by day we increase our products items.
Our office will be at Bashundhara R/A which will for rent under 5 years of contact for that
position. It’s a prime location to operate the business with a healthy working environment for the
employees.
Operations

MD Board of
Directors

Director Director of
CEO CFO IT Dpartment Sales & Marketing

HR Operation Wed Promotion &

Department Maneger Accounting Developer Advertisement

Strategic Audit App Devoloper

Public Relation
Department

Cash Programmer
Mangement for maintaince
& Secuirity

Personnel needs and uses

Key personnel can influence my business a lot. Our output, operations, control, execution, profit
on these key people. We will maintain a good relationship with all the stakeholders and
personnel of the company. Some key personnel is given in the following bulletins.

a. App developer & programmer

b. Customer care agents

c. Administrative employees

Proximity to suppliers
Large pharmaceuticals companies of Bangladesh are very much capable of providing a huge
volume of medicine. If we buy in large quantity, we will have the bargaining power with our
suppliers. We can build a contract of buying medicines for 5 years with SQUARE
PHARMACEUTICALS LIMITED and with INCEPTA PHARMACEUTICALS LIMITED.
Team
Management
My team would contain hardworking, creative, enthusiastic, dedicated to MEDI+. As it is a
startup business, employees have to put their heart & soul into the business to run properly. I will
take around 35 employees as we are small in size initially.

Under the board of directors, there will be four managers in each department. Under all these
departments there will be 3 executives in the sales & marketing team, 2 key account offices, 2
account officers, 2 executives in the strategic department. For app and software developers we
will hire 3 programmers and 2 graphics designers. Under for inventory warehouse, there will be
4 administrative employees, 3 in works workers 3, and the other 10 employees will be.

Legal structure
At the very beginning, MEDI+ will get permission from Bangladesh Pharmacy Council. Also,
the trade license with a fee and certifications to be collated to run the business. We would hire a
lawyer who is familiar with the laws for the pharmacy industry and can do all the paperwork we
need. After that, we have to submit NID, tax identification number (TIN), and the trade license to
the regulatory body. Then a business training course approved by the Pharmacy Council of
Bangladesh (PCB) has to be taken and pass the post-course examination.

Governance
We will follow all rules, practices, and processes under the system of Corporate governance. Our
business will be governed by that context and all the employees and owners have to maintain it.
It will establish a fair, professional environment in the workplace. We will have a governance
model followed by all to distribute rights and responsibilities.

Financial Plan
Income Statement
A pro forma income statement is a document that shows a business's adjusted income if certain
financial inputs were removed. In other words, it's a way to show the income of the business
would be if some costs were excluded.

Projected Proforma Income Statement:

Particular Year 1
Sales 16,50,000
 Less: Cost of Sales (6,00,000)
Gross Margin (Revenue) 10,50,000
Expenses:
1,49,995
Salaries
Legal Expense 75,000
Rent 3,50,000
Depreciation 1,20,000
Advertising Expense
50,000
Utilities
Total Expense 7,44,995

Net Profit (3,05,000)

Funding Requirement
We are looking for 12,50,000 Taka for startup expenses and 17,50,000 Taka for startup assets.
The company's total requirement will be 3 Million for investment purposes which will cover
operating and marketing expenses for the first five years.

Balance Sheet
This is the Pro-forma financial statement of MEDI+ Company. This includes the calculation
of assets, liabilities, and equity ownership amount. For the invertors, this information will be
helpful to take any decision.
 Particulars Amount
Assets
Current Assets
Cash in Hand 1,00,000
Inventory 12,50,000
Other Current Asset 1,00,000
Total Current Asset 14,50,000
Long Term Assets
Developed App & Website 5,65,000
Total Assets 20,15,000
Labilities & Owners Equity
Current liabilities 9,00,000
Long-term Liabilities 4,20,000
Total Liabilities 13,20,000
Owners’ Equity
Capital 10,00,000
Less: Net loss (3,05,000)
Total Owners Equity 6,95,000
Total liabilities & Owner’s Equity 20,15,000

Break-even analysis
MEDI+ will reach to break-even point between 2-3 years and by the end of the third year the
company will see a profit and it will grow ever since. By the first and the second-year company
will try to recover the initial investment and operation cost. By the third year, their overhead will
be minimized and profit will grow from that movement.

Year 1 Year 2 Year 3 Year 4 Year 5

Revenue 10,50,000 11,10,495 19,00,233 31,95,800 54,35,700
Expense 7,44,995 9,64,995 13,45,233 17,44,000 19,09,800
Break Event (3,05,005) (1,45,500) 5,55,000 13,95,800 35,25,900
Analysis

Critical Risks
Potential Problems
An online healthcare business dealing with pharmaceuticals is vulnerable to an endless of threats.
This threat can hinder its operations and lead to legal hassle. We have to understand all these
risks to survive the business.

 Potential drug abuse by buyers.

 Website or account checking.

 Server crashes can damage the business data.

 Getting brand recognition.

 Website & mobile app might have poor visual commination.

 Sudden change in rules and regulation.

Solutions
MEDI+- an online pharmacy shop is prepared to deal with any type of risks and threats. Our
creative team will find all the possible solutions to the above problems. To maintain maximum
control over the business we preplanned to deal with upcoming risks. Our administration is solid
as we have screened all the frameworks. For app safety, we will maintain tight security and a
backup server to operate the business. We will continuously update the website design to make it
attractive in the user’s eyes. We will add a feather of uploading prescriptions to get the medicine.
This way misuse of medicine and drugs will be prevented. For any change in rules regulation by
the Government of Bangladesh we will change as well. We will take professional help lowers,
regulatory institutes to cope up with the new rules. We will accommodate according to the
system. With the best-prepared representatives, MEDI+ can create goodwill as we will give full
support to the clients.

Harvest Strategy
Liquidity or Exit
Opportunity
1. Upon retiring, I will all shares and liquidate all my assets at market value & leave the
company.

2. I will use the revenue generated from business to pay off obligations and keep the rest.

Management Succession
Succession planning is a crucial part of ensuring my company’s longevity and security. I would
take steps like identifying key positions, choosing qualified candidates, and training them.
 I will choose multiple candidates for a certain position.

 I’ll identify the list of required skills.

 Certainly, engage in development activities with each candidate.

 Monitor their progress and evaluate their ongoing performance.

 Prepare an implementation plan and transition process.

 Milestone Schedule
In a business plan, milestones are the way to convert business strategy and tactics into action. It
keeps track of the progress of the business as I go ahead and implement my plan. I have shown
milestones of the first year of the business. It has step-by-step practical illustrations, deadlines,
and management responsibilities.

Achieve
Band
Grab
Meet sales target by 6 months loyalty by
market
1 year
share by 10
Run months
opetaion
Develop by 4
Execute business model
website & months
app by 3
months