West Side Medical Supply - Overcoming Business Challenges
The Challenge Faced by West Side Medical Supply
West Side Medical Supply, owned by Fred Schultz, has recently encountered significant challenges in its business operations. Over the past two years, the company experienced a sudden drop of 26 percent in its business volume when two drugstores and a local hospital in the area closed down. Furthermore, Fred missed a lucrative opportunity when a competitor secured a contract at a new nursing home, an opportunity that Fred wasn't even aware of.
The Solution for West Side Medical Supply
In order to overcome these hurdles and revitalize the business, Fred Schultz needs to:
- Better understand his customers' values: By delving deeper into the needs and preferences of his customers, Fred can tailor his products and services to meet their expectations more effectively.
- Improve his overall customer service: Providing exceptional customer service can set West Side Medical Supply apart from competitors and foster loyalty among existing customers.
- Sell to the public instead of to other businesses: Expanding the customer base to include individual consumers can diversify the revenue streams of the company.
- Do continuous research on demographic changes: By staying updated on demographic shifts in the market, Fred can adapt his business strategies accordingly and anticipate potential challenges.
What should Fred Schultz do to overcome the challenges faced by West Side Medical Supply?
The answer is Letter D - do continuous research on demographic changes. The cause of his loss was because of the two drugstores and a hospital closed. In order to gain and prevent this from happening in the future, he should continually do research on the demographics of his area. Through knowing the different changes in the demographic factors, he can plan his way through for his business to survive.