Target Marketing Analysis on Pre-Pharmacy and PharmD Students in the U.S.

Demographics Analysis

A senior home care agency aims to attract older adults needing assistance with ADLs and their families. Most people in need of elderly care in the home are in their 70s and 80s, but the average age is 65 and up (Jeminiwa et al., 2021). There is no clear pattern; however, significantly more women than men use home care services. Most customers come from the middle and upper classes, while some low-income seniors may use government-funded programs. They usually pay for their treatment out of retirement funds or assets. The senior demographic has a wide range of educational attainment, from those with a high school diploma to those with doctorates. A wide range of occupations is also represented, from those requiring manual labour to more sedentary office roles (Jeminiwa et al., 2021). Seniors value proximity to family and friends over moving to an assisted living facility, making the location a key consideration in the target market. Therefore, the market spans the whole United States, including urban centres, suburbs, and rural regions. However, locations with retirement communities or ageing populations may need home care services more than others. It is worth emphasizing that the intended audience is not restricted to older adults needing constant attention. While some older adults may need help with transportation or medication administration, others may need round-the-clock attention because of severe health issues or physical impairments. As a result, the makeup of the target market can shift based on the required intensity of care.

Psychographics analysis

Seniors who could benefit from home care services are heterogeneous, with a wide range of opinions and perspectives. Some similarities, though, can be picked out. Independence is highly valued by seniors receiving home care services. In-home care services allow older adults to age in place, which is a priority for many people. Family is also very essential. Because of the importance of family in the lives of many seniors, they are frequently consulted when choosing a home care provider. Healthcare and ageing-related beliefs should also be taken into account. Some older adults may see home care services as a means to help them keep their health and independence as they age. Others may seek due to worries about their own physical and mental decline. Seniors needing home care services may have vastly different hobbies and preferences (Johnson et al., 2023). Some people would like to participate in group activities and outings, while others would rather spend their time alone reading or watching television. Others may be unable to participate due to physical constraints but may still enjoy active hobbies like gardening or working out. In general, it is best to approach the target market with the recognition that its members are distinct individuals with particular wants, requirements, and beliefs. Getting to know clients and their loved ones allows for more individualized care during home visits.

Behaviour Analysis

The demographic dent mentorship services may have varying demographic perspectives on how and where to spend money. Because of their present studies, many aspiring pharmacists and pharmacy professionals have limited funds for ancillary services. They may be trying to find low-cost ways to advance their education and career prospects. Some students, however, could be ready to spend more on mentoring programs if they see a positive return on their investment. The perceived value of mentorship services may also affect the desire to pay for them. Students may be more willing to pay for services if they are specific to their requirements and produce quantifiable results. Customers needing pharmacy student mentorship services may be more likely to look for relevant information and services online (Chung et al., 2022). It is not uncommon to have a student body that is both tech-savvy and adept at using the internet for research and interpersonal interactions. Online mentoring programs, accessed from any location, may also benefit them. Students who thrive off the human connection and immediate feedback of in-person interactions may lean more toward in-person mentorship and coaching (Chung et al., 2022). Customers’ propensity to pay for mentorship services may be affected by their income level, how they evaluate the service’s worth and personal preferences. Market research and surveys can help you determine how much they are willing to pay and what variables affect their buying decisions.

Competitors Analysis

Pharmacy students have various mentorship competitors. Their strengths and disadvantages include:

1. Pharmacy Leadership & Education Institute (PLEI): This nonprofit organization develops pharmacist and pharmacy student leaders. Their leadership development can benefit pharmacy students interested in non-traditional roles (American Association of Colleges of Pharmacy, 2020). Their downside is that they may not cater to tarmac other than students’ academic and vocational ambitions.
2. RxPrep: RxPrep provides study materials and classes for the NAPLEX exam for pharmacist licensing. Exam preparation, a vital part of pharmacy school, is their strength. Their services may be limited to exam preparation and less useful for non-traditional students.
3. PMI: PMI mentors pharmacists and pharmacy students. They offer tailored mentorship, which can benefit pupils. Their shortcoming is that they may not emphasize non-traditional pharmacy student roles.
4. PharmD Live: Online pharmacy student mentorship and coaching. For students who prefer online mentorship, their strength is online delivery. Their downside is that their services may not be customized to student needs.
5. Pharmacy Mentoring Institute: This group mentors and coaches pharmacists and pharmacy students (American Association of Colleges of Pharmacy, 2020). Their job development focus benefits non-traditional students. Their weakness is that their services may not be as needed to know more or be established as their cothanetitors.

Not all competitors offer mentoring for pharmacy students interested in non-traditional roles. Researching niche market competitors may be helpful.

Market Trends Analysis

Technology, healthcare policies, and patient needs are changing the pharmacy profession. Market trends include:

1. Digitalization: The pharmacy sector increasingly adopts digital technologies to improve procedures, patient care, and outcomes. Tele pharmacy, EHRs, and pharmacy automation are examples (Alden et al., 2022). These technologies have become popular as patients seek remote healthcare during the COVID-19 epidemic.
2. Patient-centred care: Pharmacy practitioners are responding to patient involvement in their care. Pharmacists now provide drug therapy management, patient education, and vaccines to improve patient health.
3. Consulting, research, and public health are becoming more appealing to pharmacy students. Pharmacists are becoming more aware of their job options.
4. Drug pricing and reimbursement: Healthcare policy and laws shape pharmacy. Rising medicine prices and complicated reimbursement processes challenge patients and providers (Alden et al., 2022). PharmacistsDue to this tendency, pharmacists stand healthcare policies and advocate for their patients
5. , and doctors worry about medication safety and adherence. Pharmacists ensure that patients receive and use the right drugs. This tendency has inspired innovative pharmaceutical safety and adherence solutions.

Technology, policy, and patient requirements are transforming pharmacy. Pharmacy students and professionals must stay abreast of these trends and adapt their procedures to meet patient requirements.

SWOT Analysis

SWOT analysis can assess the target market for pharmacy student mentoring services’ strengths, weaknesses, opportunities, and threats. Target market SWOT analysis:

Strengths:

• Pre-pharmacy and PharmD students strive for academic and professional success.
• Pharmacy students love mentorship and actively seek learning opportunities from seasoned experts (Waas, 2022).
• Non-traditional positions are becoming more popular among pharmacy students, enabling additional mentorship and professional development options.

Weaknesses:

• Financial constraints: Pharmacy students may need help to afford mentorship and professional development.
• Time constraints: Pharmacy students have busy academic schedules and other commitments, making mentorship and professional development difficult (Waas, 2022).

Opportunities:

• Non-traditional occupations are becoming more popular among pharmacy students, creating opportunities for mentorship services in these areas.
• Demanding remote services: Telepharmacy and telementoring have grown because of the COVID-19 epidemic. This allows online mentorship (Waas, 2022).
• Professional groups offer mentorship programs for pharmacy students. These partnerships could extend mentorship programs and benefit students.

Threats:

• Other pharmacy student mentorship services may compete for market share.
• Economic uncertainty: The job market and healthcare policy changes may affect mentorship and professional development demand.
• Changes to the healthcare system and policies may affect pharmacists’ roles, leaving students and professionals unsure (Waas, 2022).

The SWOT analysis reveals that pharmacy student mentorship services are needed, especially in non-traditional pharmacy professions. To ensure service success, weaknesses and threats must be addressed.

Marketing Strategies

Marketing methods and tactics for pre-pharmacy and PharmD students include:

1. Use social media: Twitter, LinkedIn, and Facebook are great for contacting target audiences. These platforms can assist in promoting mentoring services by creating profiles and sharing blog entries, infographics, and videos (Kastner et al., 2022). Answering questions, offering information, and commenting on pertinent issues on social media might aid students.
2. Attend pre-pharmacy and PharmD student organization events to build a community presence and relationships with potential clients. A booth or table at student organization fairs, career fairs, and conferences can help promote services and engage students.
3. Email marketing campaigns can contact students who have demonstrated interest in mentoring programs. Sending regular newsletters or updates about services, events, and pharmaceutical news and trends may keep the target market interested.
4. Use recommendations and testimonials: Satisfied customers can provide great marketing tools. Encouraging students who have utilized mentoring services to provide favourable reviews on social media or the website can boost their reputation and attract new clients (Kastner et al., 2022).
5. Free resources and trial periods: Offering guidelines, webinars, and sample mentoring sessions might help students join. Trial periods or introductory pricing might also make services more enticing to students.
6. Partner with relevant organizations: Professional associations, student organizations, and local businesses can increase mentorship services. These partnerships can boost visibility, credibility, and client reach.

These methods can reach and engage pre-pharmacy and PharmD students. Mentoring services can become trustworthy and beneficial to pharmacy students by having a solid web presence, building partnerships with students and organizations, and providing relevant information and services.

Reference

Alden, J., Crane, K., Robinson, R., Rothholz, M., Watkins, T., Wu, J., & Wurtz, R. (2022). Expansion of community pharmacies’ role in public vaccine delivery to children: Opportunities and need—Journal of the American Pharmacists Association.

American Association of Colleges of Pharmacy. (2020). School Posters Presented at the 121st Virtual Annual Meeting of the American Association of Colleges of Pharmacy, July 13-31, 2020. American Journal of Pharmaceutical Education, 84(6). https://www.ajpe.org/content/84/6/ajpe8219

Chung, D. S., Jeong, H. J., Lee, S., & Nah, S. (2022). News credibility revisited: the roles of news comment engagement and news literacy on news portal credibility in South Korea. Asian Journal of Communication, 32(4), 371–391.

Jeminiwa, R., Shamsuddin, F., Clauson, K. A., Cain, J., & Fox, B. I. (2021). Pharmacy students’ personal and professional use of social media. Currents in Pharmacy Teaching and Learning, 13(6), 599–607.

Johnson, J. L., Arif, S., Bloom, T. J., Isaacs, A. N., Moseley, L. E., & Janke, K. K. (2023). Preparing pharmacy educators as expedition guides to support professional identity formation in pharmacy education. American Journal of pharmaceutical education, 87(1). https://www.ajpe.org/content/ajpe/87/1/ajpe8944.full.pdf

Kastner, M., Makarski, J., Seaton, M. B., Sedig, K., Bélanger, M., Carpentier, A. C., … & Dainty, K. N. (2022). Training the Next Generation of Diabetes Researchers: Evaluation of the Diabetes Action Canada Training and Mentoring Program. Canadian Journal of Diabetes, 46(8), 776–788.

Waas, R. (2022). Nutritional Management for Diagnosed Type 2 Diabetic Patients within a Primary Care Setting. University of California, Los Angeles.