Quality vs Quantity

Why Quality is Important over price?

Why Quality is Important?

Now days everyone should must have the proper answer to one question i.e. Why Quality is Important over price? Quality has been an important aspect to the customers now a days as they are much educated and health conscious especially in pharmaceutical segment.

Many of the pharma franchise associates believes that compromising with the quality is not actually their way to earn profit. In present business scenario a high quality product is more expensive as compared to a local product. Still quality is always been more important when we talk about health industry especially in pharma industry.

Quality vs Price

It is the fact that sacrificing with the quality will surely result in profits but only in short run and at the end the industry will end up in losing the customer base. On the other hand if an industry is in favor of quality over the price it will increase the brand image, goodwill and loyalty of its customer.

Let’s take an illustration- When an individual visits a drug store to buy a paracetamol and he see a generic brand costing a lot less than an ethical branded one, what would he often do??
The chances are a lot more high that he go with the branded one, which proves that quality is more important as a long term business strategy.

In a case study at IBM it proves that 73% of the people go with the quality before considering the price.
Here are some more reasons which proves that quality is more important than the price for an organization:

1. Customer satisfaction:

Customers feel great when they are dealing with qualitative products. It helps in increasing their standard of living.

2. Facilitates Price Fixation:
When a company introduces quality it results in uniformity in prices. Although it results in a uniform strategy for all its customers.

3. Increased sales:
Quality ensures effectiveness of products that helps in attracting more customers and thereby increasing more sales.

4. Retaining customers:

Quality greatly helps in maintaining existing demand of the customers and repeated sales which results in retaining customers for a long time.

Quality ensures the longevity of the customers and helps in fulfilling the specific needs of the customers. Quality standards such as ISO, WHO, GMP are now a day’s important to take competitive advantage of the products that a company is dealing with.

A company not just choose quality over price for profit or just beating their competitor. It is about safety of the customers and delivering the promise and meeting the expectations of an individual.

It has been rightly said that quality is a powerful tool as compared to price with the help of which marketers can expand their business at a high scale in very limited period of time.

 

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What is the Difference between Pharma Franchise and PCD Pharma?

Most of the pharma professionals don’t know what is the difference between pharma franchise and pcd pharma ? Hope after going through this blog, one will understand the difference.

In India pharma sector is progressing at a very high rate. India has been always at prime focus in pharmaceutical organizations for  last many years due to its low labor and production costs. There are two types of business models that are adopted by the pharma companies in India.

  1. Pharma Franchise
  2. PCD Pharma Franchise

WHAT IS PHARMA FRANCHISE??

It is a business model that is ideally designed for individuals with pharma experience who wish to do their business with monopoly rights. An individual works on the behalf of pharma company with their authorization. The aim taking franchise is to make a brand image of company’s products in their area. The person is responsible for marketing, sales and distribution of pharma products of company in a particular area. Monopoly rights helps an individual in better market penetration as there is less competition and high business opportunities.

WHAT IS PCD PHARMA??

PCD full form is Propaganda cum Distribution. The term PCD in Pharma is used in the same sense as a PCD Pharma Franchise with just some minor differences. Pharma PCD is a marketing technique used by the Pharmaceutical companies to retailers to promote their business on a smaller scale. It is suitable for individuals who have less knowledge in pharma field and can generally invest small amount at the initial stage.

 

People often mix up the two concepts however there is a little difference in both the concepts:

  • INVESTMENT:

In pharma franchise there is huge investment as it has a large scale of operations as compared to PCD Pharma business which is usually running in a smaller area.

  • AREA:

Pharma franchise covers a larger area in business aspects whereas PCD Pharma covers a limited area.

  • EXPERIENCE/ QUALIFICATION:

For franchise an individual requires experience of  working as well as proper knowledge of pharma field with documentations whereas there is no requirement of such degrees in the second case.

  • PRODUCT LINE:

In PCD Pharma there are limited products where as in the second one the product list is quite extensive.

 

PCD Pharma and Pharma Franchise are the two different sides of the same coin. It depends upon the experience, knowledge, and interest of an individual to start a pharmaceutical industry.

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