Cvs Pharmacy Mission Statement
Samantha Wentz
Midterm Assignment
CVS/Pharmacy
“Staying healthy isn’t easy these days. Health care costs keep rising. People are overwhelmed and confused by all the changes. They’re looking for help. They’re looking for solutions that make a difference. At CVS Caremark, we know that to make a difference, you have to do things differently. So we’re reinventing pharmacy to help people on their path to better health.” (info.cvscaremark.com) This is the mission statement of CVS.
CVS/Pharmacy is known for their pharmacy and helping people. CVS has numerous marketing strategies and their exceptional customer service. CVS has succeeded into the second biggest pharmacy in the country with over 6,000 stores all over. About 75% of the country’s …show more content…
population live within about three miles of a CVS. (storify.com) CVS knows where to put locations that will maximize profits and give them a good customer base. CVS knows their customers and how to differentiate itself from other companies.
CVS has customers from teenagers to elderly customers. The average age is 39 years old and most customers are females. CVS has marketed their stores to target these women, since most women are constantly multi-tasking. CVS has redesigned their stores to make the wait times for prescriptions shorter, wider aisles, and more beauty products. (storify.com) They put stores where all target groups of customers would be attracted. They offer products that any social class would want.
CVS offer many products that will appeal to all customers. They use production and product concepts to attract their customers. They have branded and generic pharmaceuticals throughout the store and in the pharmacy. CVS offers the customer generic prescriptions and over the counter drugs that the customer can afford. CVS offers their products at low prices and has many private labels. The private labels allow customers to afford the products and CVS makes a profit since it is their brand. This helps lower classes of people if they cannot afford the brand name product, while still helping the company. CVS not only has lower prices, but they have different kinds of products. They have any shoppers’ convenience product like milk or eggs, but still has shopping products like many different types of shampoo.
CVS is a major company that tries to build and maintain customer relationships. They value customer service and what the customer thinks. They send out surveys to customers so they know how they are doing. This helps CVS keep up with their customer service and customer satisfaction. This helps CVS gain customer loyalty. CVS has a Extracare Card that helps customers save money and get coupons. CVS offers 2% back on a customer’s purchase every quarter when they use their Extracare card. This allows customer loyalty and retention as well.
The major reason CVS has become so popular is because they understand the marketplace and how it works.
They know how to do market research to advance their profits and come up with marketing and research plan. CVS gains insight on demographics reports, trade area maps, spatial interaction models, supply-demand analysis, sales forecasting studies, and regression models. (synergos-tech.com) CVS uses a program called PopStats that allow them to get this data. They are able to use this program for merchandising by allowing them to make decisions on stocking different products in different stores. If a store is in a tourist area like Hershey, PA, they know to stop Hershey souvenirs and merchandise. They use PopStats to examine the customer mix in the area and figure out how to price their products. Most importantly, they use this data to advertise. They can determine the in-store signage and what kind of promotional offers to make for targeted customer …show more content…
groups.
CVS has used numerous marketing strategies to continue their growth as a leading pharmacy. One of the most recent marketing strategies was the announcement to quit carrying cigarettes by the end of September of this year. While CVS will take a $2 billion dollar loss in sales by this, they are setting an example for all pharmacies. CVS cares more about their customers’ health than their sales and profit. This is a strategic move that defines the direction of the business and sends a strong signal from leaders about they intend toe company to be at CVS. (washingtonpost.com)
Another marketing strategy CVS has used was partnering with Caremark in 2006. This allowed CVS to become more elastic by allowing Caremark to push their customers to CVS while giving them low priced prescriptions. CVS has also partnered with Medicaid and Medicare to help low income individuals get prescriptions. All elderly individuals would automatically be enrolled into this program.
CVS has a strong competitive advantage over their competitors like Rite-Aid and Walgreens. Many other pharmacies are just independent and do not offer additional services. CVS’s partnership with Caremark allowed CVS to offer these additional services like mail in prescriptions and allowing customers to obtain 90 day supplies of their prescriptions.
The number one provider of prescriptions in the nation and their commitment to their customers allows CVS to advance their technology. CVS needed the technology that helps the company advance and better serve their customers. They needed integration that helped in the areas of loss prevention, store operations, the pharmacy operations, marketing, merchandising, and sales. (sensormatic.com) CVS uses Viper that allows them to monitor transactions, increase sales, and decrease shrink.
CVS researches, plans, and markets their company very well.
They target most ages with their beauty selection to their health selection. They do what they can to expand their name and company around the country. They look at all areas before marketing their company. CVS definitely makes marketing a priority. Customer service and their health is their top priority as it should be. CVS uses their excellent customer service to make sure they keep the customer loyalty to the company. This allows them to market through word of mouth and gaining a customer for life. While CVS has expanded its name through Caremark and their other marketing strategies, they have succeeded because they have met the high expectations of the customers through service and their reward programs like the ExtraCare Card and ExtraBucks. CVS is a retail pharmacy that will continue to strive and maintain a top pharmacy in the
country.
Works Cited:
CVS Integrates Technology Across Business Functions to Enhance its ROI - In-Store Newsletter Q4/2008. (2008, March 20). Retrieved August 18, 2014. http://www.sensormatic.com/instore/2008_Q4/CVS_q42008.htm
CVS/Pharmacy. (n.d.). Retrieved August 18, 2014. http://www.synergos-tech.com/ss_cvs.htm
Dietz, S. (2012, January 1). CVS Caremark Profile (with image) · seandietz17. Retrieved August 17, 2014. https://storify.com/seandietz17/cvs-caremark-profileMcGregor, J. (2014, February 5). CVS’s smart no-smoking strategy. Retrieved August 18, 2014. http://www.washingtonpost.com/blogs/on-leadership/wp/2014/02/05/cvss-smart-no-smoking-strategy/
We 're a pharmacy innovation company and every day we 're working to make health care better. (n.d.). Retrieved August 18, 2014. http://info.cvscaremark.com/about-us/our-purpose-building-bridge-better-health
Midterm Assignment
CVS/Pharmacy
“Staying healthy isn’t easy these days. Health care costs keep rising. People are overwhelmed and confused by all the changes. They’re looking for help. They’re looking for solutions that make a difference. At CVS Caremark, we know that to make a difference, you have to do things differently. So we’re reinventing pharmacy to help people on their path to better health.” (info.cvscaremark.com) This is the mission statement of CVS.
CVS/Pharmacy is known for their pharmacy and helping people. CVS has numerous marketing strategies and their exceptional customer service. CVS has succeeded into the second biggest pharmacy in the country with over 6,000 stores all over. About 75% of the country’s …show more content…
population live within about three miles of a CVS. (storify.com) CVS knows where to put locations that will maximize profits and give them a good customer base. CVS knows their customers and how to differentiate itself from other companies.
CVS has customers from teenagers to elderly customers. The average age is 39 years old and most customers are females. CVS has marketed their stores to target these women, since most women are constantly multi-tasking. CVS has redesigned their stores to make the wait times for prescriptions shorter, wider aisles, and more beauty products. (storify.com) They put stores where all target groups of customers would be attracted. They offer products that any social class would want.
CVS offer many products that will appeal to all customers. They use production and product concepts to attract their customers. They have branded and generic pharmaceuticals throughout the store and in the pharmacy. CVS offers the customer generic prescriptions and over the counter drugs that the customer can afford. CVS offers their products at low prices and has many private labels. The private labels allow customers to afford the products and CVS makes a profit since it is their brand. This helps lower classes of people if they cannot afford the brand name product, while still helping the company. CVS not only has lower prices, but they have different kinds of products. They have any shoppers’ convenience product like milk or eggs, but still has shopping products like many different types of shampoo.
CVS is a major company that tries to build and maintain customer relationships. They value customer service and what the customer thinks. They send out surveys to customers so they know how they are doing. This helps CVS keep up with their customer service and customer satisfaction. This helps CVS gain customer loyalty. CVS has a Extracare Card that helps customers save money and get coupons. CVS offers 2% back on a customer’s purchase every quarter when they use their Extracare card. This allows customer loyalty and retention as well.
The major reason CVS has become so popular is because they understand the marketplace and how it works.
They know how to do market research to advance their profits and come up with marketing and research plan. CVS gains insight on demographics reports, trade area maps, spatial interaction models, supply-demand analysis, sales forecasting studies, and regression models. (synergos-tech.com) CVS uses a program called PopStats that allow them to get this data. They are able to use this program for merchandising by allowing them to make decisions on stocking different products in different stores. If a store is in a tourist area like Hershey, PA, they know to stop Hershey souvenirs and merchandise. They use PopStats to examine the customer mix in the area and figure out how to price their products. Most importantly, they use this data to advertise. They can determine the in-store signage and what kind of promotional offers to make for targeted customer …show more content…
groups.
CVS has used numerous marketing strategies to continue their growth as a leading pharmacy. One of the most recent marketing strategies was the announcement to quit carrying cigarettes by the end of September of this year. While CVS will take a $2 billion dollar loss in sales by this, they are setting an example for all pharmacies. CVS cares more about their customers’ health than their sales and profit. This is a strategic move that defines the direction of the business and sends a strong signal from leaders about they intend toe company to be at CVS. (washingtonpost.com)
Another marketing strategy CVS has used was partnering with Caremark in 2006. This allowed CVS to become more elastic by allowing Caremark to push their customers to CVS while giving them low priced prescriptions. CVS has also partnered with Medicaid and Medicare to help low income individuals get prescriptions. All elderly individuals would automatically be enrolled into this program.
CVS has a strong competitive advantage over their competitors like Rite-Aid and Walgreens. Many other pharmacies are just independent and do not offer additional services. CVS’s partnership with Caremark allowed CVS to offer these additional services like mail in prescriptions and allowing customers to obtain 90 day supplies of their prescriptions.
The number one provider of prescriptions in the nation and their commitment to their customers allows CVS to advance their technology. CVS needed the technology that helps the company advance and better serve their customers. They needed integration that helped in the areas of loss prevention, store operations, the pharmacy operations, marketing, merchandising, and sales. (sensormatic.com) CVS uses Viper that allows them to monitor transactions, increase sales, and decrease shrink.
CVS researches, plans, and markets their company very well.
They target most ages with their beauty selection to their health selection. They do what they can to expand their name and company around the country. They look at all areas before marketing their company. CVS definitely makes marketing a priority. Customer service and their health is their top priority as it should be. CVS uses their excellent customer service to make sure they keep the customer loyalty to the company. This allows them to market through word of mouth and gaining a customer for life. While CVS has expanded its name through Caremark and their other marketing strategies, they have succeeded because they have met the high expectations of the customers through service and their reward programs like the ExtraCare Card and ExtraBucks. CVS is a retail pharmacy that will continue to strive and maintain a top pharmacy in the
country.
Works Cited:
CVS Integrates Technology Across Business Functions to Enhance its ROI - In-Store Newsletter Q4/2008. (2008, March 20). Retrieved August 18, 2014. http://www.sensormatic.com/instore/2008_Q4/CVS_q42008.htm
CVS/Pharmacy. (n.d.). Retrieved August 18, 2014. http://www.synergos-tech.com/ss_cvs.htm
Dietz, S. (2012, January 1). CVS Caremark Profile (with image) · seandietz17. Retrieved August 17, 2014. https://storify.com/seandietz17/cvs-caremark-profileMcGregor, J. (2014, February 5). CVS’s smart no-smoking strategy. Retrieved August 18, 2014. http://www.washingtonpost.com/blogs/on-leadership/wp/2014/02/05/cvss-smart-no-smoking-strategy/
We 're a pharmacy innovation company and every day we 're working to make health care better. (n.d.). Retrieved August 18, 2014. http://info.cvscaremark.com/about-us/our-purpose-building-bridge-better-health