Strategic Business Planning: Walgreens
I. Strategic Business Planning
A firm’s strategic business plan should consist of its mission, future direction, performance targets and strategy. Walgreens’ corporate strategy, as reflected in its mission statement1, is to provide the most convenient access to healthcare services and consumer goods in America15. To help facilitate this, the company employs such things as online sales, online prescription refill capabilities, offers community health care clinics and monitors the effectiveness of in-store displays to improve customer’s shopping experiences. 12 million people visit its website monthly 15.
Example of Walgreens Website Capabilities
Walgreens is the nation’s largest drugstore chain and 70% of the population lives within 5 miles of a store. As illustrated below, Walgreens saturates many neighborhoods throughout the country with its stores. The company is making the Walgreens experience the most convenient option for most people.
Map of all Walgreens stores near Durham NC 27703 By continuing to build new stores, monitoring comparable store sales increases, purchase pharmacy prescription files and making strategic acquisitions, Walgreens is solidifying its future. Examples include the acquisition of smaller retail drugstore chains such as Drug Fair in Fiscal Year 2009 15 and Duane Reade in 2010. With the three biggest specialty pharmacies owned by competitors CVS, Medco Health and Express Scripts10, Walgreens also acquired McKesson Specialty and IVPCARE in Fiscal Year 2009 to increase its market share15. While the company is still not ranked in the top 25 of specialty pharmacies, the company continues its organic growth in this sector of the operations.
Also, a new regional distribution center was opened in Fiscal year 2009 15. The company thinks this will further improve its productivity. The company feels strongly about continuing to build its retail pharmacy business because of an aging population and the advent of drugs
A firm’s strategic business plan should consist of its mission, future direction, performance targets and strategy. Walgreens’ corporate strategy, as reflected in its mission statement1, is to provide the most convenient access to healthcare services and consumer goods in America15. To help facilitate this, the company employs such things as online sales, online prescription refill capabilities, offers community health care clinics and monitors the effectiveness of in-store displays to improve customer’s shopping experiences. 12 million people visit its website monthly 15.
Example of Walgreens Website Capabilities
Walgreens is the nation’s largest drugstore chain and 70% of the population lives within 5 miles of a store. As illustrated below, Walgreens saturates many neighborhoods throughout the country with its stores. The company is making the Walgreens experience the most convenient option for most people.
Map of all Walgreens stores near Durham NC 27703 By continuing to build new stores, monitoring comparable store sales increases, purchase pharmacy prescription files and making strategic acquisitions, Walgreens is solidifying its future. Examples include the acquisition of smaller retail drugstore chains such as Drug Fair in Fiscal Year 2009 15 and Duane Reade in 2010. With the three biggest specialty pharmacies owned by competitors CVS, Medco Health and Express Scripts10, Walgreens also acquired McKesson Specialty and IVPCARE in Fiscal Year 2009 to increase its market share15. While the company is still not ranked in the top 25 of specialty pharmacies, the company continues its organic growth in this sector of the operations.
Also, a new regional distribution center was opened in Fiscal year 2009 15. The company thinks this will further improve its productivity. The company feels strongly about continuing to build its retail pharmacy business because of an aging population and the advent of drugs
Cited: 1. Unknown. Walgreens website, Mission Statement. April 16, 2010. < http://news.walgreens.com/article_display.cfm?article_id=1042> 3. Unknown. “Walgreens Workshop Series.” MVI – Management Ventures, Inc. 2009. April 16, 2010 5. Unknown. “Walgreens Makes Retail Technology Work for Customers.” GOLIATH website. July 23, 2007 January 8, 2010. April 16, 2010. 7. Unknown 8. Unknown. Walgreens website, Executive Bios. April 20, 2010. 9. Unknown. Walgreens website, Corporate Organization. February 2, 2010. April 20, 2010. Meeting.” Walgreens website, Press Releases. October 30, 2008. April 16, 2010. 12. Unknown. “Walgreens Links Strategy and Execution with Business Objects Enterprise.” SAP website. 2008 2009. April 16, 2010. 14. Unknown Wellness Solutions.” Walgreens website, Press Releases. March 1, 2010. April 16, 2010. 15. Unknown. Walgreens Form 10-K Annual Report. Walgreens website, Investor Relations. October 26, 2009 16. Unknown. Walgreens Operation Data Share Program. Retail Solutions website. April 20, 2010.