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They often strive to capture prime locations close to populated neighbourhoods. The Minute Clinics run by CVS are key in its differentiation in that it allows customers to get both their diagnosis and prescriptions at the same place. Patients value convenience and often gravitate towards providers who afford them convenience. Walgreen has three main goals and strategies that it employs to beat its competitors. Walgreen's strategic approach entails forming both short-term and long-term partnerships with some of its competitors to explore and increase market size.
Other emerging competitors include Walmart and Rite Aid Corporations. Value Chain Analysis is one of the processes used to analyse the internal functions of a company to identify the activities that add value to a firm's final product and then take it a step further to explain these functions to reduce cost 15 CVS, CVS has focused its strategy on two main factors- excellent customer service and cost leadership. The company uses a cost leadership strategy in its retail lines while it uses a differentiation strategy for their pharmacy services in which they claim to offer more services than their close competitors.
The system also makes it possible for CVS to match customer needs and preferences to the inventory produced and stocked by CVS. All of these core competencies are hard for the rivals to copy and as thus CVS apply them across their product lines to ensure that their customers receive value.
The merger between CVS and Caremark, Inc added a network of 64, pharmacies to its 7, pharmacy stores. This is important because it means that CVS is well positioned to receive discounts from drug manufacturers. Further, since CVS offers a wide range of services at their locations, a visit to any of its stores assures the customer of a one-stop shopping experience. Some resources giving CVS competitive advantage or edge against its rivals include its Extra Care loyalty program which some of its competitors have tried to copy but not entirely successfully, its retail beauty section that stocks beauty products for women, and its PBM services.
Patient need not book an appointment. They can walk in and get attended to the right from diagnosis to prescription and purchase of the prescribed drugs all under one roof.
CVS uses all of these core resources to gain an edge over its competitors and help them to increase their revenue. The quality of pill bottle labels and poor prescription labels are some of the issues that CVS has to address because of these work against it, and therefore it can be said that it places the company at a significant disadvantage relative to its competitors. Its closest competitor is Walgreen. It is essential for CVS to be alert of what the competitors are doing so as not to be overtaken in the market.
Both CVS and Walgreen serve the same customers and as thus, it is clear that differentiation is the only strategy that the companies can use to stay ahead of the competition. Further, it is commonplace to find closely competing companies trying to copy an approach that happens to be working for their competitors.
This is true of CVS and Walgreen. The latter, learning that having a loyalty program is essential, decided to copy what the former was doing and the move seems to be bearing fruit. This section of the report presents a SWOT analysis for CVS Health which looks at its internal and external review and the factors that can be considered to be its strength, the opportunities it has, the threats it faces and the weaknesses it has.
Its SWOT analysis is presented on the table below:. Lawsuits and controversies over what some refill malpractices led to wastage of money and erosion of brand image. Since competition is building at home, CVS has no option but to come up with innovative ways to stay on top. One such technique is by considering expanding to a foreign market. This strategy has helped many companies to increase their revenue from foreign branches even as revenue from home branches reduce.
CVS can consider expanding to Europe. Europe has an expansive market which the company can tap into and generate some income. For ease of entry and the minimising of risks, CVS should consider entering Europe through a joint venture with a pharmaceutical company that is already operating in Europe. This will reduce the barriers to entry and ensure that CVS is not overly exposed in the deal.
Another strategy would be to use cost-cutting strategy by stocking their stores with brand name drugs and their generic versions. Generic versions are often cheaper than brand name drugs.
This will increase the variety of products available to customers. Customers will be able to choose medicines according to their economic power. Selling generic drugs usually lead to reduced revenue, but this often leads to high profits because the cost of purchasing these drugs from the manufacturers is lower compared to the cost of buying branded drugs.
To drive sales up, awareness for the availability, efficacy and benefit of generic drugs should form the basis of the company's marketing message. Some of the main advantages of generic medicines that should be captured include:. Having seen that the firm's high cost of goods sold is as a result of it focusing on selling branded drugs that have small margins, the recommendation would be to add generic drugs to the list of medications stocked by CVS. Generic drugs are cheaper both to the customer and to the company.
The main disadvantage is that some buyers might be unaware of the efficiency of these drugs. Therefore, CVS must invest in creating awareness among its customers. Another alternative would be to expand to foreign markets especially those found in Europe. Growing to an international market is a risky affair. There are so many factors that can jointly contribute to making it thus.
Political, social, cultural, legal, and environmental factors should all be considered when checking whether to invest in a foreign country or not. Entering the new market as a joint venture with a European firm will help address the challenges. From the strategic analysis above, it can be seen that CVS is doing well in the retail health industry. CVS faces competition from the likes of Walgreen among others.
CVS can beat its competition because of its differentiation and cost-cutting strategies. Two more approaches have been proposed to help the company to increase its competitiveness. These include expanding to the foreign market and adding generic drugs to its list of products. Conerly, B. CVS Goldstein for His Vision and Leadership.
DiChristopher, T. Trump administration reveals greenhouse gas rule for power plants to replace the Obama-era plan. Frey, H. Grand View Research Melanie, E. Mercer, D. Marketing strategy: The challenge of the external environment. London: Sage. Porter, E. New York City: Simon and Schuster. Retrieved Trump administration reveals greenhouse gas rule for power plants to replace Obama-era plan. Global strategy.
We post free essay examples for college on a regular basis. Stay in the know! Delegate your assignment to our experts and they will do the rest. Words: Pages: 12 Views: 13 Downloads: 0. Download essay Print essay. Want a custom paper like this sample? Current Situation According to rankings on the Fortune list, CVS health holds position seven, and it also keeps the 17 th position on the more massive Fortune Global list. External Analysis General External Environment The general external environment is the space where all businesses operate.
Demographic Impacts on businesses Since businesses exist to serve clients and customers who are people, it is, therefore, essential to look at how the population is expected to change over time. Political and Legal Impacts The Trump administration has allowed the Environmental Protection Agency EPA the latitude to create stricter regulations, which could potentially affect certain businesses in a negative way 8 DiChristopher, Sociocultural impact The modern-day workplace is diverse and very dynamic.
Technological Impact Technology impacts how businesses operate in two ways. Global impacts The world is now one big global village. Industrial Environment Industrial environment is the specific industry in which firms are offering the same services or selling similar or near similar products operate. The threat of new entrants [Moderate] New companies coming into the retail healthcare industry are coming in with innovative solutions aimed to woo customers and make them shift their loyalty from their previous retail healthcare service providers to themselves.
CVS can address this threat by: Innovating their offerings to keep the old customers happy and draw in new ones. Bargaining power of suppliers [Moderate] High prices can hit businesses operating in industries where suppliers are few or specialised from the suppliers 10 Porter, CVS can address this threat by: Experimenting with raw materials from different suppliers to ensure that when one supplier is out of stock, they can always shift to the alternative.
Partnering with suppliers whose businesses depend on CVS. Building relationships with many different suppliers. Bargaining power of buyers [Low] Customers have demanded that they need to be met. CVS can address this by: Broadening its customer base which will reduce the bargaining power of its customers.
Threat from Rivals [High] When the threat from rivals is high, competition will be high which will ultimately bring down prices in the industry and affect the long-term profitability of firms operating in the sector 12 Porter, CVS can address this by: Collaborating and partnering with competitors to increase market size rather than competing for the limited market size. Increasing its economies of scale so that it can compete better. Continually differentiating its offerings to gain an edge over its rivals.
Threat of Substitute Products or Services [High] In any industry where a new product comes in to meet the same need that an old product used to, or it promises better performance, the profitability of the old product will suffer.
CVS can tackle this by: Increasing the switching cost for its customers Understanding the core needs of its customers rather than focusing only on purchase behaviour Diversifying offerings to include a mix of products and services. Internal Analysis Value Chain Analysis is one of the processes used to analyse the internal functions of a company to identify the activities that add value to a firm's final product and then take it a step further to explain these functions to reduce cost 15 CVS, SWOT Analysis This section of the report presents a SWOT analysis for CVS Health which looks at its internal and external review and the factors that can be considered to be its strength, the opportunities it has, the threats it faces and the weaknesses it has.
Its SWOT analysis is presented on the table below: Strengths It is the largest retail pharmaceutical firm in the USA Offers a proprietary Pharmacy Benefit Management through Caremark pharmacy services Its ExtraCare loyalty program pushes OTC sales Has maintained strong financial performance thereby increasing shareholder trust and value Weaknesses Does not have a strong presence outside the US Lawsuits and controversies over what some refill malpractices led to wastage of money and erosion of brand image.
CVS can grow through collaborations and acquisitions There is a steady growth in the demand for anti-aging drugs. An anticipated increase in demand for prescribed drugs by the ageing population. Threats Global and local competition by other drug retailers Interventions and regulations by governments High competition from mail-order pharmacies.
Strategy Formulation Since competition is building at home, CVS has no option but to come up with innovative ways to stay on top. Some of the main advantages of generic medicines that should be captured include: That they are as effective as brand-name drugs That they are cheaper for the customer That both CVS and the customers will benefit from the move to dispense generic medications.
Strategic alternatives for CVS Having seen that the firm's high cost of goods sold is as a result of it focusing on selling branded drugs that have small margins, the recommendation would be to add generic drugs to the list of medications stocked by CVS.
References Conerly, B. CVS Health Newsok About CVS. Trump administration reveals greenhouse gas rule for power plants to replace Obama-era plan 9 Porter, E. Goldstein and Ralph Hoagland in The business which initially started as a chain of health and beauty aid store, gradually started adding pharmacies. As of , the company employs , people. CVS Health's mission statement is "Helping people on their path to better health.
A few major institutional holders are, Vanguard Group holding 7. Institutional Mutual Fund Ownership holds This ownership distribution is true as of May Leading Pharmacy benefits Company through Caremark pharmacy services 3.
Consistent strong performance and financials building shareholder value 4. Broad spectrum of offerings in health and wellness with great accessibility. ExtraCare loyalty program pushing OTC growth 6. Brand building for putting an end to tobacco sales 1.
Embroiled in lawsuits and controversies over refill practices causing erosion of brand and money 2. Acquisition of Aetna will help entry into new vertical of insurance and managed care. Growth through acquisitions and collaborations 3. Growth in demand for anti-aging drugs 4. Aging population with increased prescriptive needs 5. Fighting the Opiate crisis 1.
Government regulations and interventions 3. Increasing competition from Mail order pharmacy Sample Complete Report. This is the sample complete report which will give you a glimpse of what your complete report will cover after purchase. Free Summary Report. This report contains the table contents only. In case you need the complete report please purchase using the buy options displayed. Safe and secure payments. At rare times, a slight delay not exceeding 1 hour might be caused.
Strength 1. Weakness This section is available only in the 'Complete Report' on purchase. Opportunity This section is available only in the 'Complete Report' on purchase.
Threat This section is available only in the 'Complete Report' on purchase. Political implications from the opioid epidemic 2. Advocating public policies for improved customer outcomes 1. Downsizing of the Affordable Care Act and corporate tax reforms to change market dynamics Social Technological 1. Ageing population in the United States to boost spending on healthcare 2. Growing demand for premium skin-care products in emerging markets 1. Merger with Aetna to create strong consumer health care technology platform Legal Environmental 1.
Uncertainty in consolidation deals due to antitrust regulations 1. Enterprise-wide environmental strategy and compliance measures Sample Complete Report. Political This section is available only in the 'Complete Report' on purchase. Economic This section is available only in the 'Complete Report' on purchase. Social 1. Technological This section is available only in the 'Complete Report' on purchase. Legal This section is available only in the 'Complete Report' on purchase.
Environmental 1. Major Competitors : 1. Aetna 2. Amazon 3. Cigna 4. United Health Group 5. Anthem 6. Target Corporation 7.
Walgreens Boots Alliance. The shareholders have approved the acquisition, but it is subject to regulatory approvals by the State. Target Corporations Retail business Acquisition This will help them in branching out their retail operations. Omnicare Health Care Acquisition To give services of long term care facilities they acquired Omnicare. Source: Company website and other reliable sources. The detailed table is available in the Complete Report.
Sample Complete Report. Key competitive advantages the Company enjoys in the US market Detailed explanation regarding CVS Health's case study, market share, revenue growth, ownership and overall business strategy. Insights into thehealth benefitsand unique health solutions CVS offers from advising on prescriptions, management of chronic and specialty conditions, running walk-in or minute clinics and pharmacy benefits management. Gain a good understanding of CVS health internal analysis which includes its strengths and weaknesses.
Identify opportunities and threats which affect the external business Environment CVS Health'spestle analysis on how the external factors have affected themacro environment of the pharmacy retail business at large and CVS Health in particular.
Track the pharmacy health sector and how specific political, economic, social, technological, legal and environmental factors wield their influence on CVS's growthstrategy. Major partnerships, acquisitions, and mergers and how they have benefited the CVS brand. Gain intelligence on how CVS strategically uses them to ward competition and achieve growth An understanding about the Company's health care benefits and business model Major traditional and new-age competitors, and the threat they pose.
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