Professor M

CVS Pharmacy’s New Product & Service Launch

Carldelle Dye

BUS / 475

11/14/14

Dr. Tom Taylor

Company Description

With the invention of hospitals, came along the pharmacies that would serve the patients by easing the access to drugs. CVS Health Company on recognizing the need for a store that retails drugs and cosmetics established the CVS P harmacy (CVS) as one of its subsidiaries. CVS pharmacy is the second largest pharmaceutical company in the United States with Walgreens taking the lead, which is mainly based on the total prescription revenue (Russel, 2012). CVS was established in the year 1963 in a small town; Lowell, at the heart of Massachusetts. There are approximately 7600 stores in the United States.

In 2009, the company had a staggering $1.660 billion net income turnover. The Internet has changed the world into a global village, and this has come in favor of various businesses that have opted to exploit the platform to broaden their business. CVS pharmacy has equally embraced the rise of the Internet by employing the online platform; Cvs.com, to retail the various products on its catalog. The Forecast your Finances Journal has revealed that the company is expected to introduce a new products into the plethora of goods it sells (Blackwell, 2011). In business, networking is one of the strategically employed approaches to broaden and CVS embraces the same by through various acquisitions of companies such as Navarro Discounts and Eckerd Stores .

Constancy in innovation brews invention . The newly anticipated product is highly customer-focused a factor that is incorporated in the production since the customer needs led to the rise of its manufacture. On the launching of the product, the company will employ the product differentiation strategy that will work in favor of marketing the product.

Mission Statement

Improving the lives of those people we serve by making the innovative and high-quality health and pharmacy services affordable, safe, and easy to access. People work hard every day to catch up on their history but for CVS pharmaceutical , we work hard to ensure our name is embedded in the books of history owing to its purpose to help people on their path for better health (McKeever, 2012).

Vision

Strive for the improvement of the human life. CVS helps people live longer, healthier, and happier lives.

Values of CVS

Every company is bound to its values and rules that accredit it to the rise of its success. CVS has various values that have been divided into three major categories, which are for the customers, colleagues and contributions. The company is very passionate about its customers who form the base of its clientele. CVS acknowledges the importance of integrity, teamwork as well the integration of new ideas of being open-minded The CVS as the pharmacy innovation company is focused on creating new, personalized experiences that appeal to all the customers based on their personal preferences. The pharmacy has designed the research and development program for knowing the needs and requirements of the customers (Russel, 2012 ).

A good product without a clear-cut strategy on how to market it is equally as good as leading the product to a total downfall. The company plans on employing the product differentiation otherwise referred to as segmentation. This approach will go a long way in helping the company to promote the new product, as well as, help the company to place the customer needs at the forefront of their business activities; a factor that will culminate in an increase in their sales through exploitation of the competitive environment.

New Vision and Business Model

Health and quality are the core parts of the company's vision. The company hence looks forth to provide better quality products that will help change the future health sector as well serve as aid people live better and happier lives not only now, but in the future as well. For CVS, being the best is not the target but rather to be the absolute SI unit of perfection in delivery of goods and services in the history of pharmaceutical companies is the epitome of the company’s new vision. The company is using the reinventing pharmacy to have more active, supportive role in the unique health experiences of each person and in the greater health care environment (Russel, 2012).

The objectives of the pharmacy for next three years are such as; exceeding the customers’ expectations with the affordable pricing, increasing the number of customers by more than 30% per year and developing the business that can survive off its own cash flow. The main objectives of the pharmacy are to fulfill the needs of the customers and to increase the revenues of the pharmacy (Blackwell, 2011).

Lack of planning is planning to fail . During the launch of a new product, the company should employ the use of strategies that will take advantage of mail order customers and walk in customers. The milestones for this are office or business set up for a new division, establishment of a new strategic relationship and profitability. It should appoint the effective salespersons, phone representatives, pharmaceutical technicians, order fulfillment agents and the counter person. The pharmacy should develop an effective budget and financial plan for the next three years of the set-up of a new division .

The mission, vision, and values of the new product is inline with the company's overall mission. Owing to the company's concerns of its client's needs, it has esteemed itself by ensuring it formulates its mission, values, and vision of a new product while integrating it into its strategy. The strategy of the company for the corporate social responsibility includes building the healthier communities, protecting the planet and creating the economic opportunities. The new division should follow the all the laws and highly ethical standards. In an organization, the responsibilities are shared to everyone. The company should maintain the code of conducts by providing the training and communication programs on their respective codes and ethics programs. There will be punishment for the employees if they are doing any wrong full act in the organization. The company will establish a cultural identity on the basis of the mission, vision and set of the values of the pharmacy (McKeever, 2012 ).

The pharmacy will implement an effective business plan for the new division of the CVS for the new beauty and cosmetic products, and then there will be an increase in the all over turnover of the CVS. The mission, vision and values are crucial for the development of the new division of the pharmacy in other localities of the United States. The company should develop the effective principles for the ethics, culture, codes of conduct and social responsibility in the company .

References

Blackwell, E. (2011). How to prepare Business Plan: Create your strategy. Forecast your finances.

McKeever, M. (2012). How to write a business plan. Nolo Publishers.

Russel, J. &. (2012). Cvs Pharmacy. Books on Demand.

�Indent?

�It is best to cap the word since it is part of the business name.

Just a note, you will need to decide to either use the CVS Pharmacy or CVS acronym throughout the entire document. If you use the acronym, you will need to first introduce CVS P�harmacy (CVS) wording and then use the acronym.

�Good description of the company

�Explain.

�Describe the product in more detail here.

Just a note, the new product description should be clearly noted and explained.

�Make sure the name is consistent throughout the document

�Run on sentence. No period provided

�Insert transition sentence

�Provide product name

�What is SI unit. Explain

�Just an observation, it appears at end of some the paragraphs you reference a source. In this case, is it the last sentence that you are using the reference for or is it portions of the entire paragraph that the reference is used? Make sure the source is referenced each place where it is used.

�How will this be measure and what methodologies do you think will be implemented?

�Very true

�Insert transition sentence

�

�It appears that you paper does not fully address how the information above clearly demonstrates your decision on what you want your business to become in the future and explains in detail how the vision, mission, and value of the new division align with the company's mission and vision?

Also, how would you summarize the vision, mission, and values guide the division's strategic direction as well as define your guiding principles and values for your division in the context of culture, social responsibility, and ethics.

�See the comments above for details to enhance the Part 1 of your business plan.

As you prepare the final document make sure you incorporate the above suggestions/comments into the final product.

Points: 8.75