Both the H and IT departments must work together to resolve the issues together. By reviewing the problems revealed in the quality audit it was discovered that technology and training can improve the prescription order processing system. The SMAT tool also uncovered how H can raise the level of customer satisfaction by providing better trained employees. This will diminish the number of problems due to slow response time. The IT department is looking at how to track customer complaints and put a tracking system in place to follow up on errors and complaints that are cataloged by the system. Creating a measurable tracking system that reports on when and how each complaint is resolved. In effect this improves both the H and the IT department operational objectives of increasing the performance levels of employee service while lowering the number of complaints in order processing (Bednarz, 2006).
Also the TQM process…...
mlaReferences
1. Bednarz, A. (2006). Tech tools bolster retailers' crime-fighting efforts. Network World, 23(23), 8. Retrieved from EBSCOhost.
CVScaremark.com. (2010). CVS Caremark: Our vision, mission, and values. Retrieved December 18, 2011. Http://.cvscaremark.com/our-company/our-culture/vision-mission-values
2. Berthiaume, D. (2004). RFID Boosts Customer Satisfaction at Tesco. Chain Store Age, 8024A-25A. Retrieved December 18, 2011 from EBSCOhost.
3. Dignan, L. (2004). THE FIRE THIS TIME. Baseline, (37), 20-21. Retrieved fJuly 25, 2011 from EBSCOhost.
Business Strategy - CVS Pharmacy Strategy.
CVS ebranding Strategy
CVS took out tobacco from its stores' shelves one month earlier than was planned originally. This move plus the alteration of the company's corporate name is targeted at helping the company rebrand as a health care company. With a name such as CVS health, the company believes that not being part of the tobacco distribution system is good for the company in the long-term and is aligned with the company's new focus on health. CVS health had also announced that it was to launch a campaign against smoking. Observers were surprised by CVS Caremark Corporation (NYSE: CVS) when it made the announcement concerning its stance on Tobacco. The announcement was accompanied by a big banner proclaiming the new logo and name of the company across the NYSE (Sheets, 2014).
The company's rebranding, they said, is aimed at assisting people be of better health. The…...
mlaReferences
Itorbett (2013). Evaluating Environmental Threats. Retrieved from: https://ltorbett.wordpress.com/2013/02/
Nicole, Holsted., Jennifer, Jones., Benjamin, Levin. Walgreen Co. Wednesday, April 11, 2012. Retrieved from: http://economics-files.pomona.edu/jlikens/SeniorSeminars/Likens2012/reports/Walgreens.pdf
Japsen, B. (2014). Why Walgreen Won't Stop Selling Tobacco Like CVS Health. Retrieved from: http://www.forbes.com/sites/brucejapsen/2014/09/04/why-walgreen-wont-stop-selling-tobacco-like-cvs-health/
Cheney, C, 2014, Behind the CVS Health Rebranding Strategy, Retrieved from: http://www.healthleadersmedia.com/content/LED-308131/Behind-the-CVS-Health-Rebranding-Strategy
Identifying new markets and opportunities with range of products and services that are offered has helped the company grow. Online and 24-hour operations have also encouraged and drawn more customers. The cost and barriers to entry for the company are relatively lower when compared to other smaller chains. eing a large organization, CVS has better bargaining and negotiating power with its suppliers. uying to satisfy economies to scale can help the company better manage its inventory. etter distribution and warehousing techniques can help increase the inventory turnover in the stores. Having a recognizable brand name can help the company manage the hurdles of entering new markets more effectively. Offering customers CVS cards and special offer discounts on the card has helped bring back many customers. Regular shoppers can also avail special discounts through use of this CVS card. CVS is also introducing electronic transaction terminals that can transmit consumer…...
mlaBibliography bizjournals.com. Cvs Prescribes Hypercom Terminals for Its Stores. 2005. June 20, 2005.
CVS. Cvs. 2005. Yahoo Finance. Available:
20, 2005.http://finance.yahoo.com/q?s=CVS.June
Yahoo-Finance. Industry-Drug Stores. 2005. Yahoo-Finance. Available:
Service Marketing
Service encounter analysis CVS Pharmacy
Service encounter analysis-1 CVS Pharmacy
Service encounter analysis-2
Service encounter analysis-3
Service encounter analysis-4
Service encounter analysis-5
Service journal entryform-1
Appendix A Encounter 1 CVS Pharmacy
Service journal entry form-2
Service journal entry form-3
Service journal entry form-4
Service journal entry form-5
Service marketing relates to a customer's behaviors in relation to a market strategy. Over the past few months the opportunity to observe several encounters with different vendors has resulted in exploration of marketing concepts and theories learned in the classroom. The integration between course learning and practical application from not another's perspective but the intrinsic view of each student is unique. Following are the results of this exercise in five encounters as a consumer in the market place.
The first an encounter at CVS Pharmacy involves the 7 Ps relating to Price, Product, Place, and Promotion. When a business is very busy and there are many customers this is great for the company's profits (.…...
Business Project Management
Effective project management necessitates continuous adjustment so that the business accommodates the most recent trends. Majority of company directors expect project updates to be accessible in real time and anticipate live data to be accessible. Careful modeling of projects towards organizational aims and strategy is essential for attaining these objectives. A cost-benefit analysis can be important in determining how effectively, or how inadequately, a project will deliver value to an organization. Matching the total commercial benefits to the project costs incurred in the end enables decision makers to determine whether to go ahead with a recommended project (Vanlandingham and Drake, 2012). The purpose of this paper is to analyze the different projects and their costs and benefits towards David's Discount Pharmacy.
In the analysis of the case of David's Discount Pharmacy, the best option for the replacement is re-designing the front end and back end. This is because this…...
mlaReferences
Resch, M. (2011). Strategic project management transformation. Fort Lauderdale, FL: J. Ross Publishing.
Vanlandingham, G. R., & Drake, E. K. (2012). Results first. Public Performance & Management Review, 35(3), 550-563.
These four dimensions are the tools for developing the company's marketing strategy and deciding which product line to cultivate, preserve, yield, or get rid of. Strong products should be grown or maintained. eak or unprofitable lines should be sold or discontinued as soon as possible. "Four basic factors are critical in the decision to manage individual product lines.
Consumer demand
Cost to produce
Gross margin
Total sales volume" (Berry, 2012).
Going through the process of developing a marketing plan will help CVS to figure out how they are going to draw people into their stores and sell them things beyond discounted generic drugs. A provides the market with a source of discounted drugs among other products. This market need is important today as many Americans are faced with the dilemma of using their limited income on food or meds. A pharmacy should seek to fulfill the following benefits that are important to their customers.
Selection:…...
mlaWorks Cited
Berry, T. 2012. "Add competitive analysis to your marketing plan." Web. 2 April 2012.
Available from: http://articles.mplans.com/include-competitive-analysis-in-your-plan/
Berry, T. 2012. "Product marketing." Web. 2 April 2012. Available at:
Value of a BA Degree
The Value of BA Degrees
Would you say this statement is "True" or "False"? Too many people are going to college these days. Many experts in business say that the statement is true. People once thought that college degrees were the most important advantage that people could attain through their own efforts (uiz 2011). But the situation is changing. A look at employees and entrepreneurs in Silicon Valley underscores a more pessimistic and sobering view of college education (uiz 2011). People who work in technical jobs without the benefit of formal coursework in higher education can be free to follow their interests and creativity (uiz 2011). These new technology experts don't need to get locked into boring corporate jobs that pay well in order to pay off enormous student loan debt burdens (uiz 2011). The cost of higher education keeps rising and there are those who…...
mlaReferences
Baum, Sandy and Kathleen Payea. "The Benefits of Higher Education for Individuals and Society." Trends in Higher Education Series, Revised Edition. 2005.
Edsall, Thomas. "The Reproduction of Privilege." The New York Times. 12 March 2012. < http://campaignstops.blogs.nytimes.com/ >
Hill, Kent, Dennis Hoffman, and Tom R. Rex. "The Value of Higher Education: Individual and Societal Benefits (With Special Consideration for the State of Arizona). Productivity and Prosperity Project (P3). October 2004. Tempe, Arizona: L. William Seidman Research Institute W.P. Carey School of Business Arizona State University? (2004).
Table A-4. Employment status of the civilian population 25 years and over by educational attainment. Economic News Release, Bureau of Labor Statistics. United States Department of Labor. 2 November 2012.
" She initially came out of retirement to work three days a week, but now she only works one day per week. Mitre in fact offers workers a phased-in retirement, with fewer hours and fewer workdays; but they keep a core of "reserves at the ready" like Doreen. Now Doreen has a little extra income so she won't have to dip into her nest egg, and the company doesn't have to worry that "it could lose too much institutional knowledge as its workforce retired," Fetterman explains.
In the same article, Joyce Montgomery of Detroit retired from her job as a counselor at a children's home, after her husband also retired. But soon they "...got tired of sitting around...I wanted to come into the workplace to be around people." So she applied for a part time job at CVS pharmacy, planning on perhaps ten or fifteen hours a week, but now, "she…...
mlaWorks Cited
Crowson, Aryana. (2006). Early Retirees Head Back to Work. KTHV-TV Retrieved 29 Nov. 2006 at http://www.todaysthv.com/printfullstory.aspx?storyid=37277
Fetterman, Mindy (2006). Retirees back at work, with flexibility. USA Today. Retrieved 29 Nov. 2006 at http://www.usatoday.com/money/perfi/retirement/2005-06-08-retiree-main_x.htm .
Phipps, Jennie L. (2003). An older worker's guide to getting a job. Retrieved 29 Nov. 2006 at http://www.bankrate.com/brm/news/advice/20020924a.asp .
Ryberg, William. (2006). Employees return to work, hassle-free. Des Moines Register. Retrieved 28 Nov. 2006 at http://desmoinesregister.com .
The Head Pharmacist has worked as a pharmacist in the area for a long time, including at the small pharmacy in the medical clinic near the hospital where many doctors have their offices. As such, he is well positioned to make contacts with those doctors in order to build the reputation of our pharmacy.
Financial Plan
The financial plan will begin with the income statement. There are two main revenue streams, being retail and pharmacy. A third revenue stream within Pharmacy will be the online ordering, whereby customers can order over the eb and have their drugs ready for pick-up, or for delivery via the courier of their choice. Such revenue will be attributed to Pharmacy, and retail products will not be included in these orders.
ith respect to costs, labor costs are expected to reflect the staffing levels. hile there will be as many as 20 staff members, there will only…...
mlaWorks Cited:
ACCP. (2008). The definition of clinical pharmacy. Pharmacotherapy. Vol 28 (6) 816-817.
Fein, a. (2006) How pharmacists view Wal-Mart's pricing strategy. Drug Channels. Retrieved November 12, 2012 from http://www.drugchannels.net/2006/10/how-pharmacists-view-wal-marts-pricing.html
Hellinger, F. (1995). Any-willing-provider and freedom-of-choice laws: An economic assessment. Health Affairs. Vol. 14 (4) 297-302.
Miles, M. (2011). A research note on market creation in the pharmaceutical industry. The Journal of Business Research. Vol. 64 (7) 723-727.
Forbes Magazine entitled, "In the Pill Box" discusses Walgreen's Drugstore and the challenge that it faces from Pharmacy Benefit Managers (PBM). The article begins by informing the reader of the astronomical growth of the Walgreen's company. The author explains that the company's stock has risen by 3,000% in the past 20 years and that the store plans to have over 7,000 stores by 2010. (Lambert) The article also asserts that the same-store sales increased by 9% in fiscal 2003. (Lambert)
The author contends that although the company is extremely success, there is a threat on the horizon. This threat comes in the form of Pharmacy Benefit Managers who show health organizations and employers how to make prescriptions drugs more cost effective. The article explains that PBM's often encourage these organizations to persuade patients to get long-term prescriptions through the mail instead of going to a pharmacy. Mail order pharmaceuticals are…...
mlaAt the other end of the debate there are consumers who like to order their prescriptions through the mail. Some consumers do this even if it is not mandated by their insurance providers. In many cases consumers just find it more convenient to order prescriptions through the mail. In any case, the PBM's and the drugstores will continue to quarrel over which method is less expensive.
In my own opinion, it seems that Walgreen's should not have the right or ability to blacklist customers because of the decisions that are made by their healthcare providers. In many cases people are in dire need of receiving their medication and may not have time to ride around to different pharmacies just to get a prescription fulfilled. It is apparent to me that all Walgreen's is concerned with is its bottom line and they are willing to sacrifice the health of customers just to prove a point to PBM's. The fact of the matter is that consumers have a right to purchase prescriptions in any way that they see fit. Some people prefer going to a traditional pharmacists, while other prefer for the prescriptions to be brought to their homes. Walgreen's has to be careful not to ignore the needs and desires of consumers in the quest for greater profits.
Lambert, Emily. 2004. "In The Pill Box." Forbes Magazine
OTC
Communication & Price
Communication
The target market will be composed of major retailers like Walmart, Target, CVS, Walgreens, as well as, regional and national grocery chain pharmacies. Each of these retailers already contains a product mix for these products that is diverse and cost competitive. Thus the company will have to work to differentiate itself in every way possible. One strategy for differentiation could be the product packaging and the container.
The products should be packaged in a way that separates them from the rest of the crowd. One idea would be to offer a more portable bottle that would fit into someone's pants or purse much easier. Usually products in this niche are packaged in a child proof bottle or in an individually wrapped sheet in which you have to peel back some kind of plastic to be able to access a single dosage. There are many versions of the OTC products…...
Ethical Business Behavior at CVS
CVS is a pharmaceutical health care company that engages in the provision of mail order pharmacy, specialty pharmacy, retail pharmacy and retail clinic care. The company has a wide range of network outlets and a customer base that requires strict adherence to the industry's laws and regulations. The company has a set of guidelines to facilitate ethical business practice in operation across all its branches.
The corporation has in place a program on compliance and integrity owing to the vastness of its operations. The integrity and compliance program seek to ensure that the company's operations are responsive to the dynamics of the environment. The integrity and compliance program provide a code of conduct, procedures, policies and training regarding ethical behaviors. The company requires all its employees and branches to cooperate with investigations relating to compliance and regulations. The integrity and compliance program also provide incentives and disciplinary…...
McKesson Corporation (Mckesson) is an American pharmaceutical distributor with operations mainly in the U.S. The firm has been in operation since 1833, and boasts extensive market share, robust financial strength, and strong market power. The firm has built strong relationships with its key stakeholders, which adds to its strengths. Nonetheless, limited diversification and market focus as well as the threats of competition, unfavourable regulatory changes, and counterfeits present significant concerns for the company. To enhance its competitive advantage in the rigorously competitive pharmaceutical landscape, it is imperative for the firm to take advantage of consolidation, strategic partnerships, increased healthcare expenditure, and emerging markets.
Introduction
McKesson Corporation (Mckesson) is an American health care company involved in the distribution of pharmaceutical productions as well as provision of health information technologies and care management tools majorly in the U.S. With a history that stretches back to close to two centuries, the organisation has grown to…...
mlaReferences
Amabile, T., & Kramer, S. (2011, October 10). Valuing your most valuable assets. Harvard Business Review. Retrieved from: https://hbr.org/2011/10/valuing-your-most-valuable
Benn, S., Abratt, R., & O'Leary, B. (2016). Defining and identifying stakeholders: views from management and stakeholders. South African Journal of Business Management, 47(2), 1-11.
Buente, M., Danner, S., Weissbacker, S., & Ramme, C. (2013). Pharma emerging markets 2.0: how emerging markets are driving the transformation of the pharmaceutical industry. Retrieved from: 2.0.pdfhttp://www.strategyand.pwc.com/media/file/Strategyand_Pharma-Emerging-Markets -
Chae, B., Olson, D., & Sheu, C. (2014). The impact of supply chain analytics on operational performance: a resource-based view. International Journal of Production Research, 52(16), 4695-4710.
Since 2010 the organization has demonstrated a decline in revenue of 11.08%. However, one would expect some decline as a result of the divestments took place in 2011.
The gross profit for the year ending 2012 was $8,019, which equates to a gross profit margin of 22.21%. However, the operating profit demonstrated a loss of $519, hindered by high ongoing Goodwin and intangible asset charges. However, was a lower operating loss compared to the operating loss in 2011 when it was $976.
The income statement shows the net earnings. In financial ***** earnings may be presented either before or after tax. As Supervalu are struggling and benefited from a negative tax payment in 2011, this report will use the definition of net earnings being earnings after tax. Calculated after provisions for income tax, showed a loss of $1,040, equating to -2.88%. However, it is notable that this is an improvement on…...
Target vs. Walmart Financial Analysis
Synopsis of the Companies
Wal-Mart Store Inc. became originally established in the year 1945 and is in the present day undertaking its operations in retail stores in over twenty-seven countries. The company is split into three key segments. These are Walmart International, Walmart United States and Sam's Club. The business undertaken by Walmart as a company encompasses restaurants, superstores, retail stores and also warehouse clubs. The company also undertakes e-commerce through its website Walmart.com. In terms of retail products, the merchandises being sold in Walmart's retail stores include baby products, healthcare products, household goods, electronics, books, automotive products, clothing, furnishings and decor, alcohol, grocery, paper products and so much more. The leadership and control of the company is held by the Walton family, which owns about forty-eight percent of the shares of the company. Walmart was established by Sam Walton and therefore shows why the family owns…...
mlaReferences
Bloomberg News. (2014). Wal-Mart Report Found Profit Boosted by China Maneuvers, Bloomberg. Retrieved from: http://www.bloomberg.com/news/articles/2014-12-10/wal-mart-report-found-profit-boosted-by-china-maneuvers
Financial News Release. (2015). Target Announces Settlement Agreement with MasterCard; Estimated Costs Already Reflected in Previously Reported Results. Retrieved 14 June 2016 from: http://phx.corporate-ir.net/phoenix.zhtml?c=65828&p=irol-newsArticle&ID=2035520
Maddox, M. (2015). Should Walmart Be Your Next Bank? WOTW. Retrieved from: http://www.wowt.com/factfinders/headlines/Should-Walmart-Be-Your-Next-Bank-290835881.html
Mitchell, D. (2015). Why Wal-Mart and Texas Are Headed for an Epic Showdown, TIME. Retrieved from: http://time.com/3709606/walmart-texas-lawsuit-liquor/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+time%2Fthecheapskateblog+%28TIME%3A+Moneyland%29
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