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Transcript of CVS Health
"Helping People on their Path to Better Health"
Health is EVERYTHING
e-commerce and social media
CVS uses e-commerce and social media to increase customer loyalty
extracare program has more than 69 million members
everybody can earn extrabucks rewards by shopping at CVS
CVS has special app to purchase and refill prescriptions
Industry Structure Analysis:
Vision & Core Values
Nicolette Bruer A46051852
Morgan Stuck A44707650
Giorgi Tsintsadze A45614283
Jeremy Schlafstein A46724029
CVS's Brand Strategy
CVS is all about health and getting their customers the best health care for them.
They use a private brand strategy within their pharmacies.
They also have several SBUs that encompass the health spectrum.
CVS has a very large umbrella in the health industry.
They are also very recognizable by consumers.
They consistently provide customers with excellent quality.
Through their Health Grant Programs, they give back to communities.
Being completely tobacco free sets them apart from their competitors.
They recently changed their name to CVS Health which let's consumers know what they stand for.
To better spread the word of their tobacco free stance, CVS could partner with an anti-smoking campaign.
CVS's Benefits From Brand Equity
CVS is setting itself apart from competitors by being completely tobacco free.
They negotiate their competitive advantage by making co-pay high for consumers who aren't tobacco free.
This makes it beneficial for customers to quit smoking.
CVS has created an app for customers to order and refill prescriptions.
This puts them a step ahead of other competitors who haven't efficiently used new age technology.
CVS's Major Target Market Segments
People with Health issues
CVS not only offers flu shots, but all kinds of prescribed medications and other over-the-counter medications.
CVS advertised that they no longer sell tobacoo products to put an emphasis on the health of their customers. Adults who know of the negative effects of tobacco are shown in the ad.
CVS ads depict the convenience of specialty prescription and refills with elderly spokespeople on their advertisements.
CVS is good at figuring out what major markets need certain medical care. They make changes to different markets when needed.
CVS Compared To Its Competitors...
Walgreen's has the best quality at a low price, while CVS has about the same quality as Target but is cheaper. Walmart and Rite-Aid has the worst quality of products .
Satisfaction and Loyalty:
as a Company
Headquartered in Woonsocket, RI
Largest Pharmacy healthcare provider in the US
200,000 employees in 46 states + District of Columbia & Puerto Rico
Information Systems Development office in Northern Ireland
Retail drugstore chain in Brazil
Also recently puchased Navarro Discount Pharmacy
CVS creates customer satifaction and loaylty through performance based feedback, direct feedback and surveys. Through these CVS is able to make immediate adjustments, pinpoint weaknesses, set priorities and increase customer value through improvements and advancements. CVS Health also creates grant and reward programs.
CVS - 76
Walgreens - 76
Rite Aid - 74
WalMart - 71
Customer Satisfaction and Loyalty Idea & Plan:
Prescription refill times are one of the biggest complaints among customers. Lessening the times customers must wait for their prescription is a great way to fix this issue.
Providing better customer service by re-evaluating all employees to make sure they are competent and up to speed on old and new medications. If the wait time goes over a certain limit, the customer should recieve some sort of compensation for the inconvenience. Other ways include; keeping more drugs in stock, hiring more staff with more rigorous training.
"We strive to improve the lives of those we serve by providing innovative, easily accessible & high-quality health, wellness and pharmacy services"
CVS aims to reinvent pharmacy to have an active role in each customer's ultimate health experience
Low Cost as a Strategy
"CVS Health is committed to increasing access,
and improving the quality of care"
CVS ExtraCare Rewards Program
CVS has the largest & most successful retail savings and rewards program that tracks consumer loyalty and spending
My Weekly Ad
Customized sales and discounted offers mailed to customers and tailored according to their purchase history and preferences
CVS largely targets...
People with Health Issues
CVS targets several well-defined markets with different/varying appraoches for each market segment. Visible in their commercials, social media and online campaigns, CVS caters to specific age groups and family life-cycles in order to appeal to a specific group of customers.
Integrated Marketing Communication Objectives:
Building relationships and loyalty
CVS does this through their description as a product innovation company, their promise to keep low costs, their loyalty programs and they provide information through their ads, website and knowledgeable sales people.
Integrated Marketing Communication Campaign:
They achieve this through their focus on project health, quit smoking ads, CVS integrated a flu shot made simple campaign where they administered over 112 million flu shots in its retail locations and they also came out with a segment of We Wish commercials.
Degree - 5
Missionary sales tactics are used. Missionary sales is used to recommend the product to influence the consumer. CVS has people in store to provide information and assist consumers with purchase decisions.
Inside Sales Support
Additional examples include: over-the-counter selling and relationship selling.
Roles and Responsibilities of Salespeople:
Degree - 7
Depending on the different products, the differentiation and competition also differ. In the medical industry there is little differentiation. Price competition will occur more to attract customers to a certain medicine.
CVS uses a value-based cost pricing strategy, shown through how they focus on the value and uniqueness of their products.
However, CVS also uses a cost-based strategy by focusing on keeping low costs for many of its high-competition household and likewise products.
CVS strives to reach each of these value propositions. However, they mostly use operational excellence by maintaining low costs while achieving high quality.
compete against other retail stores
Big malls which are in retail business
Pfizer, Proctor and Gamble, Johnson&Johnson
Intermediaries & Buyers:
Walmart, Walgreens, Rite Aid
1.How do you deal with unsetisfied customers?
We do our best to fix the problem as soon as possible and apologize for the inconvenience.
2.What was the major driving force to finally go tobacco free?
To keep up with the changing of health information and because competitors made the switch.
3.How do you build relationships with customers?
We have conversations with customers and we try to put a smile on each persons face.