New stores will need to be acquired or built as well. C.V. will entice new customers tit its loyalty program, increasing generic drugs and store items as well as add organic foods. Pros: We can already have an loyalty card program will be very attractive to customers of competitors who do not have the program. The current users of the loyalty program can also be individually targeted based on their spending habits. Cons: Signification increase in the marketing budget and personnel will be needed.
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Advertisement will need to be done to include detail on the discounts and saving which will increase the cost of marketing. More stores increase overhead and it will increased fixed costs. More nurse practitioners and pharmacist will need to be hired and technician will need to be trained which will increase expenses. Organic producers/wholesalers will need to found to supply all stores with produce. Keeping up with technology changes will at least require dedicated personnel.
SST Strategies Pros and Cons: Keep up with and improve web and mobile applications SST Strategies use C.V.’ strengths to avoid their weaknesses. These strategies include finding and retaining more quality pharmacists, increasing the number of stores that eave a drive-thru or operate 24 hours a day, as well as making C.V.’ mobile application and online web site an invaluable asset to customers. Pros: It is relatively inexpensive to improve web and mobile applications as they can be outsourced.
CSV’s Maintenance Choice Plan already helps clients/customers reduce costs when dealing with long-term medication need and improve health outcomes, such as a longer life. Cons: Significant allocation of resources will be needed for all these strategies. Modifying existing stores to encompass a drive-thru drop off lane and hiring personnel so that he 24 hours will be expensive. Pharmacist will be in demand, which may result in the need to pay higher wages to attract them.
Differentiating by changing the store layout or having more items such as a beauty line or organic foods requires an investment. WOO Strategies Pro and Cons WET Strategies involved taking advantage of C.V.’ opportunities to overcome weaknesses. C.V. will need to increase customer demand of organic foods and combat high turnover rates of employees. Pros: Eating healthy is already desired by customers and is supported by the government. C.V. can use this as a way to promote their organic foods.
Employee retentions can also be increased with low cost strategies such as recognition. Cons: Benefits and increased wages may be needed to reduce employee turnover which requires more expenses. WET Strategies Pro and Cons Utilize IBM to differentiate from Walgreen and other competitors WET Strategies attempt to minimize C.V.’ weakness and avoid their threats. C.V. need to differentiate its IBM from competitors’ Pumps. Pros: C.V. IBM is already the largest of any retail store IBM and they are always adding new clients.
Cons: Making C.V.’ IBM different will add costs towards that service will may limit how many businesses/organization adopt them, because price is a main factor that is look at by HER departments (“Large Pumps Transform,” 2009). Strategy Implementation Now that our strategies have been analyzed and are in place we need to focus our attention on the implementation process to insure our strategic objectives are met. We focused on a few strategies. In those strategies, we discussed five items: Action Planning, Organizational Structure, Human Resources, budgets, and lastly Monitoring ND Control.
Differentiate from large discount stores Action Plan C.V. must have its own niche in the marketplace that allows it to offer something that regular department stores like Walter and Target don’t offer. The pharmacy aspect of C.V. is the best way for the company to stand apart from department stores, even their pharmacy focuses on quality, and is superior to getting drugs to their customers compared to department store. Customers must see that C.V. specializes in pharmaceuticals and that they will have a higher quality of care and accuracy than large discount stores.