Consumer Value Stores Health Corporation
When you’re sick and want to pick up over the counter medications, a card, perhaps develop pictures. CVS are one of several top places myself have shopped in for many reasons.
In Lowell, Massachusetts the first CVS; which stands for Consumer Value Stores, was founded by Stanley Goldstein, and Sidney Goldstein; both brothers who partnered with Ralph Hoagland.
Over 50 years, CVS has assisted many clients standing as a reliable headquarter for healthcare, beauty aids, and personal needs. Starting in Lowell, the fourth-largest city of Massachusetts now spreading nation-wide you can find a CVS in most common areas.
The expansion started with seventeen stores in 1964, with the new developed logo of a shield with the letters “C-V-S” inside of it, and below “Consumer Value Stores”. In the 1970s, a hundred stores were open and running successfully achieving one hundred million dollars in annual sales. With a successful jump a new CEO, Harvey Rosenthal is appointed. As years go by CVS would grow millions turning to billion dollar annual sales. One of the largest investments in the retail pharmacy industry of the Unites States history was of more than two thousand five hundred stores from the Revco company rooting locations of CVS in the Southeast, and Midwest. In 2002, goals were set to build locations in Dallas, Houston, Phoenix, and Las Vegas; high populated areas. CVS would become grew partnerships providing digital services, clinical services, and pharmacy services. Assisting people in pursuing a healthier lifestyle, with trendy beauty departments, and wide variety of general merchandise. They specialize in top quality care that’s efficient and affordable, serving veterans locally as well. I myself am a veteran, who served four years in the navy between 2012-2016. While your enlisted, healthcare is not one bit of concern. You have a headache, a stomach ache, or even break your leg you can simply walk in a clinic and receive medical care as needed with no financial concern.
Transitioning to a civilian, I faced reality with how expensive medical care really was. However, my best friend Martina had a raging headache, and a fever with body pains. She had no insurance, and hated emergencies, and she got the bright idea to go to a CVS clinic and be seen. And so we did, a MinuteClinic with the most pleasant staff catered to my best friend, and soon enough she was on her way. An affordable fee was owed, and medications were available and given right on the spot. Minute Clinic first partnered with CVS in 2004, having three clinics opened on site. Minute Clinic was first founded eighteen years ago originally named Quickmedx, Inc. It was the first in our country providing walk-in clinic services. Not only were they the first but they received very high satisfactory ratings on their services, and care provided.
Business for Minute Clinic quickly sky-rocketed becoming the first clinic of retail to be accredited by the Joint Commission. According to the article, “How CVS makes its own money” by Greg McFarlane, there is approximately 9,800 locations of CVS pharmacies in the united states. Going back to the day my friend was safe it was easy finding a local CVS with a MinuteClinic. That day my best friend was seen she was greeted by a very compassionate nurse practitioner, who listened and notated every detail of her symptoms. CVS partnered with MinuteClinic provided physician assistants as well who specialize in health care for all families, trained to diagnose and treat common illnesses such as a cold, throat, ear, and bladder infections just to name a few. You can also receive Hepatitis A & B, influenza, tetanus, pneumovax vaccines. No appointments are needed seven days a week to be seen at you local CVS/MinuteClinic. That day we experienced first hand the mission that CVS strives for. As quoted on the CVS business website, Innovation, Collaboration, Caring, Integrity, and Accountability are their core values. They strive to understand peoples needs to ensure improvement of quality life, and better health reinventing pharmacies. From my perspective, CVS thrives in marketing with its presence in almost every state. You can pick up a toothbrush, lip gloss, band aids, being one of the biggest health clinics, and dispenser of prescription drugs.
According to the article, “How CVS became nation’s biggest health-care company” by Hiroko Tabuchi in 2014, CVS brought in close to one hundred and forty billion in revenue, and ninety-seven percent of it came from pharmacy services, and prescriptions. CVS also did something remarkable standing against smoking becoming one of the first pharmacy to stop selling tobacco.
This dynamic move really branded themselves to fully be about health-care. An article I read titled, “CVS health marketing Mix 7Ps and Marketing Strategy” regarding its Marketing strategy suggests Products, Place, Price, Promotion, People, Physical Evidence, and Process results in great revenue. In products, CVS brigs most of their revenue with prescription drugs and services. Their locations or places of CVS are in most states abroad many cities and high-populated areas. The prices are amazing, and very affordable with deals, sales, and promotions to assist those in need. As I mentioned before their promotions giving seasons, sales, are remarkable with promos. The people, from the nurses to the customer service in CVS focuses on Maintaining trust, interacting with others, holding themselves accountable, and taking care of those they serve as quoted on the CVS business page. The physical evidence is very apparent in where CVS are located. The last P is Process, implying the nurses at MinuteClinic treat and diagnose minor illnesses giving vaccines, and treatments. Products sold at CVS health corporation divide into departments such as: Baby and Child, Beauty, Diet and Nutrition, Health and Medicine, Home Health Care, Household and Grocery, Personal Care, Sexual Health, and Vitamins. In the Baby & Child department people can find diapers, wipes, body wash, and medications for your baby. Beauty in its name is available with multiple brands of make-up, nail polishes, hair products as well. If you are considering a diet plan and would like help with a jump start. Cleansers, diet pills, and shakes are available. If dieting is not your interest, and you would like help boosting your nutrients, multiple vitamins are available in all shapes and forms. When you have a runny nose, or a horrible headache, cold and flu medications are there. Portable blood pressure machines for assistance in health care or monitoring. Are you hungry? Thirsty maybe?
You can even buy a carton of milk, or a can of coke. Some people in the country have very sensitive skin compared to the average person, and at CVS you can purchase special body washes, creams, and ointments. Sexual Health ties hand in hand in our wellbeing, and condoms, and different products are available to protect yourself from sexually transmitted diseases. Personally, I have shopped and purchased products from each department. With this assignment I felt somewhat pleased knowing that CVS Health Corporation was indeed a Stock in exchange with New York. I have a beautiful curly haired, caramel skin baby girl that brought purpose in my life. When it came to diapers, formula, or even a toy to brighten her face. I shopped at CVS for her care and needs. I have previously purchased products such as make-up, diet pills, cough medicine, trash bags, body wash, birth control, and Vitamins.
All in all, CVS health corporation has convenient locations with twenty-four hour services so you can purchase remedies, and also groceries. The delivery, selling, and advertisement of a business is the key to Marketing. CVS provides yearly sales, and services at discounted prices making them very affordable. In this economy with such a competitive industry. Regarding the article, “ CVS health chooses a different strategy in Walgreens store war” (7 Nov. 18) stating that most investors view Walgreens, and CVS to be almost the same. Both major health pharmacies on the New York Stock Exchange. To myself, a business student learning the in and outs of business. When I glanced at the stock ratings for both pharmacies the pattern was almost the same. However, their strategies as individual businesses are different. CVS health corporation purchases markets, where Walgreens focuses more on partnerships and gaining customers while building a team. In my opinion, while working on my research and reading briefly on the marketing strategies of Walgreens. CVS appears more independent to me. Starting from the bottom, and purchasing other markets, keeping themselves the “headliner” of the business. During the thanksgiving weekend, CVS worked on finalizing the purchase of New York Stock Exchange AET. AET which is short for AETNA, is a health care company which sells health insurance plans and services such as: dental pharmaceutical, and disability plans. This company has a net income of approximately one million and nine hundred thousand dollars, which makes it Americas fourth largest health insurance company in the country. With this deal in progess, not only will you got to CVS for everyday supplies, you can seek medical services, and insurance all together. A complete package all through CVS health corporation.
As for Walgreens, there is rumors of them renting or partnering possibly with Humana. Humana as well is a health insurance company here in a America. Despite its similarities, CVS health corporation is rated number one of health providing pharmacies. The beauty of business is its high level of competition between underdogs, and top dogs. In concluding this article, strategies in site from both CVS, and Walgreens are to partner with Walmart and Amazon, two other health care companies on the New York Stock Exchange. As of November 27, 2018, according to statistics CVS has a net income of (6,662,000), an operating expense of (10,047,000), and total revenue of (184,765,000). CVS being a thriving business they ensure that the workers of CVS hole qualities that reflect the mission. That mission statement is, “ To improve the lives of those we serve by making innovative and high quality health and pharmacy services, safe, affordable and easy to access”. Those who hold leadership positions have vast experience in health care. As stated on the official CVS business website, the executive officers are as followed: Larry J. Merlo (Executive Officer), Jonathan C. Roberts (Executive Vice President and Chief Operating Officer), Eva Boratto (Executive Vice President and Chief Financial Officer), Derica Rice (Executive Vice President), Karen S. Lynch (Executive Vice President of Aetna Business Unit), Kevin Hourican (Executive Vice President), Thomas M. Moriarty (Executive Vice President, Chief Policy and External Affairs Officer and General Counsel), Troyen Brennan M.D. (Executive Vice President and Chief Medical Officer), Lisa Bisaccia (Executive Vice President and Chief Human Resources Officer), Joshua M. Flum (Executive Vice President, Integration), and Alan M. Lotvin (Executive Vice President, Transformation). These members ensure that CVS continues to help people on a smooth path of better health, creating human relations to advance the health care experience with use of their core values to keep their strategy strong.
When I have walked into a CVS I am always greeted kindly, and asked if I need assistance. So when you see that white, and brick building with red words at the front, CVS/pharmacy know you have found your destination. You will walk into find a wide room loaded with supplies, and products. Isles separate with anything you can imagine, diapers, toothpaste, condoms, cough drops, whatever you might need. The pharmacy staff greet you with smiles, and are efficient in everything they do all in a timely manner. They will notify you of “CVS Extra Care” card that you can register there for free. With that card you are able to earn rewards with 2% back on every time you use your card. Discounts are also available when using the Extra Care card. There will also be coupons printed out at your check out that you can use in the future, or possibly give to a family member, colleague, or friend. CVS has been around for years and may very well be around for more to come. CVS also collects donations for St. Jude’s Children’s Research Hospital. A hospital that focuses in the treatments for cancer in children. With so many children losing their childhood experience laying in hospitals awaiting treatment, many dying as well. It shows the deep compassion CVS holds helping with a greater cause.
Around a CVS you will see donation barrels where anyone can leave a donation. While you are checking out the option to donate will be discussed with you, and seen on the keypad where you process your debit, or credit card. CVS also has a supplies for your furry baby at home. Not only can you get medications, vitamins, and house-hold products. You can also get dog and cat food. Supplies include but not to be limited to are both dog, and cat items such as: Accessories, treats, grooming supplies, supplements, and toys. Which actually contributes to the greater health of people as you can imagine. There are currently people suffering from PTSD, depression, medical conditions that recommend company at times. An assistant dog helps people that are blind as well. An assistant dog guides them properly, also notifying others if something is wrong. CVS is a location you can get your furry companion generally anything it may be in need for.
Going to CVS achieves many goals in your medical need or personal needs. From the supplies down to the policies in store brands CVS commits to carrying products without the use of animal testing. As stated on the CVS business website. “We do not test any store brand products on animals as part of our product development process or outsource this activity to any third parties. We work closely with our store brand supplier partners to ensure they are aware of and adhere to our company policy related to animal testing”. This as well grabbed my attention in CVS, and its purpose in our community. I have volunteered in animal shelters, and animal clinics with support in their wellbeing, and health. At ten years old, I started walking patients, and cleaning kennels. I now work at one of the largest specialty hospitals in Texas. Bluepearl Spring has been my employer for the last two years. However, I been having a calling for a business path as to why I’m studying Accounting now. I have never looked into the details behind a business, and its name. CVS has always been my go to store for different reasons. As of November 28, 2018, CVS actually completed the acquisition of the health insurance company, Aetna. Making CVS was of the top quality pharmacies in the United States of America. In some cases having an insurance company that ties in with specific health needs can be a burden to some people. On the flip side it will bring great efficiency to CVS using technologies and networks that will enhance management of chronic illness, or conditions. With such a big step CVS has plans on reduction costs, also assisting in avoiding unnecessary time consuming visits to emergency rooms with expansions to the Minute Clinic. CVS appears to have recognize the importance of all a patient, or customer needs and wants. Helping with the costs of health care, and improving outcomes. CVS is accessible on all mainstream social media accounts. Making information accessible through Twitter, Facebook, and Instagram. All accounts can be found by searching the name “CVS Pharmacy”. Not only is CVS main audience older clients, but they are younger as well. With social media accounts the “younger crowd” who are more glued to their phones and social media. Instead of a newspaper, or simple recommendation. The information of CVS is very accessible. Products are available on these sites with pictures, and brief descriptions.
Between Facebook, and Twitter whatever your preference may be, there’s more full details on the company and promotions. I personally like Twitters platform for CVS. Every major topic is more direct, and brief. CVS is so dynamic to me in how they operate coming from a small beginning. If you as a patient are nervous with even speaking to someone over the phone you can set up medical appointments on the internet through a App. CVS has multiple apps such as: CVS Pharmacy, CVS Health Meetings, CVS Health Events, CVS Specialty. The top are both the CVS Pharmacy App, and the CVS Specialty. The CVS Specialty app I really love because you can manage payments online, contact and communicate with the care team of CVS through messages. You can also proceed in ordering medications and tracking them all in the palm of your hand. So its so much more convenient for customers to handle matters. The CVS pharmacy app when opened you enter a virtual CVS, which you can shop and access shortcuts to weekly as, deals and rewards. What blew my mind which I never knew! You can access the photo center and upload pictures straight from your camera roll, and select what size, or special designs. Same day print outs are available for cards, pictures, and the making of calendars. For those who may be forgetful, you can enable notifications directly to you phone that will notify you with whatever your ringer may be. In conjunction with their clinics on the app you can easily search the prices before hand of examinations. Minute Clinic offers video visits allowing patients to video chat with medical care providers. They treat adults, and children over two years old in Arizona, California, DC, Delaware, Florida, Indiana, Kentucky, Louisiana, Maryland, and many more cities. You can generally get virtual help for seasonal allergies, ear aches, colds, minor injuries, sinus infections, sore throats, UTI’s or yeast infections and many more. You simply register for a account and request a visit. There is a visit fee of about sixty dollars you pay and you’ll be connected to a health care provider. The health care provider will then review your history that you provided and establish a condition to recommend the right treatment. If treatment is recommended by your medical care provider, a treatment plan will be sent you and prescriptions will be sent your local pharmacy. With video chats being so on-demand insurance currently is not accepted for that service. So I would use that option only if completely
necessary. Few of the promotions going right now on the app are free shipping on anything your order, and that’s all year. There is a twenty percent off discount now on all prints. If you have an extra care card you can gain two percent back on every purchase you make racking points that you can use towards another bill. Consumer Value Store Health Corporation have been around for many years paving the road for many pharmaceutical establishments. Giving back, and serving our community with top quality service, and care. My ancestors have shopped at CVS, I have shopped at CVS, and I know my daughter will as well. I have never experienced anything bad shopping at CVS, or while being cared for. Starting from three gentlemen in Lowell gives proof to any businessman, or businesswoman with time and commitment anything is possible.
Something’s minor could be the next major thing in years once you grow as a business, as well as contributing and having interest in the better good of people, or whatever it is you are trying to accomplish. From a few stores to now over nine thousand CVS stores are located all over the united states, proclaimed as the largest pharmacy chain. With other competitors CVS maintains its core values in assisting good health for Americans nationwide.
- CVS.com Official Website
- Diana Miller, Personal Communication, November 10, 2018
- McFarlane, Greg. “How CVS makes it money”. 8 August 2018
- Pratap, Abhijeet. “CVS Health Marketing Mix 7 P’s and Marketing Strategy”. 17 August 2017
- Tabuche, Hiroko. “How CVS became Nation’s biggest health-care company” 15 August 2015
- Yahoo Finance