...Homework Chapter 12 Open-Ended Questions 1. Describe how MinuteClinic puts the following promotion strategies to work for them: stressing tangible cues, using personal information sources, creating a strong organizational image, and engaging in post-purchase communication. What else could they try? MinuteClinic has managed to implement a variety of promotional strategies along time. Within the tangible cues we can find the physical evidence of the service such as the team of experts who are the nurse practitioners and physician assistants. Also they created a children’s area during the flu crisis of Minnesota and implemented to their facilities televisions, coloring books, and videos. The personal information source in this case can be seen in the individualized attention the team of experts is providing to patients. Minuteclinic has successfully created a strong organizational image by performing the best quality service as they differentiate for working long hours, and providing a quick service. Finally, by engaging in a post purchase communication MinuteClinic is able to keep track of their patients through their electronic records. They could try to build long term relationships with their customers by following up with them and keeping in touch through calls and e-mails. 2. Are MinuteClinic’s services customized or standardized for patients? Do they incorporate any elements of mass customization? -MinuteClinic is a health care center which is in charge of solving...
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...THE TUCK SCHOOL AT DARTMOUTH MinuteClinic Bringing Change to Healthcare Delivery Peter Albro, Bill Aull, Ryan Fitzgerald, John Goldsmith, Tom Harris, Jon Mohraz 11/14/2008 Introduction In 1999, consumers of the US healthcare industry had a myriad of frustrations to choose from when seeking medical assistance: lack of convenience, no focus on customer service, limitations from insurance providers, billing inefficiency and confusion, and very opaque pricing. One grumbler, Steve Pontius, had an epiphany during an all too common experience when seeking medical coverage for his kids. After waiting for three hours at an urgent care clinic for what he thought was an ear infection, the physician diagnosed in three minutes what Pontius had predicted. Additionally, only after the visit to the doctor had he figured out that his insurance company did not cover treatment at this particular clinic, so Pontius would have to pay hundreds of dollars out of his own pocket to pay for the visit with the doctor.1 Sensing a business opportunity, Pontius, along with Rick Krieger and Douglas Smith, partnered to start MinuteClinic, the retail medical treatment clinic that is widely regarded as the beginning of the convenient care clinic (CCC) movement. Also known as retail based clinics, these facilities are small medical operations located within a larger retail operation such as Target or CVS. They offer a limited scope of medical services and are primarily characterized by...
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...personal information sources. A personal information source is someone consumers are familiar with or someone they admire or can relate to personally. Minute Clinic is an innovator in the “retailization of healthcare”. The company is expanding very quickly as there’s a need for cheaper and more accessible healthcare. In addition more than 80% of the patients are satisfied with the convenience of the retail clinic, and with the quality and the cost of services. - The third promotion strategy is the creation of a strong organizational image. One way to implement it is to manage the evidence, including the physical environment of the service facility, the appearance of the service employees, and the tangible items associated with a service. MinuteClinic is staffed by nurse practitioners and physician assistants who specialize in family healthcare. It offers cheap and accessible healthcare. It provides basic medical services for common ailments, offers vaccines, physicals and electronic records. - The last promotion strategy is the engagement in post purchase communication. It refers to the follow-up activities that a service might engage in after a customer...
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...Pharmacy Service Improvement at CVS Business Seminar Case Study Bethany Odom, Katie Tewell, Kelly Snider, Brad Lowe Table of Contents Introduction…………………………………………………….3 Day-to-Day Operations Diagram……………………………….4 Drop Off………………………………………………………..5 Data Entry………………………………………………………7 Production………………………………………………………10 Quality Assurance………………………………………………12 Pick-Up…………………………………………………………12 Pharmacy Additions……………………………………………14 Our Future………………………………………………………15 Works Cited…………………………………………………….16 2 Introduction The current system in a CVS pharmacy allows customers to quickly drop off their prescriptions whenever convenient for them, the pharmacists and technicians to fill the scripts near the time the customer would like to pick them up, and customers to return to the store to pick up their medications at the specified time. However, this system creates long lines and angry customers during busy pick-up times, such as around the evening meal, when the typical work day concludes. We would like to implement a system that focuses on the day’s procedures and alters the drop-off, data entry, and production steps, therefore ideally reducing the number of problems that occur and must be resolved during the pick-up stage. With some additional changes made to the pick-up procedure, we feel CVS will be able to better their customer service and increase customer satisfaction while keeping the safety of its shoppers the company’s number one priority. The following page presents a data...
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...Pharmacy Service Improvement at CVS Business Seminar Case Study Bethany Odom, Katie Tewell, Kelly Snider, Brad Lowe Table of Contents Introduction…………………………………………………….3 Day-to-Day Operations Diagram……………………………….4 Drop Off………………………………………………………..5 Data Entry………………………………………………………7 Production………………………………………………………10 Quality Assurance………………………………………………12 Pick-Up…………………………………………………………12 Pharmacy Additions……………………………………………14 Our Future………………………………………………………15 Works Cited…………………………………………………….16 2 Introduction The current system in a CVS pharmacy allows customers to quickly drop off their prescriptions whenever convenient for them, the pharmacists and technicians to fill the scripts near the time the customer would like to pick them up, and customers to return to the store to pick up their medications at the specified time. However, this system creates long lines and angry customers during busy pick-up times, such as around the evening meal, when the typical work day concludes. We would like to implement a system that focuses on the day’s procedures and alters the drop-off, data entry, and production steps, therefore ideally reducing the number of problems that occur and must be resolved during the pick-up stage. With some additional changes made to the pick-up procedure, we feel CVS will be able to better their customer service and increase customer satisfaction while keeping the safety of its shoppers the company’s number one priority. The following page presents a data...
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...being added to CVS’s in Warwick and Cumberland, Rhode Island (RI). After buying several small chain drug stores in the early 1970’s around the surrounding areas/states, CVS created small chain stores in shopping malls. In 1981, CVS broke ground on the Store Support Center in Woonsocket, RI. In 1988 CVS celebrated their 25th anniversary with a total of 750 stores. The 1990’s brought more stores in the new mid Atlantic, and Caremark set up in California. By the late 1990’s, CVS had stretched to 24 states totaling 4, 100 stores. 2001 was the year that CVS launched their ExtraCare Card Program, being the first national pharmacy retailer to launch a loyalty program. In 2005, CVS partnered up with MinuteClinic, and opened up three in their CVS/Pharmacy stores. The next year in 2006, MinuteClinic became the first retail clinic to be accredited by the Joint Commission. In 2008, CVS officially branched to California and Hawaii, by buying Long’s drugstores. In 2014, CVS announced they were deciding to stop the sale of tobacco, which was announced officially on September 3, 2014. With the end of tobacco sales, CVS’s mission statement makes more sense. CVS states they are a pharmacy innovation company and every day we're working to make health care better. Every company has strengths, weakness, opportunities, and threats, but there were so many to choose from when it came to CVS. This company has been around for a long time, so here are a few of each one. A strength that CVS has is a strong...
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...MinuteClinic is a classic disruptive innovator – much more affordable than the status quo, convenient and easy-to-use. While the services offered may represent a small portion of the health care spend, the experience in total represents an opportunity to disrupt consumers’ expectations about how and where health-care services can be delivered. As clinics proliferate and their use increases, PCPs may see reduced demand to treat minor conditions. Losing shorter, simpler visits could have a financial impact on PCPs’ practices. What makes this innovation "disruptive" is that the Minute Clinic business model uses a nurse practitioner in a walk-in office located in convenient, high-traffic stores to diagnose and treat a limited number of routine conditions that make up the bulk of primary care visits, such as ear infections and strep throats. The nurse practitioner can prescribe generic drugs that can be obtained at that same store. The innovation is disrupting where and when consumers seek health care. As a result, many more people may be able to obtain care because it is more affordable and more convenient than the alternative. The competition sought innovative, "disruptive" solutions to health care challenges such as: * Improving access to care * Lowering costs * Promoting greater efficiency * Delivering higher-quality services in ways that empower consumers. Because MinuteClinics are less expensive for many uninsured people than a visit to a doctor’s office...
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...According to CVS.com, CVS is the 2nd largest pharmacy chain in the United States. “The CVS store provides all pharmacy services, popular beauty products, photo labs, and a wide selection of general merchandise. CVS pharmacists dispense medication, give vaccinations, and offer advice on prescription and non-prescription drugs and supplements. You can update your prescription, shop national sales ads, sign up for their ExtraCare card and receive coupons and rewards all from their website. CVS offers CVS Store Brands exclusively which are high quality alternatives to national brands with a 100% satisfaction guarantee”. The CVS pharmacy store locator will allow you to find the CVS closest to you so that you can receive your prescription with the...
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...Retail Clinic CVC Pharmacy now has a Minute Clinic at many of its locations where patients can be seen for minor illnesses, minor injuries, screenings/ monitoring, skin conditions, vaccinations/injections, and wellness and physicals. CVS targets patients of all ages and races, who are looking to be seen quickly and want the connivance of being seen in their neighborhood pharmacy on a walk-in basis. The CVS Minute Clinic also has office hours 7 days a week, and are open during the evening hours. This is appeling to those who cannot miss work or school. They use television commercials, advertisements in magazines and newspapers, social media to include Facebook, Twitter, and YouTube. They also offer an app for those will smartphones. When using the www.google.com search engine to look up retail clinic, CVC Minute Clinic is the first website on the list. The CVS Minute Clinic has been successful, since they started out in 2000 as QuickMedx in the Minneapolis-St. Paul area, they have grown to over 800 clinics nationwide, and will open 150 new clinics over the next year. Walk-In Clinic Impact Urgent Care is serving the city of San Antonio from two locations, one in the far north central and then one in far northeast. They are open daily from 8 am to 8 pm, offering walk-in treatment for non-life threating injuries and illnesses. They also have a concussion clinic, where they will screen athletes can obtain a baseline screening. The clinic also offers occupational medical...
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...Chapter 1 Case Study: Harmonix Embrace Your Inner Rock Star Little more than three years ago, you had probably never heard of Harmonix. In 2005, the video game design studio released Guitar Hero, which subsequently became the fastest video game in history to top $1 billion in North American sales. The game concept focuses around a plastic guitar-shaped controller. Players press colored buttons along the guitar neck to match a series of dots that scroll down the TV in time with music from a famous rock tune, such as the Ramones’ “I Wanna Be Sedated” and Deep Purple’s “Smoke on the Water.” Players score points based on their accuracy. In November 2007, Harmonix released Rock Band, adding drums, vocals, and bass guitar options to the game. Rock Band has sold over 3.5 million units with a $169 price tag (most video games retail at $50 to $60). In 2006, Harmonix’s founders sold the company to Viacom for $175 million, maintaining their operational autonomy while providing them greater budgets for product development and licensing music for their games. Harmonix’s success, however, did not come overnight. The company was originally founded by Alex Rigopulos and Eran Egozy in 1995, focused around some demo software they had created in grad school and a company vision of providing a way for people without much musical training or talent to experience the joy of playing and creating music. The founders believed that if people had the opportunity to create their own music, they would jump...
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...Chapter 1 Case Study: Harmonix Embrace Your Inner Rock Star Little more than three years ago, you had probably never heard of Harmonix. In 2005, the video game design studio released Guitar Hero, which subsequently became the fastest video game in history to top $1 billion in North American sales. The game concept focuses around a plastic guitar-shaped controller. Players press colored buttons along the guitar neck to match a series of dots that scroll down the TV in time with music from a famous rock tune, such as the Ramones’ “I Wanna Be Sedated” and Deep Purple’s “Smoke on the Water.” Players score points based on their accuracy. In November 2007, Harmonix released Rock Band, adding drums, vocals, and bass guitar options to the game. Rock Band has sold over 3.5 million units with a $169 price tag (most video games retail at $50 to $60). In 2006, Harmonix’s founders sold the company to Viacom for $175 million, maintaining their operational autonomy while providing them greater budgets for product development and licensing music for their games. Harmonix’s success, however, did not come overnight. The company was originally founded by Alex Rigopulos and Eran Egozy in 1995, focused around some demo software they had created in grad school and a company vision of providing a way for people without much musical training or talent to experience the joy of playing and creating music. The founders believed that if people had the opportunity to create their own music, they would jump...
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...In the 1980s they broke ground on the store support center in Woonsocket, RI, which still in 2015 is where their company headquarters belongs. By the end of the 1980s they had nearly 750 stores and had reached $1.6 billion in sales. In the 90s they had acquired more than 3200 stores from Arbor Drugstores, People’s Drug, and “the largest acquisition in the history of the U.S. retail pharmacy industry” from Pevco. They now claimed stores in the Midwest along with the east coast and were breaking ground in the south. In this time frame they also launched the program known as Pharmacare, a pharmacy benefit management company that provided a wide range of services for employers and insurers. In the early 2000s they opened their first MinuteClinic. They acquired 1260 stores from Eckerd as well as their $1 billion mail order and pharmacy benefits management businesses and distribution centers. They later acquired 700 stores between Sav-On and Osco, making CVS #1 in fast growing...
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...Name: CVS Health Corporation Description: CVS is the country’s number two drugstore chain and pharmacy benefits manager operating retail and specialty drugstores. In addition to its traditional retail locations, CVS also operates its Caremark Pharmacy Services and several stores inside Target locations. With the move away from traditional healthcare, CVS also supplies MinuteClinics in more than 900 retail stores.[1] CVS/Pharmacy, the name of the retail space where more than five million customers are served daily, offers pharmacy care from over 24,000 pharmacists as well as beauty, convenience, and healthcare products covering all areas.[2] Number of locations: 9,500+ (most current)[3] Target customer: The average age of CVS customer is 39. Based on CVS’s diverse beauty department, their target market largely consists of women. In fact, 80% of their customers are women.[4] Contact Person: Bettina Tonelli-Sippel, Category Manager, Healthcare Why: CVS has enjoyed considerable sales growth since 2010. In the last fiscal year, 2014, the company saw revenue rise by 10% to $139.4 billion, led by its Pharmacy Services and recent acquisitions. It’s retail sales grew by 3% as the company enters new markets, add locations in existing markets, and relocates existing stores to more convenient locations. In 2014, CVS Caremark formally changed its name to CVS Health, signaling a transition towards being more health-oriented. Paired with this change was the...
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...EMERGING BUSINESS MODELS FROM EMERGING ECONOMIES 8/11/2013 Dr. S.Balasubrahmanyam, IIM Kozhikode 1 Dr. S.Balasubrahmanyam Indian Institute of Management Kozhikode Strategic Management of Innovation (27th July, 2013) PROMISING BUSINESS MODELS AT BOP 8/11/2013 Profitable or at least self-sustaining without requiring continuous subsidy Scalable and thus able to reach and improve the lives of significant numbers of poor people Dr. S.Balasubrahmanyam, IIM Kozhikode 2 BUSINESS MODELS IN LOW-END MARKETS 8/11/2013 No-frills products Small-size products (e.g., micro-loans) Group products (joint liability group-JLG) Pre-assured demand (JLGs guarantee demand) Dr. S.Balasubrahmanyam, IIM Kozhikode Paraskilling 3 8/11/2013 Dr. S.Balasubrahmanyam, IIM Kozhikode CORE MODEL ELEMENTS PAY-PER-USE MODEL-1: 4 COMMUNITY WATER FILTRATION MODEL: PERCEPTIONS OF USERS & NON-USERS 8/11/2013 Dr. S.Balasubrahmanyam, IIM Kozhikode 5 TWO-THIRDS OF BYRRAJU PLANTS ARE PROFITABLE WITHOUT SIGNIFICANT MARKETING EFFORT 8/11/2013 Dr. S.Balasubrahmanyam, IIM Kozhikode 6 OTHER INDIAN EXAMPLES OF MODEL-1 8/11/2013 Water: Naandi Foundation Water Health International Poorvi Enterprises Piramal Foundation Dr. S.Balasubrahmanyam, IIM Kozhikode Energy: Biogas Bank S3IDF Lighting: ICT: Drishtee N-Logue Comat 7 NO FRILLS SERVICE MODEL-2: CORE MODEL ELEMENTS ...
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...UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2014 OR Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-01011 CVS HEALTH CORPORATION (Exact name of Registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) One CVS Drive, Woonsocket, Rhode Island (Address of principal executive offices) 05-0494040 (I.R.S. Employer Identification No.) 02895 (Zip Code) (401) 765-1500 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Exchange Act: Common Stock, par value $0.01 per share Title of each class New York Stock Exchange Name of each exchange on which registered Securities registered pursuant to Section 12(g) of the Exchange Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for...
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