C.V. has succeeded into the second biggest pharmacy in the country with over 6,000 stores all over. About 75% of the country’s population live within about three miles of a C.V.. (stories. Com) C.V. knows where to put locations that will maximize profits and give them a good customer base. C.V. knows their customers and how to differentiate itself from other companies. C.V. has customers from teenagers to elderly customers. The average age is 39 years old and most customers are females. C.V. has marketed their stores to target these women, since most women are constantly multi- tasking.
C.V. has redesigned their stores to make the wait times for prescriptions shorter, wider aisles, and more beauty products. (stories. Com) They put stores where all target groups of customers would be attracted. They offer products that any social class would want. C.V. offer many products that will appeal to all customers. They use production and product concepts to attract their customers. They have branded and generic pharmaceuticals throughout the store and in the pharmacy. C.V. offers the customer generic prescriptions and over the counter drugs that the customer can afford.
C.V. offers their products at low prices and has many private labels. The private labels allow customers to afford the products and C.V. makes a profit since it is their brand. This helps lower classes of people if they cannot afford the brand name product, while still helping the company. C.V. not only has lower prices, but they have different kinds of products. They have any shoppers’ convenience product like milk or eggs, but still has shopping products like many different types of shampoo. C.V. is a major company that tries to build and maintain customer relationships.
They value customer service and what the customer thinks. They send out surveys to customers so they know how they are doing. This helps C.V. keep up with their customer service and customer satisfaction. This helps C.V. gain customer loyalty. C.V. has a Extract Card that helps customers save money and get coupons. C.V. offers 2% back on a customer’s purchase every quarter when they use their Extract card. This allows customer loyalty and retention as well. The major reason C.V. has become so popular is because they understand the marketplace and how it works.
They know how to do market research to advance their profits and come up with marketing and research plan. C.V. gains insight on demographics reports, trade area maps, spatial interaction models, supply-demand analysis, sales forecasting studies, and regression models. (synergies-tech. Com) C.V. uses a program called Postage that allow them to get this data. They are able to use this program for merchandising by allowing them to make decisions on stocking different products in different stores. If a store is in a tourist area like Hershey, PA, they know to stop Hershey souvenirs and merchandise.
They use Postage to examine the customer mix in the area and figure out how to price their products. Most importantly, they use this data to advertise. They can determine the in-store signage and what kind of promotional offers to make for targeted customer groups. C.V. has used numerous marketing strategies to continue their growth as a leading pharmacy. One of the most recent marketing strategies was the announcement to quit carrying cigarettes by the end of September of this year. While C.V. will take a $2 billion dollar loss in sales by this, they are setting an example for all pharmacies.
C.V. cares more about their customers’ health than their sales and profit. This is a strategic move that fines the direction of the business and sends a strong signal from leaders about they intend toe company to be at C.V.. (Washington’s. Com) Another marketing strategy C.V. has used was partnering with Carmaker in 2006. This allowed C.V. to become more elastic by allowing Carmaker to push their customers to C.V. while giving them low priced prescriptions. C.V. has also partnered with Medicaid and Medicare to help low income individuals get prescriptions. All elderly individuals would automatically be enrolled into this program.
C.V. has a strong competitive advantage over their competitors like Rite-Aid and Walgreen. Many other pharmacies are Just independent and do not offer additional services. CSV’s partnership with Carmaker allowed C.V. to offer these additional services like mail in prescriptions and allowing customers to obtain 90 day supplies of their prescriptions. The number one provider of prescriptions in the nation and their commitment to their customers allows C.V. to advance their technology. C.V. needed the technology that helps the company advance and better serve their customers.
They needed integration that helped in the areas of loss prevention, store operations, the harmony operations, marketing, merchandising, and sales. (consecration. Com) C.V. uses Viper that allows them to monitor transactions, increase sales, and decrease shrink. C.V. researches, plans, and markets their company very well. They target most ages with their beauty selection to their health selection. They do what they can to expand their name and company around the country. They look at all areas before marketing their company. C.V. definitely makes marketing a priority. Customer service and their health is their top priority as it should be.