CVS Pharmacy is one of the top companies in the healthcare
sector and has nationwide chains in the country. They have over 7,100 stores spread
over most major and minor states in the country. They are considered one of the
top 5 pharmacies in the world based off of only revenue from prescriptions. CVS
retails medication, toiletries and routine products that can be consumed
everyday like food, sundries, beauty products etc. They also have a good online
presence whereby customers can shop online and get products shipped to their
doorsteps. They also provide medical services in the stores such as eye checkups,
flu shots, etc.
As the name rightly states, CVS stands for Consumer Value
Store. CVS recognizes the importance of establishing a culture that will have
an affect on its people and how that will have an impact on its performance. CVS
realizes that sharing a common vision would assist each individual in
understanding what the company stands for, commit to the same vision, and then put
down strategies that would work towards the same vision (for short term goals)
and towards the same mission (for long term goals). CVS’s vision is simple “to
strive to improve the quality of human life”. Taking a look at two of the
organization’s functional goals in the Technology and Human Resource business
areas, it is easy to see how CVS is an industry leader.
It was founded on Merrimack Street in Lowell, Massachusetts in 1963; by the
Goldstein brothers and Mark Stephen is as well as Ralph Hoagland. The company,
the brand name reached where it is right now was back in the early 1960s when
they had about 5 stores and within 5 years they reached up to 17. They have
been growing ever since. The main reason they reached where they are right now
is because of their ‘why’. Why they existed, and how genuinely they cared about
their mission and vision.
CVS is also one of the most active companies on mass media in
the healthcare industry. Most of the companies in the healthcare industry have
not been actively taking part in advertising be it on social media or the most
famous aspects of traditional marketing.
With over 250,000 employees and over $173.53 Billion in sales, CVS has rightly
placed itself in the 66th position on the Forbes 2000 list.