The elevator pitch was a success! Senior management believes they made the right choice in giving you the title of CIO and putting you in charge of seizing new opportunities in th
Overview
The elevator pitch was a success! Senior management believes they made the right choice in giving you the title of CIO and putting you in charge of seizing new opportunities in the marketplace.
Scenario
While the pitch conveyed your good idea, it was just that: an idea. You now have to test the feasibility of your idea. However, before you create a complete business model canvas (BMC), you want to quickly identify key elements needed to take your product or service idea to market.
In doing so, you will assume that all components of the BMC are at the fingertips of your project team. For example, you will have to work with the marketing and sales departments, and perhaps outside vendors and suppliers, to promote, advertise, and sell the product or service.
The Business Model Canvas Template you complete in this assignment will serve as the groundwork for the more detailed PowerPoint slide deck you will create in Milestone Two. As with any well-executed project, a former project manager experienced in such product-to-market initiatives has agreed to assess your complete BMC slide deck, which you will submit in Module Five.
Prompt
For this assignment, consider the company you have selected and the work you have completed so far to further your business idea. Then, complete the Business Model Canvas Template linked in the Guidelines for Submission section with your assumptions about the key activities for your business idea, product, or service. Specifically, you must address the following rubric criteria:
- Value proposition: Complete the Value Proposition building block by describing the value of your business idea, such as the customer need you are satisfying or the problem you are solving.
- Front-stage considerations: Outline the segments related to your potential customers, which include the Customer Segments, Channels, and Customer Relationship building blocks.
- Back-stage considerations: Make initial assumptions about how your business will work. This includes completing the Key Activities, Key Resources, and Key Partnership building blocks.
- Financial considerations: Make reasonable assumptions about the segments that will inform your profit projections. These include the Cost Structure and Revenue Stream building blocks.
Guidelines for Submission
Complete and submit the Business Model Canvas Template PPT. Any sources cited should use APA formatting.
I have attached all assignments to this point for reference and attached the PPT template for this assignment.
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1-2 Blog: Project Analysis
Cole Staats
Southern New Hampshire University
BUS-400 Driving Business Opportunities
Alan Marley
May 7, 2023
1-2 Blog: Project Analysis
CVS Health Corporation is a healthcare company headquartered in Woonsocket, Rhode Island, United States. It is the leading pharmacy service provider in the country, with over 9,900 stores across different states. The company provides various products and services, including healthcare and wellness, personal care products, beauty products, and, most importantly, pharmacy services. But still, CVS faces tough competition from other companies (refer to Figure 1.0). To fight this competition, CVS Health should improve its pharmacy services to create a better customer experience.
Value Proposition
CVS specializes in healthcare services. It operates through retail segments, pharmacy services, and healthcare benefits. The organization delivers innovative solutions that meet customers’ unique needs and preferences and earn their loyalty (CVS Health, n.d.). This has created a strong differentiation between CVS Health and its competitors, including Cigna, MedImpact, UnitedHealth Group, and Rite Aid.
Profitability
CVS is profitable, though the company experienced a drastic decline in annual profit in 2022. According to reports, CVS generated over 322 billion U.S. dollars in revenue for the financial year ending December 31, 2022, a 10 percent increase from 2021 (Minemyer, 2023). Revenue also grew in the pharmacy services segment. CVS Pharmacy generated over 43 billion U.S. dollars in revenue in the fourth quarter of 2022, an 11 percent increase from the fourth quarter of 2021. However, profit declined from 7.9 billion U.S. dollars in 2021 to around 4 billion U.S. dollars in 2022.
SWOT analysis Strengths
The company’s main strengths are reliable suppliers, a reputable brand name, acquisitions, and strong distribution networks (refer to Figure 1.0). CVS Health is well-known for having a reliable and strong supplier network in the country. By having reliable suppliers, the company avoids shortages of raw materials and ensures superior quality. Besides, CVS Health has a strong brand name. Customers can easily memorize the brand while shopping for healthcare and pharmaceutical products. Additionally, CVS has been actively acquiring other companies over the years, strengthening its competitiveness and enriching its portfolio. Lastly, CVS Health has a strong distribution network. This ensures its products and services reach the target customers. CVS can leverage these strengths to improve its pharmacy services.
Product or Service Singularity
The company will use digital tools to improve its pharmacy services. This will help improve customer experience (both online and in-store), giving customers more choices and enhancing convenience while ensuring more time for meaningful pharmacist-patient interactions.
New Product or Service Projections
CVS Health will strengthen its profitability by improving its pharmacy services. According to reports, CVS Health dominates the pharmacies and drug stores market. The company accounts for over 30 percent of market revenue (IBISWorld, 2023). By improving its pharmacy services, CVS Health will increase its market share, as well as profit and revenue.
Figure 1.0: SWOT Analysis
|
Strengths 1. Reliable suppliers 2. Reputable brand name 3. Acquisitions 4. Strong distribution networks |
Weaknesses 1. Inefficiencies in anticipating demand 2. High staff turnover 3. Generic products and services, 4. Limited success outside main business |
|
Opportunities 1. Investment in new technologies 2. Online channels 3. International expansion 4. The new tax policy |
Threats 1. Stiff competition 2. Regulation risks 3. High inflation 4. Local distributers |
References
CVS Health. (n.d.). Our Purpose. CVS Health.
IBISWorld. (2023). CVS Health Corporation – Company Profile. IBISWorld.
Minemyer, P. (2023). CVS reports double-digit revenue growth in 2022, $4.1B in profit. Fierce Healthcare.
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PROJECT OUTLINE for CVS Pharmacy Services 2
Project Outline: Pharmacy Services for CVS Health Corporation
Cole Staats
PROJECT OUTLINE for CVS Pharmacy Services 1
Southern New Hampshire University
About Pharmacy Services
CVS Health Corporation should improve its pharmacy services. The company can utilize digital tools, such as automated dispensing cabinets/units and medication therapy management, to enhance its services. CVS Health can also use messaging tools to keep patients engaged and connected.
Goals
1. To provide quality, convenient services,
2. To improve patient outcomes, and
3. To improve patients’ lives.
Target Customer
The target customers are Gen Xers and Baby Boomers with high incomes. Gen Xers are currently between 41 and 56 years. On the other hand, Baby Boomers are between 59 and 77 years old. As we all know, older individuals are more vulnerable to diseases like diabetes, dementia, back pain, arthritis, respiratory diseases, and cancer. This is because our immune system deteriorates as we age. Therefore, older adults require more healthcare services compared to their younger counterparts. Improved pharmacy services will help meet older people's health needs and health-related problems.
Market Opportunity
Reports show that by market share, CVS Health Corporation was the leading United States pharmacy in 2022. That year, the company held approximately 25% of the prescription drug market revenue (Mikulic, 2023). Cigna, one of CVS’s competitors, reported a significant increase in market share through the acquisition of Express Scripts in 2018. Therefore, CVS Health can overcome competition and increase market share by improving its pharmacy services.
Financial Opportunity
CVS Health will also enhance its revenue and cash flow by improving pharmacy services. Service improvement can reduce errors, increase customer satisfaction, and eventually increase sales. A sales increase is associated with a positive cash flow. A Positive cash flow suggests that more cash is coming in than going out of the company, which is necessary for CVS Health to maintain long-term growth (Smith, 2021). In contrast, a negative cash flow threatens the company’s well-being. Further, an increase in sales can increase the company’s profits.
Timeline
Activity Duration
Identify suitable digital tools 4-10 weeks
Test and deploy the tools 1-2 months
Inform customers 1 day to 1 week
References
Mikulic, M. (2023). U.S. pharmacies ranked by prescription drugs market share 2022. Statista.
Smith, S. (2021). A Healthy Cash Flow: The Most Crucial Element For Sustained Growth. Forbes.
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3-2 Milestone One Submission: Elevator Pitch
Cole Staats
Southern New Hampshire University
BUS-400 Driving Business Opportunities
Alan Marley
May 21, 2023
3-2 Milestone One Submission: Elevator Pitch
Introduction:
Greetings, esteemed members of the senior executive cohort. I am thrilled to introduce a novel initiative that will transform our pharmaceutical amenities at CVS Health Corporation. Our objective is to furnish superior, expedient amenities that enhance patient results and ultimately augment the well-being of our clientele. It is widely acknowledged that CVS Health currently holds a prominent position in the American pharmacy industry, boasting a market share of around 25% in terms of revenue generated from prescription drug sales (CVS Health, n.d). Nonetheless, we must not become complacent. We have discerned a prospective market prospect to augment our market portion and surmount competition by enhancing our pharmaceutical amenities.
How it Fits:
Our intended demographic comprises individuals belonging to the Generation X and Baby Boomer cohorts who possess substantial financial resources. These demographic cohorts are comparatively more susceptible to diverse health concerns and necessitate increased medical attention (Minemyer, 2023). By augmenting our pharmaceutical offerings, we can cater to the distinct healthcare requirements of elderly individuals and tackle their health-associated issues. Let us now engage in a discussion about numerical values (IBISWorld, 2023). By enhancing our pharmaceutical offerings, we can anticipate a significant augmentation in our earnings and liquidity. Enhancements in service provision are poised to mitigate inaccuracies, augment patron contentment, and ultimately stimulate greater revenue generation. A cash inflow is imperative for enduring expansion and upholding the corporation's welfare (CVS Health, n.d). Augmenting our revenue will also result in amplified earnings, fortifying our fiscal stance.
Justification:
According to our research and analysis, the proposed product or service is well within the purview of CVS Health. We have recognized appropriate technological resources, such as mechanized dispensing apparatus and pharmaceutical care oversight, that can be assessed and implemented within a feasible duration (Minemyer, 2023). Furthermore, communication mechanisms can be employed to maintain our patients' involvement and link, amplifying their comprehensive encounters. We conform to the enterprise's tactical blueprint and objective by incorporating these technological resources and amenities (IBISWorld, 2023). Our dedication to furnishing easily available and superior healthcare to our clientele is unwavering, and this undertaking fortifies that pledge. CVS Health Corporation's improved pharmacy services initiative will be lucrative. Automated dispensing cabinets/units and pharmaceutical treatment management enhance operational efficiency and eliminate mistakes, saving money.
Enhancing the Mission:
Customer satisfaction and engagement via messaging technologies will boost prescription fulfillment and sales. These elements boost project income (IBISWorld, 2023). We may also target high-income Gen Xers and Baby Boomers who require healthcare services. The revenue increase is possible due to the aging population's health difficulties. Improved pharmaceutical services may increase market share and client base, boosting profitability. Increased revenue and customer satisfaction will boost CVS Health Corporation's cash flow and financial situation. The firm needs a solid cash flow to invest in new projects, R&D, and expansion for continuous success (CVS Health, n.d). CVS Health can compete in the pharmacy market and provide value to shareholders and investors with a sound financial basis and predicted profitability (Minemyer, 2023). The statement above posits that the project's profitability can be ascertained by augmenting our market dominance, fostering revenue expansion, and providing better patient results.
Conclusively, the suggested initiative to enhance our pharmaceutical provisions at CVS Health Corporation is a tactical maneuver that conforms to our objective and possesses a robust economic rationale. We are presented with the prospect of fulfilling the healthcare requirements of elderly individuals, augmenting client contentment, and establishing our dominance as a pioneer in the pharmaceutical sector. In my estimation, this undertaking can yield substantial financial returns and a persuasive return on investment that warrants the allocation of resources for stakeholders and upper-level executives.
References
CVS Health (n.d.). Our purpose – Bringing our heart to every moment of your health. CVS Health. Retrieved May 17, 2023, from https://www.cvshealth.com/about/our-people/our-purpose.html#:~:text=We%20unite%20around%20our%20goal,customers%2C%20colleagues%20and%20the%20company.
IBISWorld. (2023). Cvs Health Corporation – Company Profile. IBIS World. Retrieved May 17, 2023, from https://www.ibisworld.com/us/company/cvs-health-corporation/9191/
Minemyer, P. (2023, February 8). CVS reports double-digit revenue growth in 2022, $4.1B in profit. Fierce Healthcare. Retrieved May 18, 2023, from https://www.fiercehealthcare.com/payers/cvs-reports-double-digit-revenue-growth-2022-41b-profit#:~:text=CVS%20Health's%20revenue%20topped%20%24300,company's%20earnings%20report%20released%20Wednesday.
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Business Model Canvas Template
Key Partners
[Add your assumptions here.]
Key Activities
[Add your assumptions here.]
Key Resources
[Add your assumptions here.]
Value Proposition
[Add your assumptions here.]
Customer Relationship
[Add your assumptions here.]
Channels
[Add your assumptions here.]
Customer Segments
[Add your assumptions here.]
Cost Structure
[Add your assumptions here.]
Revenue Streams
[Add your assumptions here.]
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