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The retail industry has been one of the globally competitive industries among other industries. Despite that the retail industry is primarily associated with the small of goods in small quantities to the final consumers, large companies and business entities have taken up the race into the industry. This phenomenon has been highly witnessed in developed and developing economies like the US, China, Brazil and UK, whereby the retail industry is overwhelmed by large companies.
This phenomenon is associated with the lucrative nature of the industry as compared to other business ventures. The retail health care management has been the most distinctive in the global market whereby it offers diverse opportunities. A point worth of consideration is that the levels of competition in the industry have magnified over the last couple of decades. This has forced the operating businesses to adopt the most competitive strategies.
For instance, global marketing strategy has been one of the mostly adopted strategies in the retail business. The case of CVS Caremark has been of great importance as far as the health care retail industry is concerned. In this case, CVS Caremark has been a leading player in the retail health care management industry is concerned, whereby it has demonstrated commendable competency. The marketing strategy of the company has also been efficient thus enhancing its competitiveness in global markets.
The operations of CVS Caremark in the retail industry are very explicit. In this case, CVS Caremark operates a chain of retail pharmaceutical shops in varied formats in different markets including the US. The products and services dealt with by this company are vividly retail in nature in the sense that the company focuses on the final consumers (GICS, 2011).
Basically the company deals with pharmaceutical products which are aimed at boosting the health of the community. This is a clear demonstration that CVS Caremark is operating in the retail industry. The success of the company has been clearly demonstrated by its rapid growth and expansion in the US markets (CVS CAREMARK, 2011).
The success and competitiveness of CVS Caremark is closely influenced by its strong mission and vision statements. The company’s mission statement is a vital tool in driving the operational and marketing forces within the company. The brands as well as the industry in which the company operates are adequately incorporated into the mission statement.
This has played a vital role in enhancing the competitiveness of the company. CVS Caremark has a very admirable mission statement which reads as; “We provide expert care and innovative solutions in pharmacy and health care that are effective and easy for our customers.” This is the mission statement as well as slogan of the company which has been adequately adopted in enhancing the marketing operations of the company.
The mission statement is primarily aimed at boosting its brands by demonstrating compassion and commitment of the company to its people. This is a very strong mission statement which has not only helped in selling the company’s products but has also helped in positioning it (CVS CAREMARK, 2010).
The choice of this company is based on its strong culture, core values and competence in the market. The company has been named the market leader in the health care management. This is based on its extemporary performance as well as admirable organizational culture and marketing efficiency.
The company’s strong sense of compassion to the people’s needs is distinct in its positioning in the industry. In this case, the company is aimed at ensuring that the health of the people is guaranteed. Being the largest pharmacy health care provider in the US, CVS Caremark is very distinctive and positioned in the market (CVS CAREMARK, 2010).
In summation, the discussion and analysis of the CVS Caremark Company has demonstrated a high sense of competence. The company is ranked the market leader in the retail health care management industry. This is closely attributed to the company’s strong culture as well as mission and vision. The marketing strategies adopted by the company are also admirable thus making it competitive and a key market leader.
CVS CAREMARK (2010). Our Vision, Mission and Values. Web.
CVS CAREMARK (2011). CVS Caremark Company. Web.
GICS (2011). Global Industry Classifications Standards. Retrieved from: https://www.msci.com/gics