CVS Mission Statement embody its business goals of helping target customers maintain optimal health. The resulting strategic goals bring the retail pharmacy company into direct contact with customers, particularly in the activities of its MinuteClinic subsidiary.
Overview of CVS Health
Formerly known as CVS Corporation and CVS Caremark Corporation, the company’s strategic position as one of the dominant competitors in the healthcare and retail pharmacy markets in the United States supports the fulfillment of its corporate mission and vision. The company is expanding its operations beyond the United States, such as in the pharmacy business in the Brazilian market through acquisitions.
In CVS Health Corporation’s organizational structure, such mergers and acquisitions are reflected in the form of organizational departments for the strategic management of the business based on the particular industry or market. Despite these departments, the company’s retail pharmacies are the main revenue channel and the most popular and visible activities that reflect the strategic implementation of the mission and vision.
CVS Pharmacy and its related subsidiaries of CVS Health Corporation share the same corporate mission and vision statements that emphasize maintaining the health of target customers. The company’s strategies are similar to those of other retail companies operating in the retail pharmacy market. Competing with major retailers such as Walgreens, Rite Aid, and Walmart, CVS’ strategic management focuses on achieving the company’s vision and mission statements through continuous improvement in product/service quality and effective marketing strategies.
CVS Mission Statement
CVS mission statement is “Supporting people on their journey to better health.” This mission statement is based on the company’s value proposition, which includes products that improve or maintain the health of target customers (see CVS Health Corporation’s VRIO/VRIN analysis and value chain analysis).
The company uses different versions of the mission statement, sometimes framing it as “putting people on the path to better health.” Regardless of the version of the mission statement, CVS’ business purpose, nature of business and value proposition remain the same in these statements and relate to the same competitive advantages appropriate for the retail pharmacy and healthcare industries.
One manifestation of the CVS mission statement is the strategic goal of focusing on products that relate directly to customers’ healthcare needs. For example, CVS Pharmacy has stopped selling tobacco products and focused on pharmaceuticals and personal care products.
This strategic move is in part a response to criticism of the sale of tobacco products by a retailer that also offers products to address the health problems associated with tobacco use. This alignment of the mission statement is reflected in CVS Health Corporation’s business model, generic strategy and intensive growth strategies. Along with the vision, the mission statement emphasises the customer-centric approach of the company’s strategies, which sees the company as a supporting factor for consumer health.
CVS Vision Statement
CVS’s corporate vision is “to help people live longer, healthier, happier lives.” This vision statement is synonymous with the pharmacy company’s mission statement. Both corporate statements are aligned with CVS’s business of helping customers stay healthy. Based on this corporate vision, the company’s long-term strategic direction is linked to long-term consumer health concerns and healthcare trends and related factors in the marketplace.
The strategic implications of CVS’s vision are generally similar to the strategic implications of the corporate mission. For example, both corporate statements place consumers and their health at the center of the company’s value proposition.
In fulfilling the corporate vision, the competitive strengths outlined in CVS Health Corporation’s SWOT analysis must be developed or at least maintained in order to remain competitive with companies such as Walgreens. Similar to the mission statement, CVS’ vision statement is customer-centric and establishes long-term strategic plans and business objectives that will make the company a partner in keeping consumers healthy for the long term.
CVS Core Values
CVS Caremark’s core values include “innovation, collaboration, caring, integrity and accountability.” Undoubtedly, the growth trend of this branch of CVS Health has been fuelled by prioritising innovation among its employees, a call for collaboration and an overall attitude of doing things right.
Key Points For CVS Mission Statement and vision statement
CVS mission statement and vision are customer-centric. This characteristic requires the company to engage with target customers and their needs related to healthcare and related products. For example, CVS Pharmacy and other subsidiaries provide goods and services that consumers use to maintain or improve their health.
This customer focus in the company’s vision and mission statements makes customers an important stakeholder group for the company, although other operating divisions and organizational components also include government (through regulatory influence) and stakeholders (related to health and healthcare) as important stakeholders. CVS Health Corporation’s mission statement states that the company is committed to the health of its customers, and the vision statement refers to the related strategic goals related to health care and supporting health in the lives of customers.
Through its corporate vision and CVS mission statement, CVS aligns its human resources to meet the health needs of its customers. This corporate alignment supports business development based on the realistic needs, demands and preferences in the retail pharmacy and healthcare industry.
The long-term implications of the vision drive the company to apply long-term strategies based on the mission statement aimed at growing the business while meeting regulatory requirements, public interests, and consumer health needs. Effective use of CVS Health Corporation’s organizational culture in motivating employees to focus on consumer health is a factor in successfully achieving the company’s mission and vision statements. However, these considerations may have limited application because they focus on the U.S. market, where the majority of the company’s revenue is generated.