2
Strategic Analysis Project – Possible Strategies
Michael Lynch
Walgreens is a retailer and wholesaler of health and wellness items. The company provides pharmacy products such as prescription and non-prescription medications, beauty and hygiene products, and related services through drugstores and online. Prescription and non-prescription pharmaceuticals, eye-care products, beauty care, office, and gift items, as well as limited food essentials and seasonal items, are all available at the drugstore. Pharmacy items and services are also available at counters, in-store clinics, via mail, phone, and the internet. Buyers’ bargaining power is influenced by two factors: financial performance and relative bargaining power. Because the products and services are generally homogenous, consumers are more sensitive to price increases. Walgreens’ competitive strategy is centered on convenience, technological innovation, and customer service to counteract price sensitivity, allowing the corporation to achieve financial success while improving the service quality.
The mission of Walgreens is to help individuals recover soon, remain well, and live well. Their goal is to become America’s most popular pharmacy-led health, wellness, and beauty company. They intend to achieve this through revolutionary pharmacy, healthcare, wellness solutions, and guidance and consumer items distributed across the United States. Companies in the pharmaceutical business place a premium on honesty (Boparai, 2021). Walgreen should exercise trust and honesty in everything they do, from relationships with stockholders to suppliers and consumers to connections with their employees. Quality is also critical. They should strive for continuous and dependable service of the highest quality across the country and all business channels. They strive to provide each service they provide with empathy and a desire for good outcomes. They also hope to develop a strong community commitment through the dedication and competence of every Walgreens team member. Their overarching mission is to continue to be the first choice for all health and wellness requirements in the communities they serve. Their methods are based on this core goal, and they plan to expand and adapt their standard pharmacy layout into a retail health shop.
Beyond upgrading the physical store, excellent expertise entails a highly motivated employee providing exceptional client attention with the correct products and services in every neighborhood throughout the United States. This strategy ensures that Walgreens has the correct products and services by making it simple for customers to come in and get the products they need, as well as increasing the expansion of retail and medical care by integrating its pharmacy and well-being services with its over-the-counter healthcare products into more continuous services for customers.
Walgreens’ pricing strategy capitalizes on the strengths and limitations of demand in various markets. Because Walgreens sells both needs and substandard goods, they may profit by selling convenience items like cosmetics at greater costs. As a result, when someone walks in to pick up a prescription, they are more likely to pick up a luxury item and pay the extra fee for the convenience. Walgreens’ business strategy involves variable pricing. They are aware that there are various costs associated with selling in various locations.
Walgreens calls for neighborhood pharmacies to play a larger role in providing unrivaled access to inventive, great quality, and affordable healthcare and well-being services. The organization believes that by practicing at the top of their competitors, a medical practitioner can help fill the void in primary care, promote wellness and healthcare, and reduce total health care expenditures. Walgreens is well-positioned to meet the increasing demand for pharmaceutical well-being services and health services by improving community pharmacy by providing high-quality care to its clients, contributing to differentiated expertise that competitors cannot easily meet, and forming strong relationships with physicians. Walgreens operates on a location and distribution strategy that includes stores and mergers with other corporations to provide medication and services. In order to achieve their omnipresence philosophy, they have also been working on operating vending machines (Lawrence, et al., 2020). Because of its distribution system, Walgreens currently has a sustained competitive advantage strategy over its competitors. Walgreens benefits greatly from capitalizing on this competitive advantage in a way that promotes the organization’s vision and objective of effectively and compassionately serving the country’s communities.
For Walgreens to realize this plan of a continued serving of the nation’s communities by capitalizing on their financial opportunities in operating vending machines to grow the Walgreens brand into other markets. Customers will benefit greatly from vending machines since they are strategically situated and enable the speedy and easy purchase of an extensive selection of products. When they sell their goods by use of the vending machine, the company’s exposure to communities and individuals in the United States will dramatically rise. Vending machine locations would need to be chosen strategically because there are numerous factors to consider, such as pedestrian traffic, space leasing structure, and the spending power of the available population. Walgreens can stock the vending machines with products by leveraging its strengths, such as its strong ties with its suppliers and distribution routes. Vending machines should be positioned in the most densely inhabited areas of the country to capture a larger market for the organization.
References
Boparai, I. (2021). Walgreens Boots Alliance Investment Report.
Lawrence, K. D., Kudyba, S. P., Lawrence, S. M., & Pai, D. R. (2020). Productivity in the US Consumer Drug Store Business. In Applications of Management Science. Emerald Publishing Limited.
The post 2 Strategic Analysis Project – Possible Strategies Michael Lynch Walgreens is a appeared first on PapersSpot.
