Overview
Leaders need input, especially from stakeholders, to move ideas along. Having a unique, insightful product or service is just one step. Project outlines that include careful consideration of a company’s mission, opportunities, and risks can help ideas gain momentum and snowball in significance.
Scenario
Now that you have written a blog post identifying critical elements needed to support the rationale of your project, outlining specifics is key! These specifics will be used in an upcoming elevator pitch you will submit to senior management in Milestone One. Before management will approve exploring the idea for new opportunities and funding, they have key performance indicators (KPIs) you will need to address. Your goal for this assignment is to provide an outline that strongly, yet carefully, presents an argument to move your concept forward.
Prompt
Using MarketLine, Yahoo Finance, and the company’s investor relations webpage, continue your investigation of the company you selected in your Module One blog post. Specifically, look at the company’s profile, financials, and SWOT analysis.
Using speculative strategies, articulate your thoughts. Remember, success may mean revenue to a for-profit business; however, to a non-profit, it may mean a specific outcome, such as donor retention rate, social media engagement, or email open rate.
Draft a project outline that presents a prospective timeline and targeted customer segment of your project. This project outline is a precursor to Milestone One: Elevator Pitch. The KPIs you need to consider and address in your outline are:
- The intended customer: Describe the intended customer or customer profile for the new product or service.
- Opportunities in the market: Explain the opportunities in the market based on your research.
- The financial opportunity: Assess the financial opportunity that the project presents for increasing cash flow and topline revenue.
- Can it be cash flow positive and profitable? For example, Zappos donates a pair of shoes for every pair of shoes sold. This leads to profit in the long run due to good CSR and company image, but is not immediately profitable.
Your contribution will be evaluated based on the quality of the input.
Guidelines for Submission
Use the Module Two Assignment Template Word Document to submit your project outline as a Word file. Sources should be cited according to APA style.
Attached is the Word Template for this assignment
Also, last week's Blog Assignment for Reference.
PROJECT OUTLINE for [PRODUCT or SERVICE NAME] 3
[ Note: To complete this template, replace the bracketed text with your own content. Remove this note before you submit your outline.]
Project Outline: [Name of Your Product/Service] for [Name of the Company]
[Your Name]
PROJECT OUTLINE for [PRODUCT or SERVICE NAME] 1
Southern New Hampshire University
About [Product or Service Name]
[Include in this section a brief overview of your new business idea, product, or service for your selected company.]
Goals
[Outline the goals and objectives of your project.]
Target Customer
[This section should center on the intended customer segment for your proposed product or service. Describe the customer profile or market segment including their need for this product or service.]
Market Opportunity
[Describe the current and potential market opportunities for your product or service.]
Financial Opportunity
[Describe the financial outcomes, such as an increase in cash flow and top-line revenue, that the project presents for the company. Explain whether the project will be cash flow positive and profitable or whether it will be profitable in a different way.]
Timeline
[Provide a brief timeline of how you think your product or service should be developed and launched.]
References
[Include any references cited in your paper in full APA format. Don’t forget to include in-text citations as well.]
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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
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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 |
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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.