Rite aid pharmacy mission statement

Strategic Plan Part 2: SWOT Analysis Paper For Rite Aid Corporation

Conduct an internal and external environmental analysis, and a supply chain analysis for your proposed new division and its business model.

Create a SWOT table summarizing your findings. Your environmental analysis should consider, at a minimum, the following factors. For each factor, identify the one primary strength, weakness, opportunity, threat, and trend, and include it in your table.

External forces and trends considerations:

Legal and regulatory
Global
Economic
Technological
Innovation
Social
Environmental
Competitive analysis
Internal forces and trends considerations:

Strategy
Structures
Processes and systems
Resources
Goals
Strategic capabilities
Culture
Technologies
Innovations
Intellectual property
Leadership
Write a synopsis of no more than 1,050 words in which you analyze relevant forces and trends from the list above. Your analysis must include the following:

Identify economic, legal, and regulatory forces and trends.
Critique how well the organization adapts to change.
Analyze and explain the supply chain of the new division of the existing business. Share your plans to develop and leverage core competencies and resources within the supply chain in an effort to make a positive impact on the business model and the various stakeholders.
Identify issues and/or opportunities:

Identify the major issues and/or opportunities that the company faces based on your analysis.
Generate a hypothesis surrounding each issue and research questions to use for conducting analysis.
Identify the circumstances surrounding each issue; classify the circumstances; attribute the importance of each classification; and test the accuracy of the importance for each classification.
Format your paper consistent with APA guidelines

RITE AID CORPORATION

2

Rite Aid Corporation

Strategic planning can be defined as a systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them (Web Finance Inc., 2015). Rite Aid Corporation was started back on September, 1962 when a Thrift D Discount Center store was opened in Scranton, Pennsylvania by Alexander Grass. Rite Aid Corporation was not named Rite Aid until 1968 when it became publicly traded company on the American Stock Exchange. Rite Aid Corporation is one of the nation’s leading drugstore chain on both East and West Coasts with approximately 4,600 stores in 31 states and the District of Columbia. Rite Aid is the largest drugstore chain with 89,000 employees. Rite Aid Corporation is a business that has clearly defined a set of values, a mission, and a vision in order to reach their goals that have been determined through their strategic plan. With a strategic plan is set in place, this allows Rite Aid Corporation to incorporate specific strategies for certain goals, while maintaining a comprehensive plan on their vision and mission statement. In an effort for Rite Aid Corporation to live up to their mission "To be a successful chain of friendly, neighborhood drugstores. Our knowledgeable, caring associates work together to provide a superior pharmacy experience, and offer everyday products and services that help our valued customers lead healthier, happier lives.” (Rite Aid Corporation). Rite Aid Corporation has targeted consumer platforms in the past – EnvisionRX, and RediClinics. With this strategic focus, Rite Aid Corporation is able to put their consumers and their needs first (Rite Aid Corporation, about us). Therefore, setting Rite Aid Corporation apart from its competition.

Business Plan

Rite Aid Corporation recent success has pave the way for a new strategy, one that allows them to be more aggressive as they make the transition from turnaround growth. A great example is how they are approaching their store development plan. In fiscal 2014, they completed their 1,200th Wellness store remodel, which means that more than a quarter of all Rite Aid stores are now Wellness stores. These remodeling projects will continue to be a key part of their strategy over the next few years, including their plans to complete 450 remodels in fiscal 2015. At the same, they are building up their real estate pipeline for future relocations and new stores. Although it will take several years to build their pipeline, the most exciting step for Rite Aid that is laying the foundation for future growth. By pursuing opportunities to build new stores, they further develop underpenetrated market and enter adjacent markets that have positive demographics for the business that allows them to deliver their unique brand of health and wellness to new customers. Their strategy for long-term growth align with the significant opportunities they see to expand their health care offering and meet the growing demands of the changing health care marketplace. Trends like the aging U.S. population and expanded access to health insurance through the Affordable Care Act will place enormous demands on the U.S. health care system. Rite Aid is well positioned to provide an even higher level of care to help meet this growing demand, drive positive health outcomes and find ways to help lower health care costs.

Mission Statement

The mission statement of Rite Aid Corporation is aimed towards the overall goal that the company is trying to accomplish along with what is being offered to consumers. Rite Aid Corporation mission statement is “To improve the health and wellness of our communities through engaging experiences that provide our customers with the best products, services and advice to meet their unique needs.” As the company continues to grow and the demand for consumer needs and necessities increase, the mission statement may adapt to the current environment that Rite Aid Corporation is trying to accomplish.

Consumer Needs and Competitive Advantage

The consumer needs will be meet both at the vendor and company levels. By providing a great customer service base on how they will strength their unique brand of health, wellness and value. As they strengthening their wellness brand positioning, they have to understand the importance of delivering the convenience and value that their customers want and expect. Rite Aid brand products are one of the many ways that they deliver this value, and these private brand items continued to perform well with penetration increasing to nearly 18.4 percent of frond-end sales. While they believe that they Rite Aid brand program is strong, they focused on further enhancing this offering in order to create a world-class private brand.

Organizations Vision and Values

The vision of Rite Aid Corporation is to “Customers confidently choose us first for their everyday health and wellness needs because we consistently understand and exceed their expectations.”(Rite Aid Corporation, about us). Rite Aid Corporation’s core values are passion for their customer. They create unmatched levels of loyalty through their associates by being passionately committed to their customers and all them serve. Rite Aid has a winning through teamwork, they work for the good of the company, not just an individual business or function, by freely offering help and assistance to other and see it when needed.

Vision, Mission, and Values or Product Align with Companies

John Standley, Chairman, President, and CEO of Rite Aid Corporation mentioned that the Rite Aid’s Road to Wellness includes many of the key programs and initiatives they’ve worked so hard to develop over the past few years including wellness, pharmacy services such as immunizations and the company’s Wellness store initiative. At the same time, Standley said the company’s Road to Wellness also involves some new initiatives that will pave the way to wellness for both Rite Aid and valued customers. He explained how the company is currently developing new initiative to adapt to the rapidly changing healthcare landscape. “To succeed, we don’t have to be the biggest company and we don’t have to be the company with the most resources. But what we must do is adapt quickly to this rapidly changing environment in a way that provides the personal care our customers need.” (Standley, 2013)

Strategic Planning

Strategic direction consists of a company’s mission, vision, value, and goals set in place to give a company a focus to move and grow. Rite Aid Corporation planning, objective, and goals will have a big impact on the company’s strategic direction and how the company will continue to do business for the future. The overall mission of the company is to provide a product that will inspire that, “To be a successful chain of friendly, neighborhood drugstores. Our knowledgeable, caring associates work together to provide a superior pharmacy experience, and offer everyday products and services that help our valued customers lead healthier, happier lives.” Part of Rite Aid Corporation strategic planning will involve a continuous review of their vision and mission statement to determine if the company goals have been met. Rite Aid Corporation will utilize a benchmark based on their current mission, vision, and value statements to measure the level of success along with any adjustments that need to be made in order to remain on track with their goals. Therefore, the company’s strategic direction and planning will be based upon the achievements and goals that have been clearly defined in the mission and vision statements.

Guiding Principles and Values

The guiding principles or values would be to stay true to our vision and mission statements and provide the best customer service that we can. By staying grounded as a company if the product becomes a success, and keeping consumers pleased with their product. The culture of the business should reflect many cultures and that of family, this can happen by respecting every consumer and vendor that uses our products. The social responsibility and ethics would be making sure we only provide the best product possible, and customer service that rivals our competitors. As a company we should not hesitate to take opportunities to make things right by apologizing on behalf of the company and making the consumer feel loved, like everyone has heard treat people the way you would want to be treated.

Conclusion

Having a strategic focus allows companies such as Rite Aid Corporation to put their consumers and their needs first. Rite Aid Corporation utilizes a strategic plan based on their mission, vision, and value statement. In order to continue their success, the company relies on each statement being in sync with one another. Therefore, providing a clear understanding of the company’s mission and vision statement while maintaining a positive reputation in the communities that they do business in.

References

Rite Aid Corporation. (2016). Core Values and Mission Statement. Retrieved from http://https://www.riteaid.com/about-us/mission-statement

Standley, J. (2013). Rite Aid Kicks Off Fiscal 2014 by Unveiling ‘Road To Wellness’ Strategy. Retrieved from http://http://suppliers.riteportal.com/rite-aid-kicks-off-fiscal-2014-by-unveiling-road-to-wellness-strategy/