Walgreens Over Time Has Evolved Into Become America 's Premier Pharmacy Essay

Walgreens Over Time Has Evolved Into Become America 's Premier Pharmacy Essay

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Walgreens over time has evolved into become America’s premier pharmacy. With a total of 8,309 stores nationwide Walgreens has lived up to its adopted slogan “At the Corner of Happy & Healthy.” In this summary I will focus on the risk of potential losses that Walgreens faces. In addition of identifying potential losses I will also introduce the frequency and severity of the potential losses. Through a trough evaluation and risk management process Walgreens will be able to meet customers demands while preventing/avoiding potential losses. Thus, resulting in higher profits for the company and its shareholders. In order to meet expectations and live up to its slogan, Walgreens must fully utilize its risk management program.

Through investigation I have discovered the most frequent potential losses. Number one being, the industries in which Walgreens operates are highly competitive and thus increases in competition could affect the company. The second loss is in relation to seasonal operations. Due to the fact that operations are seasonal, adverse events during holiday season, and flu seasons could impact operating results negatively. The final loss is the failure to meet customer needs on merchandise and services offered which will impact the sales force. The most severe potential losses are Walgreens being subject to government regulations and procedures, disruptions in wholesaler relationship, and a significant disruption in computer systems that could affect operations.

Walgreens stores operate in a broad scope outside of primarily being a pharmacy. Many locations operate twenty-four hours seven days a week while some of its pharmacies also operate twenty-four hours seven days a week. Increasing pressures from industry competi...

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... is investing in information technology systems and infrastructures.

In order to stay atop competition, Walgreens should assess their risk management program every year. Due to constant changes in industry regulation and policies Walgreens needs to ensure they are keeping with up standards. Implementation of this process begins with upper level executives all the way down to the store employees. Through investing in the latest technologies Walgreens can improve their bottom line and increase revenue.

Since Walgreens interacts with only one wholesaler that relationship is vital for company success. Managers from both Walgreens and wholesalers should be in constant communication to ensure standards are being met. Through maintaining a healthy relationship, both Walgreens and it’s wholesaler can benefit. Losses are reduced and the liability falls under one company.

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