Choose 1 of the following Fortune 500 companies to study throughout this course:
CVS Health
Chevron
Kroger
Bank of America
Home Depot
Comcast
Target
United Parcel Service
Procter & Gamble
Caterpillar
Complete the Entrepreneurial Strengths and Actions to Increase Value Creation Worksheet, describing the company’s approach to entrepreneurial value creation, assessing the company’s strengths in terms of entrepreneurial value creation, and recommending at least 1 action the company could take to increase entrepreneurial value creation.
Full Answer Section
Another key entrepreneurial strength of CVS Health is its willingness to take risks. The company is not afraid to experiment with new ideas, even if they are not initially successful. This willingness to take risks has led to the development of some of the company's most successful products and services, such as the CVS Pharmacy ExtraCare® Rewards Program.
Entrepreneurial Strengths
- Customer-centricity: CVS Health is constantly listening to its customers and working to understand their needs. This focus on customer-centricity has led to the development of a number of innovative products and services.
- Willingness to take risks: CVS Health is not afraid to experiment with new ideas, even if they are not initially successful. This willingness to take risks has led to the development of some of the company's most successful products and services.
- Strong brand: CVS Health has a strong brand that is recognized and trusted by consumers. This strong brand gives the company a competitive advantage in the healthcare market.
- Financial strength: CVS Health is a financially strong company with a solid balance sheet. This financial strength allows the company to invest in innovation and growth.
Actions to Increase Entrepreneurial Value Creation
- Continue to focus on customer-centricity: CVS Health should continue to focus on understanding the needs of its customers and developing products and services that meet those needs.
- Be more proactive in developing new products and services: CVS Health should be more proactive in developing new products and services that meet the needs of its customers.
- Invest in innovation: CVS Health should invest in innovation to stay ahead of the competition.
- Expand into new markets: CVS Health should expand into new markets to grow its business.
Recommendation:
One action that CVS Health could take to increase entrepreneurial value creation is to expand into new markets. The company could expand into new geographic markets, such as international markets, or it could expand into new product markets, such as the fitness or wellness market. Expanding into new markets would allow CVS Health to reach new customers and grow its business.
In addition to expanding into new markets, CVS Health could also focus on developing new products and services that meet the needs of its customers. The company could develop new products and services in the areas of pharmacy, healthcare, and wellness. Developing new products and services would allow CVS Health to stay ahead of the competition and grow its business.
Overall, CVS Health is a company with a strong entrepreneurial approach. The company has a number of strengths that support its entrepreneurial efforts, such as its focus on customer-centricity, its willingness to take risks, and its strong brand. CVS Health could increase its entrepreneurial value creation by continuing to focus on customer-centricity, investing in innovation, and expanding into new markets.