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Kinney Drugs inc BUSS100 PP

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Kinney Drugs inc BUSS100 PP

  1. 1. KINNEY DRUGS INC. “EXPERIENCE THE DIFFERENCE” Emily A. Sudol Portfolio Project BUSS100: Business Principles Instructor Latosha Tate
  2. 2. HISTORY Was founded by Burt Kinney Graduated Albany College of Pharmacy in 1901 The first store opened in 1903 First store in Vermont opens in 1970 Becomes employee owned in 2008 (Syracuse, 2014)(Kinney, 2014)
  3. 3. COMPETITION: Kinney’s competition Rite Aid Walgreens CVS (Wesleyan, 2012) (Cpnwz, 2013) (Evanstonedge,
  4. 4. HOW KINNEY’S STANDS OUT Excellence in customer service Put’s the needs of their customers and employees above anything else Strong supporter of local communities Donates to Local food banks Local schools Toy’s for Tots Children’s Miracle Network
  5. 5. MANAGEMENT: Comprised of a board of directors, corporate officers, and the many managers and supervisors running the stores There are also pharmacy managers, they are in charge of only the pharmacy and the technicians that work with them They also have their own managers that come from corporate to check on the pharmacies The managers at the store levels hire the employees and run things at the stores They have managers themselves that come from corporate to check on the stores a few times a month (Kinney, 2014)
  6. 6. PRODUCTION: There are 99 stores located in central and northern New York and also in Vermont The headquarters for Kinney’s is located in Gouvernuer, NY That is also where the warehouse is located The warehouse holds all the supplies and products Kinney’s sells
  7. 7. PRODUCTION CONT. Some of the supplies for the pharmacy comes from the warehouse, mostly they get supplies from central fill located in Buffalo Some of the supplies for the pharmacy comes from the warehouse, mostly they get supplies from central fill located in Buffalo Some filled right in the stores The bottles, caps and other supplies for the pharmacy come on truck once a week
  8. 8. HUMAN RESOURCES: Rich McNulty is the Vice President of Human Resources at Kinney Drugs He works mostly in the corporate offices The store managers are also trained to be an extension of the human resources department The managers handle the hiring and firing, and also do the reviews with the employees If there were any major issues then the corporate offices would be brought in to handle it alongside the managers (Kinney, 2014)
  9. 9. MARKETING: Kinney’s many techniques for marketing and advertising  Weekly sales flyers  TV ads  Monthly Value card Ads  Free home delivery  Milk club Price buster sales
  10. 10. MARKETING, CONT.…  The value card helps saves customers money on select items in the stores  They also get 10% off Kinney Brand products everyday  There are monthly Value card ads on select items throughout the store.  Sales on key popular items to draw in customers to stores.
  11. 11. FINANCE: They forecast by using SKU numbers to determine just in time sales needs to help keep inventory at a lower level. This also allows them to determine what funds they will need short term. They look at salary costs and operating expenses per store to determine short term needs. The look at expansion and renovation plans to determine long term financial needs. Needs of future and current retirees expenses (Kinney, 2013)
  12. 12. FINANCE, CON’T... Short term financing Bank line of credit Trade credit, buy on terms such as 2/10; net 30 Sale of stock (Kinney, 2013)
  13. 13. FINANCE, CON’T… Long term financing Long term bank notes Investment in expansion Treasury stocks Bonds Promissory notes to former stockholders (Kinney, 2013)
  14. 14. REFERENCES: Cpnwz. (2013). Rite –Aid logo. Retrieved from http://cdn3.cpnwz.us/wp-content/uploads/2013/06/rite-aid-logo- 300x2531.jpg Kinney. (2013). Kinney Drugs, 2013 Annual Report. Kinney. (2014). Kinney Drugs History. Retrieved from https://secure.kinneydrugs.com/pages/history.php Kinney. (2014). Kinney Drugs Management. Retrieved from https://secure.kinneydrugs.com/pages/management.php
  15. 15. REFERENCES, Syracuse. (2014). Drug Store Sets Opening Date. Retrieved from http://www.syracuse.com/news/index.ssf/2014/12/new_cny_drugstore_sets _opening_date.html Walgreens. (2014). Walgreens. Retrieved from http://www.walgreens.com/default.jsp Wesleyan. (2012). CVS. Retrieved from http://transportation.wsa.wesleyan.edu/cvs/