Mgt 4033 - Final Project: Whole Foods Market

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- Alternative and Recommendations

Whole foods need to focus a little more on their strategy on market penetration. They should increase their brand awareness, loyalty and image through different form of advertisement and public relations. By promoting Whole Foods brand as well as organic foods, there will be an increase in sales of current customers and attract new customers. The organization already has a very strong position in the market; therefore, by increasing awareness and demand for organic foods they will increase their market share and profits. At the moment, Whole Foods rely on word of mouth advertisement; therefore, an increase in advertising cost would affect the bottom line initially. If the advertising plan would not meet projected sales, Whole Foods could have a negative affect on the companies’ long-term performance. Creating a best store size to better serve the area Whole Foods is operating in would be an advantage. This could potentially attract and sustain the “in and out” customers. This could also reduce overhead costs by reducing store sizes where needed. One disadvantage could potentially be the cost of surveying the market. Also, reducing future store sizes could potentially limit he volume at which they stores are being operated and affect the assortment of products offered. One short-term implantation is that Whole Foods could use radio station promotions, which would be a least expensive way of promoting. They could as well launch national advertising by sponsoring large health related events and gain statistics on the target market TV shows and advertise in or on these channels at given time of the target market attractiveness as a long-term implementation goal. If the demand for organic and health foods continue to increase, the market share and profits will increase with the demand rising in the market as well.

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References

Organic Industry Survey. (n.d.). Retrieved July 26, 2017, from https://ota.com/resources/organic-industry-survey

Investor Relations. (n.d.). Retrieved July 26, 2017, from http://investor.wholefoodsmarket.com/investors/corporate-governance/board-of-directors/default.aspx

Smithson, N. (2017, January 31). Whole Foods Market's Organizational Structure Analysis. Retrieved August 06, 2017, from http://panmore.com/whole-foods-market-organizational-structure-analysis

WFM. (n.d.). Retrieved August 06, 2017, from http://money.cnn.com/quote/quote.html?symb=WFM

Wheelen, T. L., & Hunger, J. D. (2012). Strategic management and business policy: toward global sustainability. Boston: Pearson.

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