1. Whole Foods Market (WFM) was founded in 1980 as the only local grocery store for natural and health foods by John Mackey. In 1991, WFM had 10 active stores with sales of approximately $92.5 million in United States dollars (USD) and net income of approximately $1.6 million in USD. In 1992 WFM became a publicly traded company with its stock listing on the NASDAQ. In 2006, Whole Foods Market became the largest natural and organic food supermarket chain in the world. As of September 2007, WFM has 276 stores up and running. 263 stores are located in 37 of the United States and the District of Columbia. 7 stores are in Canada and 6 in the UK. Whole Foods Market is a supermarket typically dedicated to offering the highest quality, least processed, tastiest, naturally preserved foods. In other words: organic foods. However, in recent years there have been many challenges and misunderstandings about the definition of organic products. In October 2002, the United States Department of Agriculture established defined standards and meanings for organic products. Once the standards were established, Mackey had a vision to aggressively expand WFM stores. He believed the company's cash flow from operations over the next few years would be sufficient to cover the capital costs of expansions. WFM's growth strategy included opening new stores and acquiring small owner-operated chains. The size and location of the store was an important issue in their growth strategy. Another problem was the products offered by WFM. Most consumers are brand buyers; WFM offers organic foods that don't come with the usual branded label that consumers are used to. The even worse problem is the prices. Unbranded products that have a high price tag can be...... middle of the paper... and marketing can be a key factor in increasing awareness and customer base.7. Whole Foods Market has proven itself to be a profitable company that is committed to the well-being of the people it serves and the communities in which it operates. More money could be invested in a marketing program to help improve customer base and make the WFM name better known to the world. Some of their prices may be high, so they should consider purchasing higher volume products from manufacturers. This would help reduce costs and give more incentive to advertise reasonable prices, health and delicacies. Finally, instead of acquiring existing buildings and businesses, they should build their own structures with their own distinct design. In this way they will not have to collect old debts and will have their own building design that will be recognizable to the world of consumption.
tags