Whole Foods Market in 2010

1270 words 6 pages
Tiffin University

Unit 2 Case Response
Whole Foods Market in 2010: Vision, Core Values and Strategy

Submitted for
MGT 622 (Section 90)
Strategic Management
Dr. Tara Davis

By:
Michael Bond
May 26, 2013

As you read about Whole Foods and their specific strategies what struck you as positives and/or negatives. Are there certain strategic elements that were particularly insightful about what Whole Foods does? Are there any glaring weaknesses that could jeopardize their success? “Whole Foods Market was founded in Austin, Texas, when four local businesspeople decided the natural foods industry was ready for a supermarket format” (Whole Foods Market.com). From the humble beginnings of one store and 19 employees
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The formulation of strategy must take into consideration the dynamics of the industry and its competitors. Whole Foods has two main competitors, Fresh Market and Trader Joe's and others as well, as identified in the case. How has Whole Food's strategy been influenced by these competitors? “In 2009 there were approximately 12,250 independent and small chain retailers of natural and organic foods, vitamins/supplements and natural personal care products” (Thompson, etc., 2010, p. C-40). On top of that, Whole Food Markets faces stiff competition from Fresh Market and Trader Joe’s. All of this makes the food retailing business highly competitive. This competitive environment makes it essential for companies to be proactive. Victor Kiam, former CEO of Remington Products Company, once said “In business, the competition will bite you if you keep running. If you stand still, they will swallow you” (Ogunremi, 2012). Whole Foods Market takes that quote to heart by monitoring the actions and initiatives of their competitors. The company keeps track of pricing changes, customer service policies and new stores opening near existing Whole Food Market stores among others. This monitoring along with the ability to devise and execute dynamic strategic initiatives helps the company to adapt to these changes quickly. Whole Foods Market recognizes that each area where there is a store has different competition

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