Business paper/ power point needed

Running Head: Whole Foods, Inc. 1

WHOLE FOODS 13

Introduction

The purpose of this project is to provide a strategic plan for Whole Foods, Inc. This strategic plan will be composed of identifying strategies and how they are used at the corporate, business, and functional levels of Whole Foods Market. The following areas will be analyzed: vision, mission, organizational background, long term objectives, strengths, weaknesses, opportunities and threats.

Vision and Mission Statement

“The mission statement should define the purpose of the organization, customers, products or services, markets, philosophy, and basic technology” (Characteristics of a Mission Statement, n.d., para.7). Whole Foods Market is a company whose vision and mission statements are expressed through its core values. WFM focuses on providing the highest quality of natural and organic products, satisfying customer needs, promoting excellence in their team members, and exercising stewardship over shareholder investments. The mission also ensures to address their stakeholders by expressing social and environmental responsibility to the local and global communities.

Background Organization

John Mackey and Renee Lawson Hardy, owners of Safer Way Natural Foods merged with Clarksville Natural Grocery owners Craig Weller and Mark Skiles to form the original Whole Foods Market in 1980 located in Austin Texas. Boasting with a staff of 19 personnel, Whole Foods Market was seen as an immediate success due to the high demand for natural food supermarkets in the U.S. Today, the company is one of the top leaders in organic sells with more than 430 stores, throughout the U.K., Canada and 42 U.S. states (Whole Foods News Facts). The company continues to provide the best natural and organic foods while maintaining strict quality of standards.

Mackey, cofounder and CEO believes Whole Foods Motto – Whole Foods, Whole People, Whole planet sets the standard for reaching far beyond just a food retailer. He attributes the success in fulfilling the vision by marketing high-quality natural and organic foods to communities helping to change the eating habits of individuals in a way that attribute to the longevity of life and health.

In 2015, Whole Foods Market placed No. 18 on Fortune’s World’s Most Admired Companies’ list as well as No. 25 on the list of companies that have the best corporate, social, and responsible reputations among the U.S. public. COO, A.C. Gallo states “Whole Foods Market has consistently stayed true to its mission by putting a clear set of core values into practice that actively help make our planet a healthier, more prosperous, and more sustainable place” (Whole Foods Newsroom, 2015).

Industry Analysis

The natural and organic food industry continues to rapidly grow as the demand for healthier eating is on the rise. According to USDA, consumer demand for organic goods continues to grow by the double digits resulting in a total contribution of over 4% of total U.S. food sales (Organic Market Overview, 2014). Many surveys account for a variance of age groups who choose to shop for natural and organic foods. Genetically modified organisms seems to be the big push behind consumers wanting foods that are fresh and locally grown.

The industry analysis is based on Porter’s Five Forces Model whose purpose is to identify how much profit potential exists in an industry (Strategic Management, 2014). It shows the company’s strengths or intensities of external forces significant in the industry environment. The table below will identify the five forces and impact associated with each force.

Five Forces

FORCE	EXPLANATION	IMPACT
Buyer Power	This force involves determining how easy it is for buyers to drive prices down (Strategic Management, 2014).	Strong force
Supplier Power	Supplier Power is accessing how easy it is for suppliers to drive up prices (Strategic Management, 2014).	Medium Force
Threat of Substitute of new Products or Services	Threat of substitution is the force that identifies whether the products or services provided can be easily substituted	Strong Force
Threat of New Entrants	Threat of New Entrants is where people can enter into the same market of the existing business” (Strategic Management, 2014.).	Strong Force
Rivalry Amongst Competitors	This force identifies if competitors can offer the same products or services offered better than what is currently being offered (Strategic Management, 2014)	Strong Force

Buyer power – According to Food Marketing Institute, in 2015, the average number of trips per week consumers make to the supermarket is 1.5 (FMI, n.d.). Buyers typically don’t purchase in large quantities, but do frequent the grocery stores regularly. Whole Foods buyers show a low switching cost and can find many of the products the company sells at their local competitors such as Trader Joes, Costco, or Wal-Mart. As well, customers can easily access product information being offered at Whole Foods to stay well informed about the products and prices of what’s being sold.

Supplier power – The rise in organic and natural food products can cause limited supplies for the company and for this reason, suppliers could force the demand. However, Whole Foods Market suppliers include local, regional and national wholesalers and as a result, the variance in suppliers help to reduce the force behind the bargaining power of suppliers.

Threat of Substitute of new Products or Services – The grocery industry poses a huge threat to Whole Foods. As a result, substitutes such as cheaper products which aren’t organic, or the option to dine at a restaurant can be cheaper than shopping at Whole Foods. These products makes it easier for customers to switch products.

Threat of New Entrants – The food retail industry requires huge spending. There are several competitors such as Wal-Mart, Wegmans, Trader Joes, and Costco who all operate in the food industry. These companies also provide organic products at a more economical price. As a result, customers can easily be drawn away for better prices.

Rivalry Amongst Competitors – The demand for more grocery food and health food stores are low as the industry is saturated with many options. The rivalry amongst competitors is really strong because food stores use special promotions, coupons, and reward programs to save money. Whole Foods occasionally offers such specials and as a result customers can easily switch for their advantage.

Competitive Analysis

Competitive Analysis focuses on understanding the unique products, services, growth and profitability from competing companies in comparison to Whole Foods. To develop a larger market footprint, Whole Foods and their competitors are competing for consumer’s dollars and loyalty through their unique products and services. Whole Foods competes against three natural food retailers:

· Costco Whole Sale Corporation

· Trader Joes

· Sprouts Farmers Market

Costco Whole Sale Corporation
Competitive Scope	International Warehouse Wholesaler (Public Traded)
Strategic Intent	Costco strategic intent is to focus on high inventory turnover and low pricing through nationally and private labeled brands. Costco’s intent on bulk purchasing for a wide range of products and services, creates brand loyalty to generate future earnings.
Competitive Strategy	Membership base for volume purchasing access, focusing on high inventory turnover through access control and low gross margins. Costco focuses on offering high quality products at low value prices. Costco has based its success on selling in bulk, keeping inventory low, and no thrill atmosphere.
Competitive Position	Costco’s market position in the natural food market has grown in previous years. According to BMO Capital Markets financial firm, Costco is leading Whole Foods in organic products purchasing in 2015. Costco is outperforming Whole Foods on track to sell $4 billion in organic products compared to Whole Foods $3.6 billion. Furthermore, Costco has increased their organic product offerings by $1 billion in just six months (Scherer, Take Part). They are currently the market leader
Competitive Weaknesses	Costco does not earn a significant amount from organic products compared to other products and services offered. Costco focuses on 24 product offerings, which includes groceries and organic products. Costco does not purely sell organic products, so their selection is limited compared to Whole Foods. Costco’s loyalty based is skewed towards to baby boomers (Value Line, 2015). However, Costco is focusing their direct marketing campaign to target younger consumers.
Competitive Strengths	Costco is the second largest retailer in America (Scherer, 2015) and generates $112 billion in annual revenue (Morningstar, 2015). Costco has 93 million memberships and attracts more consumers based on their market orientated pricing strategy. Costco bases their pricing on market conditions so consumers have the perception that they are getting the best price. Costco’s member base system creates a stalwart brand loyalty.
Competition Threat Rating	Medium

Trader Joes
Competitive Scope	National organic/health food retailer in 40 States (Private)
Strategic Intent	Trader Joe’s created a business model based on differentiation from the standard grocery store. Trader Joe’s focuses on in-house brands instead of nationally recognized brands. 80% of their 4,000 item store is sold under their private label.
Competitive Strategy	Trader Joe’s has focused on selling under their private brand which is limited to their stores and allows them to have more control over their prices. Trader Joe’s does not nearly have as many options as Whole Foods, but the limited selections offered at Trader Joe’s allows them to save on inventory, overhead, and third parties. By selling a smaller pool of products, Trader Joe’s has more buying power with suppliers through high inventory purchases.
Competitive Position	Trader Joes has been taking a significant amount of the target market and currently outperforms Whole Foods in sales per square foot (PSF) of floor space. According to JLL investment real estate firm, Whole Foods sells $930 PSF and Trader Joe’s sells $1,732. Private labels mean access to select suppliers, which allows Trader Joe’s to have more flexibility over price. Trader Joe’s offers high quality products at half the price of Whole Foods.
Competitive Weaknesses	Trader Joe’s does not offer the selection as Whole Foods and focuses on private brands that creates a higher chance of inconsistency with shipments. Trader Joe’s does not have a robust marketing plan to reach new consumers, and experiences a slower consumer attraction. The average Trader Joe’s store space is 14,000SF compared to traditional stores of 50,000SF (Workforce Management, Pg. 51-54).The small store space and popularity creates a unpleasant shopping experience for some consumers.
Competitive Strengths	Trader Joe’s has develop a strong branding by stocking 80% of their stores with their private brand. These items are not sold anywhere else, so consumers become loyal to Trader Joe’s. Their pricing models attracts high earners and low earners, so their brand reaches a larger market. The smaller selection of items allows for easy distribution and store location, so third parties do not add to item costs.
Competition Threat Rating	High

Sprouts

Sprouts Farmers Market
Competitive Scope	National organic/health food retailer in 13 States (Public Traded)
Strategic Intent	Focused differentiation business model targeting millennials and middle income shoppers.
Competitive Strategy	Sprouts Farmers Market focuses on serving a select target group (millenials) and middle income consumers. Sprouts Farmer Market’s aggressive market price strategy researches 30 local competitors to determine if they need to raise or lower prices (Reynders, 2015). Their agile market orientated pricing strategy allows them to consistently offer the lowest prices compared to Whole Foods. Sprout’s Farmers Market strategically places stores in heavily populated areas to target their market.
Competitive Position	Sprouts Farmers Market currently has $3 billion in annual revenue. Their long term goal is to open 1200 stores in the next 15 years (Sanders, 2014). According to the Bloomberg Institute, Sprouts Farmers Market is undercutting Whole Foods product by 13%. Consumer reports list Sprouts Farmers Market as the fifth best grocery store in America.
Competitive Weaknesses	Sprouts Farmers Market does not offer produce year around and works closely with local farmers. Sprouts Farmers Market is spending $37 million (Dangerzone Consulting, Pg. 17) on advertising, which is low in comparison with their earnings of $3 billion. They are experiencing low profit margins due to their competitive advantage in low prices. They do not have the same brand loyalty as the other major competitors.
Competitive Strengths	Sprouts Farmers Market has better performed than other competitors near well established grocery stores. Publicly traded companies have the ability generate capital easier than private companies, and currently showing positive returns for investors, thus increasing the value of Sprouts Farmers Market. Sprouts Farmers Market are selling high quality products that are lower than Whole Foods.
Competition Threat Rating	Medium-High

The competitive analysis conducted on the fresh market industry illustrates an increasing demand in the organic grocery industry. Whole Foods is currently behind the market leader Costco, but all competitors have created opportunities for Whole Foods to re-strategize their current business model to create consumer value and increase their competitive advantage.

Financial Analysis

A financial analysis is an examination of financial statements, such as income statements, balance sheets and cash flow statements. An organization can use a financial analysis as a factor in business decision making. Potential investors can use a financial analysis to determine an organizations financial health and potential. (Crawford, 2015)

	September 2015	September 2014	September 2013
Gross Profit	$5,416,000	$5,044,000	$4,629,000
Total Assets	$5,741,000	$5,744,000	$5,538,000
Total Liabilities	$1,972,000	$1,931,000	$1,660,000
Net Income	$536,000	$579,000	$551,000
Net Cash Flow	$47,000	($100,000)	$201,000

(WFM Company Financials, 2015)

Key Ratios

	September 2015	September 2014	September 2013
Current Ratio	123%	140%	182%
Quick Ratio	83%	105%	144%
Profit Margin	3%	4%	4%

(WFM Company Financials, 2015)

Whole Foods has experienced steady increase in gross profit and total assets over the past few years. However, its net income for 2015 is less than it was in 2013. Its total liabilities have increased over the past few years. The company’s profit margin decreased 1% from 2014 to 2015. Lowering consumer prices can have a negative effect on a company’s profit margin. There has been significant fluctuation in the company’s net cash flow from 2013 to 2015. The company is not in any financial danger and will most likely appear as an attractive investment to potential investors.

Technique Analysis – Internal Factor Evaluation Matrix

Business analysis techniques focuses on the competitive factors that occur internally and externally to drive business strategy (Business Analysts, 2015). There are multiple techniques to use to determine competitive techniques. The use of the Internal Factor Evaluation (IFE) Matrix summarizes the internal strengths and weakness that are used to drive SWOT analysis.

Whole Foods Internal Force Matrix

Key Internal factors	Weight	Rating	Weighted Score
Internal Strengths
World leader in natural organic foods	.15	4	.60
Whole Foods Branding	.15	3	.45
Financials (cash flow)	.10	4	.40
High Quality Standards	.05	3	.15
Employee Satisfaction	.05	2	.10

Key Internal factors	Weight	Rating	Weighted Score
Internal Weaknesses
Product Recalls	.05	3	.15
Pricing Format	.20	4	.80
Strategic Risks	.15	2	.30
Dependence on U.S market	.10	2	.20

Key internal factors are stated above and comprise the core internal strengths and strengths of whole foods.

Strength Factors:

Whole Foods is the world leader in natural organic foods (Company Info, 2015). They operate 433 stores in two countries. The fresh format competition for grocery consumer dollars will increase by 1% by 2019 (Bishop Willard, 2015), which Whole Foods is strategically postured to capitalize.

Whole foods Branding is synonymous with organic foods. Whole Foods is initiating their first ever nationwide advertising campaign in 2015 (Whole Foods, 2015) to capitalize on the increase in growth in the fresh food format.

Whole foods cash flow is staggering compared to other publicly traded organic stores (Sprout’s Farmers Market), so their ability to generate cash allows them to partake in nationwide advertising, which companies like Costco, Trader Joe’s, and Sprout’s Farmers Market is currently not imitating.

Whole Foods prides themselves on the quality of products they offer. Their higher price compared to their competitors is based on the quality of their product (Gregory, 2015). It also differentiates their competitive strategy compared to Trader Joe’s.

According to John Mackey, CEO, employee satisfaction is a major contributor to the success of Whole Foods. Their organizational culture and framework is focused on team work and transparency (Rowland, 2015).

Weakness Factors:

Whole Foods had 48 product recalls since 1 January 2015 (Product Recalls, 2015), or four per month. Their high quality standard is a internal strength, but recalls hurt their high quality image and overall brand.

Whole Foods pricing format has garnered a “Whole Paycheck” moniker. Competitors have been able to compete successfully against Whole Foods by focusing on price rather than selection. Amy Graff, SF Gate, price sampled 31 popular grocery items at a Whole Foods and Trader Joe’s in San Francisco, and found Trader Joes out priced Whole Foods on 23 items, while Whole Foods out priced Trader Joe’s on one item. Whole Foods price is a major weakness that needs to be addressed to remain the market leader.

Whole Foods has a huge selection of organic products at each of their 30,000-35,000 SF stores, but their huge selection is not generating the income to justify the wide selection of organic products. Whole Foods sells $930 PSF and Trader Joe’s sells $1,732 PSF.

Whole Foods generates the majority of their cash flows from U.S customers. Costco is selling more in organic products than Whole Foods, but they have more consumer exposure than Whole Foods. However, Costco is the only large seller of organic products outside the U.S.

SWOT Analysis

A SWOT analysis is an assessment of the internal strengths and weaknesses and the external opportunities and threats of an organization. By conducting a SWOT analysis, an organization can use the results in developing a solid business strategy. Below is a SWOT analysis of Whole Foods. (Berry, 2015)

Strengths · Product variety · Increased revenue · Good quality · Recognized brand	Weaknesses · Limited market concentration · No organic food government subsidies · Limited suppliers · Food security
Opportunities · Value pricing demand · New customers · Acquisitions/mergers · International market	Threats · Increased customer demand · Competition · Tax increases · New market entrants

Strengths

Whole Foods is the global leader in natural and organic products with a vast variety of food products (Company Info, 2015). The company’s annual income statements reflect increased revenue each year for the past three years (WFM Company Financials, 2015). Whole Foods seeks to provide its customers with the highest quality by carefully evaluating each product it sells (Quality Standards, 2015). As a recognized brand, Whole Foods was named one of America’s most reputable retail companies (Newsroom, 2015).

Weaknesses

Whole Foods has only 433 locations in the United States, Canada and the United Kingdom (Company Info, 2015). Currently, organic farming receives no government subsidies (Spevack, 2014). Limited suppliers and increased demand for organic foods is a concern for companies like Whole Foods (USDA). Whole Foods has multiple product recalls for contamination and health threats (Product Recalls, 2015).

Opportunities

Whole Foods is answering the value pricing demand with its 365 Everyday Value guarantee, providing high quality products at value pricing (365 Everyday Value, 2015). Providing superior customer service is a strategy Whole Foods uses to have their customer base grow by word-of-mouth promotions from existing customers (Our Core Values, 2015). A large portion of the company’s growth is attributed to mergers and acquisitions (Company Info, 2015). Factors such as lifestyle diseases and food contamination of conventional foods are contributing to the increase in organic food sales and the global organic food market is projected to grow substantially over the next five years (Global Organic Food Market Forecast and Opportunities, 2020, 2015).

Threats

The consumer demand for organic foods is constantly increasing, so much that farmers are having a hard time keeping up with the demands (Albright, 2015). Top players in the organic foods market such as Costco, Trader Joes and Sprouts Farmers Market are Whole foods highest competitors, also offering quality products at competitive prices (Whole Foods Market, Inc. Competition). Because of the absence of government subsidies for organic farming, increased taxes are infracted upon taxpayers (Spevack, 2014). Retailers such as Wal-Mart and Kroger are entering the organic food market, increasing competition for Whole Foods (Peterson, 2015).

Action Plan

Whole Foods Market is in a process to change its reputation as a grocery store dealing with fresh foods at high prices through the opening of a separate chain of lower-priced stores that are aimed at millennial. Through these new stores, there will be catering to the younger generation of shoppers who still have an interest in natural and organic foods but in need of a different shopping experience. Through the new format, it is possible to broaden the Whole Foods appeal and diversify its brand. By doing so, it will pull the younger shoppers who are more attracted to Whole Foods ethical and social ethos but turned off by the price of the produce at the store.

There are reports from the company that Whole Foods is already negotiating leases for the new format, and the stores will start opening from early next year (Johnston, Whole Foods Market). Robb has also made a report that the marketplace grows by the day and that through the creation of a second growth vehicle for the company, there is the possibility of broadening the accessibility to fresh, healthy foods.

Evaluative Plan

Job evaluation is the systematic and formal approach to the analyses of jobs and categorizing them in a regard to their relative worth in an organization. In job evaluation, Whole Foods carries its operation based on ranking, classification, and point method. Ranking orders the job description from the very high to the lowest on a global definition of relative value or due to the contribution of an organization's success.

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