Whole Foods Market Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Whole Foods Market analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Whole Foods Market marketing mix, help the brand succeed in the market. Let us start the Whole Foods Market Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Whole Foods Market Product Strategy:
The product strategy and mix in Whole Foods Market marketing strategy can be explained as follows:
Whole Foods Market is one of the leading supermarket brands in USA. Whole Foods Market being a Grocery and health food supermarket, keeps a wide range of products for its customers so they don't feel the urge to move to inorganic or artificial products. These product lines include 365 everyday value, whole foods Market brand and engine 2 plant-strong. For customers who are unwilling to pay more are being served under 365 everyday value, where they have a range of products with low pricing. For the customers who are sensitive to product quality and prefer more and more premium products are clubbed under the umbrella of Whole Foods Market brand.
There are special categories specifically for vegetarian opting customers and customers with dietary restrictions. These are sold under the brand name of engine 2 plant-strong. The first also a label called Whole Trade label for products coming directly from suppliers which they use it as a guarantee for the quality of the product, sustainability, labour practices etc. The whole strategy of Whole Foods Market is to address the needs of price sensitive customers, quality assurance needing customers and special dietary needing customers.
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Whole Foods Market Price/Pricing Strategy:
Below is the pricing strategy in Whole Foods Market marketing strategy:
The Whole Foods Market uses the premium pricing strategy. In this, they have a relatively higher pricing as compared to its competitors like Walmart.
This in turn is coupled with the high quality and sustainability assurance that is being given by the company. The customers who are regular visitors to these shops do get entangled with such premium pricing in order to get high valued products which are organic and assured.
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Whole Foods Market Place & Distribution Strategy:
Following is the distribution strategy in the Whole Foods Market marketing mix:
Currently Whole Foods Market stores are present in USA, Canada and UK. However they tend to organise their channels in to different dimensions such as Online stores. The online stores offer delivery services for customers that can choose from their homes.
Their main source of business is still through these vast stores which see a huge number of foot falls.
Whole Foods Market Promotion & Advertising Strategy:
The promotional and advertising strategy in the Whole Foods Market marketing strategy is as follows:
The promotional strategies of Whole Foods Market depends upon the season and industry conditions. Their promotion not only comes from Advertising, but also from Public relations and Sales promotions. One of the notable campaigns was "Values Matter" campaign that focused on health related business. On local level, the company is involved in holding various community programs which are part of its public relations. For sales promotions, they use discount strategies. In the end, the Whole Foods Market focuses on building the brand imagery and quality.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Whole Foods Market.
People:
Being one of the largest supermarket chains in USA and UK, Whole Foods Market employ 91000 employees. They vary from grass root level salesmen to a range of intermediate sales managers. The sales division appoints a very skilled work force who are prepared to handle customers who need to get convinced to buy organic products. Special attention is given to the work culture as their value chain depends on people being happy and healthy.
Process:
Every Whole Foods Market l store has to work on providing whatever the customers need at any point of the time. So the main focus of this company too was to get the distribution system efficient so that there won't be scarcity of products. The products being organic, needed a special delivery and shipment and proper methods are implemented so as to make the things unadulterated. They also have strategies to ensure the quality standards. The stores ensure proper product placements and proper salesmen in order to maximize customer experience.
Physical Evidence:
Whole Foods Market’s presence was felt when they won a number of achievements. They topped the table of organic stores for years. They have been ranked 32 in the world for work environment. In 2005 it started whole planet foundation which are one of the numerous steps that it took to persuade people towards an organic and healthy future. This made them earn 6 EPA Green Power awards. This completes the marketing mix of Whole Foods Market.
About Whole Foods Market:
Whole Foods Market is one of the largest American supermarket chain. It has nearly 500 stores in North America and UK. The main speciality that diversifies it is its selling of Organic products. It was opened in 1978 by John Mackey and Renee Lawson with a 45000 dollar budget as a vegetarian natural foods store named SaferWay in Austin, Texas. After 2 years they merged with Clarksville Natural Grocery to open the first Whole foods market.
By January 2017, it had 467 stores in Usa. Upon expansion in 2017, Amazon.com had a merger deal with Whole Foods Market which was closed within 5 days.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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