According to Paine (2011), choosing a comparative tool is the key to an evaluation program, and the tool is only effective when comparing with competitors and peers over time (p. 37). Next, internal and external benchmarks will be defined, and Whole Foods Market will be compared with two competitors.
Internal Benchmarks
Revenue
How many gift cards (both physical and e-card) are paid through the website?
How many orders are made online?
How much money was generated from the website?
Website Engagement
How many visitors signed up or renew membership?
How many visitors subscribed emails for receiving news?
How many visitors followed social media accounts?
How many reads, likes, and shares blogs got from the visitors?
How
…show more content…
How many participants chose Whole Foods Market as their primary shopping site through a customer satisfaction survey?
External Benchmarks
I chose Sprouts and Trader Joe’s as Whole Foods Market’s competitor due to all of them sell organic and natural products. To compare each brand’s communication vehicle (website), the first step is to rank their traffic trends. According to the chart below, in the past 6 months, wholefoodsmarket.com had a significantly higher traffic rank than the other two.
(Source: Alexa.com)
When comparing the percentage of total traffic, surprisingly, sprouts.com got the highest rank of the percent people visited the website directly. The higher percentage of visiting the website directly, the better the brand did for promoting its brand with less invest. Trader Joe’s got most of its traffic from direct search, which means visitors have a high degree of brand awareness. This chart provides clear comparison results that wholefoodsmarket.com needs to improve in promoting through social media and increasing brand awareness.
(Source: Alexa.com)
Functionality Comparison
Whole Foods Market Sprouts Trader Joe's
Basic
…show more content…
According to Andre (2013), “grocers have to think outside of the box and offer more to their clients in order to increase customer satisfaction and loyalty” (p.1). Since customers’ shopping style has been changed, groceries should change their marketing strategy from a long-term perspective. As we discussed earlier, Whole Foods Market has developed its application that allows customers to buy products through smartphones. Customers can make orders through smartphones and pick up later, which saves plenty of time, especially for some working parents. This cool technology is not only attractive but also helpful fostering customer loyalty. Whole Foods Market’s website promotes its smartphone APP constantly and describes the benefits of downloading the application, which are also ways of offering the convenient shopping experience for
The third issue for Trader Joe’s is their lack of social media presence. Trader Joe’s from their beginning has used a customer newsletter and occasional radio ads in order to promote their brand, and these advertising methods have not changed with the introduction and prevalence of social media. Many brands nowadays are seeking to gain a competitive advantage over the
Kudler’s Fine Foods has competitors, such as Corti Brothers, Whole Foods, and other major grocery store chains that have loyal consumer bases. Each company has dealing in the grocery store industry, but target different markets. Chains like Walmart Supercenters or Winn-Dixie have different goods and service made available to new consumers, which have taken over the grocery store market. For example, organic goods, buyer programs and slashed prices are offered at these stores causing consumers to flock to locations. Whole Foods, Trader Joe’s among others, offer natural and organic foods and varieties of produce, which is in direct competition with Kudler’s (Whole Foods, 2009). Kudler’s products can match the quality standards of its competitors.
Grocery shopping is more diversified and evolved than ever before. Individuals across the nation have access to everything from exotic products to unique delivery services. Often, specialty stores have limited locations whereas specialty services have a limited reach. However, two retailers have expanded to hundreds of locations while adhering to unexpected market positioning for previously untargeted market segments. Whole Foods Market and Trader Joe’s have become household names while also innovating beyond regional and national traditional chains. Despite comparable size in
I decided to carry out a PEST/STEEPL analysis on MacDonald’s, the fast food chain. Although in their own Mission and Value statement they describe themselves as a franchise business.
The range of competitors within the overall industry include chain and independent supermarkets (Krogers, Safeway, others); mass merchandisers and super centers (Wal-mart,Target); convenience stores; wholesale clubs (Sam’s); restaurants and fast food chains andnatural food stores (Whole Foods, Wild Oats
For our case assignment, we decided to compare two grocery stores popular in the NYC area: Whole Foods and Trader Joe’s. We each visited a different location of each store; Samantha visited the Trader Joe’s in Union Square, Heather visited Trader Joe’s on the Upper West Side, Cathleen visited Whole Foods on the Upper West Side, and Brittany visited Whole Foods in Chelsea. Each store had its own dynamic, but the brand positioning for both stores was consistent.
Exhibit A shows Porter’s Five forces analysis for Trader Joe’s. Competition within the incumbents is high. Trader Joe’s biggest competitor would be Whole foods, nation’s largest retailer of organic and natural
All Saints ensures that all regulations are met by having their vendors, suppliers and subcontractors sign their compliance manual based on the core conventions of the International Labour Organisation.
The brand promise of “Choosy Mom’s chose Jif” signifies the main market segmentation group of Jif peanut butter’s marketing research - Mom. A marketing research method used by J.M. Smucker and many other food manufacturers is the offering of taste samples at grocery and warehouse stores and then tracking the number products sold by evaluating scanner data. On line reviews by consumers of products sold on places like amazon.com is also another way for the company to gather primary market research information. In today’s market, social media is a popular way of collecting information and Jif has joined that bandwagon with a Facebook and Twitter account. To remain strong in the industry, J.M. Smucker should continue to use social media along with consumer
Social media has become an influential ground for consumers to share their opinions about a company’s brand and products. In addition, it helps in having a strong brand that produces positive relations and distinguish the brand from competitors, is a critical component for effective marketing. According to Dahlén and Lange (2009) “the quality of the product is not the evident factor when it comes to purchasing a product, the deciding factor depends on how the brand is perceived” (Para. 1). This demonstrates the importance of incorporating social media as a tool to promote brands, allow for interactions, and customer satisfaction by engaging with customers more frequently for feedbacks or reviews. Thus create an opportunity for the company to show its devotion to their customers, and initiate good reputation, which can increase sales. In other words, social media has the ability to upsurge the awareness for businesses as well as the brand.
Changing the way energy in buildings is monitored, controlled and consumed can bring down CO2 emissions and reduce costs (Faucheux & Nicolaï, 2011) .
Benchmarking can be a successful tool to determine root causes and potential solutions to a problem. Benchmarking allows for an organization to compare themselves to others in the same field and gauge what works and hasn’t work for others. (Suttle, n.d.) One tool that can
The grocery industry is highly fragmented, with a multitude of strong regional players (Safeway, Publix, Kroeger, Wegmans, etc.). The largest grocery retailer in the United States is Wal-Mart, with an estimated 33% share. Other major retailers are targeting this segment of the industry, focused on a relatively narrow selection of key commodity foods at relatively low prices (Forbes, 2011). Whole Foods competes in a segment occupied by differentiated grocery players including Trader Joe's, Fresh Market and a highly fragmented selection of local and regional upscale and health-conscious grocery stores. The big players in the industry usually carry ranges of organic and natural products as well, siphoning off some business from Whole Foods. As Whole Foods grows, it comes into competition with mainstream grocery retailers more frequently (McLaughlin & Martin, 2009).
Due to a variety of uncertainties ranging from the instability of Mexico’s economy, to a limited knowledge of the possible company to do business with, Charles River Laboratories have to assure to their stakeholders that a joint venture with ALPES is beneficial to the growth of the company.
Canada is one of the mightiest countries in the world due to its many unique characters. In the context of economy Canada is a leading competitor for many other giants in the world. As country there are many things to boast about Canada. Natural resources, healthcare, arts, music, and many more made Canada very much popular among other nations. This report discusses and analyse the political, economic and legal characteristics of Canada and its effect on doing business there in briefly.