Wegman and whole food strategic business plan


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Wegman and whole food strategic business plan

  1. 1. Wegmans is way ahead of all its competitors because of the total experience it offers during eachshopping trip. I think the main thing is the lighting. Instead of surgical flourescent lighting likemost stores (Harris Teeter), Wegmans offers lighting that, while still easy to see, would be okayfor a get together with friends. Also, their generic brand and fresh products they make areexcellent. The way the products are packaged and marketed too, make for a visually stimulatingshopping experience. Everything is so innovative. Also, while the prices arent as low asWalmart, you dont feel like you are getting ripped off. You feel like you are paying the rightprice for a good product. I dont live near a Wegmans currently, but on a recent trip I stoppedinto one, I just happened upon something as simple as Wegmans BBQ sauce, the ingredientscontain real sugar, not HFCS, which every other generic and name-brand sauce contains. So justlittle details like that, plus the fact that they try and stock local products and produce much morethan any other chain I have ever been too.Read more:http://wiki.answers.com/Q/What_differentiates_Wegmans_Food_Market_from_other_grocery_stores#ixzz1iLysNDUvMarket Report, "Wegmans Food Markets, Inc. - Strategic SWOTAnalysis Review", published Print article Refer to a friend2011-12-31 20:40:29 - New Retailing market report from GlobalData: "Wegmans FoodMarkets, Inc. - Strategic SWOT Analysis Review"Wegmans Food Markets, Inc. - Strategic SWOT Analysis ReviewSummaryWegmans Food Markets, Inc. (Wegmans), formerly Rochester Fruit & Vegetable Company, isthe regional supermarket chain involved in retailing of food, cosmetics and related accessories.The company operates a chain of 79stores in New York, Pennsylvania, New Jersey, NorthernVirginia, Maryland and Massachusetts states of the US. The companys product line comprisesbeverages, grocery items, sea food items, bakery supplies, floral products, cosmetics, seasonalfood, Pharmacy, gift cards, Dairy, Personal care, Floral,Pastries, and restaurants. In addition,Wegmans also provides cookware, tableware and accessories. It also runs a full-service Websitethat offers recipes and meal ideas, cooking techniques, party planning information and giftordering services. The company offers its merchandise through its wholly
  2. 2. Report Table of Contents:Table of ContentsTable of ContentsList of TablesSection 1 - About the CompanyWegmans Food Markets, Inc. - Key FactsWegmans Food Markets, Inc. - Key EmployeesWegmans Food Markets, Inc. - Key Employee BiographiesWegmans Food Markets, Inc. - Major Products and ServicesWegmans Food Markets, Inc. - HistoryWegmans Food Markets, Inc. - Locations And SubsidiariesHead OfficeOther Locations & SubsidiariesSection 2 - Company AnalysisWegmans Food Markets, Inc. - Business DescriptionWegmans Food Markets, Inc. - SWOT AnalysisSWOT Analysis - OverviewWegmans Food Markets, Inc. - StrengthsStrength - Diversified Product PortfolioStrength - Recognition for StandardsStrength - Strong Foothold in the US MarketWegmans Food Markets, Inc. - WeaknessesWeakness - Product RecallsWeakness - Limited Geographical ConcentrationWegmans Food Markets, Inc. - OpportunitiesOpportunity - Growing Organic Foods IndustryOpportunity - Growing Opportunities in e-tailingOpportunity - Freezing of PricesWegmans Food Markets, Inc. - ThreatsThreat - Highly Competitive MarketThreat - Perishable GoodsThreat - Organised ShopliftingWegmans Food Markets, Inc. - Key CompetitorsWegmans Food Markets, Inc., Recent Deals SummarySection 3 - AppendixMethodologyAbout GlobalDataContact UsDisclaimer
  3. 3. List of TablesWegmans Food Markets, Inc., Key FactsWegmans Food Markets, Inc., Key EmployeesWegmans Food Markets, Inc., Key Employee BiographiesWegmans Food Markets, Inc., Major Products and ServicesWegmans Food Markets, Inc., HistoryWegmans Food Markets, Inc., Other LocationsWegmans Food Markets, Inc., Key CompetitorsWegmans Food Markets, Inc., Recent Deals SummaryAbout GlobalDataGlobalData is a leading provider of global business intelligence including market, competitor, productand customer information. It provides in-depth research, analysis, data and forecasts through a range ofinteractive online databases, reports and management briefings. GlobalData has a large team ofexperienced research and analysis, consulting, and marketing experts. It has a global presence, includingkey offices in the US, Europe and Asia. The group has over 50 years of experience of delivering marketintelligence data and analysis and a highly experienced senior management team. View more researchfrom GlobalData at www.fastmr.com/catalog/publishers.aspx?pubid=1015About Fast Market ResearchFast Market Research is an online aggregator and distributor of market research and businessinformation. We represent the worlds top research publishers and analysts and provide quick and easyaccess to the best competitive intelligence available.For more information about these or related research reports, please visit our website atwww.fastmr.com or call us at 1.800.844.8156.
  4. 4. Our Core ValuesThe following list of core values reflects what is truly important to us as an organization. Theseare not values that change from time to time, situation to situation or person to person, but ratherthey are the underpinning of our company culture. Many people feel Whole Foods Market is anexciting company of which to be a part and a very special place to work. These core values arethe primary reasons for this feeling, and they transcend our size and our growth rate. Bymaintaining these core values, regardless of how large a company Whole Foods Marketbecomes, we can preserve what has always been special about our company. These core valuesare the soul of our company. Selling the Highest Quality Natural and Organic Products Available Satisfying and Delighting Our Customers Supporting Team Member Happiness and Excellence Creating Wealth Through Profits & Growth Caring about our Communities & Our Environment Creating ongoing win-win partnerships with our suppliers Promoting the health of our stakeholders through healthy eating education.Selling the Highest Quality Natural and Organic Products AvailablePassion For FoodWe appreciate and celebrate the difference natural and organic products can make in the qualityof ones life.
  5. 5. Quality StandardsWe have high standards and our goal is to sell the highest quality products we possibly can. Wedefine quality by evaluating the ingredients, freshness, safety, taste, nutritive value andappearance of all of the products we carry. We are buying agents for our customers and not theselling agents for the manufacturers.Satisfying and Delighting Our CustomersOur CustomersThey are our most important stakeholders in our business and the lifeblood of our business. Onlyby satisfying our customers first do we have the opportunity to satisfy the needs of our otherstakeholders.Extraordinary Customer ServiceWe go to extraordinary lengths to satisfy and delight our customers. We want to meet or exceedtheir expectations on every shopping trip. We know that by doing so we turn customers intoadvocates for our business. Advocates do more than shop with us, they talk about Whole Foodsto their friends and others. We want to serve our customers competently, efficiently,knowledgeably and with flair.EducationWe can generate greater appreciation and loyalty from all of our stakeholders by educating themabout natural and organic foods, health, nutrition and the environment.Meaningful ValueWe offer value to our customers by providing them with high quality products, extraordinaryservice and a competitive price. We are constantly challenged to improve the value propositionto our customers.Retail InnovationWe value retail experiments. Friendly competition within the company helps us to continuallyimprove our stores. We constantly innovate and raise our retail standards and are not afraid to trynew ideas and concepts.Inviting Store EnvironmentsWe create store environments that are inviting and fun, and reflect the communities they serve.We want our stores to become community meeting places where our customers meet theirfriends and make new ones.
  6. 6. back to topSupporting Team Member Excellence and HappinessEmpowering Work EnvironmentsOur success is dependent upon the collective energy and intelligence of all of our TeamMembers. We strive to create a work environment where motivated Team Members can flourishand succeed to their highest potential. We appreciate effort and reward results.Self-ResponsibilityWe take responsibility for our own success and failures. We celebrate success and see failures asopportunities for growth. We recognize that we are responsible for our own happiness andsuccess.Self-Directed TeamsThe fundamental work unit of the company is the self- directed Team. Teams meet regularly todiscuss issues, solve problems and appreciate each others contributions. Every Team Memberbelongs to a Team.Open & Timely InformationWe believe knowledge is power and we support our Team Members right to access informationthat impacts their jobs. Our books are open to our Team Members, including our annualindividual compensation report. We also recognize everyones right to be listened to and heardregardless of their point of view.Incremental ProgressOur company continually improves through unleashing the collective creativity and intelligenceof all of our Team Members. We recognize that everyone has a contribution to make. We keepgetting better at what we do.Shared FateWe recognize there is a community of interest among all of our stakeholders. There are noentitlements; we share together in our collective fate. To that end we have a salary cap that limitsthe compensation (wages plus profit incentive bonuses) of any Team Member to nineteen timesthe average total compensation of all full-time Team Members in the company.back to topCreating Wealth Through Profits & Growth
  7. 7. StewardshipWe are stewards of our shareholders investments and we take that responsibility very seriously.We are committed to increasing long term shareholder value.ProfitsWe earn our profits every day through voluntary exchange with our customers. We recognizethat profits are essential to creating capital for growth, prosperity, opportunity, job satisfactionand job security.Caring About Our Communities & Our EnvironmentSustainable AgricultureWe support organic farmers, growers and the environment through our commitment tosustainable agriculture and by expanding the market for organic products.Wise Environmental PracticesWe respect our environment and recycle, reuse, and reduce our waste wherever and whenever wecan.Community CitizenshipWe recognize our responsibility to be active participants in our local communities. We give aminimum of 5% of our profits every year to a wide variety of community and non-profitorganizations.Integrity In All Business DealingsOur trade partners are our allies in serving our stakeholders. We treat them with respect, fairnessand integrity at all times and expect the same in return.back to topCreating ongoing win-win partnerships with our suppliersIntegrity in All Business DealingsOur supplier partners are our allies in serving the interests of our other stakeholders in bringingto market the safest highest quality products available. We treat them with respect, fairness andintegrity at all times and expect the same in return. We seek supplier partnerships that share ourconcern for social responsibility and the environment.
  8. 8. Honesty and CommunicationWe are committed to honesty, timeliness and clarity in communicating with our suppliers and weexpect the same in return.TransparencyWe seek to create transparency from “farm to fork” with respect to production, planning,sourcing, ingredients, product safety and efficacy in order to bring to market the safest highestquality products available. We work with our supplier partners in eliminating all unnecessaryproduction and distribution costs to help ensure the best possible price.EducationWe partner with our suppliers to educate, inspire and communicate the outstanding quality andbenefits of our products to promote a lifestyle of health, balance and well-being.Innovation/DifferentiationWe foster supplier partnerships that enable us to remain at the forefront of the retail foodindustry, by creating new, unique and innovative products.Promoting the health of our stakeholders through healthy eating educationEducationHealthy eating is a basic foundation for optimum health and well-being. By providing healthyeating education we inspire and empower our stakeholders to make the best health-supportive,delicious food choices to maximize personal health and vitality. At Whole Foods Market, webelieve that focusing on the following four pillars of healthy eating offers the greatest healthbenefits:Whole Food Choose foods that are whole, fresh, natural, organic, local, seasonal and unprocessed. Eliminate the consumption of refined, highly processed foods and foods void of nutrients, such as artificial flavors, colors, preservatives, sweeteners and hydrogenated fats.Plant-Strong™ / Reconfiguring the Plate: No matter what type of diet you follow, including those that incorporate dairy, meat and/or seafood – eat more plants, like raw and cooked vegetables, fruits, legumes and beans, nuts, seeds and whole grains. Eat a colorful variety of plants to ensure youre getting the best nutrients for your body, which leads to feeling satiated.
  9. 9. Healthy Fats Get your healthy fats from plant sources, such as nuts, seeds and avocados. Minimize extracted oils and processed fats. If eating a diet that includes animal products, choose leaner meats and seafood as well as low- fat dairy products.Nutrient-Dense Choose foods that are rich in nutrients when compared to their total caloric content, also known as foods with a high nutrient density. Build your menus around plant-based foods to ensure highly micro-nutrient-dense meals. Choose foods with a wide spectrum of vitamins, minerals, phytonutrients and antioxidants. Look for the Aggregate Nutrient Density Index (ANDI) scoring system in the store to guide you on healthier choices.back to topMore About Us Our Core Values Declaration of Interdependence Our Quality Standards Sustainability and Our FutureCOMPANY INFO About Whole Foods Market U.S. National Offices Regional Offices Leadership Team Board of Directors John Mackeys Blog Walter Robbs Updates Core Values Company History Community Giving Real Estate Investor Relations Press Room Careers Info for Potential Vendors Info for Current Vendors Customer Service
  10. 10. Why Wegmans is the BEST: Reason #1Friendly people work there.It’s really as simple as that. I keep going back to Wegmans because I swear THE friendliestpeople on the planet work there. And it doesn’t matter which one you go to because they’re allthe same. Smiling.Happy.Helpful.Caring. Smart. Charismatic. This all leads me to wonder, whyare they ALL like this? Is it the fair wages or the great benefits? Maybe, but I have a hunch thatsays it’s in the leadership.Wegmans has appeared on FORTUNE’s Best Place to Work list every year since it was firstpublished in 1998 and has ranked among the top 10 for six consecutive years.“Every one of our employees and our customers should stand up and take a bow, becausetogether they make Wegmans a special place. Whenever I’m in one of our stores, customers stopto tell me how much they appreciate our employees. You can imagine how great that makes ourpeople feel and why they enjoy coming to work everyday,” says Wegmans CEO DannyWegman.Wegmans’ 5 core values enable them to hit this list every year.1. Caring2. Respect3.High Standards4.Making a Difference5. EmpowermentThis post marks the beginning of my (most likely endless) Why Wegmans is the best!series. Feelfree to submit your thoughts which (if they’re good enough) could be selected to be included inthis series and stay tuned for reason #2!Quick FactsCelebrating Our Successes: In 1991, President George H.W. Bush awarded the American Business Press Points of Light Award to Robert Wegman for the Work Scholarship Connection. In 2003, the National Youth Employment Coalition recognized the Work Scholarship Connection with its PEPNet award, a recognition given to the strongest youth programs in the country. In 2005 we received the Loudoun Chamber of Commerce FAME award in recognition of the kindness and consideration displayed to customers and employees with disabilities.
  11. 11. In 2006, Wegmans received the Champion of Diversity award from Supermarket News forprograms and strategies that advance diversity in the workplace.In 2007, we received the FMI People Maxx award for our youth leadership program.In 2008, Wegmans received the Youth Latina Leadership Award from Latinas Unidas for ouryouth leadership intern program.In 2008, Wegmans was recognized by the Latinas Unidas for our commitment to and partnershipwith the organization and was one of fifteen companies awarded a Corporate Honorary Award.