Marketing strategy of Wegmans Food Markets Diabetes Counseling

Posted by Zander Henry on Aug-22-2018

1. The vision of Wegmans Food Markets Diabetes Counseling

The vision of Wegmans Food Markets Diabetes Counseling is to be the leading quality service and product provider for customers. Being the best and the leading player means that Wegmans Food Markets Diabetes Counseling marketing strategy and operations focus on:

• Providing high quality of products and services
• Providing value to customers
• Concentrate on building customer experience

2. The mission of Wegmans Food Markets Diabetes Counseling

Wegmans Food Markets Diabetes Counseling marketing strategy is grounded in its mission. The mission for Wegmans Food Markets Diabetes Counseling is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Wegmans Food Markets Diabetes Counseling as it focuses on all operations and marketing activities in the direction of:

• Consumer centrism
• Using research to understand and influence consumers

3. Brand Equity of Wegmans Food Markets Diabetes Counseling

Understanding and knowing the brand equity is vital for directing and giving meaning to the marketing strategy of Wegmans Food Markets Diabetes Counseling. The knowledge of brand equity will help in shaping Wegmans Food Markets Diabetes Counseling marketing strategy effectively – thereby facilitating the growth of business for Wegmans Food Markets Diabetes Counseling.

3.1. Brand awareness

• Wegmans Food Markets Diabetes Counseling has high brand awareness because of international operations
• The company focuses on higher budget allocation in the country of origin
• Each market for Wegmans Food Markets Diabetes Counseling has modified marketing and strategic directives and plans

3.2. Brand association

• Wegmans Food Markets Diabetes Counseling is directly associated with the brand name and product category
• Wegmans Food Markets Diabetes Counseling has a broad product portfolio
• Wegmans Food Markets Diabetes Counseling is associated with promising and delivering quality and innovative products
• Wegmans Food Markets Diabetes Counseling is also associated with excellent customer service

3.3. Brand loyalty

• Wegmans Food Markets Diabetes Counseling has been successful at gaining high consumer loyalty because of unique and influential marketing strategy
• Wegmans Food Markets Diabetes Counseling has a global customer base
• Wegmans Food Markets Diabetes Counseling keeps adding value addition to the products and product portfolio to keep consumers engaged

3.4. Brand asset

• Wegmans Food Markets Diabetes Counseling has a substantial brand value
• Wegmans Food Markets Diabetes Counseling also enjoys the high financial worth
• Wegmans Food Markets Diabetes Counseling focuses on building a reliable and robust employee base

3.5. Brand element

• Wegmans Food Markets Diabetes Counseling uses the brand element as a means of competitive advantage
• Uses adaptability in product, services, and marketing to meet different cultural demands

4. Situational Analysis of Wegmans Food Markets Diabetes Counseling

The situational analysis will help in developing the marketing strategy of Wegmans Food Markets Diabetes Counseling by conducting a thorough market analysis. This market analysis will aid in understanding the compatibility between external opportunities and other factors, and internal strengths – to be used to maximize the marketing influence of Wegmans Food Markets Diabetes Counseling.

4.1. SWOT

4.1.1. Strengths

Wegmans Food Markets Diabetes Counseling marketing strategy can benefit from the following internal advantages:

• Strong brand image
• Global distribution network
• Investment in market research
• Innovation

4.1.2. Weakness

Wegmans Food Markets Diabetes Counseling faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Wegmans Food Markets Diabetes Counseling has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Wegmans Food Markets Diabetes Counseling faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Wegmans Food Markets Diabetes Counseling operates I markets with political stability
• Wegmans Food Markets Diabetes Counseling has funding support from the government for small businesses

4.2.2. Economic

• Wegmans Food Markets Diabetes Counseling enjoys high sales because of higher GDP
• Lower interest rates make business expansion and loaning easier for Wegmans Food Markets Diabetes Counseling
• Low inflation strengthens the financial position of Wegmans Food Markets Diabetes Counseling

4.2.3. Social

• Higher education and awareness increases sales of Wegmans Food Markets Diabetes Counseling predict
• Wegmans Food Markets Diabetes Counseling focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Wegmans Food Markets Diabetes Counseling has an active CSR program
• Wegmans Food Markets Diabetes Counseling ensures environmental safety in all its operations

4.2.5. Legal

• Wegmans Food Markets Diabetes Counseling is aware of local and global laws of business and human resource management
• Wegmans Food Markets Diabetes Counseling abides by all statutes – especially labour law, discrimination law, and employee safety laws

4.3. Porter’s Five Forces

4.3.1. Threat of substitutes

• High risk of replacements
• Substitutes offer similar products at low prices

4.3.2. The threat of new entrants

• New entrants need high financial investment
• New entrants need updated technology for keeping par with industry progress

4.3.3. Bargaining power of buyers

• Sales made to end consumer directly
• Stocking of products at retailers, as well as own-controlled retail outlets

4.3.4. Bargaining power of suppliers

• Multiple suppliers of raw materials
• Suppliers are chosen after careful inspection, and through contracts

4.3.5. Industry rivalry

• High industry rivalry
• Players offer similar products
• Players compete through marketing to influence consumers

5. Marketing Objectives for Wegmans Food Markets Diabetes Counseling: The Marketing Strategy of Wegmans Food Markets Diabetes Counseling

Wegmans Food Markets Diabetes Counseling marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Wegmans Food Markets Diabetes Counseling brand and products by 30%
• Increase sales for Wegmans Food Markets Diabetes Counseling by 40% by the third quarter of the financial year
• Achieve a trial rate for new products of 10% during the first quarter of the launch
• Increase consumption rate of existing products by 45% during the current financial year

5.2. Enhanced brand recognition

• Increase top of mind recall by 65% during the current fiscal year
• Increase brand recognition by 80% during the first two quarters of the current financial year

5.3. Increased use of digital marketing

• Acquire 25,000 new online customers during the financial year
• Increase website traffic through using blogging and email tactics effectively by 505 during the first two quarters of the year
• Acquire 65,000 likes on the official Facebook page of Wegmans Food Markets Diabetes Counseling during the first quarter of the financial year

5.4. Retail Growth

• Contract with five more leading supermarkets in the first quarter of the year to stock product at eye level shelving
• Contract with two leading online retail sites – eBay and Amazon – to stock our products, and increase accessibility for consumers globally by the second quarter of the financial year

6. Segmentation of Wegmans Food Markets Diabetes Counseling

Wegmans Food Markets Diabetes Counseling marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Wegmans Food Markets Diabetes Counseling has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Wegmans Food Markets Diabetes Counseling has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Wegmans Food Markets Diabetes Counseling, according to the marketing strategy, are in the following various life cycle stages:

• Single students
• Single graduates
• Single people living at home/not living at home
• Young couples without children
• Married couples with one to four children – all at home
• Married couples with one or two children in college
• Old married couples with an empty nest

6.1.4. Occupation

The marketing strategy devises the following occupations for Wegmans Food Markets Diabetes Counseling consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Wegmans Food Markets Diabetes Counseling focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Wegmans Food Markets Diabetes Counseling consumer segments have the following lifestyle characteristics:

• They aspire towards a better and higher living standard
• They want to be successful – professionally and socially
• They are not hesitant to try new things, products and services in life
• They are confident in their behaviour and attitude
• They are mainstreamers in their fields

6.3. Geographic segmentation

6.3.1. Region

• Wegmans Food Markets Diabetes Counseling has operations spread across the western developed countries such as America, the united kingdom, and the Netherlands
• It also has operations in emerging markets such as Brazil, India, and China

6.3.2. Density

• The focus of Wegmans Food Markets Diabetes Counseling remains on the urban part of the population

6.4. Behavioural segmentation

6.4.1. Personality

The marketing strategy defines personality characteristics for the consumers of the brand of Wegmans Food Markets Diabetes Counseling, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Wegmans Food Markets Diabetes Counseling are regular and frequent users of the product

6.4.3. Benefits sought

• Consumers seek functional benefits
• The focus, however, is more on the emotional benefits reaped from the consumption of the brand

6.4.4. Degree of loyalty

• Consumers are very loyal
• Have an emotional attachment with the brand

7. Targeting of Wegmans Food Markets Diabetes Counseling Positioning of Wegmans Food Markets Diabetes Counseling

The marketing strategy of Wegmans Food Markets Diabetes Counseling targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Wegmans Food Markets Diabetes Counseling is from middle to upper class
• The target market is ambitious and desires to purchase high-end consumer products
• This target market also seeks affordability
• To meet target market expectations, the Wegmans Food Markets Diabetes Counseling focuses on quality control

7.2. Mass marketing

• The marketing strategy of Wegmans Food Markets Diabetes Counseling focuses on mass marketing
• This also requires unique marketing designs and product promotion programs
• Wegmans Food Markets Diabetes Counseling makes use of one strategy to influence all segments

7.3. Undifferentiated marketing strategy

• Wegmans Food Markets Diabetes Counseling does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, Wegmans Food Markets Diabetes Counseling also created the marketing mix under the marketing strategy as a singular one for the whole market – regardless of the segmentation divides.

7.4. Focus on quality

• Wegmans Food Markets Diabetes Counseling has created, developed, and maintained a brand that satisfies all consumers under the undifferentiated marketing strategy and mass marketing
• No compromise on quality has been made in the broad product portfolio
• To ensure the influence of a single marketing strategy, the Wegmans Food Markets Diabetes Counseling has also adopted a consumer-centric approach in its overall marketing strategy and operations as well
• This was used for targeting strategy as well as for maintaining growth

8. Company Competitive Advantage in the marketing strategy of Wegmans Food Markets Diabetes Counseling

The marketing strategy of Wegmans Food Markets Diabetes Counseling stands out from the clutter and competition. Wegmans Food Markets Diabetes Counseling has also achieved a sustainable competitive advantage in its marketing strategy. This is because of the following factors that Wegmans Food Markets Diabetes Counseling has utilized:

8.1. Cost-effectiveness

• Wegmans Food Markets Diabetes Counseling focuses on reaching consumers effectively rather than grandeur
• Wegmans Food Markets Diabetes Counseling focuses on developing an integrated marketing approach
• The use of digital marketing efficiently and expertly has helped the company reach a wider audience at a lower cost
• Wegmans Food Markets Diabetes Counseling has in-house copywriters for marketing campaigns which also helps in controlling costs
• Wegmans Food Markets Diabetes Counseling also focuses efforts on ground activities – which are less expensive than commercial marketing tactics

8.2. Innovation

• Wegmans Food Markets Diabetes Counseling has stayed updated with latest developments in marketing research and marketing knowledge
• Wegmans Food Markets Diabetes Counseling makes use of new and innovative tactics to reach its target consumers
• Wegmans Food Markets Diabetes Counseling also employs top of the field marketers to facilitate its marketing strategy and promotional campaigns
• Each marketing campaign launched by Wegmans Food Markets Diabetes Counseling is effective catchier and more influential than the previous one

8.3. Strong market research and consumer understanding grounded

• Wegmans Food Markets Diabetes Counseling marketing strategy is strongly grounded in consumer and market research
• Wegmans Food Markets Diabetes Counseling makes informed marketing campaigns and goals based on consumers’ behavioural feedback
• Wegmans Food Markets Diabetes Counseling also incorporates consumer feedback in its marketing strategy
• Wegmans Food Markets Diabetes Counseling marketing strategy is based on market trends, and consumer needs and wants

8.4. Making effective use of emotional appeals

• Consumers’ emotional needs strongly influence all marketing objectives and marketing goals set by Wegmans Food Markets Diabetes Counseling
• In addition to fulfilling functional needs, Wegmans Food Markets Diabetes Counseling also tries to fulfil the emotional and psychological needs of the consumer
• Wegmans Food Markets Diabetes Counseling tries to build a strong emotional bond with the consumer, which also results in high consumer loyalty

9. Distribution Strategy of Wegmans Food Markets Diabetes Counseling

Wegmans Food Markets Diabetes Counseling marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• Wegmans Food Markets Diabetes Counseling makes use of intensive distribution strategy because it is mass marketing
• Wegmans Food Markets Diabetes Counseling’s marketing strategy is based on undifferentiated segments, and thus an intensive distribution strategy allows high penetration and reaches in the overall market
• With the use of the intensive distribution, Wegmans Food Markets Diabetes Counseling tries to maximise its coverage of the markets where it's present
• For achieving the intensive strategy, the company uses hardcore 360-degree integrated marketing strategy and campaign to reach all consumers, across all segments in the market.

9.2. Direct distribution strategy

• Wegmans Food Markets Diabetes Counseling uses direct distribution country of origin as well as in locations where it has subsidiary operations
• The Wegmans Food Markets Diabetes Counseling also makes use of modern retailing channels
• Also, Wegmans Food Markets Diabetes Counseling makes use of e-commerce and makes a sale through online retailers, as well as through the company website
• Direct distributions have allowed Wegmans Food Markets Diabetes Counseling to increase market penetration and accessibility for consumers

9.3. Indirect distribution strategy

• This strategy is largely used for offshore operations where the Wegmans Food Markets Diabetes Counseling does not have a subsidiary
• In these offshore locations, Wegmans Food Markets Diabetes Counseling largely works through the export model
• This makes use of several intermediaries in between, before the product by Wegmans Food Markets Diabetes Counseling reaches the target consumers
• Intermediaries for Wegmans Food Markets Diabetes Counseling include not only the end retail outlets, but also sales agents, retail agents, and distribution agents in offshore locations

9.4. Selective distribution strategy

• For some products of its portfolio which are premium in nature, Wegmans Food Markets Diabetes Counseling makes use of selective distribution channel
• Wegmans Food Markets Diabetes Counseling has maintained a few outlets in the country of origin, and in selected offshore markets for these products
• These placements and locations are chosen based on the niche market that Wegmans Food Markets Diabetes Counseling has for its premium products
• These locations, placements, and marketing strategy helps make the company’s product selectively, but readily accessible for its niche target audience

10. Competition Analysis in the marketing strategy of Wegmans Food Markets Diabetes Counseling

The industry in which Wegmans Food Markets Diabetes Counseling operates is very responsive to market and consumer trends. Wegmans Food Markets Diabetes Counseling, therefore, needs to be vigilant in its market strategy towards competition – to make sure that it maintains its competitive advantage.

10.1. Strategic Group Analysis

• Wegmans Food Markets Diabetes Counseling competes with direct and close competition based on quality and price
• Consumers choose between different companies from the industry based on their functional offering
• Consumers have progressively evolved to strengthen loyalty and form an emotional bond with products that they consume
• Wegmans Food Markets Diabetes Counseling also competes, thereby, with close competition for building stronger brand image, increasing consume loyalty, and for forming strong emotional ties with the consumer

10.2. Industry rivalry

• Wegmans Food Markets Diabetes Counseling experiences high industry rivalry
• The barriers to entry for the industry are low, and new entrants gain easy access in the industry
• The number of local as well as global players is increasing

11. Marketing mix of Wegmans Food Markets Diabetes Counseling

The marketing mix for Wegmans Food Markets Diabetes Counseling as per the marketing strategy is the following:

11.1. Product

• Wegmans Food Markets Diabetes Counseling has a broad product portfolio
• Wegmans Food Markets Diabetes Counseling provides mass marketed products for all segments across the market undifferentiated
• Wegmans Food Markets Diabetes Counseling also provides some selected, premium products to niche customer groups
• All products in the portfolio consistently maintain high quality
• All products are tailored to meet consumer specifications, demands and needs across different regional markets
• The Wegmans Food Markets Diabetes Counseling maintains a high focus on innovation in products and introduces new products frequently to keep the consumers engaged

11.2. Place

• Wegmans Food Markets Diabetes Counseling wants to have a close, emotional and personal relationship with its consumers
• The company maintains high control in its distribution strategies – especially through direct distribution strategy
• The company has a presence in leading supermarkets
• The Wegmans Food Markets Diabetes Counseling also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
• Wegmans Food Markets Diabetes Counseling also makes use of e-commerce to increase penetration and sales

11.3. Price

• The Wegmans Food Markets Diabetes Counseling prices its products so that its target consumers can afford it easily
• Wegmans Food Markets Diabetes Counseling uses relative pricing strategy for its products
• The price of Wegmans Food Markets Diabetes Counseling’s products include not only the high quality raw materials and value additions but also the enhanced customer experience they deliver
• The company’s pricing strategy allows it to enjoy stable revenue and profit growth

11.4. Promotion

• The Wegmans Food Markets Diabetes Counseling has a high budget allocated towards marketing activities
• The Wegmans Food Markets Diabetes Counseling invests substantially in digital marketing activities to reap high and effective results
• Use of digital marketing has also allowed Wegmans Food Markets Diabetes Counseling marketing strategy to cap costs and expenses
• Wegmans Food Markets Diabetes Counseling also takes part in direct consumer engagement through on-ground activities where the company initiates trials
• Wegmans Food Markets Diabetes Counseling also invests in traditional media channels to reach maximum consumers in the market

11.5. People

• Wegmans Food Markets Diabetes Counseling has a large workforce across different companies
• This workforce is continually trained to become experts in their respective fields of operations
• Wegmans Food Markets Diabetes Counseling hires without discrimination
• Wegmans Food Markets Diabetes Counseling ensures that its employees remain motivated through building an inspirational and creative organizational culture
• Wegmans Food Markets Diabetes Counseling focuses on also building and maintaining organizational commitment and loyalty in its employees

11.6. Process

• All activities at Wegmans Food Markets Diabetes Counseling - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Wegmans Food Markets Diabetes Counseling are well defined, and well communicated to all employees
• All employees are trained to follow the processes internally to ensure consistently high quality as well as timely production and deliveries
• The systematic processes also ensure a smooth running of operations at the Wegmans Food Markets Diabetes Counseling

11.7. Physical evidence

• The physical evidence for Wegmans Food Markets Diabetes Counseling includes the company logo, company store designs, and the product packaging
• Satisfied and excited customers in the retail spaces of Wegmans Food Markets Diabetes Counseling, as well as during product consumption create a bubbling and an inviting atmosphere
• The e-commerce website for retail by Wegmans Food Markets Diabetes Counseling is also designed with a friendly customer interface to allow maximum interaction with the brand
• The store designs created by Wegmans Food Markets Diabetes Counseling for its retail space allow consumers maximum interaction with the products directly.

12. Promotional tactics for the marketing strategy of Wegmans Food Markets Diabetes Counseling

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Wegmans Food Markets Diabetes Counseling interacts with the consumers directly, and engages with them, answers their queries and takes their feedback
• The company also shares information and build relationships with consumers through digital marketing
• Wegmans Food Markets Diabetes Counseling also makes use of blogging, emails, and content creations as a means of digital marketing

12.2. Conventional marketing

• The company uses a 360-degree approach in its marketing strategy
• This means that the company makes use of traditional marketing channels as well – such as TV, magazine adverts, and out of house placements

12.3. Influencers

• For direct, on-ground engagement, the company uses influencers
• Influencers interact with consumers directly, or through their channels of communication as a means of content creation and endorsing the Wegmans Food Markets Diabetes Counseling brand

13. Monitoring and evaluation of the marketing strategy of Wegmans Food Markets Diabetes Counseling

13.1. Changes in sales

• Wegmans Food Markets Diabetes Counseling regularly tracks its sales to identify the effectiveness of its marketing strategy
• Increase in sales reflect the success of marketing strategy of Wegmans Food Markets Diabetes Counseling
• Sometimes, Wegmans Food Markets Diabetes Counseling experiences increase ins ae after some time of the launch of the marketing promotions

13.2. Surveys and focus groups

• Wegmans Food Markets Diabetes Counseling frequently conducts focus groups and surveys to identify its brand worth
• These methods also help the company identify brand value, brand recall, and brand recognition
• Focus groups allow Wegmans Food Markets Diabetes Counseling to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Wegmans Food Markets Diabetes Counseling can also be seen through the revenue and profit growth
• Return on investment allows Wegmans Food Markets Diabetes Counseling to effective gauge the effect and influence of the marketing strategy, and measure its success

13.4. Attainment of marketing objectives

• All marketing objectives set by Wegmans Food Markets Diabetes Counseling are SMART
• The quantitative set against each of the marketing objective can facilitate attainment evaluation for the overall marketing strategy
• Successful and timely attainment of these marketing objectives highlight the success of the marketing strategy of Wegmans Food Markets Diabetes Counseling