Wellbeing Questions 1. Consumer trends led to the development of the Wellbeing concept – what were these trends? The consumers have increasingly adopting a busy life style and getting short of time. That is why they don’t want to spend much time in either preparing or consuming food. Moreover, people are increasingly more aware of nutritional and healthy foods. Wellbeing capitalized on these two consumer trends and working with dieticians they developed nutritional foods that can be prepared and consumed quickly.
Through this analysis we see that Wellbeing is focusing how to create a good value for their customer by develop nutritional foods as main value for their product with fast service as an important factor because “value is perceived by the customer” (Cravens, 2007, p. 7) 2. Thinking in terms of the SWOT as outlined by Wellbeing, do you agree that their defined strength is the inexperience of their people and the diverse array of backgrounds they come from? Why? In my opinion, the inexperience and diverse background of the workforce would be the strength only if they are trained and supervised by a well experienced staff.
As the Wellbeing manager pointed out that they worked with dietician, which indicates that they definitely utilized the expertise of experienced professionals in the development of their product line. People from similar background experience, along with good habits, might also bring some bad habits. It is sometimes a good idea to recruit the staff with little or no experience so that they could be trained the way management wants. (Consumer behaviour). 3. Why is their weakness their size? Their weakness is their size because wellbeing is a young company that has been around for just two years.
It can be considered to be in a growth stage and it has not yet expanded enough and established itself as well as when compared with its competitors in the food industry. It has expanded itself to 16 stores which is just a start. It has to gain the trust and loyalty of its customers and expand itself to cater to the needs of large number of customers and become well known and increase its demand (foundation). 4. Competitive set is share of stomach? Do you agree that this is a good way of defining their competitors for use in planning tolls? How would you do it differently?
Do you agree that their competitors have baggage in terms of their image and this therefore is an opportunity for Wellbeing? Food industry caters to the taste buds of its customers, pleases their senses and fills their stomachs. Any company in the food industry would aim at being the one and only choice of the customers and reserve their stomachs for only their food and gain their loyalty. Whichever food company however small tries to attract people with their attractive and appetising meals will be considered a competitor in the food industry that is trying to get a share of the customers’ stomachs.
If I were to think of defining the competitors of Wellbeing then they would be only those that are selling healthy nutritious food. Those customers that are filling their stomach with junk are not the targets of Wellbeing. Its competitors are those that are offering healthy options because only those consumers will approach wellbeing that have healthy habits and prefer health over cost. Other companies offering unhealthy fast food at low price cannot be its competitor because people going there do not have healthy habits and do not look for healthy options.
Wellbeing can compete on the basis of its unique, healthy, tasty and quick meals that can be consumed anywhere. As the meals are planned by dieticians, this can be the selling point to the health conscious people. I would raise the standards of Wellbeing to a level where only those companies that sell high quality, tasty and innovative meals can be it competition. I would market its healthy food preparation methods and maintain the quality of its food and keep up its high standards to gain the loyalty of its customers. Then it will be competing with only high standard companies serving high quality and healthy meals prepared by dieticians.
With these standards it will not matter what the small companies or food vendors are offering and will focus on attracting health conscious people. Since already established companies have a set menu and a set image in the food market. As the priorities of the people are changing and companies are now racing towards providing healthy options to its customers the ones that have positioned themselves in the minds of customers as fast food eateries without much consideration to health and nutrition will have to shed this image and position their brand on the tracks of health and nutrition.
It will take some time for them to drop their baggage of years and build a new image position their brand. The time consumed in doing so will give Wellbeing a good opportunity and ample time to establish its brand and expand and strengthen it to a point that when these companies begin their race on the health tracks Wellbeing should be far ahead.