The Novelty of Whole Foods Market Essay Example | Topics and Well Written Essays - 500 words

The Novelty of Whole Foods Market - Essay Example The Net Income was $203.8 million and the annual growth was 49.5%. It employs 39,500 people worldwide and is free of unions. (Hoovers). This is a result of its clear Management Strategies. Â  Determining the strategic drivers of the company is the primary task of top management. This mission is aided by PEST and SWOT Analysis. With this assessment, objectives are set. This involves the formulation of Vision Statements, Mission Statements, Corporate Objectives, Strategic Business Units, and Tactical Objectives. These objectives suggest a strategic plan. The plan provides the details of how to achieve these objectives. Once the plan is formulated it needs to be implemented. The implementation process must be detailed to the minutest degree as this is the crux of the whole strategy. (Thompson Arthur A.,) Â  WFM’s mission statement has been spelled out as the stakeholder philosophy. For them it is customers first, then the team members, balanced with what’s good for other stakeholders, such as shareholders, vendors, the community, and the environment. (Corporate Board Member, January/February 2007). These are the core values of the company that has been followed with exceptional zeal throughout their corporate history. It must be said that the leadership has played a vital role in this outcome. Â  The Chairman and CEO John P. Mackey was named the 2003 Overall National Ernst & Young Entrepreneur of the Year. This a tribute to his overall commitment that has keyed up the whole company for almost three decades. His handling of delicate issues like the confrontation with Michael Pollan, author of The Omnivores Dilemma, both in person and through his blogs, (Mackey. John), and his statement on Conscious Capitalism has gone down well with both the customers as well as Wall Street. He has stated that conscious capitalism is in harmony with all interest and each stakeholder, be it the customer, worker or shareholder.