Whole Foods Pricing Strategy
Whole Foods Market focuses on healthy living by providing organic and natural products to their customers. The quality of the products is high because they are minimally processed with zero amounts of artificial flavors, hydrogenated fats, preservatives, and sweeteners. The chocolate produced by the company is harvested from multicolored pods. They are carefully fermented, dried, and roasted to produce the varied specialties. The pricing strategy for the chocolate specialty is influenced by the use of fine organic ingredients. The company focuses on value-added pricing that is characterized by value-added elements in their products.
The chocolate specialty has exotic ingredients with numerous merits to the human body. The value-added features are used to justify the high prices as compared to their competitors. Whole Foods Market has been able to survive the economic crises because of its unique products. Customers that are wary of lifestyle diseases sought these products because of health repercussions. It would be difficult for the company to reduce the prices because quality would be compromised. An example is the Quinoa Midnight Crunch that is made from whole grain, is rich in protein, and is gluten free.
The chocolate bar is made from purely organic ingredients such as cocoa, quinoa rice crisps, cocoa butter, and cane sugar. The Chocolove’s Ginger bar is made from Belgian dark chocolate and the ginger ha digestive properties. Whole Foods deals in 100% ethically traded products and some chocolates are traded to sustain endangered species. For example, the Endangered Species Chocolate is sold to garner donations to organizations dealing in sustainable development. Their customers are advised at the time of purchase on the health benefits and daily portions of chocolate. They are educated on the polyphenol antioxidants in chocolate that help in boosting cardiovascular activities and stearic acid that reduces cholesterol in the body.
The objective is to maintain healthy profit margins but remain steadfast on health concerns of the customers.