Table of Contents Venture Strategy Report: SproutsCompany OverviewProductBusiness StrategyMarket/Industry OverviewSustainability/EthicsSuccess IndicatorsAnalysis and ConclusionsVenture Strategy Report: SproutsCompany OverviewSprouts Farmers Market is a chain of grocery stores which mainly focuses on organic products such as food, drinks, vitamins, supplements, hygiene and household items. Sprouts is sometimes compared to Whole Foods as it offers similar brands and products; however, Sprouts offers these brands and products at lower prices, according to the company website, Sproputs.com (2017). Sprouts Farmers Market currently operates in 15 states with 250 stores (Sprouts website). According to Bloomberg News, “Each week, Sprouts employees in 20 different markets monitor the production of about 35 competitors, then lower or raise prices based on the results” (Patton, 2014). Sprouts became a public company in 2013, but has been around since 1943. Through acquisitions and growth, Sprouts currently employs more than 24,000 people. The store was originally known as Boney's until 2011 (Sprouts, 2017). Boney's was created as a fruit stand that transformed into a farmers market to provide locally grown organic produce to communities within its radius, initially in San Diego. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Corporate management consists of a CEO, a president and chief operating officer, a chief financial officer, a chief operating officer, a chief information officer responsible for development, a chief marketing officer, and a chief human resources and office officer legal. It is also overseen by a board of directors. The retail chain is currently working on expansion across states. According to the 2015 annual report, Sprouts' annual revenue grew to 3.6 billion, store sales increased nearly 6%, unit growth reached 14%, and earnings improved 19% ( Sprouts, 2016). Sprouts continues to pursue momentum towards growth, expansion and achievement of the goals set by the company. “The food chain's commitment to transparency and competitive pricing directly attracts the next wave of shoppers; Gen Amin Maredia, CEO of Sprouts, “we all play a role in being good stewards of our planet and its limited resources, and as a growing retailer of natural and organic products, Sprouts has a unique opportunity to positively impact our communities" (2017). The store is known for fresh, natural and organic fruits, vegetables, meats, seafood, baked goods, gourmet products, vitamins, supplements, hygiene products and household items at affordable prices. reasonable. The store prides itself on offering healthy living at an affordable price. With increasing technological advancements comes the ability to have knowledge readily available. This is why US citizens are becoming more conscious of what they consume. Sprouts is at the center of the latest healthy eating trend sweeping across the country. The American Journal of Nursing reports that adults have become more health conscious in recent years (Rosenberg, 2016). Just like many grocery store chains have in-house brands that areTypically less expensive than other brands, Sprouts has a "Sprouts" brand. . The store also has staff who direct customers to their needs and recommend products based on customers' needs and wants. On the site there is also a list of available products and recipes for various dishes using the products in the shop. Sprouts also offers a 100% money back guarantee in case a customer is not 100% satisfied with a product purchased in the store. This store has everything that any typical grocery store in the United States has and more. Business Strategy Sprouts focuses its business strategy on offering similar products to its competitors, which are other grocery stores in the same radius and also organic markets in the area, but offering these products in large quantities or at a discount. The way the store makes a profit by selling at a discount is by offering products that have a shorter shelf life. The products cost less to purchase and the number of products sold is greater due to the convenience compared to other competitors. While they don't last on store shelves for as long a period as products in stores like Whole Foods, the products have a faster turnover rate due to their prices. Products that don't sell quickly enough are often discounted to even lower prices to further attract customers. They are often listed as marked on the website as well. Coupons are also available on the website, as is a list of monthly deals and weekly specials. “While other large grocery stores increase organic or gluten-free options, Sprouts extends its value proposition by consistently offering lower prices on these traditionally premium products” (Patton, 2014). Market/Industry Overview There has been increased awareness of health and the environment in recent years. Because of this increased awareness, there has been a trend to be healthier and more active, to pay attention to what is put into one's body, to care for the environment, and to hold companies and businesses accountable for the effects they have on consumers, employees and others. environment. When the health consciousness trend began, there were only organic grocery stores which were extremely expensive and unless an individual was above the poverty line, they would not be able to afford to shop entirely in this type of store, if at all. In recent years the price of organic products has begun to drop. Brands have become more conscientious about what they include in their products, and organic natural products have become more available. The market for natural and organic products has grown significantly. Transparency was requested by consumers. Sellers of natural and organic products rely on transparency to sell their products as consumers will not purchase products in these types of stores without knowing exactly what the ingredients are. Sprouts is able to compete with other, more well-known stores like Whole Foods thanks to its dedication to transparency and convenience. Sustainability/EthicsSprouts believes in corporate social responsibility taken to a whole different level. He cares about the people who choose to work there, the community in which he operates, and the stakeholders who are affected by him. “Sprouts Farmers Market (“Sprouts”) is committed to practicing socially responsible, legal, and ethical business practices” (Sprouts website, 2010). Ways the store demonstrates its dedication to this promise is by creating a risk assessment team that addresses all risk-related concerns, 2014).