Business Management Extended Essay

To what extent has Amazon's acquisition of Whole Foods improved their brand
recognition in the grocery market in the USA during the period of 2017 - 2020?

Word Count: 4000

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 Contents Page

Introduction 1

Methodology 2

Main Body

Analysis of the Aquistion 3

Evaluation 5

Implications 7

Conclusion 8

Bibliography 11

Appendices 14

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Research Question:

To what extent has Amazon's acquisition of Whole Foods improved their brand recognition in
the grocery market in the USA during the period of 2017 - 2020?

Introduction:

Amazon was founded by Jeff Bezos in 1944 that first started off as an online bookstore by
competing with other bookstores like Barners & Noble. In 1999, Amazon became the largest
online retailer in the world and soon to become the largest retailer in the US in 2021 by
overtaking Walmart (Gennaro Cuofano, 2021). Amazon further expanded the company by
increasing market share and profitability through external growth strategies like acquisitions and
mergers. In 2017, Amazon announced the acquisition of Whole Foods Market for $13.7 billion
sells high-quality, natural, and organic food affordable for everyone.

The significance of this investigation is to help young entrepreneurs who are starting up their
own business but are struggling to find a unique product or service that has a competitive
advantage over other competitors in the same market. The acquisition of Whole Foods was a
very expensive and risky external growth strategy that has paid off especially during COVID-19
due to the convenience of Amazon Prime’s home delivery. Young entrepreneurs can get
inspired by understanding the obstacles Amazon encounters and the way they approach it
which can be later used in their own businesses. Furthermore, this investigation can also give
insight to Walmart (Whole Food’s biggest competitor) in order to stay the market leader in the
grocery industry. Walmart is trying to increase its brand recognition in the grocery market by
partnering up with Microsoft in a bid for TikTok.

Mergers and acquisitions are a type of external growth, resources outside of the business are
being used to help grow the company but there are a few disadvantages that can affect different
stakeholders. For example, the acquisition of Whole Foods will increase Amazon’s market share
and reduce competition so therefore Amazon may increase the prices of its products or services
which will harm consumers as it increases their daily spending. In addition, The predicted

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benefits of an acquisition strategy may not materialize at the desired pace or scale. It's possible
that it'll never happen which can cause core consumers to leave (BrandonGaille.com, 2018).

Methodology:

Secondary data will be used to answer the research question, Amazon’s profit & loss and
balance sheets will be used in order to determine the effectiveness of brand recognition. This is
proven to increase brand recognition because as sales revenue increases, more customers are
purchasing goods from Whole Foods. Moreover, business tools will be used like Ansoff Matrix
and SWOT analysis in order to evaluate Amazon’s growth strategies and decisions. However,
some limitations of the Ansoff Matrix are it does not take into account other factors like
competitors or economic changes (Lucidity, 2021). Furthermore, SWOT analysis is an effective
technique used by firms in order to assess the 4 aspects of the business which are Strengths,
Weaknesses, Opportunities, and Threats. The purpose of a SWOT analysis is to analyze
internal and external factors that can help to further grow the business whether it is from turning
weaknesses into strengths or taking advantage of opportunities that the firm encounters.
However, a SWOT analysis may be limited because it does not provide solutions to the threats
or weaknesses, it just points them out which isn’t that helpful. In addition, it can help you
generate many ideas but might be too many that can be stressful to pick which one is the best.

Throughout the investigation, the first chapter will discuss the many reasons why the acquisition
of Whole Foods by Amazon has significantly increased its brand recognition in the grocery
market. The second chapter will analyze Amazon’s acquisition of Whole Foods through
business tools like Ansoff Matrix and SWOT analysis. It will also discuss the further
opportunities that Amazon can encounter to further increase its brand recognition in the grocery
market. Lastly, the third chapter will examine the counterclaim of the limitations of Amazon
acquiring Whole Foods in an attempt to increase brand recognition.

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Analysis of the Acquisition:

Amazon’s acquisition of Whole Foods Market allows Amazon to enter the grocery market that
generates over $700 billion in sales revenue in the US. This improves Amazon’s brand
recognition as they are not only the largest internet-based retailer in the world but they are also
providing natural and organic foods to over 8 million customers each week. Brand recognition is
a concept in marketing that is successful when people are able to recognize a brand through
visual representation such as logos, packaging, or slogans (Investopedia, 2022). Whole Foods
Market is the sixth-largest grocery store in the US, leading in the niche market of natural and
organic foods. After the acquisition was announced, Amazon gained $19 billion in market
capitalization (Chaboud, 2018). Amazon’s cash flow from 2019 shows online grocery sales have
increased 3 times since 2018 figures from a net income of $2.6 billion to $5.2 billion in the
second quarter of 2019. Net sales have increased 40% from last year’s second-quarter figure
from $63.4 billion to $88.9 billion. With Amazon owning over 500 Whole Foods stores, the
grocery delivery capacity has increased by more than “160% and tripled grocery pickup
locations during the second quarter of 2020” (Browne. 2020). Amazon’s Prime program
estimates around 140 million-plus U.S members in 2019 and 30 million loyal customers of
Whole Foods Market (Supermarket News, 2021). According to a poll, three out of every four
Whole Foods consumers have made at least one purchase via Amazon in the last month, and
half of Whole Foods customers have Amazon Prime subscriptions. The majority of Whole Foods
customers prefer to shop for their goods online instead of in-store. (26% of online grocery
shoppers also shop at Whole Foods). The poll also suggests 22% of US consumers have
shopped at Whole Foods in the past month. In the US, 30% of consumers in the grocery market
are shopping from Whole Foods online due to the quality and freshness of products and
convenience for consumers as it only takes 2 hours to deliver to your house (Gfk.com, 2017).
Amazon’s Prime membership and fast delivery of fresh organic food have created brand loyalty
over other competitors in the grocery market like Walmart or Kroger which has increased
Amazon’s brand recognition in the grocery market.

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Figure 1: Amount of Groceries Purchased (Walmart v.s Whole Foods)

Amazon has significantly dropped its costs, in order to compete with other grocery stores
without jeopardizing Whole Foods Market's long-standing reputation. This is seen to be proven
in figure 1, 58.2% of consumers said they bought groceries online from Amazon in the past 12
months of 2019. However, only 41.8% of people in the US have bought groceries from Walmart
(Halzack, 2019). Following the announcement of the acquisition, “Walmart sank 4.7%, Target fell
5.1% and Costco dropped 7.2%” (Sangwan. 2019). The acquisition has caused fear for other
grocery market competitors as Whole Foods is under Amazon so they will accept lower profit
margins by 15% (eTail Boston 2022, 2020). Whole Foods has dropped their prices below the
market price which has seen increased profit margins as the demand for Whole Foods goods
has increased significantly (Stevenson, 2021). This has led to a price war where other
competitors are armed due to the fact that Whole Foods is selling at a lower price which is
targeting a wider audience. This has led to higher profitability as previously existing Walmart
and Kroger customers have transitioned to shop at Whole Foods Market due to the lower prices.
Therefore, it has increased the brand recognition of Amazon in the grocery market for providing
more affordable prices. Walmart is much bigger so no threats are proposed from Amazon but
will certainly challenge their position in the future through Amazon’s Prime service and the
expansion in physical grocery stores (Stevenson, 2021).

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The COVID epidemic moved the industry's emphasis to food delivery, which suited Amazon's
capabilities even more. Therefore, it improves Amazon’s brand recognition in the grocery market
as more consumers are using Amazon’s online ordering services as it is more convenient than
other grocery stores. Online grocery shopping accounted for just 2 or 3 percent of the $800
billion industry. Since the beginning of the epidemic in 2020, it has increased to 11% that has
redoubled Amazon attempts to supply fresh food via Whole Foods shops. It has previously
struggled with this service since fresh food taints quickly. It is also expensive, difficult to
transport, and expensive to store. However, Amazon provides now a more cost-effective method
to store and transport fresh foods. Customers are more inclined to order and trust fresh food
and meat from a shop with the name Whole Foods than from one with the name Amazon
(Hirsch, 2018).

Moreover, Amazon is gaining information about how the same individual buys online as it
merges its Prime service and Whole Foods shopping experience. That means a better ability to
target advertisements and promotions better than other competitors like Walmart and Kroger. It
can be very effective since many consumers buy food online due to the coronavirus. Therefore,
Amazon is able to target a wider audience and create stronger brand loyalty with consumers
that allows Amazon to increase its brand recognition in the grocery market (Amazon.com, Inc. -
Press Room, 2017).

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Evaluating with Ansoff and SWOT :

Figure 2: SWOT analysis

SWOT analysis is beneficial to assess Amazon’s acquisition of Whole Foods in order to

increase brand recognition in the grocery market from 2017 to 2020. As seen in figure 2, the
strengths of Amazon’s acquisition of Whole Foods are offering lower prices than its competitors
like Walmart and Kroger which has targeted a wider audience with more affordable prices.
Another strength is Amazon already has strong customer loyalty so millions of Amazon prime
members switched to Whole Foods Market for their regular grocery purchases. Prime members
were granted discounts if they bought at Whole Foods, receiving 5% cashback on all Whole
Foods purchases. Furthermore, another strength is Whole Foods’ strong brand performance
which is seen through its fast delivery with a total of 503 stores in the US that provide online
ordering for home delivery in only two hours in more than 60 cities which is only available to
customers with a Prime subscription. The second factor of the SWOT analysis is weakness,
Amazon’s acquisition opposes a few weaknesses such as a low inventory turnover ratio

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compared to other competitors in the grocery market which is due to poor sales performance
and the purchase of too much inventory. Another weakness of Amazon’s acquisition is the low
current asset and liquid ratio compared to other competitors in the grocery market. This is
suggesting Amazon is not using cash efficiently and does not have enough current assets to
cover liabilities and debts. Therefore, limiting Amazon’s ability to increase its brand recognition
in a competitive industry like the grocery market. Although Whole Foods is providing a lower
cost than the market leader as a competitive advantage, their total average cost is higher than
total profit which explains why the company is not able to use its current assets to cover
liabilities and debts. The third factor the SWOT analysis takes into account is the opportunities,
Amazon has the opportunity to grow internationally. The majority of the company's activities are
now based in the United States, making it exposed to changes in the American economy. One
of Whole Foods Market's potential in this regard is to increase its supplier chain. This
opportunity relates to the need for additional organic producers to support the company's
expansion (Panmore Institute, 2015). If Whole Foods expands internationally, they are able to
take advantage of economies of scale since they are operating at a larger scale. Therefore, total
output increases which would decrease total cost in the long run. However, it is risky action that
would cost hundreds of millions of dollars if it turns out unsuccessful, which would cause Whole
Foods serious financial problems. The last factor in the SWOT analysis is threats that oppose
Amazon in the grocery market. The competitive environment, food technology, and climate are
threats to Amazon. More competitors are entering the market that is providing cheaper organic
and healthy food that has been driving customers away. Another threat of Amazon’s acquisition
is Whole Foods confronts the danger of GMO goods on its market. This danger may limit Whole
Foods Market's capacity to provide organic items with low or no GMO components. Therefore,
reduces the ability for Whole Food to provide fresh and good quality organic food. Furthermore,
global warming threatens Whole Foods Market. Climate change may affect or diminish food
output (Panmore Institute, 2015). From the SWOT analysis, it is clear that Amazon’s acquisition
has been successful in increasing its brand recognition in the grocery market, however, has
opposed some serious threats that can harm Amazon’s future growth in the grocery market.

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Figure 3: Ansoff Matrix

Ansoff matrix is a business tool used by firms in order to help executives and managers to come
up with strategies to implement for future growth. Amazon has successfully improved its brand
recognition in the grocery market through the acquisition of Whole Foods in 2017. Amazon has
incorporated internal and external strategies such as market penetration, product development,
market development, and diversification. As seen in figure 3, Amazon has used market
penetration in order to increase its brand recognition in the grocery market by increasing its
marketing and advertising expenditures in order to expand its market share (Strategy, 2021).
Investing in marketing and advertising has allowed Amazon help to reach more customers
within the same market, and therefore increase its brand recognition in the grocery market with
a limited amount of risk. In order to get a foothold in new markets, Amazon has provided
customers with the information they need to make informed purchasing decisions of Whole
Foods products. This is an example of market development that is seen to be effective as it
helps customers better understand consumption patterns for items that have increased their
brand recognition in the grocery market. In addition, Amazon is educating new customer groups
in both established markets and emerging ones in order to increase the consumption of
customers. Amazon has used product development by participating in R&D operations to

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analyze and develop new areas of customer demand (Essay48, 2015). The corporation then
goes through an NPD process, developing and launching new items for customers. This
broadens the company's reach while also allowing Whole Foods to break into new market
sectors. As a result, more people are aware of Whole Foods so Amazon’s brand recognition in
the grocery market increases.

Implications of the Acquisition:

On the other hand, Amazon’s acquisition of Whole Foods has opposed a few limitations that
must be resolved. These implications include a low percentage of inventory turnover ratio
meaning it takes many months for Whole Foods to sell and replace inventory during a given
period (Wikipedia Contributors, 2020). Whole Foods inventory is holding on to resources for too
long which is increasing their total cost and therefore reducing profitability. Whole Food’s
inventory turnover ratio is low compared to other competitors in the grocery market which is due
to poor sales performance and the purchase of too much inventory. Whole Foods can increase
its inventory turnover ratio by getting rid of old inventory and eliminating safety stock. A low
turnover ratio will harm Amazon’s brand recognition in the long run if their cost keeps increasing
which would result in higher prices and salary cuts (Hawkins, 2018). Therefore, Whole Foods
would be experiencing diseconomies of scale as their cost and output are decreasing due to
poor sales and a surplus of inventory. In addition, the current asset ratio and the liquid ratio are
low compared to other competitors which is suggesting the company is not using cash efficiently
and does not have enough current assets to cover liabilities and debts. This can jeopardize
Amazon’s brand recognition in the grocery market as they can not make future investments until
their short-term debt is paid. Since the grocery market is a very competitive market, Whole
Foods Market needs to be making long-term investments in its delivery services or products that
can give them a competitive advantage over competitors like Walmart and Kroger.

The corporation has run out of wealthy neighborhoods where it can market its goods. Sales
growth declined, price pressures increased, and profit margins shrank as a result. Amazon is
attempting to address Whole Foods' issue by lowering pricing. However, this approach may

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backfire by obscuring the image of high-priced organic goods. That is why Amazon is planning
to create its own food shops. And that's terrible news for Amazon's parent company's
stockholders. The problem is that, even after being bought by Amazon, Whole Foods has been
plagued by market saturation and competition. And it's for this reason that Amazon is launching
its own food shops. The launch of Amazon’s grocery shops can lead to an increase in brand
recognition in the grocery market as it will always be owned by Amazon and not a different
grocery firm like Whole Foods. Since Amazon has already built its brand loyalty, millions of
Amazon Prime members will also start purchasing their daily groceries from Amazon’s new
grocery store called Amazon Fresh.

Amazon Fresh is an online store that caters to all of your groceries and housekeeping
necessities. Using Amazon Fresh, you can order groceries goods at low costs and have them
delivered to your door in record time. Many consumable goods are offered via the Amazon
Fresh service (Amazon.in, 2022). Whole Foods and Amazon Fresh are complementary to one
another and allow Amazon to further increase its brand recognition in the grocery market.
Amazon Fresh and Whole Foods offer comparable incentives, particularly for Prime members,
since they are both owned by Amazon. At the new Fresh store, Amazon mixes conventional
food shopping with an online shopping experience. The shop has high-tech features such as
Alexa Kiosks to assist consumers in navigating the retail aisles and Amazon Dash Cart to
bypass checkout queues. The Amazon Dash Cart is a futuristic shopping cart with built-in smart
technologies. Customers may avoid checkout queues at Amazon Fresh locations by utilizing the
Amazon Dash Cart. The futuristic shopping cart has made grocery shopping much more
convenient for people which will definitely increase Amazon’s brand recognition in the grocery
market as Amazon Fresh is the only grocery store with E-carts. Moreover, another benefit of
shopping at Amazon Fresh outlets is the cheap cost of common supermarket goods. Amazon
has a long history of successfully providing low-cost products to Prime subscribers
(Shopfood.com, 2020).

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Conclusion:

Amazon’s acquisition of Whole Foods Market has significantly increased its brand recognition in
the grocery market. Amazon is not just the largest internet-based retailer in the world but they
are also providing natural and organic foods to over 8 million customers each week. Amazon’s
cash flow from 2019 shows online grocery sales have increased 3 times since 2018 figures from
a net income of $2.6 billion to $5.2 billion in the second quarter of 2019 (Gennaro Cuofano,
2021). Amazon’s Prime membership and fast delivery of fresh organic food have created a
stronger brand loyalty over other competitors in the grocery market like Walmart or Kroger which
has increased Amazon’s brand recognition in the grocery market. Amazon can significantly drop
the costs, in order to compete with other grocery stores without jeopardizing Whole Foods
Market's long-standing reputation. This is shown in figure 1, as “62.6% of consumers said they
bought groceries online from Amazon in the past 12 months of 2019”. However, only 52.3% of
people in the US have bought groceries from Walmart.

As a result of the COVID outbreak, the food delivery business has shifted its focus to Amazon's
strengths. The convenience of Amazon's online ordering services over other grocery shops
increases Amazon's brand awareness in the supermarket business. For this reason, fresh
meals may be stored and transported more cheaply. Shops with the Whole Foods and Amazon
names are more trusted by customers who want to buy fresh food and meat (Hirsch, 2018).
Customers were already devoted to Whole Foods Business before Amazon entered the
supermarket market, so they shifted to them for their regular food shopping. Overall, there are
503 Whole Foods locations in the United States that provide online ordering for home delivery
within two hours to consumers with a Prime membership, which is accessible in more than 60
cities.

Amazon's purchase of Whole Foods has the advantage of delivering cheaper costs than rivals
like Walmart and Kroger, who have targeted a broader audience with lower rates. Another
advantage is that Amazon has a high level of customer loyalty, thus millions of Amazon Prime
members have shifted to Whole Foods Market for their regular food shopping. Due to poor sales
performance and the purchase of too much inventory, Amazon's acquisition counteracts a few
shortcomings, such as a low inventory turnover ratio compared to other supermarket rivals. The
low current asset and liquid ratio, which suggests Amazon is not spending cash effectively and

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does not have enough current assets to pay obligations and debts, is another drawback of the
deal. As a result, Amazon's capacity to grow its brand awareness in a competitive sector like
grocery shopping is limited. The third component considered in the SWOT analysis is
opportunities. Amazon has the potential to expand worldwide. Because the bulk of the
company's operations is now situated in the United States, it is vulnerable to economic
developments in the United States. In this sense, one of Whole Foods Market's potentials is to
expand its supply chain. If Whole Foods develops worldwide, they will be able to benefit from
economies of scale since they would be operating on a bigger scale, resulting in increased
overall production and lower total cost in the long term. The dangers that Amazon faces in the
grocery business are the last aspect of the SWOT analysis. Customers are fleeing the market
as more rivals join the market, offering cheaper organic and healthier food. Another hazard
posed by Amazon's purchase is Whole Foods' exposure to GMO products on its shelves. This
risk may restrict Whole Foods Market's ability to supply organic foods that are low or non-GMO.
As a result, Whole Foods' capacity to deliver fresh, high-quality organic food is harmed.

Amazon has utilized market penetration to develop brand awareness in the grocery business by
increasing marketing and advertising expenditures to achieve market share (Strategy, 2021).
Investing in marketing and advertising has enabled Amazon to reach more consumers within
the same market and, as a result, enhance its brand awareness in the food sector with minimal
risk. To establish a presence in new areas, Amazon has supplied shoppers with the knowledge
they need to make educated Whole Foods product purchases. This is an example of good
market development since it helps consumers better understand consumption patterns for
products with enhanced brand awareness in the supermarket industry. Amazon has utilized
product development to study and create new areas of client demand by engaging in R&D
activities (Essay48, 2015). The company then goes through a new product development (NPD)
process, creating and marketing new products for clients. This expands the company's reach
while also enabling Whole Foods to enter new market segments. As a result, more consumers
are aware of Whole Foods, which enhances Amazon's brand awareness in the supermarket
sector.

Whole Foods and Amazon Fresh are complementing brands that help Amazon expand its
market share in the supermarket industry. Because they are both owned by Amazon, Amazon
Fresh and Whole Foods provide similar benefits to Prime members. Amazon Dash Cart is used
to circumvent checkout waits and Alexa Kiosks help customers navigate the retail aisles. The

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Amazon Dash Cart is a smart shopping cart with futuristic features. Using the Amazon Dash
Cart may help customers bypass checkout lines at Amazon Fresh. Because Amazon Fresh is
the only grocery store with E-carts, the futuristic shopping cart has made grocery shopping
much more convenient for individuals. Another advantage of buying at Amazon Fresh stores is
the low cost of everyday groceries. Amazon has always provided low-cost merchandise to
Prime members (Shopfood.com, 2020).

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