Situation Analysis

Group 4
Cassie Dunning Deborah Huddleston Lauren Malcolm Meredith Cunningham Tyler Smith Joshua Ego AD/PR 340 - Dr. Park - Spring 2013

Table of Contents
Situation Analysis Industry Overview Introduction 1 Industry Background 2 Growth Potential 3 Legal & Regulatory Enviroment 3 Social & Cultural 4 Client Profile Client History & Sales 4 Campaign Strategies 5 New Developments 6 Competitor Profile Publix 7 Whole Foods Market 7 Target 8 Walmart 8 Comparative Analysis Advertisting Expenditures 8 Share of Voice 9 Consumer Profile Demographics 10 Psychographics 10 References 11

Introduction
The food retail industry is a large business comprised of several grocery, shops, convenience stores and super market chains. In recent years, this network of over 35,000 retailers has posted sales totaling well into the billions. Supermarket chains, such as Kroger, are a large sub-sector of this category and account for roughly 72% of the food retail market. Many things change with time, and while purchasing habits may change, a humans requirement for sustenance will always remain. Revenues for several companies show that consumers continue to purchase from industry retailers regardless of demand shifts and economic changes due in part to the abundance of staple items carried in stores. The primary marketing objective is to increase sales and market share by expanding into natural and organic product offerings. This will be accomplished by promoting the Kroger Co. as lower priced alternative to smaller industry competitors, such as Fresh Market and Whole Foods. Through extensive market research and data provided by Simmons, the established target market for this objective shall be adults age 18-34, have an income level under $100 thousand, who have some college education or a college degree, and less than 2 children. It has been determined that this demographic is the most health and budget conscious. This target is expected to provide the best results for expanding market share.

Expanding into this category of the industry will aid in maintaining a competitive edge with secondary competitors like Walmart and Target. These retailers in warehouse and supercenter and supercenter industry have become competitors in food retail through dedicating as much as 40% of their 187,000 square feet of store space to grocery items. The distribution channels used by these companies and their ability to buy large quantities have given them an edge in offering some of the same products at lower prices, which has drawn some customers away from traditional supermarkets. Expansion into natural and organic options will help to bring customers back to supermarkets by offering products that are much more difficult for box retailers to maintain in large quantities. Demand for the products has increased significantly due to increased consumer awareness on the benefits of natural products.

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Krogers competitive edge in the market is its ability to provide these goods at a lower price than its much smaller primary competitors, which have recently begun taking a greater share of the market. While some consumers with more disposable income may continue to shop at the smaller competitors, consumers with less disposable income that still have a demand for these product offerings will be enticed by the more affordable prices Kroger can offer over its competitors. The objectives of this plan will be explained in greater detail by the forthcoming contents of the situation analysis. The contents of this situation analysis will substantiate the logic for the Kroger Companies need to expand into natural and organic product offerings, in order to maintain and potentially increase its market share over other industry competitors.

 Size of Industry
With sales totaling over a billion dollars in 2011, it is clear that food retail is a huge industry. Within the supermarket category, average sales per store were $584.4 billion in the same year. Kroger itself posted revenues of close to $90.4 Billion in 2011 and saw an increase in revenues for 2012 totaling over $96 billion [3].

Industry Overview
History
The food retail industry has evolved significantly over the course of time to become the expanding network of grocery stores and supermarkets it is today. The beginnings of the industry can be traced back to trading posts where people met to barter for goods and other supplies. These trading posts evolved into larger businesses known as general stores. These mom-and-pop operations were often community driven businesses where the clientele consisted of those in a particular neighborhood or area. It was not until the mid-twentieth century that migrations into suburbs lead to the development of large chain stores. The first self-service grocery store was not opened until 1916, when Tennessee entrepreneur Clarence Saunders opened the Piggly Wiggly. Saunders development of the self-service grocery store helped serve as the basis for how the food retail industry operates today. Even major industry players such as Kroger and Safeway operated stores under the Piggly Wiggly banner before converting their own stores into the self-service platform still used today [1]. Nowadays, retail chains bring producers and consumers together, buying products from many suppliers and moving them to their stores where customers may purchase them. According to an industry survey by Standard and Poors NetAdvantage, there were over 36,569 supermarkets in the United States in 2011, with sales totaling $680 billion [2].

share. The Kroger Companys acquisition of eight stores from St. Louis based Schnucks is a perfect example of this strategy [5].

Advertising Expenditures
The web of supermarkets and grocery stores that operate in the food retail industry are largely similar. Because these stores offer several of the same products, most of them rely on various marketing and advertising strategies to differentiate their brands and reach more consumers. Retailers also use their advertisements to inform customers about promotional offers. Through analysis of Adspender data from Kroger, Earth Fare, Food City, Publix and Trader Joes one can see that the retailers spent a consistent amount year-to-year on TV advertising, and much less on the various forms of print advertising. According to the data provided by Adspender over the past five years, Kroger has spent approximately $360 million on advertising and Publix spent close to $245 million. Graph 1: AdSpender Advertising Expenditures

Competitors

The barriers to entry in the supermarket and grocery store industry are moderate due to the high cost of start-ups. However, competition between industry retailers is extremely high. Despite this significant amount of competition, the Kroger Co. has managed to claim an 18.9% market share [4]. Its main competitors include stores like Publix, Safeway, and more recently smaller stores focusing on organic products such as Whole Foods and The Fresh Market. In addition to competition from these retailers, Kroger also experiences competition from larger retail outlets now dedicating as much as 40% of their retail space for grocery items [3]. Retailers like Wal-Mart and Target have become the front-runners of this portion of the market. In order to take advantage of every growth opportunity available, many companies have began relying on mergers and acquisitions to maximize their market


The numbers show that these two companies hold a significantly larger share of voice in the market than competing stores Food City, Earth Fare and Trader Joes, whose combined advertising expenditures totaled approximately $19.5 million. A substantially lower advertising budget than their competitors individually.

Stage in Product Life Cycle & Growth Potential/Forecasts

Based off the sales figures for the industry, one can determine that the food retail industry is in the maturity stage of the business lifecycle. With the tendency of many businesses in this category to sell staple products, the business is generally noncyclical. Therefore, while grocery stores and supermarket chains may be somewhat affected by a slumping economy, they are more resilient than those at most retailers. However, future growth in the industry is expected to be sluggish with respect to the recovering economy. Graph 2: Industry Growth

As disposable income increases, consumers Chart 1: are expected to eat out more, and have Revenues vs. Employment Details more take-out meals. This trend is expected to have a slight effect on bottom line throughout the industry, while revenue is still predicted to grow at a rate of about 0.4% per year [6]. This shift in the economic environment may also invite earnings by way of the consumers ability and desire to purchase higher end goods. Despite the sluggish forecast, the potential for increased sales of higher end goods, such as organic and natural selections, combined with new This chart of revenues vs. employment details the effects of technology does leave room for potential growth. consumer income on industry revenue. Even when employment is on a decline, revenues increase due to consumers eating more at The implementation of self-checkout lanes home. Conversely, when employment is higher revenues tend to drop because of an increase in disposable income. and online shopping have the ability to help streamline store performance, help the bottom line and transition into new ways of making Stage in Product life cycle & Growth money in the industry [7].

Seasonality

Potential/Forecasts

While the Kroger Co. does appear to have consistent seasonal changes in its quarterly earnings, the same cannot be said for industry as a whole. There are no large shifts in the quarterly earnings of retailers in this industry because they often profit off staple items sold year round. Even the seasonal items, such as certain fruits and vegetables do not affect the sales. This is because the seasonal availability of those products does not affect the consumers need for other This sales graph details the lack of volatility in the industry on a year-to-year basis. The column size remains relatively consistent every year for each respective products carried in the stores.
company.

Many food retail stores are implementing various business techniques and new forms of technology in order to achieve maximum profitability. Margins on sales in this industry are generally low and by way of these new practices, many of the companies will see greater profits and growth potential.

Legal & Regulatory Environment

Regulations related to this industry are commonly covered by US states. Congress or the state officials pass trade regulations, with intent of preserving a free and competitive economy. Some of these regulations include the Sherman Antitrust Act, the Wilson Tariff Act, the Clayton Antitrust Act and the Robinson-Patman Act along with many other regulations concerning unfair competition [7].

Industry Overview & Client Profile

Currently, the United States federal anti-trust laws are comprised of various aspects of Sherman Act, the Robinson Act, and the Wilson Tariff Act. Congress and the state enact these antitrust laws to guarantee that consumers are provided with the best price, quality and competition among businesses.

Client History
Barney Kroger founded Kroger Co. over a century ago in 1883 in downtown Cincinnati. Since then, Kroger has been recognized as one of the largest grocery store chains in America. The company has made many innovations to the grocery store industry throughout its years of operation, which has helped Kroger stand out from the other major grocers. Early on, Kroger was the first grocer to establish its own bakery, finding it could save money for both the shoppers and the company in doing so. The company has also added many different departments to its locations, such as floral shops, pharmacies, and even gas stations in order to provide convenience and ease for the customers. Continuing to make the Kroger brand unique, the company invested in the business of manufacturing and processing its own foods, which can be found all throughout the stores. Today, Kroger operates 40 food-processing facilities where a wide variety of Kroger Brand products are made, ranging from soft drinks to peanut butter. By creating products under the Kroger Brand name, these items can be priced lower than the name brand options; this is a way to help customers save as much money as possible. The Kroger Company has enhanced the stores shopping experience for customers by forging ahead with technological advances that make the purchasing process quicker and easier.

It was the first company to use an electronic scanner is 1972, and now more than 1,600 stores provide self-checkout stations where shoppers are able to scan and pay for their groceries without a cashier. The Kroger Brand is widely recognized for its breakthrough innovations to the grocery store industry and continues to service the needs of customers throughout the United States [10].

Societal & Cultural Considerations

In the world today, information is available with just the click of the button. The businesses of all industries now cater to a very informed consumer society. This wealth of information available has changed demand in many markets. For the food retail industry, shoppers have an increased awareness about the use of various pesticides in crop production and hormones used for meat. In addition, our society is becoming increasingly aware of the health benefits related to living a healthier lifestyle. Both of these developments have led to an increased demand for natural and organic products. Bringing competition from new smaller companies like Whole Foods and Fresh Market that cater specifically to this category of products. According to figures provided by standard and Poors, the organic food category generated an estimated $29.22 billion in sales in 2011, an increase of about 9.4% from 2010 [3]. While they are significantly smaller companies, figures for companies like the Fresh Market who posted sales increases of 22% year over year, and Whole Foods who intends to open 32-34 more locations in 2013, illustrates increased demand for these products [8].

Service, Selection, and Value- Kroger

Client Sales
Since 2008, Kroger has shown a consistent increase in sales revenue for each fiscal year. In 2008 total revenue for the fiscal year was close to $70 million; the total revenue in 2013 is projected to be around $96 million. Between 2008 and 2013, revenue steadily increased [11]. Graph 3: Kroger Fiscal Year Sales


The goal was to target mothers, ages 35-54, who were trying to benefit the lives of their families with healthy drink options. The campaign focused on Krogers idea of Health Matters by displaying different Vitaminwater advertisements throughout the natural food departments in stores. Another aspect of the campaign emphasized the healthy lifestyle of Carrie Underwood. Information was provided on healthy meal options, as well as exercise suggestions for the whole family. Kroger also offered online coupons for Vitaminwater that could be redeemed at local stores. This entire campaign provided substantial results for both companies [12]. The overall dollar value

Client Profile
Advertising & Campaign Strategies

These cards also allow Kroger to monitor the shopping behavior of its frequent customers. In doing so, the company is able to recognize trends and adjust the stores to the customers needs. [14]

The top three areas that Kroger focuses advertisements are spot television, local newspapers, and local radio. This shows that Krogers advertising strategy is based locally. Since Kroger is a regional grocery store, advertising locally is the most cost efficient way to get information to its customers. Most newspaper advertisements display everyday items that are on sale for a certain time period. These The goal of this strategy is to advertisements are aimed directly at the maintain a positive company target audience, which are people who desire image, increase sales, and preserve healthy foods at the most affordable cost. Kroger released a yearlong customer loyalty. campaign that partnered with the Vitaminwater brand to increase the sales of at Kroger grew by 25%, household penetration increased by 26.5%, and shoppers who said Vitaminwater hydration is good for the entire family rose by 13.9%. [13] The Kroger Co. envisioned an ideal
grocery store environment from the very beginning, and still strives to make this vision possible. Kroger developed a philosophy named Customer 1st. Its concept is used to continue the companys growth on many levels. This idea targets four key components in managing a successful business: People Products Shopping experience Prices These four points are the backbone of Krogers business strategy. The tactic used to implement this strategy is Krogers rewards cards. The card works as an incentive for the customer, because they earn points each time they use it at a Kroger location.

this product in Kroger stores. The campaign involved the celebrity Carrie Underwood as the spokesperson, who appealed to the desire of attaining a healthy lifestyle.

As of February 2013, Kroger has issued the beginning stages of a new low price campaign strategy that will help grocery shoppers save money. Around 3,500 products will be included in the markdowns throughout the stores, involving items from the departments of Grocery, Produce, Organics, Natural Foods, and General Merchandise. [15] The focus is to make the everyday items, such as the Kroger Brand 24pack bottled water, more affordable so shoppers can reduce their overall shopping expenses. Krogers main goal is trying to reach with the price reduction campaign is to strengthen Krogers position in an already vigorously competitive grocery market.

6 Client Profile
In the future, Kroger hopes this device will be able to perform other tasks like make suggestions and list the ingredients in the scanned food. The use of this device will eventually be able to eliminate waiting in line to check out. In October of 2012, Kroger CEO David Dillon announced the companys plan for expansion. Kroger co. bought back $500 million of its own stock to fund the expansion. Some plans include increasing the square footage of already existing stores as well as adding more locations to existing markets. Kroger also has a project of testing new store layouts, hoping to find ways to improve the easiness of shopping for customers. [18]

Kroger led a two-week campaign from February 3 through February 16, 2013 to raise money for the American Cancer Society (ACS). This public relations campaign helped bring in more than $185,000 of donations to the organization. The campaign spanned Krogers Atlanta Division, which includes 211 stores in Georgia, South Carolina, Northern Alabama, and Eastern Tennessee. Kroger customers were asked to donate $1 for a footprint icon as they checked out their groceries in support of Relay For Life, ACS main fundraising event. By doing this, Kroger was able to raise 8% more donations than the previous year. [16] In 2011, Kroger also participated in the USO campaign Honoring Our Heroes, which provides programs and other services to troops and their families.

The campaign included Mega Sales throughout Kroger stores, where customers could save five dollars when buying certain promotion items. As a result, Kroger donated $250,000 to the USO organization.[17] Krogers philanthropic campaigns have been widely recognized and rewarded throughout the years.

Forbes magazine has recognized Kroger Co. as the most generous company in America.

New Developments
Kroger is currently trying to expand the ways that technology can help customers make grocery shopping more efficient. Kroger has created a device called personal assistant and liaison, or PAL. This device is a type of hand-held scanner that customers can use to scan their groceries as they shop.

 Marketing Strategies Whole Foods Market History

Competitor Profile
Publix History
Publix was founded in 1930 in Winter Haven, Florida by a businessman and philanthropist, the late George W. Jenkins. Even though it was in the middle of the Great Depression, Jenkins incorporated Publix with 30 shares, each valued at $100, keeping 13 to himself and sold 4 to his friends. At the end of 2011, the company operated 1,046 supermarkets with 73% located in Florida and the rest operating in Georgia, South Carolina, Alabama and Tennessee. Publix is considered the largest employee-owned supermarket chain in the United States. [19]

Publix Sales
Publix supermarkets sales grew 7.3% over 2011 to $27.0 billion and generated a net income of $1.5 billion. Referring to the table of Publixs revenues, Publixs revenues have steadily increased throughout the years. Table 1: Publix Yearly Sales [20]

Publix emphasizes saving money with its Whole Foods Market was founded tagline, Savings made easy. On its website, it in 1980 in Austin, Texas by college drop-out gives many links to different coupons and clubs John Mackey. The company was at first named that can be used to save money. Saferway, being a spoof Also on Publixs website, you can on Safeway. After merging type in a location and see a weekly with their Clarksville ad for what sales are happening that Natural Grocery, they week. One campaign that Publix is opened the original Whole using right now is targeted at Foods Market. The store the Caribbean population in has expanded to 340 South Florida. It is honoring stores in 37 states also the Independence days of including Washington, DC, Bahamas, Barbados, Haiti, Canada and the United Jamaica and Trinidad & Tobago. It uses Kingdom. Whole Foods has become the largest the tagline,A culture so rich you can taste U.S. retailer of natural and organic foods. [22] it. Publix also emphasizes philanthropy with its founder George Jenkins in mind. Table 2: Because of this, Publix supports five Whole Foods Market Yearly Sales organizations in companywide campaigns including Special Olympics, March of Dimes, Childrens Miracle Network, United Way and Food Revenues (Million $) for Fiscal Year Ending September for All. Publix also gives a link on their website for donation requests from the Sales company. [21] Whole foods had $11.7 A culture so rich you can billion in sales at the end of 2012. Each store taste it. -Publix contributes to an average of over $36 million in annual sales. Referring to the Whole Foods revenues table, Whole Foods revenues have greatly increased each year from 2007 to 2012.

Revenues (Million $) for Fiscal Year Ending December

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Comparative Analysis
Kroger has put a great deal of effort into improving its brand image through large public relations campaigns and great emphases on its loyalty program. Its large number of stores and profitable corporate plan has enabled Kroger to steadily increase its revenues every. However, Kroger is at a severe disadvantage when it comes to the grocery store market. The direct competitors, such as Whole Foods Market, have mastered a specific market or demographic. Kroger keeps a strong present across the board without specification. Whole Foods and Earth Fare both have incredibly high indexes amongst high-income families. Kroger should not target high-income families. Another disadvantage comes from Krogers inability to compete with superstores, such as, Wal-Mart and Target due to the stores ability to offer products at the lowest price. While Kroger has made significant innovations in their market and have made wise advertising decisions it must change its image and move into new markets. If Kroger fails in doing so, it will risk losing success. Kroger spends more on advertising than its closest competitor Publix. In fact, Kroger spent $82,302,200 across all media in 2012, which is nearly double Publixs $50,707,300 during the same year; none of the other companies presented in the AdSpender data spent more than $5 million on advertising. Observing the industrys expenditures it focuses on three forms of media, spot television, outdoor advertising, and newspaper. These forms of media are invested by each of the competing companies.

Competitor Profile & Comparative Analysis

Whole Foods Market Marketing Strategies
Whole Foods Markets focus on natural and organic foods. On its website, you can select a location, then a link to weekly sales that are happening in that particular store that week. The website also gives links for featured recipes, apps, and events. One campaign that Whole Foods is using now is the We Are Earthlings campaign. It is to celebrate Earth Month and each store holds several events for this campaign including cooking classes and other discussions on how to live a healthy life for you and for your environment. Whole Foods Markets created the Whole Planet Foundation as well as the Whole Kids Foundation. Whole Foods Markets are also helps with philanthropy by supporting local communities and by supporting local farmers and producers by providing up to $10 million in low-interest loans for the Local Producer Loan Program.

Target was founded by George Dayton in 1902 in Minneapolis, Minnesota. Target is the second largest retailer in North America, preceded by Walmart. It caters mostly to the middle to upper-income consumers. The fiscal year revenues for 2013 are $73, 301 million. The company uses its tagline, Expect More. Pay Less. to appeal to customers with its low prices. It matches all identical and similar products to Walmarts prices and prices its different product at deep discounts. [23]

Indirect Competitors
The indirect competitors for Kroger were chosen based off of the kind of markets that they are. Wal-Mart and Super Target are not just grocery stores like Kroger and its direct competitors; they sell merchandise such as entertainment, health and wellness, apparel and home.

Walmart was founded by Sam Walton in 1962, incorporated in 1969, and publicly traded on the New York Stock Exchange in 1972. Walmart is the largest retailer in North America. However, it has stores worldwide, including Africa, Argentina, Brazil, Canada, Central America, Chile, China, Japan, Mexico, the U.K. and India. The fiscal year 13 sales are about $180 billion. One campaign that the company has implemented with the slogan, Low Prices. Every Day. Everything Day. This campaign is meant to focus on regaining customer confidence in its lower prices. [24]

Comparative Analysis
Chart 2: Industry 2012 Advertising Expenditures

The industry as whole is interested in primarily spot television, outdoor advertisement, and newspapers; with spot television claiming the greatest amount of the money. Of Krogers media mix placement, it places a high priority on: Spot television, 58.1% Newspapers, 28.2% Outdoor Adverstising, 11.3%

Looking at Krogers competitors, only Publix is the only threat that pertains the kind of dominance that Kroger has. Publix controls 89.1% of magazines and 40.3% of spot television These percentages gives Publix the second greatest share of voice in the specific media field. Krogers best interest is to continue spending in the current way it does. Kroger should make a goal of Publixs greatest expenditure is breaking Publix Compared found in spot television at 67.3% dominance of to Kroger, magazines and of the 2012 media mix. Publix is the Whole Foods only other Markets control company of national spot from Chart 2 that has a diverse radio. Otherwise, Kroger is doing quite well media mix. Earth Fare has compared to the direct competitors. essentially no media mix at all. Publixs greatest expenditure is found in spot television at 67.3% of the 2012 media mix. Whole Foods Market, only real advertising expenditure is national spot radio at 99.5% of its 2012 budget being allocated there. Kroger is the only company, from the chart above, to spend money on cable television. This complies of .2% of the 2012 media mix. For national newspapers, its share of media mix is only .8% from 2012. Kroger and Publix are the only companies from Chart 2 that invests in magazines and national spot radio.

Share of Voice
Share of voice is clearly important to Kroger. Share of Voice has the greatest impact over all mediums. Kroger controls 100% of cable television and national newspapers. Kroger dominates spot television, 56.4%, newspapers, 67.1%, and outdoor advertising, 76.3%. This shows Kroger as a very powerful and dominating presence in the supermarket industry not only now, but for the past four years, according to AdSpender.

These can be attributed to Krogers high sales. This enables Kroger to purchase spot television ads. Kroger also focuses a large portion of advertising expenditures on coupons, which are primarily printed in newspapers.

Consumer Profile
Demographics
Kroger is targeting those who desire healthy foods at the best value. Data from Simmons Research Bureau has shown that the target market consists of: Age 18-34 Education: some college education or college graduate Income Level: under $150,000 Household: Families with < 2 children

References hold the supporting information. In the demographic section, information states that the age group of 18-34 are the most health conscious. As age increases people are less likely to shop in healthier stores. Collected data from Simmons states that females who shop at Whole Foods have an index of 125 while males only have an index of 74; making females the more dominate shopper in health stores. Based off of education level, college graduates are the most likely to shop for healthier foods, followed by high school graduates. Those who have little or no education are not as likely to shop for healthier foods. Simmons data states, college graduates are 15.3% more likely to shop at Kroger than other stores.

Psychographics This would be an easier demographic to tar When comparing Kroger and the primary get because they want the best value for healthy foods. competitors, on average 57% of Kroger and According to CNN, the average student loan debt in Publix customers are working on eating a well2012 nears 27,000 dollars balanced diet, compared to [25] ; leading one to believe According to CNN, the 74.1% of Whole Foods Market that this demographic is customers. People who are average student loan more likely to shop sometrying to have a well-balanced where more affordable. debt in 2012 nears 27,000 diet are more likely to shop at a grocery store, such as Whole dollars. Analyzing the Foods, where they believe the Simmons data for income foods are organic and healthier, level, the target market would be those who have an instead of going to somewhere such as Publix income of less than $150,000, averaging in the middle and Kroger where the organic selection is class. Primary competitors hold the market for higher limited. earning customers at stores such as, Whole Foods and Trader Joes, ranging from $150,000 or more. The After looking at the average people who income class of $250,000 +, who shop at Whole Foods, agree they are working on having a has an index number of 360; while Kroger has an well-balanced diet, it must also be taken into index number of 79. This means that these consumers effect the consumers lifestyle. Simmons Data are 239% more likely to shop at a high end organic states that consumers agree because of their grocery store than Kroger, on average. Competing busy lifestyle, they dont take care of themselves with these stores would be difficult, whereas the midas well as they should. This suggests that there dle class market would be a more attainable goal. This is not a significant difference between Kroger would help ensure that healthier foods could come at and its primary competitors. Relating to our a lower cost and enable smaller income levels to afford Simmons Data the percentages are 35.8-39.6 %. them. It appears that grocery stores, in general, get more foot traffic with families who have less that two children. Families in this market tend to shop on average at both Kroger and their primary competitors. Simmons OneView shows that 13.0% of families with two children shop at Kroger, compared to the 5.2% of families with three. This consistency is shown with both Publix, at 13.0 to 4.9%, and Whole Foods, at 9.6 to 6.7%. Data suggests that Kroger should target smaller families, as Publix and Whole Foods are following accordingly.

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11 References
[1] Source: International Directory of Company Histories Piggly Wiggly Southern Inc. Ed. Tina Grant. Vol. 13. Detroit: St. James Press, 1996. p404-406. COPYRIGHT 1996 St. James Press, COPYRIGHT 2007 Gale, Cengage Learning [2] IBISworld, Industry at a Glance, 4/7/13, http://clients1.ibisworld.com.proxy.lib.utk.edu:90/reports/us/industry/currentperformance.aspx?entid=1040 [3]NetAdvantage Industry Survey: Supermarkets & Drugstores, 4/7/13 http://www.netadvantage.standardandpoors.com.proxy.lib.utk.edu:90/NASApp/NetAdvantage/cp/companyIndustrySurvey.do?task=showPDFIndustrySurveyByTicker [4] IBISworld, Major companies, 4/7/13, http://clients1.ibisworld.com.proxy.lib.utk.edu:90/reports/us/industry/majorcompanies.aspx?entid=1040 [5] IBISworld, Competitive Landscape, 4/7/13, http://clients1.ibisworld.com.proxy.lib.utk.edu:90/reports/us/industry/competitivelandscape.aspx?entid=1040 [6] IBISworld, Industry Outlook, 4/7/13, http://clients1.ibisworld.com.proxy.lib.utk.edu:90/reports/us/industry/industryoutlook.aspx?entid=1040 [7] IBISworld, Operating conditions, 4/7/13, http://clients1.ibisworld.com.proxy.lib.utk.edu:90/reports/us/industry/operatingconditions.aspx?entid=1040 [8] Valueline, Investment Survey: The Fresh Market, 4/7/13, http://www3.valueline.com.proxy.lib.utk.edu:90/vlquotes/quote.aspx?symbol=WFM [9] Advertising Redbooks, The Kroger Co., 4/7/13, http://www.redbooks.com.proxy.lib.utk.edu:90/advertiser/KROGER_COMPANY/ [10] The Kroger Co. - Home. The Kroger Co. - Home. N.p., n.d. Web. 7 Apr. 2013 http://www.thekrogerco.com [11] Kroger Co. (The). NetAdvantage. The McGraw-Hill Companies, 6 Apr. 2013. Web. 7 Apr. 2013. http://www.netadvantage.standardandpoors.com [12] Customized Kroger Campaign Drives Results. Coke Solutions Home: Beverage Industry Leadership & Analysis. N.p., n.d. Web. 7 Apr. 2013. < http://www.cokesolutions.com> [13] Vitaminwater. Ammirati.com. N.p., n.d. Web. 7 Apr. 2013. <http://ammirati.com/clients/vitaminwater/get-active-now> [14] Marian, Petah. On the Money: Kroger Puts the Customer First. On the Money: Kroger Puts the Customer First. N.p., 15 Sept. 2010. Web. 7 Apr. 2013. http://www.just-food.com [15] Kroger to Lower Prices, Discontinue Double Coupons. Kroger to Lower Prices, Discontinue Double Coupons. N.p., 1 Feb. 2013. Web. 7 Apr. 2013. <http://www.fox19.com>. Fisher, Mark. Kroger Unveils New Low-prices Initiative/Cincinnati-based Chain to Stop Doubling Coupons of 50 Cents or Less. Kroger Unveils New Low-prices Initiative/Cincinnati-based... N.p., 1 Feb. 2013. Web. 7 Apr. 2013. <http://www.journal-news.com>. [16] McCrary, Elissa. Kroger Raises over $185,000 for American Cancer Society in Two-Week Campaign. American Cancer Society South Atlantic Division Newsroom. N.p., 21 Mar. 2013. Web. 10 Apr. 2013. <http://sacancernews.org>. [17] Honoring Our Heroes with Kroger and P&G. USO News. N.p., 27 Apr. 2011. Web. 7 Apr. 2013. <http://www.uso.org>. [18] Garry, Michael. Kroger Test Prepares for Mobile Future. Supermarket News. N.p., 13 June 2011. Web. 7 Apr. 2013. <http://supermarketnews.com/technology/kroger-test-prepares-mobile-future>. Watkins, Steve. Kroger Sets Growth Strategy, Raises Earnings Goal, Plans Stock Buyback. Bizjournals. N.p., 16 Oct. 2012. Web. 7 Apr. 2013. <http://www.bizjournals.co>.

12 References

[19] Publix. Grocerteria.com. n.p. n.d. Web. Accessed on 9 Apr. 2013. [20] Standard & Poors NetAdvantage. http://www.netadvantage.standardandpoors.com/NASApp/NetAdvantage/cp/companyOverView.do. Accessed on 9 Apr. 2013. [21] Taylor, Tracy Ann. Publix Ad Campaign Targets Caribbean Shoppers. South Florida Times. n.d. Web. Accessed on 9 Apr. 2013. [22] WholeFoods Market History. http://www.wholefoodsmarket.com/company-info/whole-foods-market-history. Access on 9 Apr. 2013. [23] Target Corporation. Wikipedia. http://en.wikipedia.org/wiki/Target_Corporation. Accessed on 9 Apr. 2013 [24] Dinnocenzio, Anne. Walmarts New Ad Campaign Renews Focus On Low Prices. The Huffington Post. 11 Apr. 2011. http://www.huffingtonpost.com/2011/04/11/walmarts-ad-campaign-prices_n_847340.html Accessed on 9 Apr. 2013. [25] Ellis, Blake. Average Student Loan Debt Nears $27,000. CNNMoney. Cable News Network, 18 Oct. 2012. Web. 11 Apr. 2013.