Strategic Review of The Farm Boy Company

Introduction of FARM BOY COMPANY

The Farm boy is the Canadian food retailer which is operating in the province of Ontario. Far Boy is based in the Ottawa, Ontario, where the retailer is specialized in selling fresh products along with the food products, and its emphasis on the Farm-to-table for the wholesales. The Farm Boy is the fresh market stores which have been providing the friendly as well as fun, for the fresh market of the shopping experiences for over the 36 years by the legions of the loyal fans in the Cambridge. The forward-looking statements might not be appropriate for a different purpose (flamboyancy, 2018)

 Size of the market for Farm Boy Company

Market size is a number of the individuals which has certain market segments, and that also has the potentials for the buyers. There are different terms which are sued to explain the market and is based on the level of the narrowing by each narrowing to reducing the size of a market;

·          Total population

·         Potential market

·         Available market

·         Target market

·         Penetrated market

There are three main measures of the market size of the farm Boy Company;

·         Volume Sales

·         Value of sales

·         Number of customers

farm Boy is the Company with the highest market share in the food retailer and the grocery industry . In order to grow and expand the further , it is necessary  to  expand the market itself. It is also done by the innovation of food items in the menu where in order to attract all kinds of customers. The market size of the farm Boy company might be proved the Advantages of the competitors without the invitation of expanding.

 In order to maintain the current market share of the Farm Boy company , it must continue to maintain a good relationship with the supplier, along with the customers through nursing's great quality to its consumers.

 Competitive landscape of Farm Boy Company

Existing channel the Farm Boy Company

Farm Boy Company channel is quite simple and easy to understand. Rather than searching for new partners and intermediaries in the external market to ensure delivery of ready to sell products to the consumers, the company mainly focusses on its own channels.  Basically, Farm Boy Company is working on the principle of vertical integration. They produce products and sell out these products in their own retail stores rather than following a formal supply chain channel that includes wholesalers and agents for the purchase and repurchase process. Somehow, for some special products company follow up formal marketing channels.  In this formal channel, the company provides an opportunity for the local producers and small-sized companies to get a partnership with the Farm Boy Company.

              The company offers them to get registration in the relevant field. The existing channel of Farm Boy Company is highly attractive for the CRM strategy. Company employees directly interact with the customers at the retail stores so that they can collect a better idea about the needs and requirements of the customer. Furthermore, the company can also easily collect customer feedback regarding offered products and services. Thus, information collected from the customers can support Farm Boy Company to bring appropriate and desired changes in order to make products and services according to the requirements and standards of the customers. Improvement in the products and services will definitely result in the increase of customer loyalty and equity, which are the key targets of CRM strategy.       

Supply-chain systems of Farm Boy Company

            Farm boy is listed as one of the fastest-growing fresh food retailers that provide a superior shopping experience for the customers. The efficient supply chain management system is helping the customers and company to reduce food waste. The company is working with 23 stores across Ontario, Canada that offers fresh products such as fish, deli goods, meat, and meals of restaurant styles to the customers (Resolution's. com, 2017). The company appreciates commitment with the freshness and quality of the product. The products provided by Farm Boy to the customers are around 4000 with organic and artisan ranges.

            The products consist of healthy ingredients. The expansion plan of Farm Boy supply chain includes new store openings where growth rate is around 25 to 30% and increasing due to continuous maintenance of quality, freshness, and outstanding experience of the customers with the shopping. The rapid growth is observed for the company due to improved supply chain management. The objective of supply chain progress is to achieve the ultimate goal and to deliver an outstanding experience to the customers.

             According to Shawn Linton, it is difficult to indicate a better supply chain system with higher performance and planning system (Atlanta, 2017). The optimized inventory and the improved forecasting help to ensure customer growth with the fresh products. The objective of the supply chain system of the company is to provide the right number of products to the customers at the right place and at the exact right time.

             The flexibility of the supply chain system can be defined by considering the promotion shifts, uplifts, forecast sales, seasonal variations, and the attributes of good inventory management. The food demand planning of company can provide the freshest product with cutting spoilage. Farm Boy is supposed to be a successful partnership with North America based on replenishing fresh, forecasting, and the short shelf-life goods.

            The replenishment planning systems are confident to deal with the latest ideas and technologies as it is supported by the growth rate of the company (Resolution's. com, 2017). The use of technology is to improve the supply chain system in the planning system, highly evolved demand conditions, and improved performance for the existing system. Farm boy is using optimizing tools for improved forecasting and inventory. The flexible system enables to achieve higher objectives with the ultimate goals.

             The supply chain system is delivering outstanding performance for perishable and fresh items. The optimization of inventory improves forecasting for growth of customers and produce a peak of freshness. The flexibility of the supply chain system enables to track use-by dates of services, sell-by dates, promotion uplifts, forecast sales, weather, and seasonal variations. The availability of product increases by up to 90% due to good demand planning. The replenishment system is the highly improved state of art idea that supports the growth of Farm Boy (Atlanta, 2017).  

Common promotional practices of Farm Boy Company

            Advertisement induces a significant impact on the sales trends and sales of a company spread out over the limited time with maximum outcomes. Sometimes the retailers face issues if the promotional techniques, practices, and traditional pricing are not working efficiently (Dumbfound. com, 2016). The business model of Farm Boy is spreading information about the services and products through a reliable source. The advertisement policies of Farm Boy are making the company popular and induce long term growth of the brand.

              The campaign encompassing the corporate identity is working efficiently for the promotion and advertisement of products (Progressive grocer. com, 2006). Farm Boy is using different sources of social media such as Facebook, Instagram, Twitter, and YouTube. Integrated marketing communication services are used to promote services on YouTube. The marketing department is working efficiently on the projects. The company is using a strategic approach to deliver solid and creative work. Farm boy is currently operating in more than seven stores in different regions of Ottawa and Cornwall regions (Progressive grocer. com, 2006).

            The retailers are dealing with problems for promotion practices, traditional pricing, and seasonal sales. The email interaction is provided to the customers, and 59 % of retail promotions are provided by these strategies. The other promotional practices are carried out by introducing special coupons and packages. The social media campaign is carried out on different sources, including direct mails, newspapers, and television spots.

Cultural differences of Farm Boy Company

Farm Boy Company is working in different countries around the world. According to the reports presented by the company, Farm Boy retail store is established in almost 23 different locations. Several locations in which Farm Boy Company is working include Kingston, Brant ford, London, Cambridge, Whit by, Pickering, Cornwall, and Kitchener. People living in these geographical locations belong to different cultures. The difference in the social norms and cultural values is really important to understand for the managerial staff of the company if the company want to have a strong relationship with the targeted customers.

Research indicates that people belonging to different cultures get satisfaction from different means. In each culture, the social and personal needs of the people are different. Farm Boy Company will work effectively and successfully in the targeted market when managers will understand the cultural differences of the targeted market segments. Furthermore, managerial staff would have to develop appropriate strategies in response to the cultural differences to ensure the development of positive and long term customer relationship with the company.           

Sales incentives of Farm Boy Company

The sales incentives are the reward program high is offered through the Farm Boy Company for the customer, and it frequently makes the purchases. It is argued that, the rewards of the incentives systems for the both extrinsic as well as intrinsic which has the positive impacts for the performances of the employees along with the business of the results in the general Farm Boy in particular.   

Conclusion on Farm Boy Company

Farm Boy Company is working in different countries around the world with a product line of dairy products and meat products. Cultural changes draw impact on the personality of the customers. Their needs get the change because of a change in culture and social norms. Thus to make customers highly satisfied with the offered products and services company need to understand these cultural differences. Somehow, Farm Boy Company produces several products in the company’s farm at best quality and sell out these products in the retail stores of Farm Boy Company.  Conclusively, it can be said that Farm Boy Company need to focus on cultural differences and marketing channel in order to ensure the development of appropriate CRAM strategy.