ECONOMICS
Wegmans Grocery Store is the main market where I work as one of their employees. In this market, we mainly sell food. As much as it is a bulk retail store for foods, the owner ensures that he has outsourced workers that have a variety of skills. Similarly, the owner ensures that he had stocked highly demanded products, keeping track of all inventories, and so on. This is what makes it to have competitive advantages over its rivals. Currently, the grocery store has 450 customers. Presently, the grocery store has three departments with a total of 50 sellers. The main seller in this business is the product selling department. Basically, the role of the middleman to this market entails buying foods as well as other items from manufactures or farmers, storing and then displaying them for the benefit of consumers. He also aids the owner in seeking potential buyers for any category of food products the business stores and sells.
In lowering the transaction costs for the sellers and buyers, the first task he undertakes in moving information between them. Likewise, he takes the task of seeking producers, especially farmers, with food products that customers mostly wants and informs the owners. In case the owner decides to purchase them, he does it on behalf of him. Lastly, he assists in delivering products from the store to buyers who may prefer such deliveries. Furthermore, the grocery store always tries to match any type of coupons which are offered by their rivals in the industry. In the process of managing their transaction cost, he keeps tries to ensure that their transactions have been lowered for their benefit.
Between the buyer and seller, the buyer seeks to inform the sellers about the products stored in the grocery store. For seller-middleman, the middleman assists in informing the seller about the potential places he can obtain products at an affordable price as well as the potential customers for them.
In this market, trust is established between the seller, the buyer, and middleman. For instance, the seller beliefs that the middleman will assist him obtaining products from trusted suppliers at an affordable price as well as obtaining potential buyers for them. This entails marketing the business efficiently. The buyers have a strong belief that the products supplied by the seller the capacity of meeting his or her needs. This is what makes the grocery store to keep on retaining its customers as well as attracting new ones. The grocery store stocks wide range firm products such as bananas, apples, artichokes, parsnips, beans, citrus fruits, cucumber, celery, carrots, tomatoes, grapes, fresh cut vegetables, and so on.
Forces of demand and supply is the main mechanism that is used to set prices in this market. Conversely, in this market, the quality of the products offered or the after-sales services are set through the aid of the seller and the middleman. Innovations are the key driving factors in Wegmans Grocery Stores. What the owner first takes into consideration is the competent or efficient utilization of the modern technology. This is achieved through relentless repositioning of the business so as to accommodate that technology. In order to be in the position of catering for a wide variety of buyers, App-enabled services are one of the innovations that are used. The reason for that is because it enables the grocery store to be able to connect with consumers both outside and inside of the store. Through assisting them to avoid spoiled products, spot discounts, confirm their purchases, the market is given the opportunity of offering quality products and services to them.
