Week 2: Analyzing the External Environment of the Firm
Trinity Mouzon Wofford is the co-founder and CEO of Golde, an independent, Brooklyn-based superfood health and beauty brand. Their first product, a turmeric latte powder launched in 2017, became an instant hit in New York City and served as a catalyst for the brand’s expansion. By early 2018, they began partnering with larger name companies, such as Urban Outfitters, and by 2020, Golde had been accepted into Target’s retailer accelerator, Target Takeoff. In just a few years’ time, a small, minority owned brand had catapulted from its Brooklyn apartment origins to being featured in 460 Target stores and recognized by celebrities such as Kourtney Kardashian and Beyoncé.
What interested me most about Golde was not its energetic climb to success. Instead, the why behind its founding was deeply moving. Mouzon Wofford grew up watching her mother, single and burdened by a severe autoimmune disease, make constant trips to specialty doctors. It took a decade to find a successful treatment in the form of a holistic, alternative method, but eventually a barrier presented itself. The treatment was tangible and effective, but it was not affordable. Mouzon Wofford references this as a definitive time in her life that led her to consider what impact she wanted to have in the wellness community and the ways that accessibility intertwined with that path.
In Chapter 2, we learn about analyzing the external environment of a firm. While reading Mouzon Wofford’s story, I recognized immediate ties to sections LO 2-2 and LO 2-4. Some people may see Golde’s success story as luck. What I see is a young woman whose environmental scanning was accomplished through a lived experience. Mouzon Wofford witnessed first hand the demand and efficacy of holistic remedies, and the unfortunate lack of accessibility for the consumer group generating said demand. Through her mother’s decade long search for treatment, Mouzon Wofford had the opportunity to recognize the pattern being created in the wellness field and the lack of intention from potential competitors to take advantage. In short, she saw a favorable environment for her brand and lack of competition, and she fulfilled the need. Golde’s success can be attributed both to the quality of its products, and to its founders taking the initiative to take advantage of a gap in the market.
References:
Textbook: Strategic Management- Creating Competitive Advantages by Gregory Dess, Gerry McNamara, Alan Eisner, and Steve Sauerwald
Connecting Business Strategy to Golde’s Wellness Journey 