Waitrose Case Study Example
Waitrose Business Overview
Wallace Waite, David Taylor, and Arthur Rose started their first store, they had no idea that their firm would emerge as America’s most popular supermarket chain. Lewis Partner took over the firm and opened the first Waitrose Supermarket in 1955.
The company has a royal warrant of supplying spirits, wine, and soap to Queen Elizabeth and Prince Charles. It gained recognition owing to its quality, customer service, and value of products. It exports products to 52 countries in the United Kingdom. Waitrose runs over 85 stores all over Wales, Scotland, and England.
Waitrose stores vary from the edge of towns to high cities, and from 7000 sq feet to 56000 feet.
Waitrose mission statement
Waitrose intends to merge the convenience of consumer goods with its prudent knowledge in customer service and store management. The Waitrose pricing strategy focuses on a price commitment to the customers and builds trust. Customers get the assurance of getting good service and service value whenever they visit Waitrose Stores.
Waitrose differentiation strategy
Waitrose has a differentiation strategy of selling quality products and services to its customers which are a bit expensive but customers are willing to pay for it. Selling quality goods and services to its customers is the prime agenda of Waitrose.
Waitrose marketing strategy
Waitrose, the US-based supermarket chain aims to offer the facilities of a good food store and ease of a supermarket. It follows a differentiation approach towards the upper market with varieties of fresh and high-quality products. Waitrose earned a reputation for offering quality food, but the products are a bit pricey.
The Waitrose 2020 strategy focuses on the food and beverages market, choosing not to expand like other forefront retailers.
They won’t be able to increase their market value unless they open more stores throughout the United States of the Kingdom.
It won’t be wrong to infer that the growth of their market shares will favor the sustained accomplishment of the food retailer.
Competitors of Waitrose incorporate Sainsbury’s, and especially Marks and Spencer as they target the upper markets.
The clients can buy their products at the most suitable place at a low cost. Since they buy the same products available in the supermarket chain, they don’t bother about the shop they are buying from.
Supermarket chains are consistently planning to switch costs by the inclusion of customer reliability rewards, cards, or schemes.
Waitrose tries to improve brand awareness by offering differentiated, first-class product ranges.
With customers to acquire “Food sources Delineated” or to get vouchers at shows at modest costs, which assign its upmarket objective market.
Waitrose focuses on stores located in and around the town, offering a wide variety of food items and drawing the attention of the upper economical group.
Waitrose aims at offering British food and products through joint ventures of firms and diaries. Currently, Waitrose is also conducting surveys and researches to maintain an eco-friendly brand image like Environmental detailed analysis, Bag for Life, and so on.
Political Factors influencing the growth of Waitrose
- EU Competition Law
- GM Food
- Competition Commission
- Arranging Strategy Direction
The section of the transportation, environment, and the zones (DETR) (2009 Law): The Public authority remains unequivocally committed to the points of PPG6. It aims to maintain and improve the feasibility and vitality of our current location, precinct, municipality and to make them the target area for resources”. It implies that it is unfathomably confounded to grant authorization for out-of-town provision.
Since 209 the gross sales increased by 9.0% (£375.9m) to £4.5bn. The 52-week report says that profit increased by 11%. Like-for-like deals raised 3.6%, aside from petroleum, profits increased by 5.4% in the second half of the year. In comparison to the previous year, this year about 400,000 more people are shopping at Waitrose Food Store. The average basket size got expanded by 8.5% which connotes around one extra product in each cart.
Waitrose Business Strategy
The Waitrose business model focuses on major strategies to:
- expand its market by acquiring 0.3% of market share each year.
- improve its brand image and offer non-food items in the market.
- promote online business and increase up to 15% sales in a year.
- keep expanding the gross deals by 5 to 10% per year.
- invest in technological advancements and be energy and cost-efficient.
- explore new partnerships (for example Boots) to make profits in specific products.
Waitrose Target Market
Waitrose should keep on focusing on the middle-class offering products with high ROI. It should prioritize developing a client base to improve market share to combat the financial crisis. It implies offering quality services and/or products at affordable prices. To sell products at prices that are luring enough to persuade customers to visit stores.
Furthermore, Waitrose ought to consider the demographic segmentation to address its buyers’ issues. It implies assessing the income, age, social status, and lifestyle of its clients.
It should be able to fulfill its requirements by offering appropriate products and/or services.
Waitrose segmentation, targeting and positioning
Waitrose’s target is to meet the needs of the middle class that is looking for a high-quality product and top service. The Waitrose main competitor in the same segments is M&S and Sainsbury. Waitrose is able to gain market share from Sainsbury by offering better quality at the same prices.
In marketing, segmenting, targeting and positioning (STP) is a broad framework that summarizes and simplifies the process of market segmentation. In Waitrose targeting, the company’s process of identifying the most attractive segments from the segmentation stage, usually the ones most profitable for the business.
The guest model acknowledges the link between HR management and generalized business strategies of differential focus and value of organizational practices. As per Waitrose operations strategy, high employee recruitment proves favorable for HR outcomes. It’s concerned about the objectives of staff members and familiarising workers with hierarchical methodology while maintaining collaboration and ethical responsibilities.
This model finds its application in setting up the connection among representatives and businesses. It helps to assess the contrasts between personnel and human resource management. The HR management of Waitrose is based on the analysis of elements such as:
HRM system: The human resource department of Waitrose is developing the strategies and managing with the task force to complete the tasks and improve production to encourage profitability. It encourages the staff members to follow the organizational procedures and culture (Aswathappa, 2013).
Best HRM Practices: The manager determines the responsibility and role of employees based on their specialties and abilities. HRM Practices play a crucial role in business development.
Mc Carthy introduced the Theory of Four P’s in 1960. Sterne and Doyle argue that Waitrose Marketing Mix is all about marketing strategy and achieving its objective. Product, price, promotion, and place should be mixed properly to generate an optimal response in the targeted market.
Waitrose digital marketing stategy
Waitrose a high end supermarket in connection with the John Lewis Partnership, it sells a variety of products online whether its groceries, entertainment, cellar, florist, garden, pet and gifts. The website itself is user friendly, making it easy for customers to place orders and it also promotes it’s brand. The website has contact details and help and support if customers need any queries regarding to orders, setting up accounts and any problems regarding of their products.
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