Waitrose's marketing strategy

Résumé du document

Supermarkets are becoming more competitive due to the increased amount of buying needs of customers. They try their best to attract customers by researching market demand, re-creating their marketing strategy and identifying their marketing positioning to satisfy their customers. A marketer has to consider every single problem related to the market which is a complicated task. Understanding customer behavior is extremely challenging as it influences the marketing strategy that needs to be implemented. Thus, organizations try to understand more about their customers in order to meet their organizational target. For the supermarkets, customer is their biggest revenue spinner and it is vital for them to improve their product base and services. In the supermarket business, most of them are willing to cover every needs of customer or in other words they try to offer low price products, middling and expensive products which match different customer groups. Waitrose focuses on the high quality products, which means the price is quite expensive to be compared with other competitors.

Extraits

[...] Waitrose is also developing stores out of town locations. The characteristic store has an average selling space of about 1,500sq meters. However, Waitrose has recently opened stores of 2,000/2,500 sq meters. Waitrose in Kenilworth: This store is the first in Warwickshire. It has a selling space of 2,500 sqmeters. It's located in the town centre, next to the Bertie Road, served by bus routes. With this new store development, it has planned for other improvement such as the extension of the existing Talisman square shopping centre. [...]

[...] this case published in the recent Gazette magazine, customer requested to cancel a delivery and requested a day in advance which was impossible to cancel as it was on it's way, but the prompt response from the store staff has resulted in gifting an extra parcel of gift hampers to the family on the occasion of a new born child on the requested date[7].' Waitrose as an organization has an approach towards potential products which reflects the added high-levels of value and differentiation that the product is better protected against competitors and substitutes over a wide range in the store mostly in Ready Meals, Delicatezze, Wines & Spirits and Meat which has some similarities with Doyle's (1998) marketing perspective in the approach towards the potential products which reflects the continuity in strategic product specialisation and development by the Waitrose organization. Product Classification 1. [...]

[...] For instance, a new store in London has been opened and Waitrose benefited from extensive media coverage with some commentators questioning about this new building and the retail development during an economic downturn. Waitrose showed enthusiasm concerning this new investment. This kind of a thing can reinforce the brand image toward customers. Advertising: Concerning advertising, according to the book ‘Principles and practice of Marketing' written by Jobber, ‘advertising has the channels of being able to reach wide audiences very quickly'. For Waitrose, advertising on television is not very often used. [...]

[...] Principles of Marketing. London: Printice Hall. Grocer. (2007, March 17). Waitrose works to reduce basket price. Retrieved nov from bnet: http://findarticles.com/p/articles/mi_hb5245/is_/ai_n29336497 C. C. (2006 Business and industry, business practice and regulation). Groceries market inquiry: Hearing summaries. Food manufacturing industry. [...]

[...] Employee, in a marketing-orientated organization, should understand and recognize that the customer is fully vital and all departments must be cooperative to provide satisfaction to the customer, it means the firm must adopt a marketing philosophy. (Three other approaches for marketing: Sales supporters, Unsure and Departmental marketers). They also adopt pro-active search for market opportunities, use market information as a base for analysis and organizational learning and adopt a long term strategic perspective on markets and brands' (Jobber 2007). Nevertheless, if marketing controls the entire organization, it can help to diminish key competencies of other core business functions. For that reason, organizations should find a solution to satisfy both customers and other company requirements. [...]