Business Environment Assignment 3 Essay example

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Business Environment

Waitrose supermarket is one of the UK’s leading food companies. Firstly it opened in 1955 and owned by the John Lewis Partnership, operates 185 branches throughout England, Scotland and Wales. Waitrose have decided to aim "to offer the ease of a superstore with the expertise and facility of a high-quality food shop.” The principles of Waitrose involve providing top quality produce and high end items using local British farmers and suppliers. Waitrose have understood and consistently executed a value based brand position. In a competitive market customers know that Waitrose stands for quality. The clarity and consistency of their value and not price strategy appears to have paid off. According to Mintel UK food retailing (2010) revealed that in 2010, Waitrose profit grew 25% to £268 million, with operating margins strengthened considerably, reaching the highest level for well over a decade which is around 3.4% of market share in the market and Managing Director Mark Price has set ambitious plans to double sales to £8 billion by 2017. Waitrose are now the fastest growing supermarket in the UK, “The business has grown significantly over the last ten years, and growth will continue to be important. But growth increases business complexity and impacts our costs. Focusing on efficiency is becoming more important and to achieve a balanced and profitable growth, whilst delivering enough profit to distribute to our Partners, we need to carefully prioritise our investments and further instill cost control discipline.”

The products they provide for customers have to be at a very high standard to keep their quality reputation up. It also matters where these items are sourced from. Waitrose keep up their prestigious name by using local farmers and produce. Waitrose provide the service of knowing what products contain and protecting the environment produce are grown in, “Fresh, quality food is at the heart of what we do.” According to Kotler (1999), the basis of any business is a product or offering. Each retailer tries to differentiate the product or service to be outstanding and beyond competitor. For Waitrose is not possible to analyze each product due to the massive number of goods offered in the stores. However the distinguish point to make Waitrose different from competitor retailer is always offering high quality products and the best services to its customers. Moreover, the rising of consumption of Natural and organic foods trend benefits Waitrose. Waitrose position itself as a professional or leader in the quality food so it can gain this advantage.

Waitrose always present itself only high quality and high price products and being positioned as an upmarket retailer, the company is particularly vulnerable to customers down trading to other mid-range grocery retailers. In response to this threat the retailer invested heavily in price and launched campaigns to promote its value credentials. After the recession in UK, people think hard to purchase products or service slower than the past. Most of customers buy the stuff by considering the reasonable or bottom price in quality product. Due to this consumer’s behavior, Waitrose began to use price-matching Tesco which is the leading-brand products to adapt it to compete with the lead competitor in the recession crisis. Waitrose used the “Price Match” campaign where it promises to match Tesco which is a more mainstream and mass market store for price on one thousand everyday products. Furthermore, the launch of their Essentials range which are own brand lines priced just below branded products have also contributed to the success of the business.

Waitrose has a franchise which gives the firm a right to sell its goods within an exclusive market. Waitrose is an employee-owned partnership in the private sector, owned by its shareholders. Waitrose is part of the John Lewis Partnership meaning every employee shares management and profits. Every employee is a
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