Business Strategy Assignment - Waitrose

Business Strategy

INTRODUCTION
Company Overview
Waitrose is one of the well known food retail supermarket chain which forms a division
of largest employee owned retailer of Britain. The firm is headquartered in Bracknell, England
and has 352 branches all across the UK (Ackermann and Audretsch, 2013). It was established in
the year 1904 by Arthur Rose, David Taylor and Wallace Waite. The company have 5.1% of
market share which makes the firm sixth largest grocery retailer in UK. The enterprise has royal
warrant of supplying groceries, spirits and wine to Queen Elizabeth and Prince Charles. The firm
began as small grocery retailer in Acton, West London. After 2 years, David had left business
and from the name of remaining founders, the name “Waitrose” was adopted. In year 1937,
enterprise consisting of 10 shops with 160 employees and was taken over by John Lewis
Partnership. It was purchased South Essex grocery business, Martin and Schofield in year 1944,
which had 12 shops in supermarket chain. In 1951, their high street shop was regenerate into self
service store and be the first grocery store that is operated by Waitrose.
Currently, the firm has 5.1% of food market share and in addition to this, Waitrose had
18% of organic food share. As of 2017, the estimated revenues of company is £5,400.4 million
and its operating income is £173.5 million. There are around 91,000 employees working in firm
and successfully run its business operations. By 2017, Waitrose had 352 stores across United
Kingdom and it opened the first cashless shop under Little Waitrose brand. The advertising of
firm focuses on unique selling point (Annabi and McGann, 2013). Their recent marketing has
attempted to represent the business as more ethical in comparison to other supermarkets. In year
2011, the company introduced its loyalty card scheme as myWaitrose. Later, they began to
provide 10% off to cardholders on selected products. Some portion of profits is donate by firm to
charities on proportional basis. Along with this, Waitrose foundation was launched in 2005
which administering funds for worker facilities, education and health services.
As a part of John Lewis Partnership, all employees of Waitrose are allotted the title of
'Partner'. Uniforms of all partners are different according to their departments. The branches of
Waitrose were largely concentrated in Greater London and England. Some of their stores include
an in-house restaurant which is selling hot and cold food. They offers 'Quick Check' to customers
which is a self service system. Waitrose.com is their own website regarding delivery services
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which is available at certain stores only. Customers can ordered goods by internet on this
website.
Business Strategies are defined as a course of action planned to attain certain measurable
& specific goals. These are developed by high level of management and executed by operational
managers under supervision of upper level. Major reason behind formulating strategies is to
accomplish goals, objectives and mission of firm (Auzair, 2011). In the present assignment,
chosen organisation is Waitrose which is British grocery retailer. The report includes assessment
of business vision, mission, objectives and goals as well as factors that should be considered
while formulating strategic plan. It also involves stakeholders analysis, environmental and
organisational audit. At last, roles & responsibilities of personnel in executing strategy and
contribution of SMART targets in successful strategy implementation is defined in this project.
TASK 1
1.1 Evaluation of business vision, objectives, goals, mission and core competencies
Mission:
The mission statement of company refers as the long term plan which depicts that where
they wants to stand themselves in near future. It is a set of purposes which desires by firm in
order to meet expectations of shareholders. It assists in determine how business run, their range
of goods and services, customer etc. Mission of Waitrose is “We make what matters best,
together”.
Vision:
Vision statement depicts about future expectation of firm. It assists in identifying growth
and potential benefit of organisation.
Vision statement of Waitrose is “To be the extremely valued business in eyes of customers they
serve, the communities in which they operate, their committed and loyal colleagues & of
shareholders”.
Objectives and Goals:
These are the basic guidelines which a firm wants to attain in a defined time period.
Objectives are targets for short term that company wants to attain by utilizing their skills as
business (Azar, 2011). Goals are the plans for long term and objectives are for short term plan of
an organisation. Goals & objectives of Waitrose are:
 To maximize profit by developing organic range.
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