Marketing Plan for Waitrose: Current Situation, Strategy, and Marketing Mix

This marketing plan discusses the current situation of Waitrose, its marketing strategy, and the role of marketing mix in enhancing growth and market share. It covers topics such as the segmentation, targeting, and positioning strategy used by Waitrose, as well as the elements of the marketing mix (product, price, place, promotion, process, people, and physical evidence) that contribute to its success. The report also highlights the importance of market research and the use of metrics in developing an effective marketing plan.

REPORT

EXECUTIVE SUMMARY
Marketing plan is a document which is useful in achieving top position in the market by
introducing product according to the requirements and preferences of customers. In relation with
this the management also conclude various situations that are present in the market and their
impact on the targets and objectives of the company by analysing the current situation of
business. In this context STP is considered as the prominent procedure as it is related to the
formulation effective strategy for the business. Moreover 7 P’s are also performed to analyse the
growth and market share of company.

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
Current situation of company......................................................................................................4
Develop and implementation of marketing strategy....................................................................5
Role of marketing mix that helps in enhancing the growth and market share............................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Marketing plan refers to the written document which describes the promotional and
advertising strategy for the company which is executed by the management in order to achieve
prominent goals and objectives within the stipulated period of time. In this context the main
objective of marketing plan is to introduce a new product within the market in order to expand
their market size and profit (Kotler and et. al., 2017). To carry forward this report Waitrose is
considered which the British supermarket is and deals in groceries headquarter in Victoria
London UK. Moreover report is going to cover the current situation of company and the
marketing strategy which is used by them to complete their research. In addition to this
marketing mix is developed based on 7 P’s in order to improve the growth and market share of
company.
MAIN BODY
Current situation of company
In present context Waitrose deals in fresh process as a part of Britain’s largest employee
owned retailer the John Lewis partnership. Waitrose has around 338 shops across the UK
considering 65 as the little Waitrose convenience shops and around 5.1 % share of market makes
it the 8th largest retailer of groceries in the UK. Company also export its product in 52 countries
and have locations in the Middle East. In this context there are various benefits that are provided
by Waitrose in order to manage the business in various places in order to achieve the competitive
advantage. From the analysis of recent years the food businesses leads benefits which describe
the earning around 6.6 % market share through the expansion of market size of business.
Moreover the plan is useful in order to create and manage the whole work which depends on the
time and also offer various job opportunities.
By considering the effectively search it is determined that market plan is useful in attaining
prominent demographics and geographical areas for the expansion of business that leads to
increase the market share and growth of company. Along with this the prominent market plan
management include the use of appropriate metrics that possesses better marketing efforts for the
company. In relation with this maintaining prominent initiatives reached to enhance the suitable
factors which develop appropriate return on investment due to the market plan that leads to
increase the cost of company.

Develop and implementation of marketing strategy
Marketing strategy defines a comprehensive plan which is developed in order to achieve
the specific result that matches with the marketing objectives of company. In this context various
task a performed by the management in order to finish their work and for this Waitrose use
various techniques that leads to enhance the market perspective regarding the change and modify
various places of market to achieve competitive edge (Chaffey and Ellis-Chadwick, 2019).
Therefore implement the marketing strategy STP model is used to target the audience.
Segmentation: It is useful in analysing the potential customers to convince them regarding
the production services of company. By considering the Retail Industry they always develop
products according to the needs and wants of customers in order to satisfy their potential buyers.
Moreover Waitrose also considered the lifestyle of customers and also focus in offering the
valuable and healthy groceries by analysing the lifestyle and health pattern of their customers.
Targeting: It focuses on the prominent areas to accomplish and manage the market and
attractive more and more customers (Felix, Rauschnabel and Hinsch, 2017). Waitrose improve
its target market by exploring several areas to describe its product. In relation with this company
always consider the size of the target market like small and large and because of market Size
Company leads to achieve its objectives to the market segment of each area.
Positioning: It offers the positional maps in order to acquire the market area as because
office position completes to offer better marketing strategy in front of their customers. In this
context company describe digital marketing strategy that is useful in more effective manner
(Kotler and et. al., 2018). In this context customer interaction is also important in order to
increase the market size and also offer prominent position map by analyzing the current position
of company.
Role of marketing mix that helps in enhancing the growth and market share
Marketing mix define the prominent combination of various factors which influence the
buying behaviour of customers regarding the products and services. In this context few factors
are discussed as under:
Product: According to this Waitrose need to supply prominent products in order to keep
them up to date regarding the competition and in front of competitors. In relation with this
Waitrose is currently launching organic and fresh groceries in order to target health conscious

customers that leads to increase its sales and revenues and also helps in developing better image
in the market.
Price: By considering the price factor Waitrose is quite flexible and also charge prices
according to their services. In relation with this company offering Organic groceries to its
potential customers who are health conscious then in this context company can charge premium
pricing in order to meet the wealth of certain areas.
Place: By analyzing the current distribution services of company currently company
provide its products and services through its stores. But with the advancement and Technology
now company expanding its distribution services and adopt online platform in order to provide
its groceries and acquire large number of customer base with its excellent services (Atwal and
Williams, 2017). Moreover Waitrose also started to open stores in out of the town location.
Promotion: In this context Waitrose use various promotional services and methods in
order to promote its product that leads to increase sales and also matches the target. In this
context various levels of store traffic can also impact the promotional offers in order to increase
the number of people and visitors at the store (Järvinen and Taiminen, 2016). Currently company
use social media newspaper magazines television and radio advertise its product by describing its
benefits and features in order to attract health conscious customers.
Process: This factor describes the procedure by which company offer its product as it
depicts the customer journey regarding the experience of customers throughout the transaction
and getting the feedback after sales. In relation with Waitrose it describes their distribution
channels supply chain management and so on.
People: In relation with this it describe the requirement of customer service which
Waitrose offer to its employees and staff with the prominent skills and mind set in order to
advertise and sell their products and services. In this context company need to hire skilled and
knowledgeable candidate who have better communication skills and polite in order to influence
the perspective of customers and retain them for longer period of time to make sure the success
of company (Wedel and Kannan, 2016).
Physical evidence: It describes the physical appearance of company as by this company has
its physical appearance over both offline and online platform in order to reach to their potential
customers. Moreover at the offline platform company also use creative methods like decoration

interior and arrangements of products in order to attract number of customers instead of
purchasing online.
CONCLUSION
By considering this report it is determined that it is determined that various task is
performed by the management in order to manage and develop marketing plan. Moreover it also
summarise the various aspects of current situation that is faced by company and in relation with
this market research is conducted in order to analyse the target audience for the company. Lastly
marketing mix is used in order to enhance the growth and market share of business.

REFERENCES
Books and Journals
Atwal, G. and Williams, A., 2017. Luxury brand marketing–the experience is everything!.
In Advances in luxury brand management (pp. 43-57). Palgrave Macmillan, Cham.
Chaffey, D. and Ellis-Chadwick, F., 2019. Digital marketing. Pearson UK.
Felix, R., Rauschnabel, P.A. and Hinsch, C., 2017. Elements of strategic social media marketing:
A holistic framework. Journal of Business Research. 70. pp.118-126.
Järvinen, J. and Taiminen, H., 2016. Harnessing marketing automation for B2B content
marketing. Industrial Marketing Management. 54. pp.164-175.
Kotler, P and et. al., 2017. Marketing for hospitality and tourism.
Kotler, P and et. al., 2018. Marketing management: an Asian perspective. Pearson.
Wedel, M. and Kannan, P.K., 2016. Marketing analytics for data-rich environments. Journal of
Marketing. 80(6). pp.97-121.