Retail Marketing Essay Example | Topics and Well Written Essays - 3000 words - 1

Retail Marketing - Essay Example Today Waitrose is considered to be the sixth largest supermarket in the UK. It has a total of 241 branches, 18,000 stock lines and its grocery market share in the UK is estimated to be 4.3%. The retail business has fresh, quality, and safe products, quality customer service, and proper home delivery services. Through this, the grocery is known for its good reputation and image. The grocery has new and loyal customers (John Lewis Partnership, 2010). Waitrose is known to be a luxurious supermarket because of its provision of high quality goods and excellent services to the customers. The grocery’s employees have remained loyal hence, low turnover of staff. They are committed to meeting the various needs of customers. Through all this, the company has continued to thrive. The major competitors of Waitrose include, Tesco, ASDA, Sainsbury’s, and Morrison’s. The pricing of goods in Waitrose supermarket is higher compared to that of its competitors. International retail ing International retailing involves expansion of retail operations; concepts, management expertise, technology, and buying function beyond the domestic market. Retailers are faced with several operational challenges as they seek to expand their business beyond their borders. These challenges are; demand for products that are new and trendy, diversity and brands, retailers have to ensure their products remain exclusive. There is also increased competition, rapid globalization, E-commerce and complexity in terms of technology. The impact of these challenges increases as the rate of change accelerates and global markets become more volatile and turbulent. For survival in international markets, retail enterprises will have to embrace the new realities. Simpson and Thorpe’s PLIN Model is appropriate in the assessment of Waitrose international viability. In this model four main factors helps to differentiate Waitrose domestic market. These factors provide the basis to consider int ernational expansion as a possible growth strategy. They include product, lifestyle, image and niche, which are reflected in the various strategies adopted by Waitrose. Waitrose has segmented its products. In terms of lifestyle, Waitrose is considered a luxurious company dealing with quality and safe products. The image of the Waitrose is reflected in high price perception of the company, specialty in fresh and quality food products. Niche on the other hand is reflected through Waitrose specialization on fresh food products that are of high quality. Strategies of Waitrose Waitrose supermarket has specific strategies in place which help to attract more customers, expand its market share and increase its profits. These strategies are useful in the assessment of Waitrose international viability. They include; online shopping, home delivery service, specializing in products of wide range, maintaining the freshness and the quality of products, setting aside vital products that are low pr iced, better customer service and market segmentation. Waitrose has also introduced meaningful ideas which help in cost control and reduction. Its image and reputation has also been boosted by the grocery participation in corporate social responsibility (John Lewis partnership annual report, 2010). The value chain of Waitrose is important, Michael (1985) and Johnson et al (2005) highlights the basic activities of value chain. It includes the following; the first is inbound logistics. Leckford