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Complete 7 pages APA formatted article: The Relevance of Segmentation to Waitrose Supermarket.
Complete 7 pages APA formatted article: The Relevance of Segmentation to Waitrose Supermarket. The broad market is then subdivided into smaller markets according to specific products sold by a firm. It is important to define the segment type of multiple customer categories from the entire market. Even though Waitrose is one of the oldest grocery chains therein, It is important for the grocery chain to successfully adapt to the market changes through innovative offerings and differentiated features in market segmentation. The next stage involves two or three major segmentation variables such as geographic, demographic or psychographic, with the highest influence on target customers (MacMillan and Selden, 2008).
Market segmentation is a critical success factor in the food retail industry. The major motivating factors for customers are drinks, meals and snacks, which according to the survey, scored highest in terms of demand. Segmentation is also critical during customer retention. For instance, students and music enthusiasts are regular customers for Waitrose Super Market. So, Waitrose can segregate customer segments and plan a unique offering in order to retain their loyalty. Consumers are shifting towards low cost and affordable restaurants for food and beverage options. At the same time, there has been an increasing demand for healthier food products. Waitrose Super Market can utilize this opportunity by adding healthier menus such as low-calorie breakfast and salads (McGoldrick, 2002).
Market segmentation is one of the basic, yet critical strategies for business to achieve desired goals and objectives. Market segmentation can be of many types. Geographic segmentation is the process of segmentation through segregating customers or markets based on their geographical locations. This segregation can be based on nation, state, localities, climate and numerous other climatic factors. Similarly, demographic segmentation is the segregation of customers according to wide factors such as income, education, family size, .gender, age, socioeconomic status, language, religion, culture as well as nationality. .
