Hello,
I am trying to get an output of Supplier Segmentation as 3 Categories, “Preferred”, “Strategic” and “Non Preferred”. Right now, I have 5 different categories as shown in the screen shot.

My formula is
If [Supplier Segmentation] != "Preferred" or "Strategic" then "Non Preferred" Else [Supplier Segmentation] Endif
My out is

What am I doing wrong with that formula? My output should be 3 Categories, “Preferred”, “Strategic” and “Non Preferred”.
Thanks,
Adam