WebSphere Commerce 7 | Management Center | Customer Segment Failed to Save | Error Code CMN0207E

When we tried to Create/Update Customer Segment, it is failing to save and throwing the following exception (With Error Code: CMN0207E),

[1/9/17 10:41:55:286 GMT] 00000d64 AbstractChang I com.ibm.commerce.foundation.server.command.bod.AbstractChangeBusinessObjectDocumentCmdImpl save(Map) The com.ibm.commerce.member.facade.server.commands.ChangeMemberGroupCmdImpl.save(Map) was not implemented and the default behavior does not invoke any logic.  It is recommend to implement this method.
[1/9/17 10:41:55:852 GMT] 00000d64 CommerceSrvr  A com.ibm.commerce.scheduler.commands.AddBroadcastJobCmdImpl validateParameters CMN0207E The value of the parameter "name" is not correct.
[1/9/17 10:41:55:852 GMT] 00000d64 ExtendedInfo  I   CWXFR9010I: Extended information : [componentId=com.ibm.commerce.member]
[1/9/17 10:41:55:853 GMT] 00000d64 ExtendedInfo  I   CWXFR9010I: Extended information : [componentId=com.ibm.commerce.member]
[1/9/17 10:41:55:855 GMT] 00000d64 ExtendedInfo  I   CWXFR9010I: Extended information : [componentId=com.ibm.commerce.member]
[1/9/17 10:41:55:858 GMT] 00000d64 ExtendedInfo  I   CWXFR9010I: Extended information : [componentId=com.ibm.commerce.member]
[1/9/17 10:41:55:853 GMT] 00000d64 BusinessObjec E   CMN0207E The value of the parameter "name" is not correct.

Correlation Identity: 61f647de:15974236cb5:-7a79
Additional Data:
        null
Current exception:
Message:
   _ERR_CMD_INVALID_PARAM
Stack trace:
com.ibm.commerce.exception.ECApplicationException: CMN0207E The value of the parameter "name" is not correct.
        at com.ibm.commerce.scheduler.commands.AddBroadcastJobCmdImpl.validateParameters(AddBroadcastJobCmdImpl.java:146)
        at com.ibm.commerce.command.ECCommandTarget.executeCommand(ECCommandTarget.java:135)
        at com.ibm.ws.cache.command.CommandCache.executeCommand(CommandCache.java:332)
        at com.ibm.websphere.command.CacheableCommandImpl.execute(CacheableCommandImpl.java:166)
Issue:
1. While saving any information in Management Center, it will pass "SiteAdminID", which has been mentioned in <Instance> tag of wc-server.xml. This value should be a valid user in the application

2. In our application, "wcsadmin" user is not available as we have deleted that user.
3. The application is trying to find this user and as it is available it is throwing the exception. And also, failed to save the same.
com.ibm.commerce.tools.segmentation.SegmentCache

Possible fixes:
 - Update wc-server.xml <Instance> tag with active user & password with wcsadmin access. Eg: siteadmin
 - Create the user which has been mentioned in wc-server.xml <Instance> tag with wcsadmin access

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