Workflow to default values in a picklist field

Hi,

I want to update a picklist field based on the selection of values in two other picklist fields.

Workflow requirement - This workflow will will set the Sub-Horizontal to ‘Travel Tech’ when -

Vertical = Travel & Leisure

Horizontal = Technology Solutions in CRM.

Event trigger - When new record saved

Object - Account

Workflow condition -

([{plVertical}]=LookupValue("OCC_CUST_LOV_OPTY_20",   "Travel & Leisure")) AND   ([{plHorizontal}]=LookupValue("OCC_CUST_LOV_OPTY_8",   "Technology Solutions"))

([{plVertical}]=LookupValue("OCC_CUST_LOV_OPTY_20", "Travel & Leisure")) AND ([{plHorizontal}]=LookupValue("OCC_CUST_LOV_OPTY_8", "Technology Solutions"))

Workflow action -

1. Wait

2. Update Values - [{plReason_for_Win}]=LookupValue("OCC_CUST_LOV_OPTY_16", "Travel Tech")