Retailing is the group of business activities that adds value to the products and services sold to consumers for his or her personal or family use.
A Retailer is the final distribution channel that links manufacturers to consumers.
A Retailer performs following functions to make value because of its product and services:-
Providing an assortment of products and services
ABOUT THE STATE-UTTAR PRADESH
Uttar Pradesh is a state located in the northern part of India, with a population over 190 million people; it is India's most populous state and world's most populous sub-national entity.
With an area of 93, 933 sq. mt
We can say that Environment consist of the complete solid, liquid, tangible and intangible thing around us.
Environment also consists of areas and components that are strongly influenced by humans or it can be said that we now have many factors of Environment that influence the decisions of humans.
If we discuss Business Environment than our point of thinking will totally be different from the above mentioned definitions because Business Environment focus on the next matters:-
understand the working of the monetary system and its own relationship with the business sector,
analyze the impact of the changing policy regimes on business and
anticipate the policy changes that will probably occur or should
occur because of the national and international developments
Environment also consists of SWOT analysis of the business which represents the various factors that can affect the working conditions and regulations of the business.
rising disposable income
increase in number of men and women in earner category
low labor cost of skilled ones
Policy related issues:
lack of industry status for retail
numerous license, permits and registration requirements
Limited consumer insight:
lack of detailed region specific customer data
less data on spending pattern
lack of trained personnel in any way level
stringent employment and industry laws
fragment method of human resources
inconsistent octroi and entry tax structure
vat and multiple taxation issues
large grey market presence
Potential for investment
Sectors with high growth potential
Fastest growing formats
Falling real estate cost
Lack of differentiation one of the malls that are coming
Poor inventory turns and stock availability measures
Culture refers to the traditions, norms, ethics and values prevailing in the society.
Culture is an essential factor a retailer should retain in mind while fulfilling the needs and demands of consumers so a customer can be fully satisfied from his/her purchase.
There are three things which are most important in retailing and those are- location, location, and location. Location is typically the prime consideration in a customer's store choice decision. For example, when choosing where you are going to possess your car washed, you usually select the location closest to your home or work. Most consumers similarly shop at the supermarkets closest to them. Location decisions have strategic importance because they can be used to develop a sustainable competitive advantage. Location decisions are risky. Typically, when retailers select a location, they either make a substantial investment to buy and develop the real estate or invest in a long-term lease with developers.
Location Strategy used by Family's Choice Shopping Complex
The location strategy utilized by Family's Choice is very good for it as the area is close to Taj Mahal, which includes an advantage that annually a good number of tourists came to go to Taj Mahal and they can gain a good number of customers for his or her products. Mostly the tourists are incredibly eager to buy different products at reasonable prices specially when they came limited to visit, relaxation and nothing else, so Family's Choice will be best suited to them. This complex also contains cafe so people can also enjoy some delightful things during their visit and shopping.
VISION AND MISSION STATEMENT
A vision is a statement of any business which is short, clear and very inspiring. It represents what a business target and what it wants to accomplish in the future. Vision statement is just like an image that a business must have some goals before setting that how it going to achieve all those goals.
A Mission is a statement which represents that what's the purpose of the organization? Also to create a sense of belongingness among employees so that they can be motivated and perform their duties with more responsibility. A mission statement should be short and clear about the goals and priorities of the organization
VISION AND MISSION STATEMENT OF FAMILY'S CHOICE SHOPPING COMPLEX
To become one of the very most strongest leader in the Uttar Pradesh in the family products and services segment
To provide best goods and services with full guarantee
Selling products at reasonable prices
Provide online shopping facility
Offer high quality products at low prices
Strive to be the best retailer in the whole India within 5-6 years
PRODUCTS AND SERVICES
PRODUCTS PROVIDED BY FAMILY'S CHOICE
Household Products like:-
Bed sheets and pillow covers
House cleaning products
Goods necessary for daily use by men
Goods necessary for daily use by women
Lingerie and hosiery
Perfect seasonal clothes
Cosmetics and perfumes
Food and drink
SERVICES PROVIDED BY FAMILY'S CHOICE
Organizing your assets
Reviewing asset allocations and insurance
Strategizing your financial, retirement, tax, and estate plans
Offering a plan to simplify, consolidate, and integrate every part of your financial future.
A Marketing Plan is a written document that details the required actions to accomplish one or more marketing objectives. It can be for a product or service, a brandname, or something line. A marketing plan covers between one and five years. A marketing plan could be the part of a standard business plan.
If u wants that your marketing plan should be strong than your marketing strategy should also be a strong one.
A Retail Market Strategy contains following points:-
The Retailer's target market
The format the Retailer plans to utilize to satisfy the prospective market's needs
The basis upon that your retailer plans to create a sustainable competitive advantage
For the growth of my Family's Choice in future, I am going to focus on the next strategies:-
MARKET PENETRATION:- Market penetration growth opportunity involves realizing growth by directing efforts toward existing customers using the retailer's present retail format.
And in my Family's Choice shopping complex, to meet this Market Penetration strategy, I am going to try to fully satisfy the prevailing needs of the clients by giving them goods and services of their choice and I'll also go for charging reasonable prices so that more customers can be attracted towards Family's Choice.
MARKET EXPANSION:- A Market Expansion Growth Opportunity involves using the existing retail format in new market segments.
Family's choice will mainly target family members material for the simple housewives and in order to expand its market, it will also provide goods required by kids as well as the things which are commonly employed by the men so that they can also buy some goods of their choice while coming with their wives for shopping.
FORMAT DEVELOPMENT:- A retail format growth opportunity is an opportunity when a retailer develops a fresh retail format-a format with different retail mix-for the same marketplace.
In order to develop its format Family's Choice will also go for selling its products online and decided to make a website- www. familychoice. com so that individuals can get the merchandise of these choice by sitting at home also to order the products on internet there would be free home delivery.
DIVERSIFICATION:- A diversification growth opportunity is an opportunity in which a retailer introduces a fresh retail format directed towards market segment that isn't currently served by the retailer.
In order to diversify the prevailing business of Family's Choice is planning to open its one more complex in any other state after it'll successfully accepted by the people of Uttar Pradesh.
Marketing Mix includes the four components or FOUR P's.
PRODUCT:- A tangible object or an intangible service that is produced or made on a huge scale with a specific volume of units.
PRICE:- A cost is the total amount that a customer is meant to pay for a product.
PLACE:- Place represents the location in which a product can be bought. It is referred to as a distribution channel.
PROMOTION:- It represents all the communications a marketer may use in the marketplace.
MARKETING MIXTURE OF FAMILY'S CHOICE
PRODUCT:- Household Equipments like, Utensils, Flowerpots, plastic chairs, buckets, and goods of daily use like, soaps, toothpastes, eatables, harpics, and house cleaning products.
For kids Family's Choice is going to offer products like, toys, clothes, protein diets etc.
For men it is going to offer goods of these daily requirements
PRICE:- Family's Choice will sell at reasonable prices and also going to provide discounts on certain products so that more number of men and women can be attracted and customers also feel more satisfied after paying the amount for his or her products than some other retail store.
PLACE:- The positioning where Family's Choice is going to open is AGRA (Uttar Pradesh), and the place is near Taj Mahal. This place is selected because Taj Mahal is one of the best hub of people and tourists and it's been analysed that folks can enjoy their shopping while they came to visit Taj Mahal and even tourists from outside Uttar Pradesh may also be attracted at this location.
PROMOTION:- There are different channels to market your products and services. Family's Choice is going to promote about its products and services through Newspapers, TV, Radio and Magazines so that more and more people can know about this newly open shopping complex.
An Operational Plan is a subset of strategic work plan. It describes short-term ways of achieving goals and explains how, or what portion of, a strategic plan will put into operation during a given operational period, regarding commercial application, a fiscal year or another budgetary term.
An Operational Plan should contain following things:-
Activities to be delivered
Staffing and resource equipments
A procedure for monitoring progress
OPERATIONAL PLAN OF FAMILY'S CHOICE
FOCUS IN THE UTTAR PRADESH:- The first aspect of our organization is to give attention to the Uttar Pradesh's customers, with a mission to provide good quality products at reasonable prices to all. We provides products of different brands but mainly we give attention to our own brands. We will concentrate on using highly ground breaking ways of make our products more competitive and also to maintain direct relationship with suppliers.
IMPROVED SEGMENTATION OF HOUSEHOLD PRODUCTS:- Family's Choice will concentrate first on gaining the loyalty of core customers, who prefer good household products at reasonable prices. We will concentrate on the needs of all those women who are incredibly conscious to collect good and different variety of products at their homes. We have planned to get the confidence of customers in the product quality and fit of its household products.
DEVELOP HIGH GROWTH AREA OF HOUSE AND BEAUTY:- The home business is growing strongly, with furniture and gifts the speediest growing product areas. We have palnned to mostly focus on both these areas as they offer promising opportunities for development and can be expanded at fast track.
ACCELERATE STORE RENEWAL PROGRAMMES:- Firstly Family's Choice shopping complex will totally concentrate on this newly opened retail store so a different and good image can be maintained in the minds of the clients and after 3-4 years of opening we will plan to go for much more stores under low priced. We will also try to open our shops in other states of the country.
IMPROVE THE SUPPLY CHAIN:- After the Family's Choice will successfully established on the market, we will try to see substantial advantages from the reconfiguration of the supply base, so that the primary margins in family members segment can be increased. And our main priority is always to eliminate duplication and increase transparency. We will also make an effort to establish closer working relations with the supply partners.
A financial plan can be considered a budget, an idea for spending and saving future income. This plan allocates the future income to various types of expenses, such as rent or utilities, and also reserves some income for short-term and long-term savings. A financial plan can also be an investment plan, which allocates savings to various assets or projects likely to produce future income, such as a new business or products, shares in the prevailing business, or real estate.
A financial plan can refer to the three primary financial statements (balance sheet, income statement and cashflow statement) created in just a business plan.
OBJECTIVES AND GOALS OF FINANCIAL PLAN
1. FINANCIAL:- In financial plan, mostly people discuss about the profit margins of past, present and future but the key consideration is on Return on Investment (ROI). It refers to take a decision that the method that you will invest your money so that you can get maximum returns.
2. SOCIETAL: - Societal objectives are related to broader issues about providing benefits to society-making the worlds better destination to live. It also include offering people unique merchandise, such as environmental sensitive products, providing an innovative service to improve personal health, such as diet programs, or sponsoring community events.
PERSONAL: - Every business has their own important personal objectives, including self-gratification, status, and respect. For example, the owner/operator of the book store could find it rewarding to interact with others who like reading and authors that visit the store for book-signing promotions.
FINANCIAL PLAN OF FAMILY'S CHIOCE SHOPPING COMPLEX
Mainly Family's Choice shopping complex will financially concentrate on building a customer relationship with clients to be able to better understand the client's dreams.
Family's Choice financial can help you PLAN by simplifying the demands of managing your wealth to be able to enable you to definitely devote the perfect time to your family, your individual endeavors, and your business.
Family's Choice will include the next costs and expenses that are going to incur:-
Business registration fees
Business licensing and permits
Down payments on property
Down payments on equipments
Utility create fees
Family's Choice will incur following operating costs:-
Rent or mortgage payments
BALANCE SHEET OF FAMILY'S CHOICE SHOPPING COMPLEX (in crores)
Liabilities Amount Assets Amount
Called up share capital 716. 9 Fixed Assets
Share premium A/C 375. 6 Land & Building 2, 735. 5
Revaluation Reserve 445. 6 Fit out, fixtures, fittings
Capital redemption 2. 6 and equipments 1, 722. 9
Profit & Loss 3, 094. 7 Assets in the course of
Interests 15. 6 construction 522. 8
Creditors 2, 438 Investments 58. 3
Stock 1, 335
Investments 260. 0
Cash at bank 301. 1
Cash in hand 154. 4
TOTAL 7, 089 TOTAL 7, 089
INCOME STATEMENT OF FAMILY'S CHOICE SHOPPING COMPLEX (in crores)
Revenue 9, 062. 1
Operating Profits 870. 7
Finance Income 50. 0
Finance Costs (214. 5)
Profit on ordinary activities before taxation 706. 2
Before property disposals and exceptional items 604. 4
Profit on property disposal 6. 4
Exceptional costs (135. 9)
Exceptional pension credit 231. 3
Income tax expense (199. 4)
Profit for the year 506. 8
Equity shareholders of the business 508. 0
Minority interests (1. 2)
TOTAL 506. 8
7P's ANALYSIS OF FAMILY'S CHOICE SHOPPING COMPLEX
PRODUCT:- Family's Choice offer a wide range of products which range from apparels, food products, households products, toys and products of daily use of men. We've planned to most of the products of big brands only at reasonable prices.
PRICE:- The tag line is "ek baar auoge toh aur kahin nahi jaoge". Family's Choice will continue to work on the style of economies of scale and the pricing objective is to get 'Maximum Market Share' and it will use the next techniques:-
Value Pricing:- Family's Choice promises consumers the lowest available without coupon clipping, looking forward to discount promotions, or comparison shopping.
Promotional Pricing:- Family Choice are determined to provide financing at low interest. The concept of psychological discounting (Rs. 99, Rs. 49 etc. ) is employed as promotional tool. It will also cater on OTHER DRESSING UP EVENT Pricing (near Diwali and Durge Pooja etc. ).
Differentiated Pricing:- Time Pricing i. e. , difference in rate predicated on peak and non-peak hours or days of shopping is also a pricing technique found in Indian retail, which is aggressively used by Family's Choice Shopping Complex.
PLACE: - Family's Choice is going to locate in AGRA (Uttar Pradesh) and after some years of establishing will also make an effort to make its occurrence in the other big cities of India.
PROMOTION: - Family's Choice has planned to provide many new and progressive cross-sell and up-sell strategies in Indian retail market. The many promotion techniques that Family's Choice is going to use are "start with your very best savings", buy 1 get 1 free, and your own shopping complex etc.
PEOPLE: - Folks are the main element assets for any organization. The salient features of the staff of Family's choice are: - Well trained staff, the staff that Family's Choice is going to employ is well-suited for modern retail. Well dressed staff enhances the overall appearance of store.
Employees are motivated to think out-of-the-box. Retail sector is growth stage, so staff is empowered to take impressive steps.
PROCESS: - The goods dispatch and purchasing area has certain salient features such as:-
Multiple counters with trolleys to transport the items purchased.
Proper display/posters of the place like (DAL, SOAP etc. )
Also thinking to start with home delivery counters
PHYSICAL EVIDENCE: - It will deal with the ultimate deliverable or the display of the written facts. This includes the system that people will follow and also the availabilities.
ADVERTISING STARATEGIES OF FAMILY'S CHOICE
Tag-Line: - Family's Choice will use its tag-line as the main element the different parts of advertising. The tag-lines are going to be modified in line with the demographic profile of customers. These catch phrases appeared on hoardings and newspapers atlanta divorce attorneys city to help make the people more aware about it. The catch line includes- ek baar auoge toh kahin nahi jaoge.
Print Ads: - Family's Choice newspaper advertisements can be found just before launch of any new scheme. This creates a different image about big the Family's Choice in the minds of the individuals.
TV Ads: - Family's Choice spends alots of profit brand building exercise. Family's Choice commercials are shown on various channels in India.
Road-side Advertisements: - Family's Choice bill-boards are displayed on prime locations in a variety of cities as a brand building exercise. \
Radio Ads: - This system is used in various cities. Now-a-days it is replaced by advertisements on FM channels. This informs customers about all the new happenings at Family's Choice.
Brand Endorsement by Celebrity: - Family's Choice will be associated with celebrities to promote and marketing of its brand name.
STORE FORMATS OF FAMILY'S CHOICE
CORE STORES: - Family's Choice core stores typically include a selection of the company's household ranges and a Family's Choice Food hall. The range of products sold and the space given to it depends on the store's location and customer demographic.
Most core store feature a food hall. Family's Choice also planned to sell a limited selection of other brands, such as Coca-Cola and Pepsi, without reducing the amount of Family's Choice goods they sold.
HOSPITALITY: - Within the coming years when Family's Choice will expand its business, the stores will also feature some part of hospitality offering, usually in the form of Family's Choice cafe. The cafe offering typically include coffees and teas, pastries, toasted sandwiches, soups and cakes. The business will also make an effort to open Espresso Bar in some stores, which specialized in drinks only.
HOME STORES: - Already Family's Choice will mainly focus on the household products but we've also planned new dedicated stores for home furnishings to be launched soon.
OUTLET STORES: - Family's Choice has a strong idea about outlet stores and their growth expansion plans for future years. The outlet division decided to offer at least 30% discount using their original prices independently products.
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