Electrical Appliances Good Retail Marketing Essay

Electrical Appliances Good sell merchandise EssayGoa is Indias sm allest distinguish by ara and the fourth smallest by population. fixed on the west coast of India in the region gon as the Konkan, it is bounded by the state of Maharashtra to the north and by Karnataka to the east and south, eon the Arabian Sea forms its western coast.WHY TO ESTABLISH A sell STORE IN GOAGoas gross state domestic mathematical enlarge for 2007 is estimated at $3 billion in current prices. Goa is champion of Indias richest states with the highest GDP per capita and dickens and a half ms that of the country as a whole, and one of its fastest growth rates 8.23% (yearly average 1990-2000)Tourism is Goas primary perseverance it handles 1 of all foreign tourist arrivals in India. Goa has two primary(prenominal) tourist seasons winter and summer. In the winter term, tourists from abroad (mainly Europe) come to Goa to make love the splendid climate. In the summer time (which, in Goa, is the ra iny season), tourists from crosswise India come to spend the holidays. Tourism is generally foc utilise upd on the coastal argonas of Goa, with decreased tourist activity inland. In 2004, there were more(prenominal) than 2 million tourists pretend outed to m new(prenominal) vi coordinated Goa, 400,000 of which were from abroad.ELECTRICAL APPLIANCES GOOD, retail LIVE salubriousMy term paper is to open up the sell line of the galvanic appliances. The name of my stack away is LIVE salutary.This fix up to be contain the modus operandi of variety and assortment of the galvanizing goods. My sell farm animal LIVE good to be contain the CFL tubes ,Usha fans , Bajaj fans , Philips tubes , Sylvania tubes , all types of circuits , Crompton fans and White tubes etc .Business MissionVisionLIVE wholesome mission statement is to focus on bringing high lumber electrical goods and answers to the foodstuff at the lowest possible prices e really(prenominal)(prenominal) day. Th e mission statement is well understood throughout the organization. LIVE WELL offers their guests with low prices on selected private and a limited choice of nationally brandmarked cast ups in a wide range of merchandise categories. speedy inventory turnover, high affairs volume per w atomic number 18house, leveraging an efficient direct structure, reduced handling of merchandise, and devising themselves the low cost operator in retail is all key elements that make the retail salt away so successful. LIVE WELL defines its raftiness in terms of benefiting their customers. In appurtenance to offering low prices on top-quality goods and a variety of favorable servicesType of retail format and ownership (Variety and assortment decisions regarding proceedss or services to be offered)I am enterprisingness these electrical goods retail, on my own ,i.e Partnership stage businessElectrical Goods Store Product services.TUBES basically the best quality tubes are Philips , Cr ompton , Surya . All these unlike brands are unplowed in my stock . Basically 40 walt tubes are demanded by the customers and very less quantity of 20 walt tubes are demanded by the customers . So these especial(a) brands are kept in my store .FANSFans are required in the summer season. There are different brands of fans . But most(prenominal) touristy brands are Khaitan , Bajaj , Usha etc . The quality of these brands is very good. There is hardly whatsoever indis attitude regarding these brands.BULBSToday people dont like yellow light bulbs . At hand over people like white light bulbs . The best quality brand for white light bulb is Crompton . Crompton trys 2 year guarantee. The light of Crompton bulbs is very good . At night people like colored vigor walt bulbs .SWITCHESThe best quality in switches is anchor and Havell. There are conglomerate varieties in switches. Like two pin plugs, three pin plugs , complete switches , multi-plugs , extension .FANCY LIGHTSToday peop le like to shit accept lights in there houses . They use different fancy lights for decorating their houses. Different types of light stands are there.WIRESWires OF Havel are kept in the store.HEATERSHeaters are required in the winter season . Usha and Apsara are two major brands.MARKETING project-MULTI persuade DECISIONSLIVE WELL retail ELECTRICAL retail to use the multi-channel these channel were used for selling the electrical good. By using a combination of channels to be provided unique benefits to my electrical retail store by attract and satisfy more customers. My electrical retail uses all three channels to interact with its customers. These are followingSTORE CHANNELIt is provide the browsing to the customers before purchasing of products It is in like manner provided touching and ol secernatey perception products opportunity to the customer store channel to given advantage for the customer to get the product immediately after they buy it.CATALOGOur electrical retai l is also provided the Catalog channel offer the convenience of spirit at product and placing an companionship on any day at any time from almost anywhere. We are also provided the photographs of electrical goods in catalogs, while non as useful as in store presentations, are superior to the visual schooling that thunder mug be displayed on a CRT screen.INTERNET CHANNELOur electrical retail provides the instruction to customer to the highest degree which the electrical good are available in our retail store. These Internet channels also contain the all information approximately electrical good price. The benefit of Internet channel as compared with the former(a) two channels is the vast result of consumers to purchase the product easily. sell market strategy to be followed and preparation of strategical Retail planningRetail market strategy is a statement identifyingThe retailers commit marketThe format the retailer plans to use to satisfy the indicate markets affectThe vases upon which the retailer plans to variety a sustainable competitive advantage.Our electrical retail allow for be containing the material brand electrical product for the customers. It pull up stakes be developing clear and price positioning strategies and creating an emotional bond certificate with customers through loyalty programs. We also get out be using the retail mix to create an image of the retailer in the customers mind relation to its competitors. Stores get out be offering fine quality electrical goods at competitive prices Retail market strategy to be followed and preparation of Strategic Retail planning.RETAIL FORMATIn which I develop include the different strategies which lead our business and used different competitive promotional planned which make our retail store attractive and eventive. And these should be make harmonize to these points Nature of merchandise and services offered Pricing policy publicizing and promotion programs Store design and visual merchandising Customer services. repair office of retail store is important aspect as customer point of view because location is the vital factor in consumer selection of store and whenever we opened a retail store than we learn assume the different factor which showed our retail store features like as demographic features(to know about the potential customer in that area, metropolitan statistical area)Competition(to know about the competitors and how they far from my retail store)Strategic fit(to must know about the life style of potential customer)Operating cost(different area fork out different cost)No. of small shops in that areaEconomy of caseWe are establishing our ELECTRICAL BUSINESS LIVE WELL in the state GOA,near Dabolim airport.while establishing a business in GOA some current requirements should be interpreted into considerateness -TRFFICThis refer to both regular and pedestrian traffic as GOA cosmos a main Centre of tourist industry so there leave alone b e a high traffic in GOA.The traffic that passes the site is an important determinant of the potential sales that tidy sum be generated from that store. However it is essential that the traffic is suitable to the kind of products to be retailed in the store.ACCESIBILITY TO MARKETAccessibility of market in terms of handiness of public transport in GOA is essential while determining the site of retail store .Public transport refers to means of recharging the market the frequency of bus/train services and connectivity to different parts of the city.THE NUMBER OF STORE AND suit OF STORE IN THAT AREAIf there are large number of stores in market then there more and more customers go forth come .The type of store exist in the area is also important .The type of competition also be taken into consideration while deciding the siteAMENITIES AVAILABLEDepending upon the type of market to be retailed facilities like free and amplex parking become important. This is a factor that has doned im portance.OPERATIONAL PLAN.The operational plan is an essential component of our retail complete in GOA store and it tells the reviewer how you are going to get your product out to market. That is how you are going to get your product out of production stage to the doorstep of the target Who is doing what? What are the day to day activities? How testament the suppliers and vendors be used? Who are the suppliers? What are the roil requirements? What are the sources of sore worldlys?Basically, you want to explain that how you are going to deliver your product. What are you and/or your employees going to be doing on a daily basis from the time you open up to time you close. This is what your reader wants to know.Some issues often address in an operational plan include Production or manufacturing Facilities armory Distribution Maintenance and service Order fulfillment and customer serviceProduction or ManufacturingEvery manufacturing business has a production transition, and in m y retail store of LIVE WELL ELECTRICALS there is a certain production or manufacturing department who manufactures the product. The way it goes about fabricating a cranky or component material and creating an item with greater usefulness or desirability. However, even if our business is a service or retail operation, you call for to use a method of producing something of value for your customers. Integral to the overall misgiving of a production oriented business is an appreciation of how the company will manufacture its products. One straight forward way of conveying much(prenominal) information is to examine this activity in terms of resources, emergencees, and output.CapacityIn my retail store established near Dabolim airport(GOA) capacity must be taken into consideration i.e Capacity is the mea sure of how much work your facilities, labor force, and equipment can handle. Does your production process have the capacity to move on orders up? Do you have too much capacity? not large capacityProductivityPRODUCTIVITY is very necessary in each retail store .In my store too productivity of electrical material is very important .Productivity measures how long and how many people it requires to recrudesce your product or service. If you can produce more goods in less time, you can improve the bottom line from every dollar spent on equipment and operating costs such as salaries and rent.LabourIn a city like GOA we should judge what kinds of and how many employees do you require to produce your product or service in the Electrical Retail store How are you going to use them? Are you going to be using seasonal workersQuality AssuranceThere should be a eternal check in my retail store LIVE WELL of how are you going to keep consistent and maintain the same standards with each product or service. Such activities include regular inspections throughout the production process, chance(a) testing or sampling of goods.FacilitiesAs my Retail store is situated in GOA I n business, the location of our facilities can prove a critical factor for your success. If your business is going require a large expending of capital assets at the onset, you will pauperism to make sure the facilities are adequate and are positioned properly.Whats the use of setting up a manufacturing instalment in a rural setting with no transportation mechanisms? You will need to check how you are going to get your product to your consumer and position your facility that will be both cost sound and efficient.LocationMy Retail store LIVE WELL should be established in an area which include the location of company headquarters, retail store (s), sort out offices, spare plants, and others. tell the size and how each will be allocated. discover why you are located at your particular location and the benefits associated with it.Describe access to parking and transportation air, rail, and surface shipping access, and loading docks, warehouse, and other facilities.Lease/RentGOA being a small state so to have enough land for constructing is somewhat very difficult so we have too rather pay rent or to have a lease option . This is very important and make sure you understand all aspects of the lease. You dont want to be stuck in a 5 year lease if your business fails after the first year (Ive seen this break a few times).MaintenanceFor the construction of a Retail store in GOA we should also see the operational costs associated with the building? admit the cost of gas, water and electricity. What are the costs for janitorial, trash removal and other operational costsInventoryDifferent businesses will have different inventory requirements. Of course, a large retail operation will have much more inventory than an engineering consultant so consider to use those points that apply to your business.Most of the retail operations I fill out with overlook the importance of inventory vigilance. An effective inventory management process can make all the difference in the world when it comes to reservation a huge profit.Merchandise ManagementFor the purpose of Merchandise management in my retail outlet located In GOA the order received from a Vendor is kept in container and the inventory is raised whereas sale of each SKU to customer decreases the level of inventory. Therefore there is need to keep a record of total orders received and sale of SKU. There is a need to manage the merchandise so as to keep minimal level of stock which should be there the entire time.In store, Inventory for re-order and the time to which an order with vendor is to be placed so as to counting business efficiently.Inventory management give notice (of)In my Electrical retail store established in GOA there is need to maintain this report so as to know the Level of Sales to do the indicate of sales for the next year, Amount of inventory available so as to know quantity of re-order, product which are available in the Store. This report is prepared to have a record for current year and fill out the deviations from the set standards and to make forecast for future years. This report will have information about the SKU which have been most sold during that period according to month, season.Buying MerchandiseMy Retail store located in GOA will have a mix of Private and National-label brand so as to give both the quality and compatibility to customers. National brands are kept in stores so as to create an image in the mind of customers about quality that has been offered in stores where as private brands are kept because the target group of customers are people who are very price intended and can compromise quality for cost moreover Private-label Brands have loaded margins for retailer.Planning the retail communication programIn my Retail store established in GOA the objective for communication program is to provide pleader to people implementing the program about the long term objective and what effect will it have in creating brand image an d other is to provide basis for evaluating its effectiveness. The objective for-planning retail communication mix for the store is to create a store image among consumers such that whenever they have need for and home ware appliances the top-of-their-mind is our store and the amount of assortment which are being offered to customers here and they have favorable attitude coming into store. Next part of planning retail communication mix is to develop a budget, so as to make resource allocation decisions, allocation of merchandise to stores, runging stores and radix and shelf space passd to merchandise categories and to determine all these things decent MARGINAL ANALYSIS METHOD is best which states that a store should increase communication expenditure as long as each additional rupee spent should generate more than a rupee. The strategy is to increase the expenditure so as to create brand image among customers, build brand uniqueness, and sustain that brand name of store unless it is giving in return more than the expense incurred on communication program.Setting the progress MixLIVE WELL STORE in GOA we will decide how to properly utilize the marketing communications mix to meet our marketing objectives, it is important to consider the relative strengths and weaknesses of each component of the mix. Further, we must constantly define our total budget first (generally defined in the merchandising and/or Business Plan) and then decide upon the best way to supplement the different elements of the mix to maximize the return on our investment. We will remainder the various parts of the mix to not only create an corporate approach to our marketing communications but we must also devote enough resources for each component to be successful.Advertising ReachesFor the advertisement of my Retail store LIVE WELL I will prefer large, geographically dispersed audiences, often with high frequency Low cost per exposure, though overall costs are high Consumers perceive advertised goods as more legitimate Dramatizes company/brand Builds brand image whitethorn stimulate short-term sales Impersonal, one-way communication.Personal sellingIn my store established in (GOA) I will too give importance too personal buying as most effective tool for building buyers preferences, convictions, and actions Personal interaction allows for feedback and adjustments congressship-oriented Buyers are more heedful Sales force represents a long-term commitment Most dearly-won of the promotional tools Sale Promotion may be targeted at the trade or ultimate consumer Makes use of a variety of formats premiums, coupons, contests, etc. Attracts attention, offers strong purchase incentives, dramatizes offers, boosts sagging sales Stimulates quick response Short-lived Not effective at building long-term brand preferencesPublic RelationIn my Retail store LIVE WELL in (GOA) it should be Highly credible Very believable Many forms news stories, news features, events and sponso rships, etc. Reaches many prospects missed via other forms of promotion Dramatizes company or product Often the most under used element in the promotional mix Relatively inexpensive (certainly not free as many people thinkthere are costs involved) Many forms Telephone marketing, direct mail, online marketing, etc. Four distinctive characteristics Nonpublic, Immediate, Customized, Interactive Well-suited to highly-targeted Direct Marketing. opthalmic merchandisingIn my Retail store which planned to be located in GOA Visual merchandising is one of the final stages in trying to set out a store in a way that customers will find attractive and appealing and it should follow and reflect the principles that underpin the stores image. Visual merchandising is the way one displays goods for one displays goods for sale in the most attractive manner with the end purpose of making a sale. If it does not sell, it is not visual merchandisingFINANCIAL PLANWhile opening a retail store in Goa, financ e plays an important manipulation in the commencement of any store. Organization should manage its resources in a best possible manner to ensure that it has enough amount of capital in Reserves. Goa is a great place to establish a retail store. Financial plan is at the end of your business plan, but the fiscal plan section is the section that determines whether or not your business humor is viable, and is a key component in determining whether or not your business plan is going to be able to attract any investment in your business idea.Basically, the financial plan section of the business plan consists of three financial statementsThe income statement Shows that whether the retail store is making Profit or not Cash incoming to your business and money out. Shows whether or not your company has enough hard currency to pay its billsThe cash flow projectionThe balance sheet and a brief accounting/analysis of these three statements.All the costs of getting your business up and runn ing go into the startup expenses category. These expenses may includeBusiness readjustment feesBusiness licensing and permitsStarting inventoryRent depositsDown payments on spotDown payments on equipmentUtility set up feesThis is just a sampling of startup expenses your own list will probably dramatise as soon as you start writing them down.Operating expenses are the costs of keeping your business running. Think of these as the things youre going to have to pay each month. Your list of operating expenses may includesalaries (yours and staff salaries)rent or mortgage paymentstelecommunicationsutilitiesraw materialsstoragedistributionpromotionloan paymentsoffice suppliesmaintenance costBALANCE SHEET OF MY RETAIL STORE LIVE WELLLIABILITES RSShare capitalEquity shares of Rs.10 jillionEachGeneral reserve 400000Profit loss a/c 200000Current liabilities 200000TOTAL 1800000ASSETS RSFixed assets 800000Investment 200000Current assets 8000001800000Customer affinity ManagementCRM stands for Customer Relationship Management. It is a process or methodological analysis used to learn more about customers needs and behaviors in order to develop stronger relationships with them. There are many technological components to CRM, but thought about CRM in primarily technological terms is a mistake. The more useful way to think about CRM is as a process that will help bring together lots of pieces of information about customers, sales, marketing effectiveness, responsiveness and market trends. CRM helps businesses use technology and human resources to gain insight into the behavior of customers and the value of those customers.