Joel Sip.docx

University of Mumbai

A project Report On STUDY OF CORPORATE TRAVEL POLICY WITH REFERENCE TO FUTURE GROUP Submitted by JOEL BIJU In partial fulfillment for the award of the degree of MASTERS OF MANAGEMENT STUDIES SEMESTER – 3 2018-2019 Under the guidance of “RUCHIKA GOEL”

“MAHATMA EDUCATION SOCIETY’S PILLAI’S INSTITUTE OF MANAGEMENT STUDIES AND RESEARCH SECTOR-16, PANVEL-410206” DECLARATION

I, Mr. Joel Biju, student of MMS, Pillai Institute of management studies and research, hereby declare that I have completed the project report on “Corporate travel policy ” in the academic year 2018-2019. The information submitted by me for this project report is true to the best of my knowledge.

Date:

Place:

Panvel

Signature

Certificate of Approval This is to certify that the project titled “STUDY OF CORPORATE TRAVEL POLICY WITH REFERENCE TO FUTURE GROUP” as a part of curriculum of Master of

Management Studies submitted by MR. JOEL BIJU a student of Pillai institute of Management studies and research has been approved.

Name: Prof. Ruchika Goel guide Date:

Signature of the

CERTIFICATE FROM ORGANIZATION

ACKNOWLEDGEMENTS No task is single man’s effort. Any job in the world however trivial or tough cannot be accomplished without the assistance of others. An assignment puts the knowledge and experience of an individual to litmus test. There is always a sense in a success. The opportunity to express my indebtness to people who have helped me to accomplish this task. I would like to take this opportunity to acknowledge my gratitude to various people who have helped for successful completion of the project. Their systematic guidance has helped me to complete the project in a smooth manner. I am extremely thankful and pay my gratitude towards my mentor Mr. Rajesh Gangurde ,who helped me out during my 2 months internship. I feel highly indebted towards the Director of my institute Dr. Satish K. Nair and my faculty guide Prof. Ruchika Goel for her constant guidance and support which helped me to make this project successful. I extend my gratitude to my college “Pillai Institute Of management Studies and Research” for giving me this opportunity. Last but not least; it would be unfair if I don’t express my indebtness to my parents and all my friends for their active cooperation which was of great help during the course of my training project. Any omission in the brief acknowledgement doesn’t mean lack of gratitude.

Executive summary

This is a summer internship, experiential learning based project. This project consists of information about Future Group as well as the service it provides. Along with the above mentioned this project consist of application of various tools, techniques and skill. It also contains the detailed information about Corporate Travel policies .This project is basically the application of various concepts which has been learned from the training as well as concepts taught by the faculty. I have tried to put my observation on impact of my company i.e Future Group and how their Commercial department works. The project on “Corporate Travel policy” was carried at Future Group. The duration of the project was two months i.e. 2

nd

May 2018 to 30 June 2018. These two months are not only th

limited to learning and devoting time towards the working under policies but it also provided an insight on working in the corporate world.

Table Of Contents Sr

Content

no.

Pa ge no.

1.

Introduction

2.

Brief company profile

3.

Industry Analysis

4.

Company Analysis

5.

Introduction - Context of the organization and specific department.

6.

Methodology.

7.

Observations

8

\

Conclusion

9

Learnings and Takeaways

10

References

1

Part A Introduction to the project Controlling travel and entertainment as well as business meal costs is the responsibility of each employee. It is expected that good judgement will be exercised when authorising the use of and/or when utilising Company funds Future Group is a corporate group and nearly all of its businesses are managed through its various operating companies based on the target sectors. For e.g. retail supermarket/hypermarket chains Big Bazaar, FBB, Food Bazaar, Food Hall, Hometown etc. are operated by its retail hand, Future Retail Ltd, while its fashion outlets Brand Factory, Central, Planet Sports etc. are operated via another of its subsidiaries, Future Lifestyle Fashions. With these many fashion outlets and supermarket, the group also promotes respectively, its fashion brands like Indigo Nation, Spalding, Lombard, Bare etc., and FMCGs like Tasty Treat, Fresh & Pure, Clean Mate, Ektaa, Premium Harvest, Sach etc. It also has operating companies to cater specifically to internal financial matters and consulting within its group of companies. Future Group will reimburse employees for their reasonable expenses incurred in connection with necessary and authorised Company business. The purpose of this policy is to establish consistent, reasonable, and accountable standards to record and control the cost of business travel and entertainment. As travel is an inherent part of doing business, employees are hired with the expectation that they are willing to travel in accordance with these guidelines and provide supporting documentation. This policy covers all Future Group employees as well as any individuals under contract with Future Group who incur, authorise, or reimburse Company funds. This policy shall be implemented on a worldwide basis; however, this policy may be adapted to meet local requirements within individual countries. The Chief Financial Officer (CFO) must first approve any policy changes.

Non compliance with this policy may result in delayed/non-reimbursement and / or disciplinary action up to and including termination of employment.

Brief Company Profile

Future Group brings multiple products, opportunities and services to millions of customers in India. Through more than over 22 million square feet of retail space, we serve customers in more than 250 cities across the country. Most of all, we help India shop, save and realize dreams and aspirations to live a better quality of life every day.

Future Group understands the soul of Indian consumers. As one of India's retail pioneers with multiple retail formats, we connect a diverse and passionate community of Indian buyers, sellers and businesses. The collective impact on business is staggering: Almost 500 million customers walk into our stores each year and choose products and services supplied by over 30,000 small, medium and large entrepreneurs and manufacturers from across India. And this number is set to grow. Future Group employs around 60,000 people directly from every section of our society. We source our supplies from enterprises across the country, creating fresh employment, impacting livelihoods, empowering local communities and fostering mutual growth. We believe in the 'Indian dream' and have aligned our business practices to our larger objective of being a premier catalyst in India's consumption-led growth story. Working towards this end, we are ushering positive socio-economic changes in communities to help the Indian dream fly high and the 'Sone Ki Chidiya' soar once again. This approach remains embedded in our ethos even as we rapidly expand our footprints deeper into India.

Brief details of the top management ● Top Management :-

Name

Designation

Mr. Kishore Biyani

Managing Director

Mr. Rakesh Biyani

Joint Managing Director

Mr. S Doreswamy

Mr. Anil Harish

Mr. Bala Deshpande

Mr. V.K. Chopra Mr. Vijay Biyani 

Non-Executive

Independent

Director Non-Executive

Independent

Director Non-Executive

Independent

Director Non-Executive

Independent

Director Executive Director

Kishore Biyani is the Managing Director of Future Retail Ltd and the Group Chief Executive Officer of Future Group. Considered a pioneer of modern retail in India, Kishore’s leadership has led Future Retail’s emergence as India’s leading retailer operating multiple retail formats that cater to the entire basket of Indian consumers. Kishore Biyani led the company’s foray into organised retail with the opening of the Pantaloons family store in 1997. This was followed in 2001 with the launch of Big Bazaar, a uniquely Indian hypermarket format that democratized shopping in India. It blends the look and feel of the Indian bazaar with aspects of modern retail like choice,

convenience and quality. This was followed by a number of other formats including Food Bazaar, Central and Home Town. Kishore Biyani advocates ‘Indianness’ as the core value driving the group and the corporate credo ‘Rewrite Rules, Retain Values.’ Regularly ranked among India’s most admired CEOs, he is the author of the book It Happened in India. He has won numerous awards from government bodies and the private sector in India and abroad and is on the board of a number of bodies, including the National Innovation Foundation in India and the New York Fashion Board.



Mr. Rakesh Biyani- Joint Managing Director

Mr. Rakesh Biyani is a Joint Managing Director of Future Retail Limited. He has been associated with the company for over 20 years. In his executive role as the Joint Managing Director, Mr. Rakesh Biyani leads the management and expansion of the company’s flagship formats, Central, Big Bazaar and Food Bazaar. Rakesh is actively involved in Category Management, Retail stores operations and Information Technology. Rakesh Sir has done an Advanced Management Program course from Harvard and is a commerce graduate from HR College, Bombay.



S Doreswamy -Non-executive Independent Director

S Doreswamy is a Non-executive Independent Director of the Company. He has vast experience in banking and finance. He retired as Chairman and Managing Director of Central Bank of India. He is on the Boards of various public companies including Ceat Ltd., Hexaware Technologies Ltd., and Sakthi Sugars Ltd.He holds a Bachelors degree in Science and Law. 

Anil Harish-Non-executive Independent Director

Anil Harish is a Non-executive Independent Director of the Company. He is a partner at D.M. Harish & Co., Advocates & Solicitors. He specialises in Income Tax, FEMA and property matters. He is on the Board of a number of public limited companies like Hotel Leela Ventures Ltd. and Mahindra Lifespace Developers Ltd. among others. He holds an LLM degree from the University of Miami, USA. 

Bala Deshpande - Non-executive Independent Director

Bala Deshpande is a Non-executive Independent Director of the Company. She has multiindustry exposure and has worked with FMCG companies like Bestfoods, Cadburys Ltd. and ICI. She was also nominated to the Women Leadership forum held in Bestfoods, New York. She is on the Board of Info Edge (India) Ltd. She holds a Masters degree in Economics and Masters in Management Studies from the Jamnalal Bajaj Institute of Management, Mumbai.



Vijay Kumar Chopra -Non-executive Independent Director

Vijay Kumar Chopra is a Non-executive Independent Director of the Company. He has over 31 years of experience in the banking industry. He was Chairman and Managing Director of SIDBI and Corporation Bank. His last assignment was with SEBI as Whole-time Member. He is on the Board of a number of public limited companies like Rolta India Ltd. and Havells India Ltd. among others. He is a fellow member of the Institute of Chartered Accountants of India (ICAI) by profession and is a Certified Associate of Indian Institute of Bankers (CAIIB). 

Vijay Biyani -Executive Director

Vijay Biyani is an Executive Director of the Company. He brings more than 25 years of experience in textile, yarn and ready-made apparels business. He is actively involved in the financial and administrative functions of the Company.

Size of the organization

Net Income of the company: 200.6018 billion (US $ 3.0 billion) as of March 2013 Number of employees : 35,070 Divisions: Future Retail Ltd.(BSE: 523574,NSE: FRL), Future Lifestyle Fashion Ltd., Future Consumer Enterprise Ltd., Future Innoversity Ltd., Future Supply Chains Ltd., Future Brands Ltd., Future Capital Holdings Ltd

Company operates multiple retail formats in the hypermarket, supermarket and home segment of the Indian consumer market including: Big Bazaar – A unique Indian hypermarket chain. Fashion at Big Bazaar – Affordable fashion destination aimed to make India thoda aur stylish. Food Bazaar – A hitherto unseen blend of a typical Indian bazaar and International supermarket atmosphere. Foodhall – A premium lifestyle food destination. eZone – eZone brings to you the latest in electronics at the lowest prices.

Home Town – One-stop destination for every need of the aspirational Indian home owner.

Shareholding Pattern

VISION AND MISSION OF THE ORGANIZATION

Vision :●

Respect and humility in dealing with everyone within and outside the organisation

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Flow by constantly learning and being inspired from the universal laws of nature

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Believing in oneself and doing things the Indian way

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Introspection for continuous learning, self-development and personal excellence

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Openness and adaptability by accepting new ideas and knowledge, and being proactive in meeting challenges emerging from changing business scenarios

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Valuing and nurturing relationship with customers, business associates, stakeholders, communities and the society leadership in thought and in business

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Simplicity and positivity to foster innovation, speed and imagination

Mission :●

We share the vision and belief that our customers and stakeholders shall be served only by creating and executing future scenarios in the consumption space leading to economic development.

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We will be the trendsetters in evolving delivery formats and making consumption affordable for all customer segments – for classes and for masses.

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We shall infuse Indian brands with confidence and renewed ambition.

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We shall be efficient, cost- conscious and committed to quality in whatever we do.

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We shall ensure that our positive attitude, sincerity, humility and united determination shall be the driving force to make us successful.

Industry Analysis Pestle Analysis PESTEL analysis is a simple and effective tool used in situation analysis to identify the key external (macro environment level) forces that might affect an organization. These forces can create both opportunities and threats for an organization. Therefore, the aim of doing PEST is to: ●

find out the current external factors affecting an organization;

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identify the external factors that may change in the future;

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to exploit the changes (opportunities) or defend against them (threats) better than competitors would do.

PESTEL analysis is also done to assess the potential of a new market. The general rule is that the more negative forces are affecting that market the harder it is to do business in it. The difficulties that will have to be dealt with significantly reduce profit potential and the firm can simply decide not to engage in any activity in that market.

POLITICAL FACTORS: 

Political stability: Political stability is one of the most important factor which influence the growth of business directly. If political stability is higher, then it leads to perfection in business and, on the other hand, there is instability that the company will have to suffer.

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Tax policy: The government's fiscal policy affects the price of inputs and ultimately will affect the prices of the final products and directly to the sale of the product.

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Government intervenes: This indicates at what level the government intervenes in the economy. If government intervention is more sometimes, it helps the organization to a large extent.

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Subsidies: The subsidies provided by the government in favor of the different countries also help to reduce the growth rate and help the organization reduce the amount of money that is financed from abroad and directly reduce the interest paid in favor of the fund raised from outside.

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Commercial policies: This indicates the laws related to the import and export of goods and services from different nations. If the policies are favorable, more goods and services are imported and exported and on the other hand if the policies are unfavorable, import and export will be restricted.

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Labour law: Labour legislation also affects the organization, for example, child Labour, a child under the age of 14 cannot work in the factory or in any dangerous place.

ECONOMIC FACTORS ● Interest rates: The interest rate directly affects the cost of capital, if the interest rate is higher, the cost of capital will increase and if it is less than the cost of capital will be lower. This directly affects the benefit of the organization and its growth. ● Tax charges: If the tax charged by the government is lower, it will reduce the price of the product and, if it is higher, it will increase the prices of the products.

● Exchange rates: This shows what the exchange rate or exchange rate is. If the exchange rate is higher, more is paid in the importation of goods and if it decreases, less must be paid and, on the other hand, if it is higher, the amount received will be higher and, if less, the amount received. It will be low. ● National income: National income is an important factor as if it affected the growth of the organization. If the per capita income is higher, the amount spent will be higher and, if lower, the amount spent will be lower. ● Economic growth: Economic growth is an important factor in the development of the organization. If the economy grows at a faster rate, it will directly affect the growth of the organization. ● Inflation rate: Inflation means the increase in the value of the entire product in the economy, if the inflation rate is higher, the cost of the products will be higher and if the inflation rate is lower, the cost of the product will be less. This directly affects the growth of the organization

SOCIO - CULTURAL FACTORS: ● Demography: Demography is the study of the human population in the economy. It helps the organization to divide the markets in different segments to address a large number of customers. For example, by race, age, sex, family, religion and sex. ● Income distribution: This shows how income is distributed in the economy. It directly affects the purchasing power of buyers. And ultimately leads to increase or decrease the level of consumption of products. ● Changes in lifestyle: The change in lifestyle also leads to an increase or decrease in the demand for different products. For exampleLCD and LED TVs have replaced Digital Displayed TV set, this shows that the changes in life style of consumers.

. ● Consumerism: This indicates that there are a large number of options available when purchasing goods from consumers, so that choice becomes easier and consumers can choose quality products. Then, when buying a consumer you have different options to select the product according to your needs. ● Levels of education: Education is one of the most important factors that influence the purchasing power of the consumer, while selecting a particular good, the consumer must know all its characteristics in order to differentiate them with other products. ● The law affects social behavior: The government develops different laws to protect the rights of consumers. For example, consumer protection law, this law indicates that a consumer can file a lawsuit against a seller if he discovers he is deceived.

TECHNOLOGICAL FACTORS: ● Advance in technology: The new technology helps to economize the scale of production, this means that the new technology helps to increase the level of production, to reduce the costs of the inputs and to maximize the level of profits. ● Discoveries and innovation: The advance in technology will generate discoveries and innovations and more improvements in technology in order to improve perfections in the production process. ● Competitive forces: The advance in technology will also lead to competition in the markets, more quality products will be provided to consumers to cover a large amount of market. ● Automation: The change in technology will lead to automation, this means that with the new technology, the Labour required is lower since the machines are automatic. All the works are carried out automatically by the machines, since previously it is oriented to the work. Now all the work is oriented to the machine.

● Observation rate: New inventions are made every day, so the obsolete rate is higher, since in computers LAPTOPS has replaced the PC. This shows that the technology becomes obsolete very fast. ● Research and development: This department plays a vital role in the development of the organization. As this department will always investigate what is the demand of the markets and how to make progress so that the organization can survive in the competitive world.

ENVIRONMENTAL FACTORS: ● Ecological: Ecological and environmental aspects, such as climate, climate and climatic changes, which may especially affect the industry, such as tourism, agriculture and insurance. At FMCG, the demand for air conditioning increases in the summer season. ● Environmental issues: Global warming is one of the main problems at present, since the external factor is becoming a major problem for companies. Many remedies have been taken to reduce global warming. ● Environmental regulations: The government has declared several regulations to protect the environment. For example, no company should cross it in rivers.

LEGAL FACTORS: ● Employment Law: The employment law provides equal opportunities for all citizens to work and earn a living. It provides equal opportunities for all citizens. ● Consumer protection: This law helps protect the rights of consumers and he can file a claim against the seller if fine is cheated. ● Industry-specific regulations: These laws are related to industry, for example: no industry can be established between cities, that is, it should be outside cities.

Porter’s Five Force Analysis

To determine industry attractiveness and long-run industry profitability of the Indian FMCG Industry, we chose to apply the Porter’s five forces in our analysis. Porter’s five forces are: (1) Barriers to Entry and exit (2) Threat of substitutes (3) Buyer bargaining power (4) Supplier bargaining power (5) Industry Competition

1. Barriers to Entry and exit: The Indian FMCG Industry is characterized with modest entry and exit barriers. Integrated business model and increasing capital requirement in the industry restrict new entrants. Huge investments in setting up distribution networks and promoting brands and competition from established companies.

2. Threat of substitutes: Being an essential commodity the demand for consumer products is elastic. Multiple brands positioned with narrow product differentiation. Companies entering a category /trying to gain market share compete on pricing which increases products substitution. Hence, threat of substitute is high in the industry.

3. Buyer bargaining power: High brand loyalty for some products, thereby discouraging customers’ product shift. But low switching cost and aggressive marketing strategies under intense competition within the FMCG companies, induce Customers to switch between products, thereby driving value for money deals for consumers.

4. Supplier bargaining power: Prices are generally governed by international commodity markets, making most FMCG companies price takers. Due to the long-term relationships with suppliers etc., FMCG companies negotiate better rates during times of high input cost inflation

5. Industry Competition: Competitiveness among the Indian FMCG players is high. With more MNCs entering the country, the industry is highly fragmented. Advertising spends continue to grow and marketing budgets as well as strategies are becoming more aggressive. Private labels offered by retailers at a discount to mainframe brands act as competition to undifferentiated and weak brands

PORTER'S GENERIC COMPETITIVE STRATEGIES A firm's relative position within its industry determines whether a firm's profitability is above or below the industry average. The fundamental basis of above average profitability in the long run is sustainable competitive advantage. There are two basic types of competitive advantage a firm

can possess: low cost or differentiation. The two basic types of competitive advantage combined with the scope of activities for which a firm seeks to achieve them, lead to three generic strategies for achieving above average performance in an industry: cost leadership, differentiation, and focus. The focus strategy has two variants, cost focus and differentiation focus.

1 Cost Leadership In cost leadership, a firm sets out to become the low cost producer in its industry. The sources of cost advantage are varied and depend on the structure of the industry. They may include the pursuit of economies of scale, proprietary technology, preferential access to raw materials and other factors. A low cost producer must find and exploit all sources of cost advantage. If a firm can achieve and sustain overall cost leadership, then it will be an above average performer in its industry, provided it can command prices at or near the industry average.

2 Differentiation In a differentiation strategy a firm seeks to be unique in its industry along some dimensions that are widely valued by buyers. It selects one or more attributes that many buyers in an industry

perceive as important, and uniquely positions itself to meet those needs. It is rewarded for its uniqueness with a premium price.

3 Focus The generic strategy of focus rests on the choice of a narrow competitive scope within an industry. The focuser selects a segment or group of segments in the industry and tailors its strategy to serving them to the exclusion of others. The focus strategy has two variants. (a) In cost focus a firm seeks a cost advantage in its target segment, while in (b) Differentiation focus a firm seeks differentiation in its target segment. Both variants of the focus strategy rest on differences between a focuser's target segment and other segments in the industry. The target segments must either have buyers with unusual needs or else the production and delivery system that best serves the target segment must differ from that of other industry segments. Cost focus exploits differences in cost behaviour in some segments, while differentiation focus exploits the special needs of buyers in certain segments.

Conclusion: As the company is a Conglomerate , it belongs to the Mass segment of the market. Therefore, the focus will be on “Cost leadership” and not on “Differentiation”.

Company Analysis SWOT Analysis A SWOT analysis is a high-level strategic planning model that helps organizations identify where they’re doing well and where they can improve, both from an internal and external perspective. It is an acronym for “Strengths, Weaknesses, Opportunities, and Threats.” You typically want to conduct a SWOT analysis at the beginning of your strategic planning process or during a strategy refresh. Your entire leadership team should be heavily involved, because they should have the ability to look across your organization and offer insight into your competitive environment and/or business landscape. When the leadership team offers appropriate recommendations regarding your strengths, weaknesses, opportunities, and threats, you will end up with a SWOT analysis that has the credibility to be used constructively in the strategic planning process.

● Strengths :1. Wide presence in India covering almost all major cities and towns 2. Efficient, cost conscious committed quality service 3. High brand equity in evolving market 4. Variety of products under single window increasing the chances of customer time and choices 5. Has an employee base of over 35,000 6. Everyday low prices, which attract customers, and has a huge investment capacity. 7. It offers a family shopping experience, where entire family can visit together. 8. Available facilities such as online booking and delivery of goods

● Weakness :1. Dependent heavily on India, and is susceptible to foreign players 2. Stiff competition from global players means market share growth is limited 3. Extremely popular means heavily crowded during festive/discount seasons ● Opportunities :1. Evolving customer preference in recent year 2. Organized retail is minute in India 3. Global expansion and tie-ups with international brands ● Threats :1. Global players trying to enter into Indian market 2. Low priced product could be perceived as low quality product 3. Government policies are not well defined in country like India ● Competitors :1. Reliance retail 2. Birla group retail 3. K Raheja Corp Group 4. Walmart 5. Subhiksha

BCG MATRIX OF FUTURE GROUP What is BCG MATRIX? The BCG matrix (or shared growth matrix) is a corporate planning tool that is used to portray the company's brand portfolio or SBU in a quadrant along the relative axis of market share (horizontal axis) and speed of Market growth (vertical axis). The growthparticipation matrix is a business tool, which uses the relative market share and industry growth rate factors to assess the potential of the trademark portfolio and suggest additional investment strategies. The BCG Matrix is a framework created by the Boston Consulting Group to assess the strategic position and potential of the brand portfolio. The business portfolio is classified in four categories according to industry attractiveness (industry growth rate) and competitive position (relative market share). These two dimensions reveal the potential profitability of the trading portfolio in terms of the cash needed to support the unit and the resulting cash. The general purpose of the analysis is to help understand the brands that the company must invest in and which ones should be sold.

Star Star generates a large amount of cash due to its strong relative participation in the market, but also consumes a large amount of cash due to its high growth rate; therefore, the cash in each direction redeems approximately. If this star can maintain the large market share, it will become the cash cow when the market growth rate decreases. In Future Group, the star is Big Bazaar, Food Bazaar and eZone, which generate a large amount of cash due to their high growth rate, they are assured and they keep track of their constant performance and this allows them to extract more cash from your own products from home. Question Mark Question marks grow rapidly and consume a lot of money, but because they have a low market share, they generate more cash. The question mark (also called a "problem child") has the potential to gain market share and become a star, and eventually become a cash

cow when market growth slows. In Future Group, their main cash consumption is on Future Bazaar, Staples, Home Town, Furniture Bazaar etc. which consumes lots of cash on buying out the product, which on the other hand does not have too much of hold in the market, because the market that these goods possess are the basic ones. Because they have low market shares and do not generate much of a cash, they result in large net cash consumption. These sectors must be analyzed properly as they should be done a thorough check whether these products will really fetch up returns in the pocket after hefty investments.

Cash Cow Products that are in areas of low growth but for which the company has a relatively large market share are considered "cash cows", therefore, the company must milk the cash cow for as long as it can. For Future Group, their cash cow is now Brand Factory, Hyper City and Central in which they recently acquired Hyper City for an undisclosed amount, they have forecasted that this will help Future Group to get in more revenue as the investment in this retail segment is sky high. This has also helped many foreign brands to penetrate into India and tie up the business which will indirectly help the Future Group to establish the market under their brand which is called as Fashion Bazaar. Hyper City is also developing more market growth rate in sales which will help them to sustain from cash flow perspective. It is also noted that due to this acquisitions by Future Group it will lead to higher contribution in apparels industry as that of its rivals. Dogs Dogs have low market share and low growth rate and thus neither generate nor consume a large amount of cash. Dogs are called as cash traps where these money where invested could have been used elsewhere, where it can be used for other purposes that has a little potential. One such is Future General Insurance, this has got low growth rate and thus does not create or generate large amount of cash. This company mainly holds the group investment in subsidiaries and joint ventures including insurance and textile

manufacturing businesses. As this is an underperforming as compared to other branches of business where they are more focused I

n creating a brand of their own. Thus, there

is a difficulty in chunking more profit out of it. Due to this, there are even possibilities of shutting down of businesses where the trapped cash flows can be liquidated and can be used to invest in some other purposes.

ANSOFF MATRIX The Ansoff product / market growth matrix suggests that a company's growth attempts depend on whether it markets new or existing products in new or existing markets. The product of the product / market matrix of Ansoff is a series of suggested growth strategies.

Existing Market Existing Product - Market Penetration Through market penetration with the existing market Future Retail has now emerged with gradual increase in number of stores. Staples and Future Bazaar are their main and primary key successor for their development. As through this they can penetrate the market with even in the developing areas, with strategically priced schemes. This will help them to flourish in the market, penetrate and outperform with the rivals.

Existing Market New Products - Product Development This helps the market to develop and test their new products in their existing market. In Future Retail, they have introduced their own in-house EKTAA branded rice in 5 variants ranging from the mid-range to the premium class rice with affordable price. Future group has also introduced a new chain of knowledge called as ‘Future Knowledge Service Ltd’ helps the future group to know about their current position about their assets, growth and investments in the market.

Future Group as also a new segment of market to cater supply chain market called as, ‘Future Supply Chain’ market.

Future Supply Chain a segment of Future Group has solved many problems for Warehousing, Cold Chain Warehousing and Point – to – Point; this has led Future Group to enter into new market. New Market Existing Products – Market Development Future Retail has entered into new market with existing products; with the acquisition of Brand Factory and Hyper City they have developed a new strategy to build-up new market in existing product.

New Market New Product - Diversification With the cut throat competition, Future group has diversified itself in various other fields like providing Supply Chain Management Solutions, providing consultations to BPO industry, media and insurance. Their core competence is Future Generali Insurance where

their core job is to settle with an average of 2.1L claims every year. They have 125+ location pan India, and also 2000+ active corporate clients, and also 7500 agents represent them all over the country.

MC Kinsey’s 7s Framework What is 7S framework? 7S model depends on the theory that the performance of this organization is going to be upright; these seven elements must be consistent and mutually reinforcing. Therefore, the form can be used to help determine what needs to be reformatted to improve performance, or to maintain compatibility (and performance) during other types of change. The 7-S model can be used to help us to get through a broader range of these organizational situations wherein it will help to make a detailed analysis of any alignment which is useful to study the different operations in an organization, for example, to help you: ● Improve the performance of the company. ● Study the potential effects of future changes within the company. ● Align departments and operations during the merger or acquisition. ● Identify the best way to implement a proposed strategy.

The objective of the model was to show how 7 elements of the company: structure, strategy, skills, personnel, style, systems and shared values can be aligned to achieve

efficiency in a company. The key point of the model is that the seven areas are interconnected and a change in one area requires changes in the rest of a company to work effectively which can be seen from the below given model of 7S Framework.

Objectives (To analyze how well the organization is positioned to achieve the intended objectives.) Usage: ● Improve the performance of the company. ● Examine the likely effects changes within the company. ● Align departments and processes during a merger or acquisition. ● Determine how best to implement a proposed strategy.

SKILLS The training provided by the company to employees is ➢ On – Job training ➢ Off – Job training On Job Training ➢ 30 days of induction program is conducted to each and every employee of an organization. ➢ One year monitoring program by senior officers of different departments. ➢ Three kinds of learning are taught to the employees which are Individual learning, Team learning and Organizational learning. Off Job training ➢ The company having 5 institutions to conduct semi-skilled works. ➢ The company coaching seminars.

➢ HRD department conducts is program Train the Trainer and Workshop to Trainees. STAFF Staffing is a process of acquaint human resources for the organization and according that they have the potential contribution to the achievement of the organization goals. Future Retail generally prefers to have highly qualified and dedicated management professional in case of staffing process. The staffing for the retail employees are done at the retail store which is a backend operation, but for a highly equipped employee the staffing and recruiting is done at the Zonal or Head Office level which is in Mumbai. STRATEGY Strategy refers to the determination or purpose and basic long term objectives of an enterprise and the adoption of a course of an enterprise and the adoption of a course and the allocation of resources necessary to the aims. In other words, it is basically an action plan which is developed to outperform the competitors. Future group integrated consumer goods package brings together almost a full value chain from end to end in the food, consumer and fashion sectors. With modern retail sales driving demand, efficiency and consumption into new categories, their strategy is based on our deep understanding of Indian consumers. Future group understands the diverse behavior of the Indian consumer through regional diversity, ethnic groups and professional groups, and we constantly innovate to develop strategies that address nuances. Future group strategy of aiming sustained growth and profitability in business are developed in 3 most important layers, they are given below:

STRUCTURE The structure typically hierarchically arranged in the lines of authority, communication, rights and duties of the organization. Organizational structure determines the roles, power, and responsibilities assigned to each department and heads. This structure purely depends on the organizational strategy. The Organizational structure of Future Retail which is then subdivided into various other categorical brand i.e; Future LifeStyle Fashion Ltd. Future Consumer Ltd, etc each of these major division is headed by the President or Vice President and the power lies in the middle management. Future Group can be said as a set of ‘little companies’ where each division are organized into functional group, with high division of Labour, high formalization and centralized authority in the division managers. SYSTEM The organization is described as a system used for transforming input to output. At the centre of this transformation there is always a technical core involved, which is a helping hand or also called as the backbone of any working organization which helps from the production to till its final product services. In Future Retail the whole system is controlled and regulated or to be precise it is interconnected with one common software called as SAP. This system helps to track from its production till it reaches the consumer, which revolves around whole India. The Input are generally starts with procurements of goods and the final finished output called as product. In Future Retail following systems are used, ➢ SAP ➢ MIRO ➢ Zimba ➢ Sahyog ➢ Samprada More often, SAP is the core software that interconnects the whole retail, this helps to get to know about the purchase as well as the replenishment of products and the transport of

goods are also recorded and communicated via SAP. The other software that is used is called as MIRO, which is used to deal with upload and download of the invoices through stores. Zimba is software used to intercommunicate within the Retail Operations it acts as a mailer just like the Microsoft Outlook. Sahyog is an online portal for updating the transactions done through BigBazaar – discount cards or BigBazaar profit club. Samprada is an online portal to update the transactions which is related to gift vouchers. Their login gateway is Qwiksilver.

SHARED VALUES Future Retail firmly believe that our vision of serving every Indian consumer can be achieved only if we value our values in "Assessing and caring for relationships" with our partners, vendors and suppliers. Our partnership program aims to create an environment that combines our strengths and partners to create tremendous value for our customers and thus promote shared growth. Future retail also combines strengths to create a unique value proposition by sharing consumer knowledge and product knowledge, creating a joint brand, value engineering and developing new products. With a proven track record of developing long-term partnership models in which everyone wins, Future Retail is a partnered with some of the most reputed vendors and suppliers in India. They also make sure that, the values are grasped and gained in all the employees over the organization as they believe that shared values among others will create equality among the employees which will help to radiate same values to the customers.

STYLE Style refers to the employees shared and common way of thinking and behavior. The management sets the objective to the line and functional specialist and provides clear

procedure and rules of decision making. Management is the core and innermost power source. Future retail imbibes a perfect leadership style of inculcating the shared values to all employees in the organization. Kishore Biyani, as a leader, he considers it important that the work be done in accordance with the procedures and legislation, but everyone can determine their own objectives and, therefore, self-govern. This creates a pleasant work environment and a good mutual understanding among employees and the top management. This also helps to drive the growth of the company with positive vibes and also aids to develop a coherent relationship with all heads.

Value chain analysis A value chain is the entire range of activities, which includes design, production, marketing and distribution that companies carry out to a product or service from its conception to its delivery. For companies that produce goods, the value chain begins with the procurement of raw materials used to manufacture their products, and consists of everything that is added before the product is sold to consumers. There are primary activities and secondary activities where the primary activities are the core things to be performed, while on the other hand secondary activities are the one which support the existing primary activities that needs to be performed. Hence, in a nutshell both are interconnected with each other, if one goes downlifted the other undoubtedly falls. Primary activities are directly involved in transforming inputs into outputs and in delivery and after-sales support. ● Inbound Logistics – In future retail material handling and warehousing are the core operations. Inward of goods and stocking can be done in Inbound Logistics. ● Operations – Later the products are transferred to the necessary department for the production/operation purpose. ● Outbound Logistics – Operations and Outbound logistics are interconnected with each other. Outbound logistics include inventory system and delivery management. This also makes sure that they deliver on time with no defect which

could help them to achieve more customer trust on their brand which indirectly builds their goodwill. ● Marketing and Sales – It deals with communication and pricing of products, future group makes sure that they every product are priced at competitive pricing to attract the customers and boost more sales. ● Services – This includes the customer after sales services that future group provides, if these after sales services are poor in nature then this would affect the performance of store in each department and could also affect the profitability in the business. Other activities are support activities. They’re handled by the organizations staff functions and include; Procurement – In this process the raw materials are procured chalking down with the team and finding the best suppliers and vendors. These also includes the best suppliers, future retail as an organization aims at procuring the best and giving the best output. Procurement is done at the Head Office level where they connect with the pan Indian head suppliers and get the best deal with the cheapest price. Technology Development – Human Resource Management – selection, promotion and placement, appraisals, rewards, management development and Labour employee relationship. Firm Infrastructure – general management, planning, financial activities, legal and quality management. Below is the flowchart of Value Chain Analysis:

FIRM’S INFRASTRUCTURE Future Group has the best infrastructure with the best in technology. With the footfall of 30,000 a month in every retail store future group serves customers in more than 250 cities across the country through over 12 million square feet of retail space. Future Retail is the flagship company of Future Group, India’s retail pioneer catering to the entire Indian consumption space. There are various heads under Future Retail and they are FBB, Big Bazaar, Big Bazaar Gen Next, Hyper City, E-zone etc. Fashion at Big Bazaar, India’s style hub is redefining affordable fashion since 2008. From elegant office wear to daily essentials, from versatile ethnics comfortable home wear to stylish new range of athe leisure , fbb curates exclusive designs for its audience under its own private labels. With its mission to make India ‘Thoda aur stylish’. FBB is a popular youthful brand that offers refreshing fashion trends at pocket friendly prices.

The brand has strong presence across all 7the metro cities, mini metros and also penetrates well in tier II cities. Future Retail has renamed their brand from Big Bazaar to Big Bazaar Gen Nxt with the cutting edge technology and state of the art operational activities. HUMAN RESOURCE MANAGEMENT Human Resources value is added or subtracted by the deliverables of its work. These deliverables are cross-functional and their strategic objectives are to help insure that all other departments achieve their business plans. Human Resources partners with the production people to determine if the employees are properly slotted, trained, and have the tools and skills necessary to produce the quality products or services demanded by the customers. It involves 3 main process they are; Recruitment Process. This is the external interface of the firm, which acts as a gateway of procuring talent for the firm. This is a very critical activity. The first impression, which is created is here, often helps or retards the ensuing process. Socialization- This is a very short but nevertheless critical period in the career span of an employee. The initial period is an extremely important period. The employee takes a certain amount of time to settle down in a different cultural setup with the organization that has its own set of values and work ethos. Performance Management - Meritocracy, the system we all support, to succeed requires all of us, both as appraiser and appraisee, to develop an appraisal process which is objective, hence fair and acceptable. Future Retail also ensures and checks on timely basis whether all the employees of respected departments are properly clustered and trained with the skills that are required, so that they give the best quality services to the organization. It will also help the organization or retail segment to grow, flourish and be a self-sufficient within them. Hence, taking all this factors into account and by understanding and focusing on the needs of their internal customers, i.e. the employees and line managers, HR is adding

strength to the value chain. It is a crucial deliverable of every HR professional. By doing this Future Group believes that, customers will appreciate and value this focus. PART B

Objective of the study ● To understand the corporate travel policy ● To gain an insight of the procedure of travel cost of the employees ● To study and understand how to reduce the cost of travelling expenses led by employees of the company

Expected benefits ● Will help in having a clear view about how the corporate travel policy is implemented in the company. ● To know about the processes regarding booking invoices through SAP ● Overview of the retail segment

Limitations of the study ● Time constraints: Due to shortage or less availability of time it may be possible that all the related and concerned aspects may not be covered in the project. ● The second limitation has to do with the extent to which the findings can be generalized beyond the project studied. The number of cases is too limited for board generalizations.

●

The software services provided to the clients are restricted

● Analysis done is limited to the availability of data.

Methodology A corporate travel policy is a set of guidelines created by a company for their business travel. Used by their travel managers and employees as they plan trips on behalf of the company, to typically outlines protocol on travel. For example, the requirements needed to book business class seats. The main objective of an effective travel policy is to keep travelers safe, while also adhering to the company’s guidelines. Reducing travel costs is usually a high priority too. If a corporate travel policy is easy to understand, oversees traveler’s security, and up-to-date; overall compliance of the policy will likely be higher as well.

An effective travel policy finds the right balance of rewards and pleasures for the traveler, while also limiting what is ultimately unnecessary. For example, most companies have found that travelers are more compliant with the policy if they keep their accumulated flight and hotel reward points from their trips. A restriction may be a certain length of flight is requires before business class seats are considered for travel. By understanding the desires of your traveler, and setting reasonable limits, a company is more likely to find the middle balance of corporate travel policy.

In case of Future Group, certain travel norms are to be followed :

There are three types of travel:

Local Travel within location in India : The employee can travel within the Municipal Corporation limits. Local/ Domestic Travel outside local limits but within India - Travel outside the local limits as defined above outside the state, but within India. International Travel – The employees who travel outside India.

The company has setup a certain band criteria of the employees They have been grouped under 5 different Bands, based on the position they occupy and the role they play.

Band 1 - Coordinators Role: Implementation Performs activities that are routine in nature and applies narrowly defined skills. Comprises of every one below the rank of Executive. Band 2 - Specialist Role: Highly Capable Individual makes productive contributions through talent, knowledge, skills and good work habits. Designation: • Executive • Senior Executive Band 3 - Mid-Management Role: Contributing Team Member Contributes individual capabilities to the achievement of group objectives and works effectively with others in a group setting.

Designation: • Assistant Manager • Deputy Manager Band 4 - Management Advisory Role: Competent Manager Organizes people and resources towards the effective and efficient pursuit of predetermined objectives. Designation: • Manager • Senior Manager Band 5 - Strategic Role: Directional Provides strategic direction to the functional team, aligning them with the Organization objectives. Designation: • Chief • Head

International Travel - Travel outside India

*The above mentioned maximum limits are guidelines; payments will be done on Actuals.* All International travel requests, need to be made by the employee, at least 15 days in advance. All International travel for Band 5 needs to be approved by CEO. Any kind of Group International Travel needs to be approved by Mr. Kishore Biyani. All International travel settlements need to be done by the employee with maximum 15 days of his/her return

Air Travel Policy: The Travel Group must receive the approved Air Travel Request 7 days prior to date of travel. In case the Approved Air Travel Request is received by the travel team post 4:00 pm it will be processed on the next working day. Approvers are requested to approve the Air Travel Request before 3:00 pm as it takes time for the intimation mail to reflect in the system Procedure: For Band 3, air travel will not be allowed where the travel by road / rail does not exceed 5 hours and the distance between destinations is less than 250 kms. The tickets for outstation travel by the mode eligible should be booked through the administration. department in the prescribed format and duly authorized by the HOD / Zonal Head / Store Manager. Band 2 is not eligible for Air Travel. In case of an emergency, the Travel Request has to be approved by the Concept Head or the CEO. The employees can send an email to Admin department with travel requisition form duly approved by HOD. All tours have to be authorized by the Head of Department / Zonal Head / Store Manager. All stay arrangements during official travel are to be routed through Administration department. Staying arrangements for employees on tour will be done at the company guest house. In case of non availability in guest house, the arrangement will be made at a hotel as per boarding limits specified above. Hotel booking will be done by the company for the duration as per travel plans approved by the HOD.

Thus, the employee has to ensure that she/he checks out of the hotel as per the hotel check-out time. Any expenses incurred towards stay beyond the approved travel plans will have to be borne by the employee. In case of no show at the hotel without prior intimation, the charges will be debited to the employee. Employee is required to inform either the hotel or the Administration department of the cancellation 24 hours in advance. Meals served & laundry service at the guest house will be charged as per approved rate card made available through Administration dept. Employees will be issued bills against their payment & they are to claim the same on return as per their boarding entitlement. Expenses on personal account have to be settled by the employee directly while checking out. Employees travelling to any destination should ensure that they settle all the expenses incurred at the destination. Zone / Store will not be liable for settling the same. Cost consciousness should be every employee's concern and room sharing should be encouraged whenever two employees are visiting the same venue. As far as possible, guesthouse facility must be used wherever it has been provided. For expenses exceeding specified amount, due approval has to be taken from HOD / Zonal Head/ Store Manager. If an employee loses any asset of the company entrusted to him/her while on tour, the company reserves the right to recover the value of the lost asset from the concerned employee. Any employee found making false claims shall be liable for summary dismissal. It is imperative that all travelling employees carry their identity cards/ visiting cards with them at all times, so that in the event of any emergency, the company will get immediate information. The management reserves the right to amend and / or alter this policy anytime at its discretion.

The decision of the management shall be final and binding on the employees in the interpretation of the clauses of this policy. Band Local Conveyance (within the City / location of work) The company has certain band differentiation in local conveyance too. They are divided as follows:Band 05 Taxi / Metered Taxi/Auto Band 04 Taxi/ Metered Taxi/Auto Band 03 Auto/ Train First Class Band 02 Train / Bus Band 01 Train / Bus In case of non-availability of Bus / Train, in or for a particular destination only, Autos can be used. This should be duly approved by the HOD / CEO. In addition, in case of needs for frequent travel in a particular location, all employees in Band 1 - 3 need to purchase First Class Season Tickets by train. In Cities, where Local Public Transport like: Trains, Buses, etc are not available, employee may use Autos. However, in Cities, where autos do not ply, employees may use metered taxi only. During Local Travel A (Same day travel up to 50 kms) Local Conveyance All Local Conveyance should be applied in SPARSH. All Local Conveyance should be approved by HOD. All Local Conveyance disbursement will be on fortnightly basis.

The following is the process of how the travel booking is done in the company:

START

Employee raises travel approval request 30 days in advance in HRMS tool

Request reaches HOD

Request Approved

YES Notification received by employee, forwarded to travel desk

Employee proceed for business travel, advance if any credited to employee account by accounts department

NO

STOP

Travel desk arranges for travel and lodging bookings, details shared with employee, emails sent to accounts dept. Incase advanced to be sanctioned

In case of international travel, employee is supposed to contact authorized agent for foreign exchange with accounts department

Travel rules, guidelines and applicable reimbursements for all type of travel: Travel rules and regulations varies from company to company. Though the policies are different but the company make sure to compensate and give all allowances to the employees for the betterment and employee satisfaction. The basic concept behind the travel allowances given by employer is because of employee morale and dedication for work. Employees who travel for business are advised to stay up-to-date on company travel policies and costs covered for reimbursement. Expenses that fall outside of the policies are generally not reimbursed or covered.

Employees on business travel must carry their identity cards/ visiting cards with them at all times. In the event of any emergency, it is easier reaching out to the company. All tours have to be authorized by the Head of Department / Zonal Head / Store Manager. Travel Advance will be given to Band 1 and 2, in case the travel is for more than 2 days. Loading arrangements for employees on tour will be done by administration department as per corporate tie-up with hotels as per band eligibility or in the company guest house. Employees need to ensure that s/he checks out of the hotel as per the hotel check-out time. Any expenses incurred towards stay beyond the approved travel plans and eligibility as per business travel policy will have to be borne by the employee. In case of no show at the hotel without prior intimation, the charges will be debited to the employee. If an employee loses any asset of the company entrusted to him/her while on tour, the company reserves the right to recover the value of the lost asset from the concerned employee. Any employee found making false claims shall be liable for summary dismissal. Employees must ensure that while staying with friend or a relative, the stay does not

violate the conflict of interest policy or the gifts and favor policy of the company. Further, the stay should not considerably increase the expense on conveyance. Expenses related to Liquor, alcoholic beverages, cigarettes expenses are strictly not reimbursable. Hotel Rooms, Movies /other forms of personal entertainment/use of additional hotel facilities (like Saloon/parlour etc.) are not considered for reimbursement. In the event of change / cancellation of travel plans, the Travel Desk person must be informed immediately. The Unused or cancelled rail/air tickets must be handed over to the Travel Help Desk In-charge immediately / on return from the tour in order to arrange for the refund. Non-submission of tickets in time for obtaining refund may result in a loss. In which case,the loss will be debited to the personal account of the employee concerned. While attending conferences, seminars, training programs, etc. of a residential / nonresidential nature, where the cost of accommodation/meals are included in the Conference/Training fees, boarding reimbursement shall not be applicable. Company sponsored facility / infrastructure (Accommodation / Transport etc.) will be utilized by employees only (family members / personal use will not be permitted). All ticket bookings Air, railway, bus shall be done by Travel Desk. In the event, settlement of previous travel has not been initiated by employee, Travel desk will not book new tickets. All travel should be against pre-approved travel budget for that Business Unit and Function for the Financial year. The management reserves the right to amend and / or alter this policy anytime at its discretion. All the expense claims (Outstation Travel, Local Conv.& Petty Cash) need to be settle by employee within 7 working days post to date of travel or expense. Boarding passes is mandatory at the time of settlement of Outstation Travel/Foreign Travel claim.

RECEIPTS Receipts are required by most companies except for those that pay as per diem. Your company also likely has a form that they expect employees to use for turning in travel expenses. To stay on top of reimbursable expenses, employees are often given a deadline by which they need to file an expense report and turn in applicable receipts. The finance department will have guidelines that help it stay current. If you have questions about what constitutes appropriate travel expenses in your organization, check with your manager and Human Resources. You don't want to spend the money and receive a surprise later.

Observations Classification of observations The observations is based on the participant point of view. As I was a part of the Finance department and I got an opportunity of learning the style of working in the Commercial department.

Organizational training During my course of internship with Future Group I got an opportunity to have my organisational training with a mixture of visits to various departments and interacting with various individuals. The team I belonged to was Finance department which is also called as Commercial department in Future Group. The finance team specially was flexible even in their busy work schedule and made sure I understand the work process and important terms. All updated information’s, knowledge and new perspective was shared with me. I also got first hand experience to learn the basics of Excel and SAP viz one of the leading software used by all organizations. As networking plays a vital role in understanding different module which helped me in communicating with my higher authorities and understand the overall concept of basic gist about financial aspects. I also had a chance to interact and work with senior management understand the business from their point of view. I also had the opportunity to visit the warehouse of the company and understand the factory procedures under the guidance of my supervisor. Hence with the management’s flexibility and the employees really being helpful it was easy for me to sharpen my skills and learn new concepts quickly.

SELF LEARNING During this course of internship for the period of 2 months, I tried to work on my Interpersonal and Personal skills. I constantly tried to improve my communication skills, listening skills to interact better with others. Working in Future Group has certainly helped me to improve problem solving, decision making, and questioning abilities. I interacted with co-workers and senior management and understood and analysed their views on retail business. My goal was to learn as much as possible in this limited duration hence I was focused and result oriented towards my work. For me this whole summer internship program was about building confidence, self esteem and finding the right motivation and preparing myself for the corporate world in near future.

TRENDS/PATTERNS For the past 30 years, Future Group has shaped consumption opportunities in India. More than 500 million Indians have experienced our brands. We are the only national retailers with presence in almost every state and 255 cities in the country; we are within 5km radius of 8000 pin codes in India. We will sell almost 30 crore units of garments alone in 2018, which will be making us the global top 10 in fashion businesses. But what makes us unique is we design and manufacture much of what we sell. As a consumer organization we are the only one where in ·

We make the products.

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We own the Brands.

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We own the Supply chain

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We own the distribution

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We own the retail network.

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We own the consumer behaviour data.

1987-2017: SOCIAL CHANGE ·

Our work desk has shrunk into our palms

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Leaders and leadership has changed

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A 400 million strong generation born in 21st century is redefining aspirations and

consumption. ·

Indian girl child has become a treasured asset.

1987-2017: CHANGE IN TECHNOLOGY Earlier due to less advanced technology we used to face a lot of difficulties in movement of goods from one physical place to another, Now with advanced technology it can be done in a very faster and the most farther areas can be covered, which reduces both time and space 1987-2017: IN RECENT TIMES, THAT CHANGED ·

Technology changed from the body to the mind.

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The digital bypassed the body- augmenting the mind.

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A fascinating world followed: Networked but virtual.

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The physical and digital are no longer separate.

1987-2017: RETAIL ·

In India 1990’s marked the beginning of the modern retail.

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Retail 1.0: High touch: Served by humans within the store.

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2007 marked the beginning of online retail.

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Retail 2.0: High tech: Ecommerce brought products to your home.

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Retail 2.0: Restricted technology to a small screen.

Identification of critical issues or problems

Even though the overall environment of Future Group is very good but during the duration of my internship I came across certain problems which are: Throughout the duration of the internship that is the 2 months period there have been many instances wherein the staffs couldn’t figure out few things where I got an opportunity to put up my point of view but they were hesitant to follow up the suggestion provided by me. Not all process is automated so few things are done manually, hence it leads to errors.. There is also conflict between the different departments regarding the documentation since they are finding it difficult to coordinate with each other at times. Sometimes they also find difficulty in maintaining their invoices. All the files take up a lot of space. Instead of keeping physical invoice they must try to maintain a digital copy which would help in reducing the errors as well as can get rid of too much files which are occupying a lot of space.

·

Conclusion

Summary of trends in organization

Future Group understands the soul of Indian consumers. As one of India's retail pioneers with multiple retail formats, we connect a diverse and passionate community of Indian buyers, sellers and businesses. The collective impact on business is staggering: Almost 500 million customers walk into our stores each year and choose products and services supplied by over 30,000 small, medium and large entrepreneurs and manufacturers from across India. And this number is set to grow. Their main aim is to cater to all the section of the society, through their broadly spread outlets with best in industry supply chain and network. From the start of modern retail they have been fully into being a consumer’s organization. With bringing in human touch at their stores it made very easy for the consumers to find out about the goods, getting to know about the goods and the details about it, which imbibed the sense of belongingness amongst the consumers. After this they went into ecommerce which brought products to our door steps, which made it very easy for consumers to purchase whatever they want without going physically at the store and made it very easy through apps and websites. Their main USP is that most of their goods sold are produced and owned by them only, this backward integration has helped them in cutting cost and providing consumers with better quality products in cheapest cost.

Summary of feedback given to the organization During the duration of two months I could learn a lot of things from the organization. All the staffs as well as the senior managers were cooperative enough and would always find a way out to help me. It was a very nice experience working in such a big firm where I got to learn a lot about corporate world as well as my domain of interest i.e. Accounting & Finance. Great infrastructure with all the basic amenities and modern facilities and friendly staff. One of the feedback given in return to organization was about to improve the training program for new employees. As of now the newly joined employees are directly burdened with work without proper training. Make sure all the process are fully automated so that human errors can be reduced, as all the files take up a lot of space. Instead of keeping physical invoice they must try to maintain a digital copy which would help in reducing the errors as well as can get rid of too much files which are occupying a lot of space.

Summary of self learning Internship has been the best practice to get a hands down experience of working in an organization, it helped me to overcome my fears of interaction or even working in an organization, in initial days it was a bit stressful but after sometime of gaining the experience it has proved to be a great journey for learning and getting experience for the period of 2 months. I also got an opportunity of building a professional interaction with the managers and other coemployees which is the most important learning aspect of working in the corporate world. The department was helpful when I had questions, but it was good for me to oversee every aspect of my own internship and, in the end, has been advantageous. I believe this approach made the experience mirror that of an actual job search. Open communication was one of the strongest and most apparent skills that I learned during my internship. When I first started interning, I was intimidated and nervous to ask too many questions because I didn’t want to admit that I didn’t understand or that I needed extra help with something. Luckily I got over that fear quickly because asking questions is the only way to learn what you are really supposed to be doing. I

found that my boss and fellow staff members appreciated it more if I asked too many questions to make sure I really understood what it was doing and that I did it correctly. If I had not worked with such cooperative and helpful people, I probably would have been too intimidated to ask questions in my next job. Now that I know it is not bad to ask questions, I won’t have to struggle with it in my future job. Without open communication between everyone in an office, I don’t see how any work can be done.

PART C

LEARNING AND TAKEAWAYS Learned about the regulations related to Corporate traveling policies of the company. Gained an insight into the work environment and understanding the culture of the company. Developed a skill set of gathering questions and asking appropriate personnel for assistance Learned how to ask for assistance .When in doubt, the first and the most important thing to do is ask rather than being a fool and doing the wrong thing. As my work was purely observatory I had a chance to interact with lot of people from various departments, it not only improved my communication skills but also helped to understand the work process. Besides, working in a corporate has not only improved my understanding of management concepts but also has boosted my self confidence about working in a corporate in near future.

Application of concept tools and techniques learnt at PIMSR PIMSR taught me some new techniques and tools which helped me in framing and understanding organization and its market as whole such as: PESTEL analysis, SWOT analysis, porter’s five forces analysis, porter’s generic strategies, mckenzie 7 s framework, value chain analysis, BCG, Ansoff’s matrix.

PESTLE analysis is a strategic planning method to reduce business threats. By examining the Political, Economical, Social, Technological, Legal, and Environmental factors, firms will gain valuable advantages. These advantages help with the idea phase, product development, product launching, content marketing strategies, and other factors, to increase success. The advantages of PESTLE analysis involve being cost effective, providing a deeper understanding of business, alertness to threats, and a method to exploit opportunities. A SWOT (strengths, weaknesses, opportunities and threats) analysis can help you identify and understand key issues affecting your business, but it does not necessarily offer solutions. You should be aware of the limitations as well as the benefits of a SWOT analysis before you decide to conduct one. Knowing what you can reasonably expect to achieve will make the SWOT analysis more useful for your business, and will save you time. Ultimately, you must be prepared to spend the time to review your SWOT analysis and use it to determine the best way forward in your business. The main advantages of conducting a SWOT analysis is that it has little or no cost anyone who understands your business can perform a SWOT analysis. You can also use a SWOT analysis when you don't have much time to address a complex situation. This means that you can take steps towards improving your business without the expense of an external consultant or business adviser. Generic model, Porter's generic strategies describe how a company pursues competitive advantage across its chosen market scope. Porter’s Five Force model, Porter refers to these forces as the

Micro environment, to contrast it with the more general term macro environment. Value chain analysis, Products pass through a chain of activities in order, and at each activity the product gains some value. The chain of activities gives the products more added value than the sum of added values of all activities. All the tools techniques and skills acquired from PIMSR have really been helpful throughout the internship because all those concepts have played a big role in adding value to the company as well as it has helped me in understanding various aspects with different perspective.

New knowledge, tools, technique or skills Working at the Commercial department and in the professional environment for the first time has been difficult initially, but at the time of completion I realized it is the best way to see or get experience of working in the corporate, and get the one of the best experience. One of the most valuable skills I learned working in the Finance department is the communication skill. I gained a confidence of interacting with my co employees or even with the managers. I also got the opportunity of interacting directly with the boss on certain topic or a company. After the completion of my 2 months duration of internship I got better way or better approach of how to behave or build up a interaction in the corporate world, it also helped me for gearing up for my interview and get a confidence for working in the other organizations. As working in Commercial Department I got an opportunity of learning the new tool in the form of the SAP software. As all the work done is through SAP such as invoice booking, logistic cost booking, warehouse rent annexure, staff reimbursement etc. Augmentation of soft skills Being part of the internship I could not only build good professional relationship with the staffs and management but also could build good personal relations with the staffs as well as

other people who are the partners of the company in which I have worked in. Also the mentor and managing director had been very supporting throughout the internship guiding me throughout the 60 days duration. They not only helped through professional front but also helped me to understand the expectations of market place from a fresher. This has not only helped me in building up my communication skill but also has helped me in learning the art of time management, also it taught me how observant one must be in order to recognize or identify the opportunities surrounding us. Being a management it’s not only important to have technical knowledge about the subject matter also must develop leadership skill as well as must be good working in a team. Maintaining relationships Maintaining relationship with team member gives benefits to the work routine. The professional relationship with seniors will help to developed personality and they indirectly teach fresher how to behave in organization and maintain professionalism. Improvement in formal communication It also helped a lot for developing mailing skills according to the requirement of the organization. Drafting a suitable mail according to the different situation, replying to the clients, replying to other co employees . Increase in self-confidence It also helped to develop a self motivation by encouraging its employees to set a target for them self and achieve it full determination and with focus. It also motivates with the employees by providing rewards. Employees and even interns are encouraged to take up a challenging task and try to achieve it within the time, such factors develops motivation among the employees and interns.

Direction for future learning Gaining the work experience for the first time in the duration of this 2 months internship, has helped me a lot to gain confidence and the communication skills which I would like to take forward in near future for working in the new organization. Working at Future Group has given me a gist of how the Finance department in a FMCG sector works. Regarding my future career path I would like to pursue my career in banking sector.

References