New Retail Store

Term Paper

Of Retail Management

On

ELECTRICALS GOODS (New Retail Shop “LIVE LIFE”)

Submitted To:Miss Savita Lecturer-(Retail Management)

Submitted By:ASHISH KUMAR Roll no :- A13 Section :-1803 Regd. :- 10808982

LOVELY SCHOOL BUSINESS

Lovely Professional University Phagwara (Pb.)

ACKNOWLEDGEMENT

I feel immense pleasure to give the credit of my term paper not only to one individual as this work is integrated effort of all those who concerned with it. I want to owe my thanks to all those individuals who guided me to move on the track. This report entitled ELECTRICALS GOODS Critically Review With evidences. I sincerely express my gratitude and lot of thanks to Miss Savita Lect.(Retail Management)for guiding me in completing my Term paper and making it a great success. I would like to express my deep sense of gratitude to staff of LOVELY SCHOOL OF BUSINESS who introduced me to the subject and under whose guidance I am able to complete my project.

PREFACE As MBA degree require equal attention practical as well as theoretical aspect of the business, various problems are to be dealt within these courses, that is why research programs are there to give deep as well as thorough knowledge of the subjects. I have attempted to live up these requisites while preparing this term paper. It is a part of professional courses. With the help of term paper we can able to understand the deep knowledge about the specific topics assign to us. During my project work I observed some the aspects of ELECTRICALS GOODS and gathered all the necessary information regarding it. My project entitled ELECTRICALS GOODS ,Critically Review With evidences. It is hoped that this report meets the given expectations and various requirements of the research.

ELECTRICAL APPLIANCES GOOD RETAIL “LIVE LIFE” My term paper is to open up the retail store of the electrical appliances. The name of my store is “LIVE WELL”. This store to be contain the number of variety and assortment of the electrical goods. My retail store “LIVE WELL” to be contain the CFL tubes , usha fans , bajaj fans , philips tubes , sylvania tubes , all types of circuits , crompton fans nd white tubes etc .

Business Mission “LIVE WELL” mission statement is to focus on bringing high quality electrical goods and services to the market at the lowest possible prices every day. The mission statement is well understood throughout the organization. LIVE WELL offers their customers with low prices on selected private and a limited selection of nationally branded products in a wide range of merchandise categories. Rapid inventory turnover, high sales volume per warehouse, leveraging an efficient operating structure, reduced handling of merchandise, and making themselves the low cost operator in retail are all key elements that make the retail store so successful. LIVE WELL defines its business in terms of benefiting their customers. In addition to offering low prices on top-quality goods and a variety of convenient services. (a) Type of retail format and ownership (Variety and assortment decisions regarding products or services to be offered); I am opening these electrical goods retail, on my own ,i.e Partnership.

Electrical Goods Store Menu TUBES Basically the best quality tubes are philips , crompton , surya . All these different brands are kept in my store . Basically 40 walt tubes are demanded by the customers nd very less quantity of 20 walt tubes are demanded by the customers . So these particular brands are kept in my store .

FANS Fans are required in the summer season . There are different brands of fans . But most popular brands are khaitan , bajaj , usha etc . The quality of these brands is very good . There is hardly any complaint ragarding these brands .

BULBS Today people don’t like yellow light bulbs . At present people like white light bulbs . The best quality brand for white light bulbs is crompton . crompton provides 2 year gauranty . The light of crompton bulbs is very goods . At night people like colored zero walt bulbs . .

SWITCHES The best quality in switches are anchor nd havell . There are various varieties in switches . Like two pin plugs , three pin plugs , bed switches , multi-plugs , extension etc .

FANCY LIGHTS Today people like to have fancy lights in there houses . They use different fancy lights for decorating their houses . Different types of lighting stands are there .

WIRES WIRES OF HAWELL BRAND ARE KEPT IN THE STORE .

HEATERS Heaters are required in the winter season . Usha nd apsara are two major brands .

MULTI CHANNEL DECISIONS LIVE 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 use all three channels to interact with its customers. These are following

1. STORE CHANNEL It is provide the browsing to the customers before purchasing of products It is also provided touching and feeling products opportunity to the customer Store channel to given advantage for the customer to get the product immediately after they buy it.

2. CATALOG Our electrical retail is also provided the Catalog channel; offer the convenience of looking at product and placing an order on any day at any time from almost anywhere We are also provided the photographs of electrical goods in catalogs, while not as useful as in store presentations, are superior to the visual information that can be displayed on a CRT screen.

3. INTERNET CHANNEL Our electrical retail provides the information to customer about which the electrical good are available in our retail store. These Internet channels also contain the all information about electrical good price. The benefit of Internet channel as compared with the other two channels is the vast number of consumers to purchase the product easily.

Retail market strategy to be followed and preparation of Strategic Retail planning; Retail market strategy is a statement identifying (1) the retailer’s target market (2) the format the retailer plans to use to satisfy the target market’s need and (3) the vases upon which the retailer plans to build a sustainable competitive advantage. Our electrical retail will be containing the strong brand electrical product for the customers. It will be developing clear and price positioning strategies and creating an emotional attachment with customers through loyalty programs. We also will be using the retail mix to create an image of the retailer in the customer’s mind relative to its competitors. Stores will be offering fine quality electrical goods at competitive prices

CUSTOMER BUYING BEHAVIOR

Consumer behavior is the study of how consumer makes make decision to use their respective resources such As timed ‘money and effort for buying, using and disposing goods and services. The behavior of humans as consumer is complex buying behavior will help them. to serve their customers effectively and efficiently and attract new customer’s . The most challenging concept in marketing deals with understanding why buyers do what they do (or don’t do). But such knowledge is critical for marketers since having a strong understanding of buyer behaviours will help shed light on what is important to the customer and also suggest the important influences on customer decision-making. Using this information, marketers can create marketing programs that they believe will be of interest to customers. Buyer behaviour is deeply rooted in psychology with dashes of sociology thrown in just to make things more interesting. Since every person in the world is different, it is impossible to have simple rules that explain how buying decisions are made. But those who have spent many years analyzing customer activity have presented us with useful “guidelines” in how someone decides whether or not to make a purchase. The perspective we take is to touch on just the basic concepts that appear to be commonly accepted as influencing customer behaviour. We will devote two sections of the Principles of Marketing Tutorials to customer behaviour. In this section we will examine the buying behaviour of consumers (i.e., when people buy for personal reasons) while in the Business Buying Behaviour tutorial we will examine factors that influence buyer’s decisions in the business market.

RETAIL FORMAT In which I have included the different strategies which lead our business and used different competitive promotional planned which make our retail store attractive and effective. And these should be done according to these points;  Nature of merchandise and services offered  Pricing policy  Advertising and promotion programs  Store design and visual merchandising  Customer services

LOCATION Location of retail store is important aspect as customer point of view because location is the critical factor in consumer selection of store and whenever we opened a retail store than we have assumed 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 have different cost)  No. of small shops in that area  Economy of scale

We are choosing a city or state to locate our retail store, research the area thoroughly before making a final decision. Read local papers and speak to other small businesses in the area. Obtain location demographics from the local library, chamber of commerce or the Census Bureau. Any of these sources should have information on the area' population, income and age. And make sure we find a location where our customers live, work and shop.

 Accessibility, Visibility and Traffic Don't confuse a lot of traffic for a lot of customers. Retailers want to be located where there are many shoppers but only if that shopper meets the definition of their target market. Small retail stores may benefit from the traffic of nearby larger stores. •

How many people walk or drive past the location.

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Is the area served by public transportation?

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Can customers and delivery trucks easily get in and out of the parking lot?

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Is there adequate parking?

Depending on the type of business, it would be wise to have somewhere between 5 to 8 parking spaces per 1,000 square feet of retail space. When we considering visibility, look at the location from the customer's view point. Can the store be seen from the main flow of traffic? Will your sign be easily seen? In many cases, the better visibility your retail store has, the less advertising needed. According to the survey A specialty retail store located six miles out of town in a free standing building will need more marketing than a shopping store located in a mall.

HUMAN RESOURCE MANAGEMENT Retailing is a labor-intensive business and Knowledgeable and skilled employees committed to the retailer's objectives are critical assets that support the success of the business. And it should be done by following steps:

 Retail market & financial  Retail site location  Customer relationship management (CRM)  Information & Distribution system

SUPPLY CHAIN MANAGEMENT In which I have included the pattern of flow of my product, services and information through supplier to customer.  Supplier  Factory  Warehouse  Retailer  Customer

INFORMATION SYSTEM:Information system is the important factor in current scenario in retail store because it just gave the information about the product which you sold in your retail store. The system builds efficiencies into ordering, distribution and merchandising processes and is designed to provide timely, accurate sales information on an item-by-item basis. And retail information system includes;  Touch-screen point-of-sale (POS) cash registers with scanners,  The integration of credit-card authorization  Item-level information to assist in making product-ordering decisions,  Hand-held Mobile Ordering Terminals to facilitate ordering,

Store personnel determine appropriate product assortment and slow-moving items

Merchandise Management System: The order received from a vendor are 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 minimum level of stock which should be there all the time in store, Inventory for Re-order and the time to which an order with vendor is to be placed so as to run business efficiently. Inventory management report: There is need to maintain this report so as to know the Level of Sales to do the forecast 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 recognize 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 Merchandise: The store 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 conscious and can compromise quality for cost moreover Private-label Brands have strong margins for retailer. Planning the retail communication program The objective for communication program is to provide direction to people implementing the program about the long term objective and what effect will it have in creating brand image and 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-oftheir-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, staffing stores and floor and shelf space devoted to merchandise categories and to determine all these things correctly 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 Promotion Mix When we deciding 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 always define our total budget first (generally defined in the Marketing and/or Business Plan) and then decide upon the best way to leverage the different elements of the mix to maximize the return on our investment. We will balance the various parts of the mix to not only create an integrated approach to our marketing communications but we must also devote enough resources for each component to be successful.

Advertising Reaches 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; may stimulate shortterm sales; Impersonal, one-way communication; Expensive Personal selling

Most effective tool for building buyers’ preferences, convictions, and actions; Personal interaction allows for feedback and adjustments; Relationship-oriented; Buyers are more attentive; Sales force represents a long-term commitment; Most expensive of the promotional tools Sale Promtion 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 preferences Public Relation

Highly credible; Very believable; Many forms: news stories, news features, events and sponsorships, 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 think--there are costs involved) Many forms: Telephone marketing, direct mail, online marketing, etc.; Four distinctive characteristics: Nonpublic, Immediate, Customized, Interactive; Well-suited to highlytargeted Direct Marketing

Visual merchandising 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 store’s image. Visual merchandising is the way 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 merchandising

Especially in today’s challenging economy, people may avoid designers/ visual merchandisers because they fear unmanageable costs. But in reality, visual merchandisers can help economise by avoiding costly mistakes. With guidance of a professional, retailer can eliminate errors, saving time and money. It is important to understand that the visual merchandiser is there, not to impose ideas, but to help clients articulate their own personal style Visual merchandising is the art of implementing effective design ideas to increase store traffic and sales volume. VM is an art and science of displaying merchandise to enable maximum sale. VM is a tool to achieve sales and targets, a tool to enhance merchandise on the floor, and a mechanism to communicate to a customer and influence his decision to buy. VM uses season based displays to introduce new arrivals to customers, and thus increase conversions through a planned and systematic approach by displaying stocks available.

Customer Relationship Management CRM stands for Customer Relationship Management. It is a process or methodology 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 thinking 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.

Recommendations  Inspection at high electrical potential : method of the « holiday detector  The metallic part of the sample to be examined shall be connected to the ground of the device.  The inspection shall be carried out on a pipe which is clean, and dry in the case of the method at high voltage.  The presence of conducting particles in or on the coating (water, salt, metallic particles,…) may modify its electrical characteristics and lead to false alarms or to a faulty localization of the flaw.  It must be avoided to inspect several times the same area, as consecutive passages of the holiday  detector may lead to the deterioration of the coating, even if the voltage is adequately adjusted.

Conclusion While companies like next and crome have been working to support socially responsible electricals, , as a whole, must become involved if it wants to save thiselectricals industry .America has begun to recognize that problems like short circuit, heatin of wire relate to those working on “A recent study by the Guatemalan Commission for the Verification of Corporate Codes of Conduct found half the workers on fences in that country earning less than $3 per day. Live life helps clients reach a new tier of high performance through an innovative balance of customer satisfaction, low costs and improved efficiency. Leading electricals companies display an obsession with customer satisfaction that must be balanced against keeping costs low, while always striving to improve efficiency. Life live has a vast amount of expertise in systems development that allows it to integrate these obsessions and enable to deliver customer-centric service and reach new heights of performance Our dynamic experience and research, aided by innovative technology, ensure a track record of improved business processes and competitive positions for our clients. Clients can expect a wealth of expertise .

Refrences: INTERNET www.thecontractoroffice.com/are-you-an-electrician-an-electrical-contractor www.crmelectrical.co www.pastplaces.com/Next-Appliances-Cashback-Shopping-973.aspx www.alertelectrical.com www.hcltech.com/.../planning-merchandising-demand-intelligence www.dimensionicad.com/india/retail-design-solutions.html www.indianretailer.com/indianretailer0707/visualstrategy www.flipkart.com/retail-management

BOOKS: LEVY.M,(RETAIL MANAGEMENT)

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