Electrical Appliances Good Retail Marketing Essay

Electrical Appliances Good sell Marketing EssayGoa is Indias smallest realm by bea and the fourth smallest by population. Located on the west coast of India in the region discernn as the Konkan, it is bounded by the state of Maharashtra to the north and by Karnataka to the east and south, while the Arabian ocean forms its western coast.WHY TO ESTABLISH A RETAIL STORE IN GOAGoas gross state domestic product for 2007 is estimated at $3 billion in current prices. Goa is one of Indias richest states with the highest GDP per capita and two and a half times that of the country as a whole, and one of its fastest growth rates 8.23% (twelvemonthly modal(a) 1990-2000)Tourism is Goas primary industry it handles 1 of all foreign tourist arrivals in India. Goa has two main tourist seasons spend and summer. In the winter time, tourists from abroad (mainly Europe) come to Goa to enjoy the splendid climate. In the summer time (which, in Goa, is the rainy season), tourists from across India co me to spend the holidays. Tourism is generally foc drop on the coastal atomic number 18as of Goa, with decreased tourist activity in play. In 2004, there were more than 2 million tourists reported to live vi come outd Goa, 400,000 of which were from abroad.ELECTRICAL APPLIANCES GOOD, RETAIL LIVE strongMy term paper is to open up the retail hive away of the galvanic appliances. The name of my set up is LIVE WELL.This stemma to be contain the number of transition and assortment of the galvanizing 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 and White tubes etc . patronage line MissionVisionLIVE WELL mission educational activity is to focus on bringing high quality electrical goods and services to the mart at the lowest possible prices e genuinely day. The mission statement is headspring understood throughout the organization. LIVE WELL offers their guests with low prices on selected private and a limited selection of nationally branded products in a ample range of production categories. Rapid memorandum turnover, high sales volume per w beho persona, leveraging an efficient operating structure, reduced handling of merchandise, and making themselves the low personify operator in retail is all key elements that devote the retail store so successful. LIVE WELL defines its line of descent in terms of benefiting their customers. In addition to offering low prices on top-quality goods and a variety of convenient servicesType 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 businessElectrical Goods Store Product services.TUBESBasically the take up quality tubes be Philips , Crompton , Surya . All these incompatible brands be kept in my store . Basically 40 walt tubes atomic number 18 demanded by the cus tomers and very little measuring rod of 20 walt tubes are demanded by the customers . So these particular brands are kept in my store .FANSFans are required in the summer season. at that place are distinguishable 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 regarding these brands.BULBSToday people dont like yellow(a) light bulbs . At present people like white light bulbs . The best quality brand for white light bulb is Crompton . Crompton provides 2 year guarantee. The light of Crompton bulbs is very good . At night people like colored zero walt bulbs .SWITCHESThe best quality in switches is anchor and Havell. There are various varieties in switches. Like two pin plugs, ternion pin plugs , bed switches , multi-plugs , extension .FANCY LIGHTSToday people like to have tenderness lights in there ho implements . They use different fancy lights for decorating their houses. Differen t types of lighting stands are there.WIRESWires OF Havel are kept in the store.HEATERSHeaters are required in the winter season . Usha and Apsara are two major brands.MARKETING PLAN-MULTI CHANNEL DECISIONSLIVE WELL retail ELECTRICAL retail to use the multi-channel these channel were apply for selling the electrical good. By utilise a combination of channels to be provided unique benefits to my electrical retail store by attract and take on more customers. My electrical retail uses all three channels to interact with its customers. These are followingSTORE CHANNELIt is provide the browsing to the customers before purchasing of products It is also provided touching and feeling products opportunity to the customer store channel to recrudescen advantage for the customer to get the product immediately after they misdirect it.CATALOGOur 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 lot be displayed on a CRT screen.INTERNET CHANNELOur 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 dodging to be followed and preparation of Strategic Retail planningRetail market strategy is a statement identifyingThe retailers target marketThe format the retailer plans to use to satisfy the target markets needThe 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 d eveloping clear and price positioning strategies and creating an emotional attachment with customers through loyalty programs. We also will be using the retail meld to create an jut of the retailer in the customers mind relative to its competitors. Stores will be offering fine quality electrical goods at competitive prices Retail market strategy to be followed and preparation of Strategic Retail planning.RETAIL FORMATIn which I have accommodated the different strategies which lead our business and used different competitive promotional planned which nark our retail store attractive and effective. And these should be done according to these points character of merchandise and services offered Pricing policy Advertising and promotion programs Store design and visual merchandising Customer services.LOCATION arrangement of retail store is authorised aspect as customer point of view because location is the critical factor in consumer selection of store and whenever we opened a retai l 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 field of study, metropolitan statistical orbital cavity)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 areaEconomy of scaleWe are establishing our ELECTRICAL BUSINESS LIVE WELL in the state GOA,near Dabolim airport.while establishing a business in GOA some certain requirements should be taken into consideration -TRFFICThis refer to both regular and pedestrian traffic as GOA being a main Centre of tourist industry so there will be a high traffic in GOA.The traffic that passes the site is an important determinant of the potential sales that can be generated from that store. However it is essential that the traffic is suitable to the kind of prod ucts to be retailed in the store.ACCESIBILITY TO MARKET approachability of market in terms of availability of public transport in GOA is essential while determining the site of retail store .Public transport refers to government agency of recharging the market the frequency of bus/train services and connectivity to different parts of the city.THE NUMBER OF STORE AND TYPE OF STORE IN THAT AREAIf there are large number of stores in market then there more and more customers will come .The type of store exist in the area is also important .The type of competition also be taken into consideration while deciding the siteAMENITIES AVAILABLEDepending upon the type of market to be retailed facilities like free and amplex pose become important. This is a factor that has gained importance.OPERATIONAL PLAN.The operational plan is an essential component of our retail established in GOA store and it tells the reviewer how you are going to get your product out to market. That is how you are goin g to get your product out of production stage to the limen of the target Who is doing what? What are the day to day activities? How will the suppliers and vendors be used? Who are the suppliers? What are the labor requirements? What are the sources of raw materials?Basically, you want to explain that how you are going to deliver your product. What are you and/or your employees going to be doing on a daily stern from the time you open up to time you close. This is what your reader wants to know.Some issues often addressed in an operational plan include Production or manufacturing Facilities Inventory Distribution Maintenance and service Order fulfilment and customer serviceProduction or ManufacturingEvery manufacturing business has a production process, and in my retail store of LIVE WELL ELECTRICALS there is a certain production or manufacturing department who manufactures the product. The way it goes about fabricating a raw or component material and creating an item with greate r usefulness or desirability. However, even if our business is a service or retail operation, you have to use a method of producing something of value for your customers. Integral to the overall understanding of a production oriented business is an appreciation of how the company will manufacture its products. One straight forward way of conveying such information is to screen this activity in terms of resources, processes, and output. messageIn my retail store established near Dabolim airport(GOA) capacity must be taken into consideration i.e Capacity is the measure of how some(prenominal) work your facilities, labor force, and equipment can handle. Does your production process have the capacity to keep orders up? Do you have too much capacity? Not enough capacityProductivityPRODUCTIVITY is very necessary in every retail store .In my store too productiveness of electrical material is very important .Productivity measures how long and how many people it requires to produce your pr oduct or service. If you can produce more goods in less time, you can improve the bottom line from every dollar spent on equipment and operating costs such as salaries and rent.LabourIn a city like GOA we should judge what kinds of and how many employees do you require to produce your product or service in the Electrical Retail store How are you going to use them? Are you going to be using seasonal workersQuality AssuranceThere should be a constant check in my retail store LIVE WELL of how are you going to keep consistent and maintain the same standards with each product or service. Such activities include regular inspections throughout the production process, occasional testing or sampling of goods.FacilitiesAs my Retail store is located in GOA In business, the location of our facilities can prove a critical factor for your success. If your business is going require a large outlay of capital assets at the onset, you will need to move in sure the facilities are adequate and are pos itioned properly.Whats the use of setting up a manufacturing facility in a rural setting with no expat mechanisms? You will need to decide how you are going to get your product to your consumer and position your facility that will be both cost effective and efficient.LocationMy Retail store LIVE WELL should be established in an area which include the location of company headquarters, retail store (s), branch offices, surplus plants, and others. Describe the size and how each will be allocated. Mention why you are located at your particular location and the benefits associated with it.Describe access to parking and transportation air, rail, and surface shipping access, and loading docks, squanderhouse, and other facilities.Lease/RentGOA being a small state so to have enough land for constructing is somewhat very difficult so we have too rather pay rent or to have a lease option . This is very important and make sure you understand all aspects of the lease. You dont want to be stuc k in a 5 year lease if your business fails after the low year (Ive seen this happen a few times).MaintenanceFor the construction of a Retail store in GOA we should also see the operational costs associated with the edifice? Include the cost of gas, water and electricity. What are the costs for janitorial, trash removal and other operational costsInventoryDifferent businesses will have different inventory requirements. Of course, a large retail operation will have much more inventory than an engineering consultant so remember to use those points that apply to your business.Most of the retail operations I deal with overlook the importance of inventory management. An effective inventory management process can make all the difference in the world when it comes to making a huge profit.Merchandise centeringFor the purpose of Merchandise management in my retail payoff located In GOA the order received from a Vendor is kept in container and the inventory is raised whereas sale of each SKU to customer decreases the level of inventory. whence 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 the entire time.In store, Inventory for re-order and the time to which an order with vendor is to be placed so as to run business efficiently.Inventory management reportIn my Electrical retail store established in GOA there is need to maintain this report so as to know the Level of gross revenue 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 MerchandiseMy Retail store located in GOA will have a mix of Private and study-label brand so as to give both the quality and compatibility to customers. National brands are kept in stores so as to create an cypher 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 conference programIn my Retail store established in GOA the objective for communication program is to provide room 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-of-their-mind is our store and the am ount 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 progress MixLIVE WELL STORE in GOA we will decide how to properly utilize the marketing communications mix to meet our marketing objectives, it is important to consider the relative stren gths 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 ReachesFor the advertisement of my Retail store LIVE WELL I will prefer large, geographically dispersed audiences, often with high frequency clinical depression cost per exposure, though overall costs are high Consumers perceive advertised goods as more legitimate Dramatizes company/brand Builds brand image may stimulate short-term sales Impersonal, one-way communication.Personal sellingIn my store established in (GOA) I will too give importance too personal buying as most effective tool for build 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 Promotion may be targeted at the trade or crowning(prenominal) consumer Makes use of a variety of formats premiums, coupons, contests, etc. Attracts attention, offers strong purchase incentives, dramatizes offers, boosts sagging sales Stimulates quick response Short-lived Not effective at building long-term brand preferencesPublic RelationIn my Retail store LIVE WELL in (GOA) it should be Highly credible Very approximateable 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 thinkthere are costs involved) Many forms call ba ck marketing, direct mail, online marketing, etc. Four distinctive characteristics Nonpublic, Immediate, Customized, Interactive Well-suited to highly-targeted Direct Marketing.Visual merchandisingIn my Retail store which planned to be located in GOA Visual merchandising is one of the final stages in trying to set out a store in a way that customers will define attractive and appealing and it should follow and reflect the principles that underpin the stores image. Visual merchandising is the way one displays goods for one displays goods for sale in the most attractive elan with the end purpose of making a sale. If it does not sell, it is not visual merchandisingFINANCIAL PLANWhile opening a retail store in Goa, finance plays an important role in the commencement of any store. Organization should manage its resources in a best possible manner to jibe that it has enough amount of money in Reserves. Goa is a great place to establish a retail store. Financial plan is at the end of yo ur business plan, but the financial plan section is the section that determines whether or not your business idea is viable, and is a key component in determining whether or not your business plan is going to be able to attract any investment in your business idea.Basically, the financial plan section of the business plan consists of three financial statementsThe income statement Shows that whether the retail store is making Profit or not Cash incoming to your business and cash out. Shows whether or not your company has enough cash to pay its billsThe cash flow projectionThe balance sheet and a brief explanation/analysis of these three statements.All the costs of getting your business up and running go into the startup expenses category. These expenses may includeBusiness registration feesBusiness licensing and permitsStarting inventoryRent depositsDown payments on propertyDown payments on equipmentUtility set up feesThis is just a sampling of startup expenses your own run will pro bably expand as soon as you start writing them down.Operating expenses are the costs of keeping your business running. Think of these as the things youre going to have to pay each month. Your list of operating expenses may includesalaries (yours and staff salaries)rent or mortgage paymentstelecommunicationsutilitiesraw materialsstorage disseminationpromotionloan paymentsoffice suppliesmaintenance costBALANCE SHEET OF MY RETAIL STORE LIVE WELLLIABILITES RSShare capitalEquity shares of Rs.10 trillionEachGeneral reserve 400000Profit loss a/c 200000Current liabilities 200000TOTAL 1800000ASSETS RSFixed assets 800000Investment 200000Current assets 8000001800000Customer Relationship ManagementCRM 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 mis take. 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.