Mahesh Phalke Project Marketing Management PDF

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Description

A Project Report On

A Study on Retail Business Management Submitted To RAJMATA JIJAU SHIKSHAN PRASARAK MANDAL’S ARTS, COMMERCE & SCIENCE COLLEGE

In Partial fulfillment of the degree in Bachelor of Business Administration

Submitted By

Phalke Mahesh Shankar PRN. No. 1012002813 Marketing Management

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Under Guidance Of Mrs. Sushama Agarwal Associate Professor

Batch 2021-2022

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GUIDE CERTIFICATE

It is hereby certified that the project report on “The preference of customer towards the retail stores”, being submitted by Mahesh Phalke student of the degree of Bachelor of Business Administration (3rd sem) of Rajmata Jijau Shikshan Prasarak Mandal’s Arts, Commerce & Science College which is affiliated to Savitribai Phule Pune University, Pune, is an original work carried out successfully under my guidance and supervision and that no part of this project has been submitted for any other degree/ diploma. The sincerely efforts put in during the course of investigation is hereby acknowledged.

Project guide

Mrs. Sushama Agarwal

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DECLARATION I hereby declare that the survey entitled, “The preference of customer towards the retail stores”, that no part of research work has been submitted for any other degree. We also undertake that our work is purely academic and no part has been copied or taken from anywhere.

MAHESH PHALKE BBA 3rd SEM ROLL NO-

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ACKNOWLEDGEMENT We take this opportunity to express our deep sense of gratitude to all my friends and seniors who helped and guide me to complete this project successfully. I am also thankful to the Residents of Bhosari, Pune, Who helped me to fill up our questionnaires by giving their precious time. I highly grateful and indebted to Mrs. Sushama Agarwal for her excellent and expert guidance in helping us in completion of project report.

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PREFACE In the present context not only the theoretical knowledge is important, but the practical exposure of that theoretical knowledge has an equal importance too. To tame or to become an expert in a particular discipline a person needs practical doses of that knowledge from time to time. So keeping this thing into view and to get a practical exposure, we conducted a survey in the city of Bhosari, Pune. By doing this survey we came to know about lot of problems which the students have to suffer while conducting the research works.

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INDEX Chapter no

1

Topic

Introduction

Page no

7-11

-----About the topic

2

Objective of the study.

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Research Methodology

12-15

3

Data interpretation and analysis

16-27

4

Findings.

28

Recommendation

29

Limitations of the study.

30

Conclusion

31

Bibliography.

32

Annexure.

33-35

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INTRODUCTION OF TOPIC

RETAILING INTRODUCTION:

Retailing consists of the sale of goods or merchandise from a very fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be individuals or businesses. In commerce, a "retailer" buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells smaller quantities to the end-user. Retail establishments are often called shops or stores. Retailers are at the end of the supply chain. Manufacturing marketers see the process of retailing as a necessary part of their overall distribution strategy. The term "retailer" is also applied where a service provider services the needs of a large number of individuals, such as a public utility, like power Shops may be on residential streets, shopping streets with few or no houses or in a shopping mall. Shopping streets may be for pedestrians only. Sometimes a shopping street has a partial or full roof to protect customers from precipitation. Online retailing, a type of electronic commerce used for business-to-consumer (B2C) transactions and mail order, are forms of non-shop retailing. Shopping generally refers to the act of buying products. Sometimes this is done to obtain necessities such as food and clothing; sometimes it is done as a recreational activity. Recreational shopping often involves window shopping (just looking, not buying) and browsing and does not always result in a purchase. Retail shop (also called Retail Store) is the smallest unit of retail spectrum. Usually owned by family - retail shops are run from residential or commercial streets or from shopping centers. Such a retailer buys goods or products in moderate quantity from local stockiest, manufacturers or importers, either directly or through a wholesaler, and then sells individual items in small quantities to consumers who are general public or end user customers. Retailers are at the end of the supply chain. Marketers see retailing as part of their overall distribution strategy.

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A retail shop buys in small quantity, but in regular intervals. Small exporters, new entrants, small manufacturers find this sector very lucrative as they lack the ability to supply in large quantity because of financial and logistical constraints. Though profit per sale may be less compared to larger order but that gets compensated by higher percentage of margin and lower risk. If you wish to supply to Indian retailers only - concentrate on Indian section. If you wish to export - there is huge opportunity for supplying Indian products to thousands of retail stores in North America, Europe, Middle East, Asia, Oceania and Africa. We have spent hundreds of man-hours in research - creating this database of thousands of retailers from all over the world. Fresh information on retailers, new opportunities, analysis, statistics, articles etc. is added regularly - making this portal extremely useful source of useful information.

Reason for Studying Retailing Retailing is an important field to study because of its impact on the economy, its functions in distributions, and its relationship with firms selling goods and services to retailers for their resale or use. A fourth factor for students of retailing is the broad range of carrier opportunities, as highlighted with a “Careers in Retailing”.

The impact of the global pandemic on the retail industry As nations across the globe grapple with the pandemic, the second COVID wave has left India shocked and devastated. While the country struggles to get back to a sense of normalcy, entire sectors have been impacted in unprecedented ways. The onset of the pandemic led to a surge in e-commerce and accelerated digital transformation, creating a paradigm shift in consumer behavior towards shopping online for both essential and non-essential categories. This shifting landscape made it imperative for businesses across all industries to re imagine, adapt and deliver a seamless customer experience both physically and digitally. And with that come both challenges and opportunities for key stakeholders in the retail sector. Changes in consumer behavior As per the 2020 McKinsey report ~96% of consumers have adopted new shopping behaviors while 60% are expected to shift to online shopping leading up to the festive season and continue

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doing so beyond the pandemic. The aftereffects of uncertainty have been an accelerant with the growth of ecommerce and doorstep fulfillment. Due to unprecedented scenarios and uncertainty with extended lockdowns, consumers have been forced to buy in bulk which gives rise to financial as well as stocking constraints. With online deliveries becoming the norm in stipulated time slots and on a quota system, consumers must plan-ahead to reduce as many touch-exchanges as possible. While many local governing bodies are only allowing deliveries of essentials even via e-commerce, consumers are facing issues with ordering and making choices based on available resources. In part, causing consumers to shift to retailers who guarantee availability and timely delivery of products and goods. With physical interactions severely curtailed both at work and socially, and with financial uncertainties impacting a large proportion of the population, categories that are driven by impulse and discretionary spending have been impacted, perhaps to an extent only temporarily. Impact on manufacturers and retailers As most Indians have started shopping online rather than stepping outside their homes, the Indian ecommerce sector has increased. With the demand for certain goods peaking, manufacturers have had to make a call to ramp up production for certain priority product categories, at the same time decreasing the production of other products in tandem. Manufacturers who were able to scale-up the production and distribution in an agile manner have been able to sustain themselves. Another area of concern for both manufacturers and retailers are whether they should employ new resources and extend the line of services or focus on improving current sales funnels. For categories that are driven by discretionary spending, brand-owners need a focused marketing approach along with production planning, including flexible manufacturing options and new and exciting launches and campaigns across all media. With people the backbone of the retail sector, efforts to ensure last mile delivery that minimizes the risk of multiple touch exchanges is seen as a priority. Empowering last mile delivery handlers with proper education and awareness about health and hygiene practices as an SOP for their own safety is of paramount importance.

How can retailers and manufacturers cope with the existing crisis? 10

Building more resilient supply chains The cost of retaining relevant, multiple supply locations must be seen more as the cost of derisking operations and business continuity, rather than redundancy or inefficiency. In a recent Gartner survey, only 21% of respondents stated that they have a highly resilient network today, meaning good visibility and the ability to shift sourcing, and manufacturing and distribution activities around fairly rapidly. Strategies should include multi-sourcing; near shoring; platform, product, and plant harmonization; manufacturing network diversification; inventory and capacity buffers and an emphasis on ecosystem partnerships. Building a resilient and sustainable supply chain comes at a cost but the cost of doing nothing is also significant. Short-term v/s long-term planning Due to an upsurge in demand for certain products, manufacturers have had to take the tough decision to hire new teams as they up skill the existing workforce as well as invest in newer technology and machinery. The same decisions should be taken when it comes to consumer mapping, current market trends and essential demand versus supply. The short-term goals should complement the long-term goals. Marketing strategies and planning requires flexibility and focus to ensure retention and the growth of a loyal consumer base particularly for categories impacted adversely by the pandemic. Scaling up with agile processes The fastest to the finish line will reach the podium and the rest will be mere names on the board. Manufacturers and retailers should have the agility to scale-up production, logistics and instore processes and prove their mettle in terms of getting things done. In the current environment an average buyer visits the store far less frequently and is sensitive to time spent in-store. They also prefer players who have ready availability and a guarantee to deliver products on a timely basis. Capturing this way of thinking is therefore critical to ensuring one’s place in the market today. This will entail faster planning, flexibility, trained manpower and technological prowess across the value chain. Re imagined distribution and fulfillment With zero-contact deliveries currently adopted by almost all logistic partners, ensuring safe and secure last-mile delivery is of the utmost importance. In a consumer buying cycle, the point of delivery is a key area that allows for feedback about the products and services. Delivery

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experiences are extremely crucial consumer touch points, which can make or break the retailer’s reputation. Leveraging tech

Shoppers have access to more information now, thanks to the internet being available 24 hours a day. Retailers can stay ahead of the game by empowering their customers with digital experiences that influence and supplement their decision-making process. Some of the key variables to look at include personalization, digital payments, and in-app enhancements for customers. Noteworthy examples include Amazon using drones to deliver products and being used to allow shoppers to see a map that shows them the aisle they are buying from. Data driven insights can help retailers mitigate risk and plan for the buying season. Dynamic in-store execution

Retailers with the most efficient in-store execution offering a dynamic shopping experience will survive and win. This will entail an energized, tech-enabled environment with trained in-store expert teams, either sourced internally or from execution partners. Combined with technology that will make operations and processes time and cost efficient, and shopper engagement fulfilling and profitable. In conclusion, a digital first today for an offline-first tomorrow: With the times that we are living in, the approach to have a clear digital focus will be of utmost importance. The retail marketing strategies will have to effortlessly blend physical touch points such as in-store visibilities and brand ambassadors with cutting edge digital technologies that will educate and engage shoppers and convert them into brand consumers.

The Relationships among Retailers and Their Suppliers 12

Relationships among retailers and suppliers can be complex. Because retailers are part of a distribution channel, manufacturers and wholesalers must be concerned about the caliber of displays, customer services, store hours, and retailers’ reliability as business partners. Retailers are also major customers of goods and services for resale, store fixtures, computers, management consulting, and insurance. Channel relation tend to be smoothest with exclusive distribution, whereby suppliers make agreements with one or a few retailers that designate the latter as the ones in specified geographic areas to carry certain brands or products. This stimulates both parties to work together to maintain an image, assign shelf space, allot profits and costs, and advertise. It also usually requires that retailers limit their brand selection in the specified products lines; they might have to decline to handle other suppliers’ brands. From the manufacturers’ perspective, exclusive distribution may limit their long- run total sales. Channel relations tend to be most volatile with intensive distribution, whereby suppliers sell through as many retailers as possible. This often maximize suppliers’ sales and lets retailers offer many brands and products versions. Competition among retailers selling the same items is high; and retailers may use tactics not beneficial to individual suppliers, as they are more concerned about their own results. Retailers may assign little shelf space to specific brands, set very high prices on them, and not advertise them. With selective distribution, suppliers sell through a moderate number of retailers. This combines aspects of exclusive and intensive distribution. Suppliers have higher sales than in exclusive distribution, and retailers carry some competing brands. It encourages suppliers to provide some marketing support and retailers to give adequate shelf space.

The importance of Developing and Applying a Retail Strategy A strategy is the overall plan guiding a retail firm. It influences the firm’s business activities and its response to market forces, such as competition and the economy. Any retailer, regardless of size or type, should utilize these six steps in strategic planning: 1. Define the type of business in terms of the goods or service category and the company’s specific orientation (such as full service or “no frills”). 2. Set long-run and short-run objectives for sales and profit, market share, image, and so on.

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3. Determine the customer market to target on the basis of its characteristics (such as gender and income level) and needs (such as product and brand preferences). 4. Device an overall, long-run plan that gives general direction to the firm and its employees. 5. Implement an integrated strategy that combines such factors as store location, product assortment, pricing, and advertising and displays to achieve objectives. 6. Regularly evaluate performance and correct weaknesses or problems when observed.

Visiting Retail Outlets: OBJECTIVES:

THE FOLLOWING OBJECTIVES HAVE BEEN FORMED SUCH AS:  To Study the awareness regarding Retail marketing among the customer.  To know the impact of organized marketing upon the unorganized marketing.  To study the problem faced by the retail marketing in the India.  To study the market potential for retail marketing in India.

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RESEARCH METHODOLOGY

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A. DEFINING THE RESEARCH PROBLEM AND RESEARCH OBJECTIVES The definition of the problem includes the study of “Preference of customer towards the Retail stores”. B. DEVELOPING THE RESEARCH PLAN. It has the following types: 1. DATA SOURCES Two types of data were taken into consideration i.e., primary data and secondary data. But major emphasis was given on gathering primary data. The secondary data was used only to supplement the primary and make things clear. a) Primary Data: The collection of data for this source includes personal interviews of people by the filling of questionnaire. b) Secondary Data: In this study the secondary data is collected from the following.

Sources:  Primary data  Questionnaire  Visits  Secondary data  Web. Site  Journals  Magazines.

2. SAMPLING PLAN 16

Population: The population interviewed in the research is General public (employees, children’s) in the Bhosari, Pune city. Sample Size: The sample size covered during the research is of 10.

Sample Element: The sample element of the research is public & other officials.

Sample Duration: The sample duration is between January 2022.

Sample Extent: The sampling procedure followed is convenience sampling. Research Instrument: In this study the research instrument is Questionnaire. The questionnaire is structured with combinations of various close ended questions. Close ended questions already have the possible answers.

Data Analysis and Interpretation

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Q-1. Do you know about retail stores?

Option

Total No

Percentage

Yes

10

100 %

No

00

00 %

Graphical Representation:

100%

Interpretation : In the above mentioned data and diagram which is clearly shown with the help of pie diagram, which is clearly state that 100 % of customers know about the retail stores.

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Q-2. Whether you regular visit to retail stores?

Option

Total No

Percentage

Yes

8

80

No

2

20

Graphical Representation:

Yes

Total No Percentage

Interpretation: In the above mentioned data and diagram, we ...