Business Plan To Open A Retail Store Outlet Marketing Essay

Business Plan To Open A move Store Outlet Marketing EssayBihar is a separate in eastern India. It is the 12th astronomicst reconcile in terms of geographical size at 38,202 sqmi (99,200km) and 3rd largest by population. But about to 85 portion of the population lives in villages. Almost 58 percent of Bihar is argon downstairs the age of 25, which is the mellowest proportion in India.Bihar lies mid- focusing between the wet West Bengal in the east and the sub humid Uttar Pradesh in the double-u which issues it with a transitional position in respect of climate, sparing and culture. It is bound by the country of Nepal to the north and by Jharkhand to the southern. The Bihar plain is split up into twain parts by the river Gangs which flows by dint of the halfway from west to east. Bihar has notified forest knowledge base of 6,764.14km which is 7.1 percent of its geographical bea. Hindi and Urdu are the official actors lines of the declare, whilst the volume of the people speak one of the BiharI languages Angika, Bhojpuri, Magadhi or Maithili.Ancient Bihar (which consisted of Anga (East Bihar), Videha (North Bihar), Magadha (South Bihar) and Vaishali (North Bihar)) was a eye of power, learning and culture in ancient and classical India. From Magadha arose Indias first greatest empire, the Maurya Empire as well as one of the worlds most wide adhered-to religions, Buddhism. Magadha empires, notably infra the Maurya and Gupta dynasties, unified large parts of South Asia under a central rule. Its capital Patna, earlier known as Pataliputra, was an heavy c project of Indian civilization. Nalanda was a centre of learning established by the 5th century CE in Bihar.Today, Bihar lags behind the other Indian states in human and stinting explicatement terms, Economists and social scientists claim that this is a direct result of the skewed policies of the central regimen, such as the lading equalisation policy, its apathy towards Bihar, lack of Bihari sub- field of studyism (resulting in no spokesperson for the state), and the lasting Settlement of 1793 by the British East India Company. The current state goernment has however made signifi nookyt strides in improving.Geography of BiharBihar is mainly a vast stretch of truly fertile flat land. It is drained by the Ganges River, including northern tri howeveraries Gandak and Koshi originating in the Nepal Himalayas and the Bagmati originating in the Kathmandu Valley that regularly flood parts of the Bihar plains. The total area covered by the state of Bihar is 94,163km. the state is located between 21-58-10 N 27-31-15 N latitude and between 82-19-50 E 88-17-40 E longitude. Its average elevation above sea level is 173feet (53m). The Bihar plain is divided into two unequal halves by the river Ganga which flows through the middle from west to east. other Ganges tributaries are the Son, Budhi Gandak, Chandan, Orhani and Falgu. The Himalayas begin at foothills a short o utdistance inside Nepal but influence Bihars landforms, climate, hydrology and culture. Central parts of Bihar have most small hills, for example the Rajgir hills. The Himalayan Mountains are to the north of Bihar, in Nepal. To the south is the Chota Nagpur plateau, which was part of Bihar until 2000 but now is part of a separate state called Jharkhand. Bihar has notified forest area of 6,764.14km, which is 7.1 percent of its geographical area.Facts of BiharArea 38,202 sq kmPopulation 20645880.State code 020Indep break offence 15th August 1947 country day 26th Jan 1950INDIAN ECONOMY OVERVIEWIndias diverse economy encompasses traditional village farming, ultramodern agriculture, handicrafts, a wide range of modern industries, and a multitude of function. Services are the major source of stinting growth, accounting for half of Indias output with less than one stern of its labor force. About three-fifths of the work-force is in agriculture, leading the UPA government to articulate an economic reform program that includes developing basic infrastructure to improve the lives of the agrarian poor and boost economic performance. Government controls on foreign switch and investment have been reduced in some areas, but game tariffs (averaging 20% on non-agricultural items in 2009) and limits on foreign direct investment are take over in place. The government in 2009 liberalized investment in the civil aviation, telecom, and construction sectors. Privatization of government-owned industries essentially came to a halt in 2009, and widens to circulate way political debate continued social, political, and economic rigidities hold back involve initiatives. The economy has posted an average growth rate of more than than 7% in the decade since 1994, reducing poverty by about 10 percentage points. India achieved 7.6% gross domestic product growth in 2009, significantly expanding manufacturing. India is capitalizing on its large numbers of well-educated people sk illed in the English language to become a major exporter of software services and software workers. contempt strong growth, the World Bank and others worry about the combined state and federal budget deficit, running at approximately 9% of GDP government borrowing has kept please evaluate high. Economic deregulating would help attract additional foreign capital and lower interest rates. The huge and growing population is the fundamental social, economic, and environmental problem.INTRODUCTION TO sell OF BIHARBihar sell is the largest Retail Market in India in terms of population and social economic outline and Bihar s progressively rising uprightness of life, a thriving wealth and customer marketplace creates it one of the newest targets for Retail section. Many big sellers first launched shops in the Indian capital. . The increasing insists for existent estate by the sell brands, Retail Industry is position to develop by jump and bounce by 2010.North Bihar, South Bihar an d Patna submarkets restricted maximum amount of forthcoming hand over. About 19.7 million distances are below special stages of completion. Patna and Patna submarket contains the maximum bring of beneath building stock, which allow for give about 5.6 million sq. ft. Organized Retail quadruplet by the end of next year. Approximately 1.1 million sq. ft. of organized sell space has been rented this section, which is 33% higher to history section combination. Patna and Patna spectator Demand for prearranged sell space has greater than before mostly due to expansion of regional and national level retailing giants.Bihar Retail has one of the best in retail activity in the country. Taking the benefit of lack of Retail Space in Bihar, Most surreptitious builders are coming up with uninfected Retail Projects in the area of south and North Bihar. In the middle of the Bihar submarkets, North and West Bihar have both proof about 10% raise, as other Bihar submarkets are fairly steady.IN TRODUCTION TO MY RETAIL blood ( doodad STORE) IN BIHARI am going to open a thingumabob origin in soil CENTRE near HERO HONDA fork out room in PATNA (BIHAR). The name of my stemma is SHAMAYA- brisk. My butt in leave sell fresh fruits and vegetables, staples, groceries, fresh juice bars and dairy products, FMCG, home, customer durable, regimen, with pabulum accounting for the bulk of business.CONVENIENCE STORE Convenience investment trust provides a limited variety of assortments of trade at a convenient arrangement in 2000-3000square/foot stores with speedy checkout. They are the modern version of the resemblance mom and pop grocery general store.Convienence stores enable customers to make corrupt quickly without having to search through a large store and take care in long checkout line .over half the items brought are languish in spite of appearance 30 minutes of purchase. Due to their small size and high gross sales convenient stores typically received deli very every day. They convolution limited assortments and variety. Milk, eggs and bread once represented the majority of the sales, but now almost all convenience stores sell gasoline, which accounts for over 66% of annual sales. The second highest selling item is cigarettes, accounting for 14% of the sale.Convienence store operators withal are tailoring their merchandise assortments to cater to the need of the topical anaesthetic market.RETAIL ENVIRONMENT OF BIHARBIHAR has been the attractive market in India for the consecutive year, although its attract is starting to decline, according to a survey by vigilance consulting society AT Kearney. A combination of increased consumption and an under-developed organized retail environment has made BIHAR an attractive destination for global retailer. However, BIHARs attractiveness has dropped from speed of light to 92, on a scale of 100, this year. This is because new players have entered the market and the windowpane of opportunity exit get smaller over time. There is still significant opportunity, but the new players will have to deal with more competition, shrinking margins and more expensive real market.ECONOMIC ENVIRONMENT OF BIHARBihar is Indias comfortable state with a per capita income of Rs. 11,650. The state has best infrastructural facilities available in the country. study industries are manufacture of Sports Goods, Radio TV Parts, Plastic PVC Goods, Textiles, Chemicals, Fertilizers, quiet Drinks, Hand Machine tools, Leather Goods, Galvanizing Electroplating, and Printing etc.PricewaterhouseCoopers estimates call forth that the Bihar retail sector is worth USD350 billion and is growing at over 20 percent per annum. Bihar, as compared to other states, has been relatively insulated from the global economic slowdown. This is apparent when looking at Bihars consumer confidence levels, its GDP projections for the new financial year, investor confidence in response to recent election results, etc. t rance the retail sector will benefit from positive macroeconomic and microeconomic factors, it should be noted that retailers are not resting on their laurels. Four strategies that retailers are using in this environment to increase growth and generate efficiencies areImproving operational effectiveness Retail Consumer companies are focuse on optimizing operations, streamlining the movement of goods and increasing efficiencies.Supply Chain-Efficient sourcing practices, managing inventory turns and overall supply bowed stringed instrument management is important measures to improve profitability. The ability to measure and manage supply chain risks is essential to the success of retail operations.Renegotiating renting rates-Retail rental rates have declined in most major urban cities by 20 to 40 per cent. As a result, several India-based retailers have embarked upon discussions to renegotiate rental agreements.Focusing on rustic India-Increasing rates of industrialization, coupled with the Governments decision to part with farm loan repayments, make rural India increasingly attractive. Companies looking to enter rural India are customizing marketing messages, packaging sizes and price points to suit rural consumers. While there are challenges associated with serving rural India (such as scant(p) distribution networks, misconceptions about rural Indian consumers, etc.), companies remain bullish on growth potential.Launching undercover labels-Indian Retail Consumer companies are increasingly set up private labels in a range of categories to appeal to value-conscious consumers. While private label products may have a no frills approach in their packaging and marketing, they aim to satisfy Indian consumers value preferences. Indias retailers view private labels as a robust value proposition and are also witnessing double-digit growth rates in the sales of these products. Rationalizing prices offering sales/promotions-Indian habiliments retailers, for examp le, have been reducing prices on their merchandise in put together to mate consumers expectations for interrupt-priced products and to encourage volume-based sales. Other retailers are extending sales and other attractive promotional offers to move stock, increase footfalls and drive revenue. Sales, a main characteristic in retail in western markets, are increasingly being used in India since value-conscious consumers are demanding sales and prefer to wait for promotions before buy apparel, footwear, etc. CUSTOMER SERVICES PROVIDED BY MY CONVENIENCE STORE (SHAMAYA-FRESH)acceptability of credit cards.Child care facility.Credit.Delivery to home.Dressing room.Extended store hours.Facilities for shoppers with special needs (physically handicapped).Parking.Special order. to each one and every customer is very important to us. So according to their need and requirement me provide them better services, so that we can make good brand image of our store (SHAMAYA-fresh).BUSINESS PLAN TO O PEN A RETAIL STORE acquittanceINTRODUCTION My store is opened in 3000 sq/ft. located at very convenient place. According to the taste and preference of my consumers we are providing them fresh products. For the store we need different materials such as furniture, computers, printers, swapping machine, internet etc. explosive charge To build a just and sustainable, topical anestheticly oriented food ashes for my consumers in Bihar by providing them fresh products.VISSION To become a branded retail store in the world.OBJECTIVES-Raising, preparing and eating a great variety of fresh, topical anesthetic and healthful food is one of the regions common values.-No one needs to go beyond the region for a healthful diet.-Food consumption is possible within walking distance of its production.-From an early age we learn experientially where and how our food is raised.-Regional food production ranges from a few large farms to many small farms to numerous public and private gardens to potted vegetables jut outts in downtown city apartments.-Food bear upon centers focus on local production and distribution in order to supply institutions, restaurant and grocery stores.-Our connections to food beyond the region, while minimal, provide security in the event of food emergency, as well as opportunity to trade for foods impractical to produce regionally.MARKETING PLANA marketing plan is very important while opening a retail store. By seeing the following needs we had made our plan they are-The target market- the segment towards which the retailer plans to focus its resourcesand retail mix.-The coiffure which we will use to satisfy the target markets needs (nature ofMerchandise and services offered, pricing policy, advertising and promotion program,Approach to store design and ocular merchandise, typical location).-The bases on which we will build a sustainable warlike advantage. The competitionWhich is not easily copied and thus can be hold over a long period of time. ADVERTISEMENTThrough advertising we will be able to attract more and more consumers towards us. We can adopt sales promotion for our retail store. We will target at our ultimate consumer. Will make use of a variety of formats premiums, coupons, contests, etc, will attract attention, will offer strong purchase incentives, and will take up offers, will boost sagging sales, will stimulate quick response, Short-lived. non effective at building long-term brand preferences.PRODUCT solicitude PLAN OF MY RETAIL STORE OUTLETAs our younger times is very diet conscious so taking in shape to this point we have thought to open a convenient retail store in DISTRICT CENTRE. It is youth meeting place with stacks of crowd. The products which will be available at my store areFRESH MILKFRESH JUICESTAPLESGROCERIESDAILY PRODUCTSHOME PRODUCTSFMCG PRODUCTSFRESH FRUITS VEGETABLESCONSUMER lasting PRODUCTSAccording to the demand of our products we will increase our product line in market.OPERATIONAL PLAN OF MY RETAIL STORE OUTLETLOCATION OF MY CONVENIENCE STORE (SHAMAYA-FRESH)Three most important things in retailing are LOCAION, LOCATION, and LOCATION only. The location which I have chosen for my store is DISTRICT CENTRE where we see huge crowd every day. We will be able to attract more and customers. We are providing fresh products to our consumers to their suitable location. Each and every thing is easily available in that locality.LAYOUT Best rule of encouraging customer exploration is to present them with a layout that facilities a particular(prenominal) traffic pattern. Another method of helping customer move through the store is to provide interesting design elements.KEY SUPPLIERS we have contacts the local vendors of that area to that we can easily provide the products to our consumers. Vendors approach is the best way of supply chain efficiency in which the vendors is responsible for maintaining the retailers inventory levels in each of the store. My consumers will g et fresh products on their demand at any time on demand.STORE MANAGEMENT store management is very important in every store. The responsibility of store managers are managing employees, controlling costs, managing presentation, and providing customer service.Managing store employees-Recruiting and selection.-Socializing and training.-MotivatingControlling costs-Increasing labour productivity.-Reducing nutrition and energy costs.-Reducing inventory lossesMERCHANDISING MANAGEMENTAccording to merchandising management we will forecast our sales and develop assortment plans indicated in very general terms. We generally use staple merchandise items are continuously sold over a year. If there is greater the variation in demand, the more backup stock is needed.FINANCIAL PLAN communicate BALANCE SHEETLiabilities beginning(a) year2nd yearAssets inaugural year2nd yearCapitalFixed assetsOwners capital1,75,0001,75,000 piece of furniture20,00020,000LiabilitiesComputer25,01020,000Bank loan3,75,00 03,50,000Website development25,00028,000Net profit192990587968 electric current assets Creditors323287Inventory12,00055,000Prepaid courier exp47,0001,00,000Prepaid Rent53,00060,000Cash in hand bank5,30,00011,53,256Deferred expenses30,980Total liabilities7,42,99014,36,256Total assets7,42,99014,36,256Total liability for inaugural year 7, 42,990Total liability for 2nd year 14, 36,256Total assets for 1st year 7, 42,990Total assets for 2nd year 14, 36,256Financial plan is an integrated part of a retail market strategy. We have planned how we will invest our money in opening of our retail store. We have taken loan from HDFC bank at 8% interest. Sales growth will be aggressive the first 18 months as we sharpen our merchandise assortment, size scales, and stock levels to better meet our customers requirements. We anticipate a sales increase of 45% during our second year of operation. Marketing will continue to average 9% of total sales. We will invest residual pelf into reducing debt a nd the lost income from large cash holdings. Our store expansion, while not a necessity, will be an option if sales projections are met and/or exceeded.