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The Indian Retail Industry is the largest among all the industries,
accounting for over 10 per cent of the country’s GDP and around 8 per cent
of the employment. The Retail Industry in India has come forth as one of
the most dynamic and fast paced industries with several players entering the
market.
This is to certify that the Project Report titled Marketing Strategies of a Retail
Chain Organization – The 3P’s (Physical Evidence, Process & People) of V-Mart,
1 Introduction 4
1. History 7
2. Mission 9
3 Visions 9
4. Values 9
4 V-Mart –Ajmer 11
5. Profile 11
6. Segmentation 11
5 V Mart Aspire 12
6 V Mart Plus 12
7 V Mart Corporate 12
8 V Mart Values 12
9 Our Culture 15
10 Offers 16
11 Management Style 17
12 The Strategy 17
14 Physical Evidence 20
15 Process 21
16 People 22
17 Objective 26
18 Research Methodology 27
7. Data Source 28
8. Research Instruments 29
9. Sampling Plan 30
20 Findings 37
21 Recommendations 38
22 Limitations 39
23 Conclusion 40
24 Bibliography 41
Introduction
The Indian Retail Industry is the largest among all the industries,
accounting for over 10 per cent of the country’s GDP and around 8 per cent
of the employment. The Retail Industry in India has come forth as one of
the most dynamic and fast paced industries with several players entering the
market.
Retail and real estate are the two booming sectors of India in the
present times. And if industry experts are to be believed, the prospects of
both the sectors are mutually dependent on each other. Retail, one of
India’s largest industries, has presently emerged as one of the most dynamic
and fast paced industries of our times with several players entering the
market. Accounting for over 10 per cent of the country’s GDP and around
eight per cent of the employment retailing in India is gradually inching its
way toward becoming the next boom industry.
History
V mart retail ltd. was established in the year 2002. The company made its
foray into retail sector in October 2003 by opening
its maiden showroom in Ahmedabad.
V-Mart Retail Pvt., Ltd. operates a chain of retail stores and sells
groceries, apparel, footwear, and menswear to middle and lower-middle
segments. “Less Price Fashion” is the main motto through which V Mart
believe in providing the latest trends to the upwardly mobile Indians at
the best possible price.
Turnover was up 50 percent last fiscal over a year ago capital expenditure
was trimmed by 40 percent and saving on advertisements and manpower
costs were utilised on researching regional tastes in the states where
VMart has a presence. It also shifted three unprofitable stores and
negotiated lease rents at stores where sales were sluggish. While Agarwal
is hesitant to share actual numbers, the cost of operations due to these
consolidated efforts has come down by 20 percent since the beginning of
this year. “V Mart was an early follower of the clustered approach, and it
is reaping the benefits now ”.
Mission
To Be A Leading Company In “Value For Money” Segment Of Retail. To
Cross A Turnover Of 1000 Crores.
Vision
Quality products at reasonable prices in an excellent ambience to every
strata of the Indian society. To provide ‘best’ value for money’ and latest
fashion to the Indian consumer. Our slogan is – “ SABSE SASTA, SABSE
ACHCHA”
Values
V-Mart –Ajmer
Profile
V mart –Ajmer was established in the year 2004 near Ajmer Museum,
Naya Bazar. It is one km from Ajmer Railway Station; this format is first
of its kind in Ajmer and it has a big and attractive building According to
V-Mart Retail Vice-President Abhishek Jetia company also starts his
outlets in Delhi, Punjab, Mumbai, Bhopal, Rajkot, Vadodara, Kohlapur
with Ajmer outlet . The aim of this outlet is primarily caters to the
burgeoning middle and lower mid-segment consumer group, which forms
an integral part of India’s growing purchasing power. It has been our
constant endeavor to reach out to masses and offer world-class shopping
experience at affordable prices.
Segmentation
V Mart’s products cater to the needs of all the segments of the society.
The product portfolio is given below.
• Kids’ section catering to baby and kids market with clothes, school
bags, meal boxes, bottles etc.
• Home Mart that provides the daily household needs like crockery
and other general items.
• Grocery under the section Kirana Bazaar at most of its outlets with
the aim of providing all daily household needs under one roof.
V Mart Aspire
This format caters to the young generation is to provide GEN X latest
trends in fashion. The target customers are the youth and hence the
designers study the market trend to purchase and stock the merchandise
accordingly.
V Mart Plus
V Mart, Ajmer caters to all the age groups and serves the basic needs of
customers and provides contemporary fashion as well. Since the store
serve customers of all age group and across the sections of the society
normally in an area where the target customers range from kids to senior
citizens.
V Mart Corporate
V Mart, Ajmer targeted at customers from the age group 22-25 years and
serves their contemporary fashion needs. The merchandise in this store is
specifically for office going individuals, both male and female and this
line has been internally termed by the store as Gold Line Fashion.
V Mart Values
This store cater to all age group formats focusing on basic needs keeping
in mind the economic status of the region where the store is situated. But
along with providing low cost products with good fashion, the quality of
the products is not compromised on and the store provides value for
money while manufacturing
Infant Furnishing - Bags, Beds Sheets, Bath Sets, Carry Cots, Gadda Sets, Sleeping Bags
Infant Accessories - Bottles, Booties, Carriers, Feeders, Gift Sets, Hair Brushes, Nipples, Oral care,
Tethers
Upper - Tops, Casual Shirts, Formal Shirts, Kurtas
Kid’s (Girls)
Upper - Tops, T-Shirts
Kid’s (Boys)
Upper - Shirt, T-Shirts
Bags & Luggage - College Bags, Executive Bags, File Bags, Laptop Bags, School Bags,
Strolly Bags, Travel Bags
School Stationery - Pens, Crayons, Pencil Boxes, Sketch Pens, Stationery Sets
Home mart
Crockery - Coffee Mugs, Cup & Saucers,Glass Sets, Dinner Sets, Soup Sets
Footwear Mart
Our culture
At V Mart you will work with some of the brightest people from different
spheres of industry. We believe it’s a place where you can live your
dreams and pursue a career that reflects your skills and passions.
OFFERS
V MART provides many offers to the customers this also a strategy to promote sale and
S S S
P P P
E E E
C C C
I I I
A A A
L L L
O O O
F F F
F F F
E E E
R R R
SPECIAL OFFER
S S
P P
E E
C C
I I
A A
L L
O O
F F
F F
E E
R R
S
P
E
C
I
A
L
O
F
F
E
R
Management Style
The organization structure for V Mart is flat in nature. For V Mart, the
divisions are apparel, non apparel and the new business division, which
includes garments, footwear and the shopping-shops. For Food Mart, a
separate teem has been created which again works independently.
About 1,800 people work for directly. Support and ancillary services
comprise another 400 people. A new trainee is put through a basic three
day training program before going on the shop floor. Evaluation is done
every six months.
The Strategy
Saving is a key to the Indian middle class consumer. The store, which
would be created, had to offer value to the consumer. Keeping this in
mind, the concept of V Mart was created.
In India, when a customer needs some thing for the home, a typical
thought is to seek it from the bazaar. A bazaar is a place where a complete
range of products is always available to the consumer. This is true across
India. As the store would offer a large mix of products at a discounted
price, the name V Mart was finalized. The idea was to re-create a
complete bazaar, with a large product offering (at times modified to suit
local needs) and to offer a good depth and width in terms of range. The
mind to market for the first store was just six months.
Price was the basic value proposition at V Mart. The V Mart, Ajmer
strategy was to sell variety of products at prices, which were 5 to 60
percent lower than the market price. The line “Sabse Sasta Sabse
Achcha” emphasized this
RETAIL MIX.
• The mix may vary greatly according to the type of the retailer is in,
and the type of product/services.
While many elements may make up a firm’s retail mix, the essential
elements may include:
• Store location,
• merchandise assortments
• Store ambience,
• customer service,
• price,
• Communication with customer
• Personal selling
• Store image
• Store design
• Sales incentives
• People
• Process
• Physical evidence
· Place
· Product
· Price
· Promotion
· People
· Process
· Physical Evidence
For study of our project report we have laid emphasis on the 3 important
P’s which are termed as Extended Marketing Mix :
• Physical Evidence
• Process
• People
Physical Evidence
Where is the service being delivered? Physical Evidence is the element of
the service mix which allows the consumer again to make judgments on
the organisation. If you walk into a restaurant your expectations are of a
clean, friendly environment. On an aircraft if you travel first class you
expect enough room to be able to lie down!
Physical evidence is an essential ingredient of the service mix; consumers
will make perceptions based on their sight of the service provision which
will have an impact on the organisations perceptual plan of the service.
Packing
Internet web pages
Paperwork (such as invoices, tickets and dispatch notes)
Brochures
Furnishing
Signage (such as those on aircraft and vehicles)
Uniforms
Business cards
The building itself (such as prestigious offices or scenic headquarter)
Mailboxes and many other.
Process
Refers to the systems used to assist the organisation in delivering the
service. Imagine you walk into Burger King and you order a Whopper
Meal and you get it delivered within 2 minutes. What was the process that
allowed you to obtain an efficient service delivery? Banks that send out
Credit Cards automatically when their customer’s old one has expired
again require an efficient process to identify expiry dates and renewal. An
efficient service that replaces old credit cards will foster consumer loyalty
and confidence in the company.
Going on a cruise - from the moment that you arrive at the dockside, you
are greeted; your baggage is taken to your room. You have two weeks of
services from restaurants and evening entertainment, to casinos and
shopping. Finally, you arrive at your destination, and your baggage is
delivered to you. This is a highly focused marketing process.
People
The final P of the marketing mix is people. Develop the habit of thinking
in terms of the people inside and outside of your business who are
responsible for every element of your sales and marketing strategy and
activities.
It's amazing how many entrepreneurs and businesspeople will work
extremely hard to think through every element of the marketing strategy
and the marketing mix, and then pay little attention to the fact that every
single decision and policy has to be carried out by a specific person, in a
specific way. Your ability to select, recruit, hire and retain the proper
people, with the skills and abilities to do the job you need to have done, is
more important than everything else put together.
In his best-selling book, Good to Great , Jim Collins discovered the most
important factor applied by the best companies was that they first of all
"got the right people on the bus, and the wrong people off the bus." Once
these companies had hired the right people, the second step was to "get
the right people in the right seats on the bus."
To be successful in business, you must develop the habit of thinking in
terms of exactly who is going to carry out each task and responsibility. In
many cases, it's not possible to move forward until you can attract and put
the right person into the right position. Many of the best business plans
ever developed sit on shelves today because the [people who created
them] could not find the key people who could execute those plans.
Training
Personal Selling
Customer Service
OBJECTIVE
Marketing help to define the business for the customer's interests, not
your own. It is the process of learning what customers want or need and
determining how to satisfy those wants or needs. It is also used to confirm
whether the customer reacted to a marketing program as expected. The
benefits of market research include:
Learning who your customers are and what they want.
Learning how to reach your customers and how frequently you
should try to communicate with them.
Learning which advertising appeals are most effective and which
ones get no response.
Learning the relative success of different marketing strategies, thus
improving return on investment.
Learning how not to repeat your mistakes.
V Mart has been the pioneer of retail revolution. Its first fight was against
local ‘Kirana’ stores. The task was to change the mindset of consumer to
bring about changes in their shopping patterns. It wanted people to do
bulk shopping for their monthly ration instead of going to the shop each
week.
For the betterment of this Project I also set some objectives in front
of me, this proved very helpful in this Project. I have performed work
according these objectives. The objectives, which we have selected, are as
below.
Research Methodology
A] Data sources
B] Research instruments
C] Sampling methods
A] Data Sources
1) Primary data:-
2) Secondary data:-
Same as above some data is collected from the media also.
i) Newspapers
ii) Magazines
v) Internet
B] Research Instruments
To collect the primary data for the Project Report, we have selected some
questions in concern with the organization i.e. V-Mart in Ajmer. We used
these questions as a research instruments for knowing the facts.
C] Sampling Plan
I) Sampling Unit:-
iii) Coverage:-
a) Once 7
b) Twice 23
c) Thrice 8
d) More than thrice 25
e) As per requirement 37
INTERPRETATION:
Out of 100 respondent, 37% people visit the store when they have some requirement and
25% are visited more than thrice, 23% visited two times in month and 7% & 8% people
visited one and three times in a month respectively. Most of them regularly visit V Mart,
Ajmer.
a) Outstanding 1
b) Excellent 21
c) Good 43
d) Average 32
e) Bad 3
INTERPRETATION:
Out of 100 respondent, 43% people has good shopping experience in V Mart, Ajmer,32%
has average and 21% people has excellent. But 1% has outstanding shopping experience
and 3% has bad shopping experience.
a) Outstanding 3
b) Excellent 28
c) Good 44
d) Average 22
e) Bad 3
INTERPRETATION:
Out of 100 respondents, over all 31% customer are satisfied by the availability of brand
and products in V Mart, Ajmer, 66% customer product availability is average rest said it
is bad. Some people think there is no good brands and products availability in V Mart,
Ajmer . Especially in apparels.
a) Outstanding 5
b) Excellent 27
c) Good 41
d) Average 21
e) Bad 6
INTERPRETATION:
Out of 100 respondents, Ambience & atmosphere inside the store is good feel by 41%
customers, 27% feel it is excellent and only 3% feel outstanding. But 27% customers are
not satisfied by the ambience & atmosphere inside the store of V Mart, Ajmer.
Due to much noisy and unpleasant environment some of the customer irritates.
Atmosphere is really good.
a) Outstanding 7
b) Excellent 32
c) Good 36
d) Average 23
e) Bad 2
INTERPRETATION:
Out of 100 respondents, Discounts and offers served in V Mart, Ajmer is good said by
36% customers, 32% feel it is excellent and only 7% feel outstanding. But 25%
customers are not satisfied by Discounts and offers served in the V Mart, Ajmer.
a) Outstanding 29
b) Excellent 32
c) Good 22
d) Average 13
e) Bad 4
INTERPRETATION:
Out of 100 respondents, 61% is highly satisfied with location of V Mart, Ajmer in city,
22% is satisfied and only 17% is not satisfied.
Location of V Mart, Ajmer is outstanding. It is situated central business district
(CBD).
a) Outstanding 3
b) Excellent 29
c) Good 39
d) Average 25
e) Bad 4
INTERPRETATION:
Out of 100 respondent, 39% people has good shopping experience in V Mart, Ajmer,
25% has average and 29% people has excellent. But 3% has outstanding shopping
experience and 4% has bad shopping experience.
a) Outstanding 4
b) Excellent 21
c) Good 49
d) Average 23
e) Bad 3
INTERPRETATION:
74% of the respondents are satisfied by the sales persons and promoters in the store rest
26% respondents are not satisfied by the sales persons and promoters in the store.
a) outstanding 0
b) Excellent 05
c) Good 09
d) Average 12
e) Bad 74
INTERPRETATION:
74% of the respondents are not satisfied by the parking facility in V Mart, Ajmer, rest
26% respondents are satisfied by the parking facility in V Mart, Ajmer.
Maximum customer are not satisfied with the parking facility in V Mart, Ajmer.
a) Outstanding 3
b) Excellent 19
c) Good 47
d) Average 26
e) Bad 5
INTERPRETATION:
21% of the respondents are highly satisfied with the quality of the products at V Mart,
Ajmer, rest 74% are said the quality of the products in V Mart, Ajmer is averaged, only
5% said its not good.
a) Outstanding 13
b) Excellent 41
c) Good 28
d) Average 13
e) Bad 5
INTERPRETATION:
According to maximum number of respondent i.e. 82% feels that cleanliness and hygiene
maintained in the store is up to the mark rest 18% feel it is not up to the mark.
a) YES 72
b) NO 28
INTERPRETATION:
72% of the respondents are satisfied by the billing facility in the store, rest 28 % are not
satisfied. Some customer are not satisfied by billing facility (Especially in offer day and
rush hours ).
a) YES 74
b) NO 26
INTERPRETATION:
According to 74% of the respondents it is easy to move in the store with trolley only 26%
said it is not.
Q14. Do you feel that shopping in V Mart, Ajmer has made you a more
knowledgeable conscious and aware customer?
a) YES 63
b) NO 37
INTERPRETATION:
According to 63% of the respondents they feel that shopping in V Mart, Ajmer has made
more knowledgeable conscious and aware customer, and 37% they are already
knowledgeable conscious and aware customer.
“V Mart, Ajmer has made customer a more knowledgeable conscious and aware
customer”
Q15.Do you feel that V Mart, Ajmer provide you value for money?
a) YES 85
b) NO 15
INTERPRETATION:
Out of 100 respondent, 85% of the respondents feel that V Mart, Ajmer provide you
value for money, 15% feel not.
FINDINGS
✔ Brands and products availability in V Mart, Ajmer is not up to the mark. Especially in
apparels.
RECOMMENDATIONS
5. The survey was conducted in very general way as no other variable such as their
Conclusion
In spite of several good steps taken by V Mart, Ajmer it has not is able to
get the desired results. After due consideration I have come to the
conclusion that V Mart, Ajmer should take the following suggested steps
at the earliest in case it is aimed to get the best results:
Suggestions:-
BIBLIOGRAPHY
BOOK REFERRED
www.google.com
www.vmart.co.in
www.business.com