Goa is India's smallest talk about by area and the fourth smallest by population. Located on the west shoreline of India in the region known as the Konkan, it is bounded by the point out of Maharashtra to the north and by Karnataka to the east and south, as the Arabian Sea forms its western coast.
WHY TO DETERMINE A SHOP IN GOA
Goa's gross express domestic product for 2007 is approximated at $3 billion in current prices. Goa is one of India's richest state governments with the best GDP per capita and two and a half times that of the united states as a whole, and one of its most effective growth rates: 8. 23% (every year average 1990-2000)
Tourism is Goa's principal industry: it handles 1 of all foreign vacationer arrivals in India. Goa has two main vacationer months: winter and summer. In the wintertime time, tourists from in foreign countries (mainly European countries) come to Goa to enjoy the splendid local climate. In the summertime time (which, in Goa, is the rainy season), vacationers from across India come to invest the holidays. Travel and leisure is generally centered on the coastal areas of Goa, with lowered traveler activity inland. In 2004, there have been more than 2 million tourists reported to have stopped at Goa, 400, 000 which were from in foreign countries.
ELECTRICAL Kitchen appliances GOOD, RETAIL "LIVE WELL"
My term paper is to start the retail store of the electro-mechanical kitchen appliances. The name of my store is "LIVE WELL". This store to be contain the amount of variety and assortment of the electric powered goods. My shop "LIVE WELL" to be support the CFL tubes, Usha fans, Bajaj supporters, Philips tubes, Sylvania tubes, all sorts of circuits, Crompton lovers and White tubes etc.
"LIVE WELL" objective declaration is to focus on bringing high quality electric goods and services to the marketplace at the lowest possible prices every day. The objective declaration is well realized throughout the organization. LIVE WELL offers their customers with low prices on particular private and a restricted selection of nationally brand products in an array of merchandise categories. Quick inventory turnover, high sales quantity per warehouse, leveraging a competent operating structure, reduced managing of goods, and making themselves the reduced cost operator in retail is all key elements that make the shop so successful. LIVE WELL identifies its business in terms of benefiting their customers. Furthermore to offering low prices on top-quality goods and a number of convenient services
Type of retail format and possession (Variety and selection decisions regarding products or services to be offered);I am beginning these electrical goods retail, by myself, i. e Collaboration business
Electrical Goods Store Product & services.
Basically the very best quality pipes are Philips, Crompton, Surya. Each one of these different brands are kept in my own store. Fundamentally 40 walt pipes are demanded by the clients and incredibly less quantity of 20 walt pipes are demanded by the clients. So these particular brands are stored in my own store.
Fans are needed in the summer season. There are different brands of lovers. But most popular makes are Khaitan, Bajaj, Usha etc. The grade of these brands is great. There is almost no problem regarding these brands.
Today people can't stand yellow light bulbs. At the moment people like white lights. The very best quality brand for white lamp is Crompton. Crompton provides 2 year guarantee. The light of Crompton light bulbs is very good. During the night people like colored zero walt light bulbs.
The best value in switches is anchor and Havell. There are various types in switches. Like two pin plugs, three pin plugs, foundation switches, multi-plugs, expansion.
Today people like to have fancy equipment and lighting in there homes. They use different expensive lights for designing their houses. Different types of lighting stands are there.
Wires OF Havel are kept in the store.
Heaters are required in the wintertime season. Usha and Apsara are two major brands.
MULTI CHANNEL DECISIONS
LIVE WELL retail ELECTRICAL retail to utilize the multi-channel these channel were used for reselling the electric good. By using a combination of stations to be provided unique advantages to my electrical shop by attract and fulfill more customers. My electronic retail uses all three channels to interact with its customers. These are following
It is supply the browsing to the customers before purchasing of products It is also provided touching and feeling products chance to the customer store channel to given advantages for the client to get the product immediately after they buy it.
Our electric powered retail is also provided the Catalog channel; offer the convenience of looking at product and inserting an order on any trip to any moment from almost everywhere. We live also provided the images of electrical goods in catalogs, while not as useful as waiting for you presentations, are more advanced than the visual information that may be displayed on a CRT screen.
Our electro-mechanical retail supplies the information to customer about which the electrical good are available in our shop. These Internet stations also support the all information about electro-mechanical good price. The benefit of Internet channel in comparison with the other two programs is the vast number of consumers to purchase the product easily.
Retail market technique to be followed and preparation of Strategic Retail planning;
Retail market strategy is a statement identifying
The retailer's target market
The format the dealer plans to work with to satisfy the mark market's need
The vases after which the shop plans to build a sustainable competitive advantage.
Our electronic retail will be made up of the strong brand electric product for the clients. It'll be expanding clear and price placement strategies and creating an psychological connection with customers through devotion programs. We will be using the retail combine to create an image of the shop in the customer's brain in accordance with its competition. Stores will be offering top quality electric powered goods at competitive prices Retail market strategy to be used and prep of Strategic Retail planning.
In that i have included different strategies which lead our business and used different competitive promotional prepared which make our shop attractive and effective. And these should be achieved relating to these items; Nature of products and services offered Prices insurance plan Advertising and advertising programs Store design and visual merchandising Customer services.
Location of retail store is important aspect as customer viewpoint because location is the critical element in consumer collection of store and if we opened a retail store than we have assumed the different factor which demonstrated our shop features like as: Demographic features(to learn about the potential customer for the reason that area, metropolitan statistical area)
Competition(to learn about the opponents and exactly how they far from my shop)
Strategic fit(to must know about the life span style of possible client)
Operating cost(different area have different cost)
No. of small outlets for the reason that area
Economy of scale
We are establishing our ELECTRICAL BUSINESS LIVE WELL in the state GOA, near Dabolim airport. while establishing a company in GOA some certain requirements should be taken under consideration :-
This make reference to both regular and pedestrian traffic as GOA being truly a main Centre of vacationer industry so you will see a higher traffic in GOA. The traffic that passes the site is an important determinant of the actual sales that may be generated from that store. However it is essential that the traffic would work to the type of products to be retailed in the store.
ACCESIBILITY TO MARKET
Accessibility of market in conditions of availability of public carry in GOA is vital while determining the site of retail store. Public transport identifies means of recharging the marketplace the regularity of bus/coach services and connection to different parts of the city.
THE VOLUME OF STORE AND KIND OF STORE FOR THE REASON THAT AREA
If there are large numbers of stores in market then there more and more customers will come. The sort of store are present in the region is also important. The sort of competition also be studied into consideration while deciding the site
Depending upon the type of market to be retailed facilities like free and amplex car parking become important. This is a factor that has gained importance.
The operational plan can be an essential element of our retail set up in GOA store and it explains to the reviewer how you will are going to get the product out to advertise. That is how you will ensure you get your product out of production level to the doorstep of the target
Who's doing what?
What are your day to day activities?
How will the suppliers and sellers be utilized?
Who will be the suppliers?
What are the labor requirements?
What exactly are the sources of recycleables?
Basically, you want to describe that the method that you are going to deliver your product. What are you and/or your employees heading to be doing on a daily basis from enough time you open up to time you close. This is what your reader desires to learn.
Some issues often resolved in an functional plan include:
Creation or manufacturing
Maintenance and service - Order fulfillment and customer service
Production or Manufacturing
Every processing business has a creation process, and in my own shop of LIVE WELL ELECTRICALS there is a certain production or manufacturing office who manufactures the product. Just how it should go about fabricating a uncooked or component materials and creating an item with greater effectiveness or desirability. However, even if our business is something or retail operation, you have to use a method of producing something of value for your customers. Integral to the entire knowledge of a production focused business can be an appreciation of the way the company will make its products. One straight forward way of conveying such information is to examine this activity in terms of resources, processes, and productivity.
In my retail store set up near Dabolim airport(GOA) capacity must be taken into consideration i. e Capacity is the way of measuring how much work your facilities, work force, and equipment are designed for. Does your development process have the capability to keep requests up? Do you have too much capacity? Not enough capacity
PRODUCTIVITY is very necessary in every retail store. In my store too output of electrical material is vital. Productivity measures how long and how many people it needs to produce your product 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 earnings and rent.
In a city like GOA we have to judge what types of and just how many employees do you need to produce your service or product in the Electrical Shop How will you use them? Are you going to be using seasonal workers
There should be considered a constant check in my own retail store LIVE WELL of how are you going to keep consistent and maintain the same standards with each service or product. Such activities include regular inspections throughout the creation process, occasional tests or sampling of goods.
As my Retail store is located in GOA Running a business, the location in our facilities can confirm a crucial factor for your success. When your business is going require a sizable outlay of capital belongings at the starting point, you'll need to be sure the facilities are satisfactory and are positioned properly.
What's the utilization of establishing a manufacturing facility in a rural environment with no transport mechanisms? You need to decide how you will ensure you get your product to your consumer and position your service that will be both cost effective and efficient.
My Shop LIVE WELL should be proven in an area which include the positioning of company head office, shop (s), branch office buildings, additional plants, yet others. Describe the size and exactly how each will be allocated. Talk about why you are located at your unique location and the benefits associated with it.
Describe access to parking and vehicles; air, rail, and surface transport access, and loading docks, warehouse, and other facilities.
GOA being a little state so to have enough land for constructing is somewhat very hard so we have too rather pay rent or even to have a lease option. That is very important and be sure you understand all areas of the lease. You do not desire to be stuck in a 5 season rent if your business fails after the first season (I've seen this happen - a few times).
For the development of a Retail store in GOA we have to also start to see the operational costs from the building? Include the price tag on gas, water and electricity. What are the costs for janitorial, garbage removal and other operational costs
Different businesses will have different inventory requirements. Of course, a sizable retail procedure will have a lot more inventory than an engineering consultant so be sure you use those factors that apply to your business.
Most of the retail operations I offer with overlook the value of inventory management. A highly effective inventory management process can make all the difference in the world as it pertains to making an enormous profit.
For the goal of Merchandise management in my own retail outlet situated in GOA the order received from a Seller is held in container and the inventory is brought up whereas sale of every SKU to customer lessens the level of inventory. Therefore there is need to keep a record of total orders received and deal of SKU. There's a need to control the merchandise so as to keep minimum level of stock which should be there the whole time. In store, Inventory for re-order and enough time to which an order with seller is to be placed in order to run business proficiently.
Inventory management record:
In my Electric powered retail store established in GOA there is need to keep up this report to be able to know the amount of Sales to do the forecast of sales for the next 12 months, Amount of inventory available so as to know level of re-order, product which can be purchased in the Store. This statement is ready to have an archive for current year and understand the deviations from the place standards also to make forecast for future years. This statement will have information about the SKU which have been most sold throughout that period corresponding to month, season.
My Shop located in GOA will have a variety of Private and National-label brand in order to give both quality and compatibility to customers. Country wide brands are maintained in stores so as to create a graphic in your brain of customers about quality that has been offered to get where as private brands are held because the target group of customers are people who are incredibly price mindful and can compromise quality for cost additionally Private-label Brands have strong margins for retailer.
Planning the retail communication program
In my Shop founded in GOA the target for communication program is to provide course to people putting into action this program about the permanent aim and what effect will it have in creating brand image and other is to provide basis for analyzing its effectiveness. The target for:-
planning retail communication mixture for the store is to make a store image among consumers such that whenever they have need for and home ware equipment the top-of-their-mind is our store and the quantity of assortment which can be being offered to customers here and they have favorable attitude getting into store. Next part of planning retail communication combination is to build up a budget, in order to make tool allocation decisions, allocation of items to stores, staffing stores and floor and shelf space devoted to merchandise categories and also to determine each one of these things correctly MARGINAL ANALYSIS METHOD is most beneficial which states that a store should increase communication expenses so long as each additional rupee spent should generate more than a rupee. The strategy is to improve the expenditure in order to create brand image among customers, build brand uniqueness, and support that brand name of store unless it is giving in exchange more than the expense incurred on communication program.
Setting the Campaign Mix
LIVE WELL STORE in GOA we will determine how to properly utilize the marketing communications combine to meet our marketing goals, it's important to consider the comparative advantages and weaknesses of every component of the blend. Further, we should always define our total budget first (generally described in the Marketing and/or Business Plan) and then determine upon the best way to leverage the various components of the mix to increase the go back on our investment. We will balance the various parts of the mix never to only create an integrated approach to our marketing and sales communications but we must also spend enough resources for each component to be successful.
For the advertising campaign of my Retail store LIVE WELL I will prefer large, geographically dispersed viewers, often with high frequency; Low cost per coverage, though overall costs are high; Consumers understand advertised goods as more reputable; Dramatizes company/brand; Builds brand image; may energize short-term sales; Impersonal, one-way communication.
In my store proven in (GOA) I will too give importance too personal buying as most effective tool for building clients' tastes, convictions, and activities; Personal interaction allows for feedback and changes; Relationship-oriented; Buyers will be more attentive; Sales team signifies a long-term commitment; Most expensive of the promotional tools Sales Advertising may be directed at the trade or ultimate consumer; Employs a variety of formats: rates, coupons, contests, etc. ; Attracts attention, offers strong purchase incentives, dramatizes offers, boosts sagging sales; Stimulates quick response; Short-lived; Not able to building long-term brand preferences
In my Retail store LIVE WELL in (GOA) it should be Highly credible; Very believable; Many varieties: news experiences, news features, events and sponsorships, etc. ; Reaches many prospects skipped via other kinds of advertising; Dramatizes company or product; Often the most under used element in the promotional combination; Relatively inexpensive (certainly not 'free' as many folks think--there are costs involved) Many forms: Mobile phone marketing, direct mail, online marketing, etc. ; Four distinctive characteristics: Nonpublic, Immediate, Customized, Interactive; Well-suited to highly-targeted Direct Marketing.
In my Shop which designed to be found in GOA Visible merchandising is one of the ultimate stages in attempting to create out a store in a manner that customers will find attractive and interesting and it should follow and reflect the concepts that underpin the store's image. Visible merchandising is just how one exhibits 'goods for one exhibits 'goods for sale' in the most attractive manner with the finish reason for making a sale. "If it does not sell, it is not visual merchandising
While beginning a shop in Goa, funding plays an important role in the commencement of any store. Corporation should maintain its resources in a best possible manner to ensure which 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 your business plan, however the financial plan section is the section that decides whether or not your business idea is practical, and is a key component in determining whether or not your business plan is likely to be able to entice any investment in your business idea.
Basically, the financial plan portion of the business enterprise plan contains three financial statements
The income statement: Shows that whether the shop is making Profit or not: Cash inbound to your business and cash out. Shows whether or not your company has enough cash to pay its bills
The cashflow projection
The balance sheet and a short explanation/analysis of these three assertions.
All the costs to getting your business up and running go into the startup expenses category. These expenditures can include:
Business sign up fees
Business licensing and permits
Down obligations on property
Down repayments on equipment
Utility create fees
This is merely a sampling of startup bills; your own list will most likely expand as soon as you start writing them down.
Operating expenses are the costs of keeping your business running. Think about these as the things you are going to need to pay every month. Your set of operating expenses may include:
salaries (yours and staff salaries)
rent or home loan payments
BALANCE SHEET OF MY SHOP LIVE WELL
Equity shares of Rs. 10 1000000
General reserve 400000
Profit& damage a/c 200000
Current liabilities 200000
Fixed property 800000
Current investments 800000
Customer Relationship Management
CRM means Customer Romantic relationship Management. It is a process or strategy used to find out more on customers' needs and actions in order to formulate stronger relationships with them. There are several scientific components to CRM, but considering CRM in mostly technological conditions is a mistake. A lot more useful way to take into account CRM is really as a process that will assist bring together plenty of bits of information about customers, sales, marketing performance, responsiveness and market developments. CRM helps businesses use technology and human resources to gain understanding into the habit of customers and the worthiness of those customers.