Business Plan For Opening A Family Shopping Complex Marketing Essay

Business Plan For Opening A Family Shopping Complex selling EssayINTRODUCTIONRetailing is the set of trans electric charge line activities that adds apprize to the increases and services sold to consumers for their personal or family habituate.A Retailer is the final distribution channel that links manufacturers to consumers.A Retailer performs following functions to create piazza for its product and services-Providing an assortment of products and servicesBreaking bulkHolding parentageProviding serviceABOUT THE STATE-UTTAR PRADESHUttar Pradesh is a state located in the northerly part of India, with a population over 190 million people it is Indias most populous state and worlds most populous sub-national entity.With an area of 93,933 sq.mtENVIRONMENTWe sens say that Environment consist of the entire solid, liquid, tangible and intangible thing around us.Environment alike consists of areas and comp starnts that are beardown(prenominal)ly influenced by humans or it tail as sembly be said that there are m whatever factors of Environment that influence the decisions of humans.If we talk nearly Business Environment than our point of thinking lead totally be different from the above mentioned definitions because Business Environment focus on the following matters-understand the working of the economic system and its relationship with the worry sphere of influence,analyze the impact of the changing policy regimes on business andanticipate the policy changes that are likely to occur or shouldoccur in put on of the national and international developmentsEnvironment withal consists of SWOT analysis of the organization which represents the different factors that can affect the working conditions and rules and regulations of the organization.SWOT ANALYSISSTRENGTHS-demographic chooserising disposable incomeincrease in number of people in earner categoryurbanizationshop conveniencelow labor represent of skilled onesWEAKNESSES-Policy related issueslack of industry status for sellnumerous license, permits and registration requirementsLimited consumer insightlack of detailed region particular customer dataless data on pass patternInadequate human resourceslack of practised personnel at all putstringent employment and industry lawsfragment approach to human resourcesTaxation hurdleinconsistent octroi and entry tax structurevat and multiple gross issueslarge grey market presenceOPPORTUNITIES-Potential for investmentLocation advantageSectors with high growth potentialFastest growing formatsRural retailWholesale tradingFalling real estate costTHREATS-Political issuesSocial issuesInflationNostalgiaLack of differentiation among the malls that are comingPoor inventory turns and stock availability measuresCULTURECulture refers to the traditions, norms, ethics and values prevailing in the society.Culture is a very important factor that a retailer should always keep in mind while fulfilling the needs and demands of consumers so that a cus tomer can be fully satisfied from his/her purchase.LOCATION dodgeThere are three things which are most important in retailing and those are- location, location, and location. Location is typically the prime consideration in a customers put in choice decision. For example, when choosing where you are red ink to entertain your car washed, you usually pick the location closest to your crime syndicate or work. Most consumers similarly shop at the supermarkets closest to them. Location decisions dupe strategic importance because they can be use to develop a sustainable competitive advantage. Location decisions are risky. Typically, when retailers charter a location, they either reap a substantial investment to buy and develop the real estate or commit to a long-term lock with developers.Location Strategy used by Familys pickaxe Shopping ComplexThe location strategy used by Familys plectrum is very beneficial to it as the place is near to Taj Mahal, which has an advantage that e very year a good number of tourists came to visit Taj Mahal and they can gain a good number of customers for their products. loosely the tourists are very eager to buy different products at logical prices specially when they came only for visit, relaxation and nothing else, so Familys Choice exit be best suited to them. This complex overly consists of caf so people can also enjoy some delicious things during their visit and shopping.VISION AND MISSION disceptationA vision is a bid of any business which is short, clear and very inspiring. It represents what a business target and what it wants to achieve in the future. Vision statement is just like an image that a business must have some goals before setting that how it spillage to achieve all those goals.A agency is a statement which represents that what is the purpose of the organization? And to create a sense of belongingness among employees so that they can be motivated and perform their duties with more responsibility. A mission statement should be short and clear about the goals and priorities of the organizationVISION AND MISSION STATEMENT OF FAMILYS CHOICE SHOPPING COMPLEXVISIONTo become one of the most strongest leader in the Uttar Pradesh in the family products and services segmentMISSIONTo provide best goods and services with full guaranteeSelling products at reasonable pricesProvide online shopping facilityOffer high quality products at low pricesStrive to become the best retailer in the whole India in spite of appearance 5-6 geezerhoodPRODUCTS AND SERVICESPRODUCTS OFFERED BY FAMILYS CHOICEHousehold Products like-EatablesSoapsBed sheets and pillow coversHouse cleaning productsUtensilsOther products-ToysGoods needed for daily use by menGoods needed for daily use by womenShoesLingerie and hosieryPerfect seasonal clothesCosmetics and perfumesFood and drinkSERVICES OFFERED BY FAMILYS CHOICEOrganizing your assetsReviewing asset allocations and insuranceStrategizing your financial, retirement, ta x, and estate plansOffering a plan to simplify, consolidate, and integrate every aspect of your financial future.MARKETING PLANA Marketing Plan is a written document that details the necessary actions to achieve one or more marketing objectives. It can be for a product or service, a brand, or a product line. A marketing plan covers between one and five geezerhood. A marketing plan may be the part of an overall business plan.If u wants that your marketing plan should be strong than your marketing strategy should also be a strong one.A Retail Market Strategy consists of following points-The Retailers target marketThe format the Retailer plans to use to satisfy the target markets needsThe basis upon which the retailer plans to build a sustainable competitive advantageFor the growth of my Familys Choice in future, I pull up stakes focus on the following strategies-MARKET perceptiveness- A market penetration growth opportunity involves realizing growth by directing efforts toward exi sting customers exploitation the retailers present retail format.And in my Familys Choice shopping complex, to meet this Market Penetration strategy, I impart try to fully satisfy the existing needs of the customers by providing them goods and services of their choice and I will also go for charging reasonable prices so that more customers can be attracted towards Familys Choice.MARKET EXPANSION- A Market Expansion Growth Opportunity involves using the existing retail format in new market segments.Familys choice is going to in the first place target the household material for the ease of housewives and in launch to expand its market, it will also provide goods required by kids and also the things which are commonly used by the men so that they can also buy some goods of their choice while coming with their wives for shopping.FORMAT DEVELOPMENT- A retail format growth opportunity is an opportunity in which a retailer develops a new retail format-a format with different retail mix -for the same target market.In order to develop its format Familys Choice will also go for selling its products online and decided to create a website- www.familychoice.com so that people can get the products of their choice by sitting at home and to order the products on internet there would be free home delivery.DIVERSIFICATION- A diversification growth opportunity is an opportunity in which a retailer introduces a new retail format directed towards a market segment thats not currently served by the retailer.In order to ray the existing business of Familys Choice is planning to open its one more complex in any other state after it will successfully accepted by the people of Uttar Pradesh.MARKETING MIXMarketing Mix consists of the four components or FOUR Ps.PRODUCT- A tangible object or an intangible service that is produced or manufactured on a large get over with a specific volume of units.PRICE- A price is the sum of money that a customer is supposed to pay for a product.PLAC E- Place represents the location where a product can be purchased. It is often referred to as a distribution channel.PROMOTION- It represents all the communications that a marketer may use in the marketplace.MARKETING MIX OF FAMILYS CHOICEPRODUCT- Household Equipments like, Utensils, Flowerpots, credit card chairs, buckets, and goods of daily use like, soaps, toothpastes, eatables, harpics, and house cleaning products.For kids Familys Choice is going to offer products like, toys, clothes, protein diets etc.For men it is going to offer goods of their daily requirementsPRICE- Familys Choice is going to sell at reasonable prices and also going to offer discounts on certain products so that more number of people can be attracted and customers also feel more satisfied after paying the amount for their products than any other retail store.PLACE- The location where Familys Choice is going to open is AGRA (Uttar Pradesh), and the place is near Taj Mahal. This place is selected because Taj Mahal is one of the big hub of people and tourists and it has been analysed that people can enjoy their shopping while they came to visit Taj Mahal and even tourists from outside Uttar Pradesh will also be attracted at this location.PROMOTION- There are different channels to promote your products and services. Familys Choice is going to promote about its products and services through Newspapers, TV, wireless and Magazines so that more and more people can know about this newly open shopping complex.OPERATIONAL PLANAn Operational Plan is a subset of strategic work plan. It describes short-term ways of achieving goals and explains how, or what portion of, a strategic plan will put into operation during a given operable period, in the case of commercial application, a fiscal year or another budgetary term.An Operational Plan should consist of following things-Clear objectivesActivities to be deliveredQuality standardsDesired outcomesStaffing and resource equipmentsImplementation timet ablesA process of monitoring progressOPERATIONAL PLAN OF FAMILYS CHOICEFOCUS ON THE UTTAR PRADESH- The first broker of our organization is to focus on the Uttar Pradeshs customers, with a mission to provide good quality products at reasonable prices to all. We will provide products of different brands but mainly we focus on our own brands. We will focus on using highly modernistic strategies to make our products more competitive and also to maintain direct relationship with suppliers. remedyD SEGMENTATION OF HOUSEHOLD PRODUCTS- Familys Choice will concentrate first on gaining the loyalty of core customers, who prefer good household products at reasonable prices. We will focus on the needs of all those women who are very conscious to collect good and different variety of products at their homes. We have intend to gain the confidence of customers in the quality and fit of its household products.DEVELOP HIGH GROWTH AREA OF HOUSE AND BEAUTY- The home business is growing strongly, wi th home furnishings and gifts the fastest growing product areas. We have palnned to mostly focus on both these areas as they offer promising opportunities for development and can be expanded at fast track.ACCELERATE STORE RENEWAL PROGRAMMES- Firstly Familys Choice shopping complex will entirely focus on this newly opened retail store so that a different and good image can be maintained in the minds of the customers and after 3-4 years of opening we will plan to go for more stores under low cost. We will also try to open our retail stores in other states of the country.IMPROVE THE SUPPLY CHAIN- After the Familys Choice will successfully arrive ated in the market, we will try to see substantial benefits from the reconfiguration of the supply base, so that the aboriginal election margins in the household segment can be increased. And our main priority would be to eliminate duplication and increase transparency. We will also try to establish closer working relations with the supply p artners.FINANCIAL PLANA financial plan can be a budget, a plan for spending and saving future income. This plan allocates the future income to various types of expenses, such as rent or utilities, and also reserves some income for short-term and long-term savings. A financial plan can also be an investment plan, which allocates savings to various assets or projects expected to produce future income, such as a new business or product line, shares in the existing business, or real estate.A financial plan can refer to the three primary financial statements (balance sheet, income statement and cash flow statement) created within a business plan.OBJECTIVES AND GOALS OF FINANCIAL PLAN1.FINANCIAL- In financial plan, mostly people discuss about the profit margins of past, present and future but the main consideration is on Return on Investment (ROI). It refers to take a decision that how you are going to invest your money so that you can get maximum returns.2. SOCIETAL Societal objectives are related to broader issues about providing benefits to society-making the worlds better place to live. It also include offering people unique merchandise, such as environmental sensitive products, providing an innovative service to improve personal health, such as weight step-down programs, or sponsoring community events.PERSONAL Every business has their own important personal objectives, including self-gratification, status, and respect. For example, the owner/operator of a book store may rise it rewarding to interact with others who like reading and authors that visit the store for book-signing promotions.FINANCIAL PLAN OF FAMILYS CHIOCE SHOPPING COMPLEXMainly Familys Choice shopping complex will financially focus on make a customer relationship with clients in order to better understand the clients dreams.Familys Choice financial helps you PLAN by simplifying the demands of managing your wealth in order to enable you to devote time to your family, your personal endeavors, and your business.Familys Choice will include the following costs and expenses that are going to bewilder-Business registration feesBusiness licensing and permitsStarting inventoryRent depositsDown payments on postDown payments on equipmentsUtility set up feesFamilys Choice is going to incur following operating costs-SalariesRent or mortgage paymentsTelecommunicationsRaw materialsStorageDistributionPromotionLoan paymentsOffice supplies precautionBALANCE SHEET OF FAMILYS CHOICE SHOPPING COMPLEX (in crores)Liabilities Amount Assets AmountCalled up share capital 716.9 Fixed AssetsShare premium A/C 375.6 Land Building 2,735.5Revaluation Reserve 445.6 Fit out, fixtures, fittingsCapital redemption 2.6 and equipments 1,722.9Profit Loss 3,094.7 Assets in the course ofInterests 15.6 construction 522.8Creditors 2,438 Investments 58.3Current AssetsStock 1,335Investments 260.0 capital at bank 301.1Cash in hand 154.4 essence 7,089 TOTAL 7,089INCOME STATEMENT OF FAMILYS CHOICE SHOPPING COMP LEX (in crores)Particulars AmountRevenue 9,062.1Operating dinero 870.7Finance Income 50.0Finance Costs (214.5)Profit on ordinary activities before taxation 706.2Analysed between-Before property disposals and exceptional items 604.4Profit on property disposal 6.4Exceptional costs (135.9)Exceptional pension credit 231.3Income tax expense (199.4)Profit for the year 506.8Attributable to-Equity shareholders of the company 508.0Minority interests (1.2)TOTAL 506.87Ps ANALYSIS OF FAMILYS CHOICE SHOPPING COMPLEXPRODUCT- Familys Choice offer a wide range of products which range from apparels, food products, households products, toys and products of daily use of men. We have planned to most of the products of big brands only at reasonable prices.PRICE- The tag line is ek baar auoge toh aur kahin nahi jaoge. Familys Choice will work on the model of economies of scale and the pricing objective is to get Maximum Market Share and it will use the following techniques-Value Pricing- Familys Choice promises consumers the lowest available without verifier clipping, waiting for discount promotions, or comparison shopping.Promotional Pricing- Family Choice have decided to offer financing at low interest rates. The innovation of psychological discounting (Rs.99, Rs. 49 etc.) is used as promotional tool. It will also cater on Special Event Pricing (close to Diwali and Durge Pooja etc.).Differentiated Pricing- date Pricing i.e., difference in rate based on peak and non-peak hours or days of shopping is also a pricing technique used in Indian retail, which is aggressively used by Familys Choice Shopping Complex.PLACE Familys Choice is going to locate in AGRA (Uttar Pradesh) and after some years of establishing will also try to make its presence in the other big cities of India.PROMOTION Familys Choice has planned to provide many new and innovative cross-sell and up-sell strategies in Indian retail market. The various promotion techniques that Familys Choice is going to use are s tart with your best savings, buy 1 get 1 free, and your own shopping complex etc.PEOPLE People are the key assets for any organization. The salient take ins of the staff of Familys choice are Well trained staff, the staff that Familys Choice is going to employ is well-suited for modern retail. Well dressed staff improves the overall appearance of store.Employees are motivated to think out-of-the-box. Retail sector is in growth stage, so staff is empowered to take innovative steps.PROCESS The goods dispatch and purchasing area has certain salient features which include- multiplex counters with trolleys to carry the items purchased.Proper display/posters of the place like (DAL, SOAP etc.)Also thinking to start with home delivery countersPHYSICAL EVIDENCE It is going to cud with the final deliverable or the display of the written facts. This includes the system that we are going to follow and also the availabilities.ADVERTISING STARATEGIES OF FAMILYS CHOICETag-Line Familys Choic e is going to use its tag-line as the key components of advertising. The tag-lines are going to be modified according to the demographic profile of customers. These catch phrases appeared on hoardings and newspapers in every city to make the people more aware about it. The catch line includes- ek baar auoge toh kahin nahi jaoge.Print Ads Familys Choice newspaper advertisements are present just before launch of any new scheme. This creates a different image about big the Familys Choice in the minds of the people.TV Ads Familys Choice spends alots of money in brand building exercise. Familys Choice commercials are shown on various channels in India.Road-side Advertisements Familys Choice bill-boards are displayed on prime locations in various cities as a brand building exercise.Radio Ads This technique is used in different cities. Now-a-days it is replaced by advertisements on FM channels. This informs customers about all the new happenings at Familys Choice.Brand Endorsement by C elebrity Familys Choice will always be associated with celebrities for advertising and marketing of its brand name.STORE FORMATS OF FAMILYS CHOICECORE STORES Familys Choice core stores typically feature a selection of the companys household ranges and a Familys Choice Food hall. The range of products sold and the space given to it depends on the stores location and customer demographic.Most core store feature a food hall. Familys Choice also planned to sell a limited range of other brands, such as Coca-Cola and Pepsi, without lessen the number of Familys Choice goods they sold.HOSPITALITY In the coming years when Familys Choice will expand its business, the stores will also feature some part of cordial reception offering, usually in the form of Familys Choice caf. The caf offering typically include coffees and teas, pastries, toasted sandwiches, soups and cakes. The company will also try to open Espresso Bar in some stores, which specialized in drinks only.HOME STORES Already Familys Choice will mainly focus on the household products but we have also planned new dedicated stores for home furnishings to be launched soon.OUTLET STORES Familys Choice has a strong idea about outlet stores and their growth expansion plans for the future. The outlet variability decided to offer at least 30% discount from their original prices on their own products.