Business Plan For New Retail Store In Tripura Marketing Essay

Business contrive For New retail Store In Tripura Marketing Essay.The Indian retail industry is the fifth largest in the world. Comprising of organise and unorganized sectors, India retail industry is one of the fastest growing industries in India, especially over the last few years. Though initially, the retail industry in India was mostly unorganized, however with the change of tastes and preferences of the consumers, the industry is getting more popular these days and getting organized as well. With growing marketplace demand, the industry is evaluate to grow at a pace of 25-30% annually. The India retail industry is expected to grow from Rs. 35,000 crore in 2004-05 to Rs. 109,000 crore by the year 2010.Environmental and economic scanningof TripuraRetail store format -Convenience storesStore name- Public pointAs we argon planning to clear-cut retail store in the Dhalai District of Tripura as per the environmental and economic scanning is concerned of Tripura. The cities selec ted for the opening of the store areDhalai DistrictThis district of Tripura is selected as this city is well developed in the impairment ofInfrastructureIncome of the people are highDensely populatedBetter standard of livingEconomically soundHave developed urban market structureSocio political stability as the city selected in the Tripura for the opening of store is as reposition from any political roadblock and social barrier as the opening of the store is as per the government policies and for the society.Thus to launch the store Tripura is selected and as per the format of the store the city is selected Dhalai city.Mission statementOur care is to meet the present and future needs of our nodes, employees and communities through a commitment to integrity, sound business, and cooperative growth.ObjectivesTo implement a local campaign with the Companys targeted market via the work of flyers, local newspaper advertisements, and word of mouth advertising.To maintain large signage on the Convenience Stores premises to further increase visibility for the Companys location.About- General renderingPublic point is a convenience retail store that provide such as candy, ice-cream, soft drinks, lottery tickets, cigarettes and other tobacco products, newspapers and magazines, along with a selection of processed food and perhaps some groceries.by providing maximum convenience, values and satisfaction to customers.FutureWe plan to expand the PP stores in various districts of Tripura trades union Tripura district South Tripura district West Tripura district Tripura Tribal Areas Autonomous District CouncilProduct servicesAlternative SnacksIceAutomotive ProductsLiquor irritate and TackleLottery/GamingBeerNonedible GroceryCandyOther DairyCigarettesOther TobaccoCold Dispensed Beverages encase Beverages (Non-Alcohol)Edible GroceryPackaged BreadFishing LicensesPackaged Ice Cream/NoveltiesFluid Milk ProductsPackaged Sandwich/Deli ProductsFood ServicePackaged Sweet Snacks r ooted(p) FoodsPerishable GroceryGeneral MerchandisePublicationsHealth and Beauty CareSalty SnacksHomemade Food ItemsStore ServicesHot Dispensed Beverages fuddleServices In house services like credit cashing, customer servicesE retailingCustomizationOnline transactionDeliveringEasy billing countersMarketing PlanGrocery and Restaurant Segment-To build name recognition and to announce the entry of the Store, we bequeath offer a mail package consisting of a tri-fold brochure containing a coupon for a free cup of coffee to welcome our new customers. From those identified local residential customers we shall consider them to complete a survey and ask them of their perception of the store, any specific product or food items that they would like to see, etc. Those customers returning completed surveys would receive a gift or discount. local anaesthetic Carryout Food Products-Local newspapers for advertising to build name recognition and to announce any weekly or monthly food specials will be introduced.The Store will develop a one-page menu/newsletter to be handed out to customers to take home with them as they visit the store. The menu/newsletter can be used to update clients on pricing and food special promotional developments, but also serves as a reminder of what sets the Store apart-homemade quality and freshness. The newsletter would contain fishing area hot spot information and other tips. The menu/ newsletter can be produced in-house and for the cost of paper and computer time. promotion and Public Relations-A news release will be sent to area newspapers and magazines announcing the launch of the Public point. Becoming a sponsor in a biotic community event is a low-cost way of increasing awareness and building goodwill in the community.Customer Reward Program-For the carryout customer and as a instrument of building business by word-of-mouth, present customers should be encouraged and rewarded as repeat customers. This can be accomplished by offering a fre e lunch meal, by raffle of a weekly customer business card or name slip as a means to return excitement.Advertising-Advertising is utilized primarily to attract new customers. It also serves to build awareness and name recognition of the company in general-important for word-of-mouth referrals (Oh yes, Ive seen their ads before).Market AnalysisForces and trends in the market environment affect the Public point, like all businesses. These include economic, competitive, technology, and recordkeeping issues.Economic Environment-Positive forces include the generally prosperous economy that is currently in place, liberal employment, rising wages and low inflation, leading more people and businesses to be willing to barter for prepared foods rather than preparing meal from scratch at home. competitory analysis the competitor analyzed in the field are street convenience stores, etc .Thus all the strategy made for promotion and pricing should be as per the competitors.Technology and Rec ordkeeping Environment-Use of computerized scales and cash registers will capture and generate accounting/inventory detail. Computer programs greatly simplify the financial recordkeeping and tax preparation with which all businesses mustiness comply.Operational planPositioning and Product Strategy The Store will aim to attract area resident and lake enthusiasts who need convenience food items or personal health staples, carryout food items, and tackle/bait needs.Distribution Strategy Customers can contact the Store by telephone, fax, and by dropping in. The Stores nearest competitors are five miles around the lake in either direction. The store can stock request items for regular area residents.Demographic features(to know about the potential customer in that area, metropolitan statistical area)Competition(to know about the competitors and how they far from my retail store)Strategic fit(to must know about the preferences and tastes of potential customer)No. of small shops in that a reaEconomy of scaleSUPPLY CHAIN MANAGEMENT FOR THE RETAIL STOREStore management chartFinancial PlanRequirement there is a need of 1 crore to get our business started. If customer footing is good, products and services according to customer preference and tastes then we will plan to open new convenience stores in various districts of Tripura.Use of fundFunds will be used to pay renovation,construction,sales counter,painting,carpeting,lighting,dcor display fixtures.we will also purchase inventory , cash register and computer equipments and also an inventory management systemThe remainder of the start up fund will be utilised to chase after operating expenses such as rent,utility,marketing cost and wages.Capital Summary Overview (in lakhs)Land, Building, and Improvements20Equipment Installation Expenses20Development Expense (detail below)51First Quarter functional Capital(Mortgage, labor, and operating expense)2Total93 Lakhs*Developmental Start-Up Expenses DetailMarketing, Advertis ing, and Promotion6Accounting2Permitting Legal and Consulting10Association Dues note Expense Start-Up.50Engineering and Architect Fees1.5Bags and Supplies.5Beginning Inventory30Unforeseen Contingency.5TotalOwners Equity Contribution to Date$54,675