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International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 4, July-Augu...
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Benefits of fdi in indain retail sector and customer perception of organized r

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  1. 1. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013) 180 BENEFITS OF FDI IN INDIAN RETAIL SECTOR AND CUSTOMER PERCEPTION OF ORGANIZED RETAIL OUTLETS IN HYDERABAD K.VENKATESWARA RAJU1 , Dr. SVSS SRINIVASA RAJU2 , Dr. D.PRASANNA KUMAR3 1 Department of Management Studies, GRIET, Hyderabad, India 2 Department of Mechanical Engineering, VNR VJIET 3 KLU Business School, KL University, Vijayawada, India ABSTRACT Increased disposable incomes and Demographics shifting towards favorably towards higher retail spends made the Union Government of India make two key amendments that became a turning point in Indian retail landscape. First was the announcement on January 11, 2012 allowing 51 percent ownership in Single Brand retail and the second was on September 14, 2012 which paved the way 51 percent ownership in multi-brand retail and made the sector come full circle. Both came with a rider that retailers entering with FDI should source goods from Indian SME’s(Small and Medium Enterprise) which was a timely one paving the way for them to slowly become an integral part of big global supply chains as also strengthen India’s position as a sourcing hub. However, no foreign investment has taken place in the sector so far. Global retailers like Wal-Mart, Tesco and Carrefour have been demanding further clarifications in the policy. To encourage them, the government on August 1, 2013 has decided to relax the policies related to mandatory sourcing, investment in back- end infrastructure and selection of cities. In case of mandatory sourcing from the small and medium enterprises, a onetime $2 million investment ceiling for identification of SME was required for at the time of engagement. As per the earlier norms, it was mandatory for the overseas investors to source at least 30 per cent of goods from SME, which has investment of less than $2 million. There was ambiguity that what will happen if the investment of SMEs crosses $2 million. For the Indian Customer improving the Service Quality at Organized Retail Stores is also as important as increasing FDI in this sector. The aim of the present study is to know customer perception on organized retail outlets in Hyderabad. A total of 200 questionnaires have been circulated to customers at various retail outlets in the City. Using SPSS software, cross table analysis, chi-square test data accrued is analyzed. Results from this analysis portray various perceptions of customers on services at organized retail outlets in Hyderabad. Key Words: FDI, GDP, Demography, Customer Satisfaction, Income Levels, Age. INTERNATIONAL JOURNAL OF MANAGEMENT (IJM) ISSN 0976-6502 (Print) ISSN 0976-6510 (Online) Volume 4, Issue 4, July-August (2013), pp. 180-192 © IAEME: www.iaeme.com/ijm.asp Journal Impact Factor (2013): 6.9071 (Calculated by GISI) www.jifactor.com IJM © I A E M E
  2. 2. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013) 181 I. INTRODUCTION The Indian Retail Sector is a Prized Destination for Global Retailers because of its humungous size and low organized retail penetration. A very stable GDP growth coupled with increasing disposable incomes and demographic profile of aspiring consumers make it a favorite place not to be ignored by any multinational retailer. Prior to economic liberalization in the ninety’s, shopping was viewed as only a functional activity meant only to buy essential goods and also unnecessary shopping to self-indulge was frowned upon. Post liberalization, due to rise in disposable incomes, overseas trips and holidaying and increased internet penetration, buying non-essential items became not only acceptable as also splurging on luxury goods. The sheer size of the Indian consumer market and its growth rate had become a very important differentiator in the top line and bottom-line of balance-sheets of most multinational companies. In order to increase the profit margins or sales, any MNC retailer has to be successful in the Indian and Chinese markets which together hold the key due to their potential sales that can be generated. Even the world’s biggest mobile set manufacturers are slugging it out in these two markets to stay at the top position. Supply chain mastery and efficient logistic support will be the key drivers of competitive advantage and developing them with time will enable any retailer to be agile and cost competitive. We can understand the impact of liberalization and the enormous growth potential of the Indian economy by studying the figures and diagrams based on 1991 and 2011 data given below. On Observation we can see how GDP increased from 10.8lk.Cr to 48.8lk.Cr, per capita income from 11535 Rs to 41129 Rs, Household savings from 104789 Cr to 1261332 Cr, FDI from 0.13 billion $ to 30.3 billion $, Exports from 18 billion $ to 245 billion $, FOREX Reserves from 5.8 billion dollar to 274 billion dollar, No. of Passenger cars from 0.18 million to 2.9 million, Air Passengers from 8.9 million to 57 million and Poverty Rate decreased from 8.9 million to 57 million. These are the indicators of increase in disposable incomes of consumers who will show interest in buying a wide array of quality goods from various big organized retail formats. VARIABLE 1990-91 2010-11 POVERTY RATE (%) 65% 35% GDP(IN RS LAKH CRORES) 10.8 48.8 PERCAPITA INCOME(IN RS AT CONSTANT PRICES) 11535 41129 HOUSEHOLD SAVINGS(RS CR) 104789 1261332 TELEPHONE SUBSCRIBERS(MN) 0.5 862 FDI(BN $) 0.13 30.3 FOREX RESERVES(BN $) 5.8 274 EXPORTS(BN $) 18 245 NO. OF PASSENGER CARS(MN) 0.18 2.9 AIR PASSENGERS(MN) 8.9 57
  3. 3. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013) 182 Demographics in India are also indicating a shift in Age Group population (Comparative charts: 2006 – 2016).We observe an increase from 60 percent to 64 percent in the 15 – 59 Age group as well as a decrease from 32 percent to 27 percent in the less than fourteen age group. Also we see an increase from 669 million people to 811 million people in the 15-59 Age bracket as also increase from 83 million to 118 million in the more than 60 Age bracket. This demographic shift is very suitable for Organized Retail sustainability as customers who show interest in shopping are the key for its success. Figure1.1 5.8 274 0 500 1990-91 2010-11 FOREX RESERVES(bn $) 18 245 0 500 1990-91 2010-11 EXPORTS(bn $) 0.18 2.9 0 5 1990-91 2010-11 NO. OF PASSENGER CARS(mn) 8.9 57 0 100 1990-91 2010-11 AIR PASSENGERS(mn) 0.5 862 0 1000 1990-91 2010-11 TELEPHONE SUBSCRIBERS(mn) 0.13 30.3 0 50 1990-91 2010-11 FDI(bn $) 65% 35% 0% 100% 1990-91 2010-11 Poverty rate(%) 10.8 48.8 0 100 1990-91 2010-11 GDP(In lakh Crores) 11535 41129 0 50000 1990-91 2010-11 PerCapita Income(in Rs at constant Prices) 104789 1261332 0 2000000 1990-91 2010-11 Household savings(Rs Cr) Age:<14 32% Age:15-59 60%Age>60 8% 2006 Age:<14 27% Age:15-59 64% Age>60 9% 2016
  4. 4. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013) 183 Figure 1.2 Figure 1.3 From the figure 1.3 we can see a rise from 1.1 million households to 3.4 million with more than 24 lakhs annual income bracket , rise from 1.1 to 4.9 million in 12-24 lakhs bracket, rise from 3.2 to 11.4 million in 6-12 lakhs bracket and from 13.8 million to 35.4 million in 2.4-6 lakhs income bracket. This shows a rise in the income levels in this period(2006 – 2014).This is the most apt situation for any retailer as it can have access to more customers with disposable income. II. LITERATURE REVIEW The concept of Customer satisfaction (by Yi (1993)) was defined in two ways: either it is an outcome or else a process. The outcome way characterizes that satisfaction is the end-state that results from consumption experience. On the other hand a process is considered to emphasize the contribution of perceptual, evaluative and psychological attributes to satisfaction. The U.S. Department of Agriculture was among the list of pioneer organizations to have sponsored a survey on customer satisfaction and it is a study that seemed as a singular turning point in orientation. The Interpretation from the Department’s Index of Consumer Satisfaction is that satisfaction is related directly to community policymakers (Pfaff 1973).Gordon Selfridge who was an American and also a former associate of Marshall Field, journeyed London in late 1800’s with a purpose of creating his own empire of department stores. His founding principle was based on, “The customer is always right!”(Cohen and Cohen 1980).Often attributed to Field, the philosophy made customer satisfaction as the very core of business. Another dairy store magnet from Connecticut, Stew Leonard also built on the same philosophy of Selfridge. His famous quotation is “Rule#1: The customer is always right.Rule#2: If the customer is ever wrong, reread Rule#1!” was the basis of service rules followed in many retail stores even today. III. OBJECTIVES OF THE STUDY 1) To Study the various aspects of Consumer buying behavior. 2) To identify the critical factors that determines customer satisfaction in Organized Retail Outlets in Hyderabad. 3) To study growth prospects of Organized Retail in Hyderabad. 4) To study the attitude of customers towards Organized Retail Outlets. 5) To study the habits and buying patterns of Customers in Retail Stores.
  5. 5. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013) 184 IV. SCOPE OF STUDY The study is conducted to understand the various aspects of customer in organized retail outlets in Hyderabad. The Inferences from the study are based on the responses given by the customers in the city. This study will be helpful in understanding the behavior and buying preferences of customers. V. RESEARCH METHODOLOGY 5.1 Research design The main aim of this survey is to know about customer perception on organized retail outlets and find various factors affecting their satisfaction. Descriptive research also known as statistical research is used here for studying customer satisfaction and consumer buying characteristics. The main goal of this Statistical research is to describe the data and characteristics about the subject that is under study. 5.2 Area of the study The study is conducted on regular customers and also people buying on occasions at organized retail outlets in the city. The sampling frame used in this study included the customers of MORE, BIG BAZAAR, VIJETHA, METRO, DMART, NMART, HERITAGE, LIFESTYLE outlets in Hyderabad. Questionnaires were distributed to randomly customers who visited the retail outlets. 5.3 Research approach Customer Survey and questionnaires method Survey method is used for collecting data from customers at retail outlets. We requested all respondents to fill in the questionnaire, by self after explaining the various aspects mentioned in it. It contained both open and closed ended questions in a structured format very easy to understand on the first look. 5.4 Sampling Technique As all possible items will be considered for research, sampling method that will be adopted here is convenience sampling. It is that type of non-probability sampling which involves the sample being drawn from that part of the population that is close to hand. That is, a population is selected because it is readily available and convenient. The most popular data collection techniques include: surveys, secondary data sources or archival data, objective measures or tests and interviews. Sampling involves selection of individuals from the whole population, so there is a need to present the general characteristic of the population. In this study the population is infinite in nature, so researcher adopted the convenience sampling technique. 5.5 Sample Size The Size of the sample taken in this study is 200. 5.6 Period of Study The study was done during June 2013 to August 2013 timeline. 5.7 Data Usage For analysis and interpretation, only primary data is used. However for conclusion and recommendations both primary and the secondary data along with the verbal knowledge and information although obtained from respondents, though they are outside the parameters of questionnaire were also included. The data collected from these sources were analyzed using various tools like percentage analysis, chi-square test, cross table analysis method.
  6. 6. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013) 185 5.8 Research Instrument A standard questionnaire is formulated for the collection of survey data from various customers. The Questionnaire is designed in such a way that it would collect all the needed information for the study and cover all the aspects defined in the objectives. 5.9 Tools SPSS version 16 will be used to tabulate and analyze the valid responses. Initially, a comprehensive data file was created. Then, variables and their labels were defined. Statistical tools like Chi-Square and cross tabling were used for the analysis. VI. ANALYSIS AND INTERPRETATION 6.1 General Profile of the Respondents Particulars Classification No. Of Respondent Percentage Gender Male 76 38 Female 124 62 Age 21 And Below 22 11 Age Age From 22-35 76 38 Age From 36-60 68 34 Age Above 60 Years 34 17 Below Rs 10,000 16 8 Rs 10,000 - Rs 20,000 66 33 Monthly Income Rs 20,001 - Rs 35,000 90 45 Above Rs 35,000 28 14 School Level 10 5 Educational Graduate 54 27 Qualification ITI/ Diploma 52 26 Post Graduate 84 42 One 42 21 Total Members In Family Two 26 13 Three 76 38 Four 30 15 Five And Above 26 13 Pvt. Job 92 46 Profession Govt. Job 40 20 Self-Employed 36 18 Others 32 16 Below Rs 500 36 18 Average Monthly Rs 501- Rs 1,500 62 31 Purchase At Organized Rs 1,501- Rs 3,000 66 33 Retail Outlets Rs 3,001- Rs 5,000 22 11 Above Rs 5,000 14 7 Distance 34 17 Pricing 36 18 Factor Influencing Selection Of Retail Store Product Quality 54 27 Checkout Time 18 9 Word Of Mouth 58 29
  7. 7. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013) 186 Interpretation From the above table, we infer that 38% of the total respondents are male and 62% are female. On further classification according to age group, we find that of all the respondents 11% are 21 years old and below, 38% are of the age group 22-35, 34% of the age group 36-60 and 17% are above 60 years. From the responses collected Product Quality(27%),Word of the mouth(29%) are the major factors that are influencing the customer to select the retail store to visit when compared to other factors Distance(17%),Pricing(18%) and Checkout time(9%). On the basis of Educational Qualification, 5.5 percent are school pupil, 23.5 % are ITI/Diploma, 34.5% are graduates and 36.5% are post graduates respectively. We observed that 38% of respondents’ (majority) family size is three members only. On the basis of monthly income,8% are below the income of 10,000,33% are in the income level of Rs 10,000-Rs 20,000, 45% are in the income level of Rs 20,001-Rs35, 000 and 14% are above the income level of Rs 35,000. Most of the respondents (51%) spend Rs1, 500-Rs5, 000 of the budgeted monthly income towards purchases in organized retail outlets. Only 7% of total respondents are spending more than Rs 5000 from their budgeted monthly incomes. 6.2 Customer satisfaction levels of various parameters of service provided at organized retail outlets Table 6.2 PARAMETER HS S NUETRAL DS HDS Visibility of Display of MRP, Discounts, Offers 26 16 43 12 3 Reception of Store Personnel towards you? 27 39 19 11 4 Quality of Service at Organized Retail Outlets? 36 31.5 32.5 0 0 Variety in Payment options provided? 26 33 16 9 16 Service provided through membership cards? 35 38 11 15 1 Visibility of the Billing Counter? 28 22 32 11 7 How is the Trolley service? 31 23 33 9 4 How well is the product assortment? 23 27 33 15 2 Is the Checkout time taken even? 39 18 29 10 4 How is the Home Delivery service? 43 19 31 6 1 Easiness in locating the products at the Store? 17 23 33 25 2 Satisfied with Promotional offers at Store? 17 15 24 21 23 Satisfied with the quality of Products available at the Store? 31 32 23 12 2 How is the Ambience at the Store? 33 31 24 11 1 Is the Parking facility satisfactory? 34 21 36 7 2 Is shopping at the store a pleasant and Pleasurable Experience? 24 23 36 12 5 What do feel about Size of the Store? 42 18 28 9 3 How is the availability of Products at the store? 27 28 17 17 11 Frequency of visit to the Store in a month? 28 19 29 16 8 What is the purpose of visit to the store frequently? 44 18 27 8 3
  8. 8. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013) 187 Figure 6.3 6.4 Chi-Square Test 6.4.1. Is There a Relation between Education and Perception of Quality? Hypothesis: 1 H0= There is no significant relationship between Education and Perception of Quality. H1=There is significant relationship between Education and Perception of Quality. 0 10 20 30 40 50 60 HS S N DS HDS
  9. 9. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013) 188 CHI-SQUARE INFERENCE Since the calculated value is more than the table value, we reject the null hypothesis and accept the alternate hypothesis. Therefore there is a significant relation between Education and Perception of Quality. 6.4.2. Is there a Relation between Membership Card ownership and Service Quality? Hypothesis: 2 H0= There is no significant relationship between Membership Card ownership and Service Quality. H1=There is significant relationship between Membership Card ownership and Service Quality.
  10. 10. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013) 189 CHI-SQUARE INFERENCE Since the calculated value is more than the table value, we reject the null hypothesis and accept the alternate hypothesis. Therefore there is a significant relation between Membership Card ownership and Service Quality. 6.4.3. Is there a Relation between Gender and Reception of Store Personnel? Hypothesis: 3 H0= There is no significant relationship between Gender and Reception of Store Personnel. H1=There is significant relationship between Gender and Reception of Store Personnel.
  11. 11. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013) 190 CHI-SQUARE INFERENCE Since the calculated value is less than the table value, we accept the null hypothesis and reject the alternate hypothesis. Therefore there is no significant relation between Gender and Reception of Store Personnel. VII. OBSERVATIONS AND INFERENCE From this study organized retail outlets are found to provide better service quality, more assortments of products with broad range when compared to unorganized retail outlets. Almost all the organized retail outlets customers are satisfied with service quality provided by them. They are satisfied with reception of store personnel, discounts, product pricing, self service, home delivery visual merchandising, and faster checkout times, parking facility and variety of modes of payment; easily accessible store layout. By using Chi-Square test it is made clear that there is a significant relation between Education and perception of Quality and between Membership Card ownership and Service Quality but there is no significant relation between Gender and Reception of Store Personnel. Parking facilities and Trolley facilities are satisfactory. Most youngsters prefer weekend shopping, so they want all the facilities at the same place. So it is more preferable to have multiplexes and hotels in the same complex in order to have more customers spend their quality time with their families while coming on weekend shopping. Retail outlets will have to provide access to more number of credit cards from a wide array of banks as now a day’s plastic currency is replacing hard currency and almost all customers prefer it. More customers can be given membership cards to increase loyalty of customers. Also retails outlets should be able to synchronize themselves to social networking sites like Facebook and provide the updates on product assortments and promotional offers, discounts at their nearest store based on locale information. A similar tie-up between Wal- Mart and Face book is now underway in the United States. In order to provide more services to customer’s retail organizations need more capital in the form of FDI and the various advantages are: Access to new technology will reduce wastage across the Indian food supply chain which at present doesn’t have the required number of warehouses, handling techniques, beneficiation plants
  12. 12. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 4, July-August (2013) 191 and cold-storage plants to improve or maintain the quality of the produce locally available and bring better pricing norms to the Indian consumer. A very efficient supply chain to link small manufacturers and farmers directly with retailers is the need of the day to maximize value for all stakeholders. Multi-national retailers come first in tax-compliancy and pay huge taxes to the Government Exchequer. Organized retail will facilitate generation of significant taxes by way of building sophisticated supply chains. Also related service sectors like logistics, transportation and contribute significantly to the exchequer in the way of indirect taxes like service tax, etc. Allowing new retailers will generate huge employment by way of new staff hiring. Also present employees in the retail space gain access to equitable wages and benefits, also providing non- agricultural employment to rural youth and better quality living for farming community. It will develop associated sectors like transport, warehousing, real estate, entertainment, etc. The existing domestic retail chains have expanded well within their reach. But for them to spread across the country and penetrate the rural retail landscape, much needed funds come at a very high interest. FDI in retail will bring cheaper dollars in the form of equity. They can also access the foreign partner’s technology and good industry practices to improve their retail operations. Indian Consumers can gain access to more products from across the globe with best prices due to better procurement policies. Here sourcing of goods will be done from so many countries and also Indian goods also get exported to other retail markets. This will significantly boost our SME exports and generate good revenue and employment locally. Allowing multi-brand FDI retail was expected to address the high rate of food inflation. REFERENCES 1. RETAILING MANAGEMENT-FIFTH EDITION, Michael Levy, Barton A Weitz. 2. POPULATION PROJECTIONS FOR INDIA AND STATES 2001-2026, REPORT OF THE TECHNICAL GROUP ON POPULATION PROJECTIONS CONSTITUTED BY THE NATIONAL COMMISSION ON POPULATION May 2006 BY CENSUS COMMISSIONER, INDIA 3. The Future POPULATION of India A Long-range Demographic View - Population Reference Bureau 4. Improving Your Measurement of Customer Satisfaction: By Terry G. Vavra. ISBN 0-87389-405-7 5. Anton, J., 1996, Customer Relationship Management: Making Hard Decisions with Soft Numbers, Upper Saddle River, Prentice-Hall. 6. RETAIL MANAGEMENT-A STRATEGIC APPROACH-9TH EDITION, Barry Berman,Joel R Evans 7. Solomon, Michael R. 1999. Consumer Behavior 4th edition. Upper Saddle River, NJ: Prentice- Hall, Inc. 8. EMOTION AND REASON IN CONSUMER BEHAVIOUR, Arjun Chaudhuri 9. Guiltinan, J. P., Paul, G. W. & Madden, T. J., 1997, Marketing Management: Strategies and Programs. 6th ed., New York, McGraw-Hill. 10. Aggarwal, V. 2008, The Era of Retail Revolution: Contribution to Economy. In Research in Management and Technology, Ed. by Aneet and Ramanjeet Singh, Deep and Deep Publications Pvt. Ltd., pp 429-442. 11. Hansemark, O. C. & Albinson, M., 2004, Customer Satisfaction and Retention: The Experiences of Individual Employees, Managing Service Quality, 14 (1),pp. 40- 57 12. Arshad, S.A. & Hisam, M.W. 2008, Issues in Retailing. Research in Management and Technology, Ed. by Aneet and Ramanjeet Singh, Deep and Deep Publications Pvt. Ltd.,pp 109- 118.
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