My dream retail company

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BMW STUDIO

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My dream retail company

  1. 1. PROJECT REPORT ON MY DREAM RETAIL COMPANY BMW STUDIO Sheer driving pleasure SUBMITTED TO: SUBMITTED BY: Prof. A.N. Bhattacharya Satyam Barkataky IILM GSM PGDRM 09-11
  2. 2. ACKNOWLEDGEMENT Apart from our efforts, the success of any project report depends largely on the encouragement and guidelines of the concerned faculty, fellow students and many others. We take this opportunity to express our gratitude to the people who have been instrumental in the successful completion of this project report. We would like to show our greatest appreciation to Prof. A.N. Bhattacharya. We express our gratitude for his tremendous support and guidance. We feel motivated and encouraged to take further such work in the near future with his help. We also thank our classmates who have also encouraged and guided us regarding this report. This project would not have materialized without the combined efforts of the all of mentioned people above. Satyam Barkataky
  3. 3. TABLE OF CONTENTS • Company profile • Products and services rendered by BMW Studio • Store Layout • Retail strategies of BMW Studio • Main Competitors of BMW Studio • Competitors Analysis • Merchandise Policy • Bibliography
  4. 4. INTRODUCTION TO BMW STUDIO BMW Studio is a unique multi functional space concept that delivers a comprehensive BMW experience unlike any other, in India or around the globe. Conveniently located in central Delhi, the BMW Studio offers comprehensive information on BMW products and services, an exclusive BMW lounge and bar, fine dining by Olive Beach Bistro, exhilarating test drives and unparalleled customer service along with BMW business centre for BMW owners. The BMW Studio will also showcase a wide range of BMW lifestyle products. The products extend from classic BMW lifestyle products such as BMW shirts and jackets, sports products in golfing, kids’ mobility equipment, car miniatures, Original Accessories, Baggage and luggage.
  5. 5. PRODUCTS AND SERVICES RENDERED BY BMW STUDIO • BMW Lounge and Dining Sit back, relax and sip your daily cup of coffee. Unwind after work with a selection of refreshments. Savour culinary delicacies from Olive Beach Bistro for lunch, dinner and in between. The BMW Studio is selectively available as an event venue for private bookings
  6. 6. throughout the year. It provides the perfect ambience and world-class dining experience by Olive Beach Bistro for comfortably up to 50 guests. • BMW Showcase
  7. 7. Enrich yourself with comprehensive information on BMW products and services and stop by today to view our newest car on display. Discover the BMW Lifestyle collection and stimulate your senses with a variety of books, music and films in the comfort of BMW luxury. • BMW Business Centre
  8. 8. Exclusively for BMW owners. BMW Studio’s Wi-Fi enabled business centre provides you access to a private space fully equipped with your communication requirements. BMW owners can pre-book the BMW Studio for business or personal meetings and events. A library of BMW Books, BMW Music and BMW Films will also enhance the brand appeal of the BMW Studio.
  9. 9. STORE LAYOUT The 1600 sq feet BMW Studio, located in the heart of New Delhi at Janpath, can accommodate 25-30 guests, and will be open from Monday-Saturday from 10:00 a.m. to 8:00 p.m. The studio will have one car displayed inside and one test car standing outside. The BMW Studio will be managed by a BMW Studio Manager who will be supported by well trained staff from the hospitality industry. There are different departments and sections for different purpose. Like, • BMW Lounge and Bar • BMW Showcase • BMW Business Centre • BMW accessories section for BMW shirts and jackets, sports products in golfing, kids’ mobility equipment, car miniatures, Original Accessories, Baggage and luggage.
  10. 10. RETAIL STRATEGY OF BMW STUDIO • Target Market: Youngsters and adults who belong to higher class income group and corporate as well as the owner of a BMW. • Retail Format: Company’s owned Retail Outlet only in Jan path, Central Delhi. Retail format size is 1600 sq. feet. • Bases for Competitive Advantages:
  11. 11. To get a thrilling experience of the BMW world by offering the services like  Lounge and dining  Business Centre  BMW Showcase  Driving Instruction tutorials etc.  Facility to customize your BMW with added features. MAIN COMPETITORS OF BMW STUDIO BMW Studio is a customized car shop and it is not like other cars showroom or outlets. A BMW car owner is a customer of BMW Studio. So, unlike BMW Studio, there are not other car maker who has this kind of customized shop. So, BMW Studio has no competitors in terms of service rendered to their customers. But as a luxury car maker, it has its following competitors:  Mercedes Mercedes-Benz is a German manufacturer of luxury automobiles, buses, coaches, and trucks. It is currently a division of the parent company, Daimler AG (formerly DaimlerChrysler AG), after previously being owned by Daimler-
  12. 12. Benz.Mercedes in India does not have their company owned outlet. But BMW studio gets tough competition from Mercedes Franchisee Showrooms located at Delhi.  Audi Audi - the German luxury car manufacturer, represented in 110 countries worldwide and since 2004, Audi has been selling its products on the Indian market. With its franchisee showroom, it is one of the major competitors of BMW studio as the German luxury car manufacturer. It has its showrooms in all major cities including Delhi. Mahindra First Choice It is a multi brand pre owned Car Company who buys and sells cars to its customers. They also deal with German cars including BMW.  Gaadi.com
  13. 13. Gaadi.com is a online portal of buying and selling of new cars as well as used cars of different brands like BMW, Ford, Porche, Audi, Lexus etc. It has really affected the market share of BMW. COMPETITORS ANALYSIS Car maker No. of cars sold No. of cars sold in India in India ( till ( till 2010-Jan & Feb) 2009) BMW 3,619 709 Mercedes 3,208 842 Audi 1,658 558 Mahindra First 23* No data Available Source
  14. 14. Gaadi.com 7# No data Available * (only BMW) # (Only BMW, In Delhi/NCR) Source: http://www.technoezine.com/indian-luxury-car-market-is-growing-fast Market Share of luxury car industry in India Car maker 2009 2008 2007 BMW 38% 46% 59% Mercedes 42% 40% 33% Audi 20% - - Source: http://www.technoezine.com/indian-luxury-car-market-is-growing-fast
  15. 15. MERCHANDISE POLICY Necessary of Store Design: • It tells the customer what the store is all about • It creates an image in the minds of customers • For a customer store needs to be easy to navigate, it must appeal to his sensory perceptions and must create a sense of belonging, sense of relationship. • The environment created in the retail store is a combination of exterior look, store interiors, the atmosphere in the store and the events promotions and themes which form a part of retail store
  16. 16. Elements of store environment: Product and Service Mix:
  17. 17. Space Planning: Space planning includes Floor Planning that includes, • where merchandise and customer service departments are located, • how customers circulate through the store, • how much space is dedicated to each departments/sections Basically the Space that BMW Studio had planned was 2000 sq. feet. But as it is located in Central Delhi, they had to compromise with the space and made it limited to 1600 sq. feet. Procurement of the products:
  18. 18. • They basically do not procure any product from anywhere else initially but on the basis of the requirement of the customers, they procure their products from their manufacturing unit i.e. located in Chennai. For example, if customers want to have a portable refrigerator or special sofa cum seat, they order at BMW Studio and then the customer executive manager sends the order to the manufacturing unit. Some of the feature and facilities are not available in manufacturing unit, they are imported from Germany. • They procure the BMW accessories from their respective manufacturing units. They display the accessories for their customers and if a customer needs something extra or new, they order it from their manufacturing unit, if not available in BMW studio. • They hardly take 3 days to deliver the goods to customer in terms of BMW accessories like toys, shirts and jackets etc. and for other car accessories like car steering, refrigerator or a music system, they take 1 week to be delivered from their manufacturing unit. Consideration in Setting Retail Prices:
  19. 19. • Customers price Sensitivity and Cost: Generally, as the price of a product or service increases, the sales for the same will decrease because fewer and fewer customers feel the product or service is a good value. Same in the case of BMW studio where a fewer BMW car owner are the customers. As BMW studio is for higher and business class people, the prices are high. Customers are not that much price sensitive, so the sales will not decrease significantly if the prices are increased. • Competition: As BMW studio has no competitors in terms of customize the luxury cars in India especially in the case of BMW. So, price elasticity is perfectly inelastic. BMW Studio can quote price according to their needs. The chosen pricing policy must be consistent with the retailer’s overall strategy and its relative market position. • Legal and Ethical pricing Issues: As per the govt. rules and regulations, BMW Studio cannot set their price too high or too low. Price ceiling and flooring is followed by BMW Studio. BIBLIOGRAPHY • Retailing Management by Levy and Weitz
  20. 20. WEBLIOGRAPHY • www.bmw.in/in/en/insights/bmw_studio/introduction.html • http://www.livemint.com/2008/08/07222455/BMW-opens-its-studio-in- Delhi.html • http://www.domainb.com/companies/companies_b/bmw/20080808_studio_ premiers.html • http://www.technoezine.com/indian-luxury-car-market-is-growing-fast • www.mercedes-benz.co.in • www.audi.co.in • www.gaadi.com • http://www.mahindrafirstchoice.com/ • www.wikipedia.com

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