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1
A PROJECT ON
“ BIG BAZAAR”
IN THE SUBJECT
RESEARCH METHODOLOGY
SUBMITTED BY
SOUMEET SARKAR
A030
M.Com Part-II in Advance Accountancy
UNDER THE GUIDANCE OF
PROF. BHARAT PITHADIA
TO
UNIVERSITY OF MUMBAI
FOR
MASTER OF COMMERCE PROGRAMME
(SEMESTER - III)
In
ADVANCE ACCOUNTANCY
YEAR: 2014-15
SVKM’S
NARSEE MONJEE COLLEGE OF COMMERCE &ECONOMICS
VILE PARLE (W), MUMBAI – 400056.
2
EVALUATION CERTIFICATE
This is to certify that the undersigned have assessed and evaluated the project on
“ BIG BAZAAR ” submitted by SOUMEET SARKAR student of M.Com. –
Part - II (Semester – III) In ADVANCE ACCOUNTANCY for the academic year
2014-15. This project is original to the best of our knowledge and has been accepted
for Internal Assessment.
Name & Signature of Internal Examiner
Name & Signature of External Examiner
PRINCIPAL
Shri Sunil B. Mantri
3
DECLARATION BY THE STUDENT
I, SOUMEET SARKAR student of M.Com (Part – II) In ADVANCE
ACCOUNTANCY Roll No.: A030 hereby declare that the project titled “ BIG
BAZAAR ” for the subject RESEARCH METHODOLOGY submitted by me for
Semester – III of the academic year 2014-15, is based on actual work carried out
by me under the guidance and supervision of PROF. BHARAT PITHADIA. I further
state that this work is original and not submitted anywhere else for any
examination.
Place: MUMBAI
Date: August 2014
Name & Signature of Student:
Name: SOUMEET SARKAR
Signature:
4
ACKNOWLEDGEMENT
It is indeed a great pleasure and proud privilege to present this project work.
I thank my project guide Prof. Bharat Pithadia and my M.Com. Co-ordinator
Prof. Harish Sharma of SVKM‟s Narsee Monjee College of Commerce and
Economics. Their co-operation and guidance have helped me to complete this
project.
I would sincerely like to thank the principal of our college Shri Sunil B.
Mantri for his support and guidance.
I would also like to thank the college library and staff for helping and guiding
me, the class representatives and my family and friends who supported me in
this project.
THANK YOU
5
MAIN PAGE I
EVALUATION CERTIFICATE II
DECLARATION BY THE STUDENT III
ACKNOWLEDGEMENT IV
CONTENT
Sr. No. PARTICULARS Page No.
1 CHAPTER I – INTRODUCTION 6
2 CHAPTER II – ANALYSIS I 11
3 CHAPTER III – ANALYSIS II 22
4 CHAPTER IV – CONCLUSION, SUMMARY AND
RECOMMENDATION
35
BIBLIOGRAPHY
39
6
CHAPTER - I
INTRODUCTION
COMPANY PROFILE:-
Parent Group Future Group
Owner Kishore Biyani (CEO)
Founded 2001
Headquarter Jogeshwari, Mumbai
Industry Retail
Big Bazaar is the largest hypermarket chain in India. Big Bazaar was launched in
September, 2001 with the opening of its first four stores in Kolkatta, Indore, Bangalore
and Hyderabad in 22 days. Currently, there are 160 stores across 95 cities and towns in
India covering around 16 million sq.ft. of retail space. It was started by Kishore Biyani.
Big Bazaar was launched mainly as a fashion format selling apparel, cosmetics,
accessories and general merchandise. Over the years, the retail chain has included in its
portfolio a wide range of products and services, ranging from grocery to electronics.
Big Bazaar is popularly known as the „Indian Wal-mart‟ today. Most Big Bazaar outlets
are multi-leveled stores and are located in stand-alone buildings in city centre as well as
within shopping malls. These stores have more than 2,00,000 stock keeping units (SKU)
in a wide range of categories, led primarily by fashion and food products. The retail
space of these stores in the metros range between 50,000 and 1,60,000 sq.ft.
According to Kishore Biyani‟s 3-C theory, Change and Confidence among the entire
population is leading to rise in Consumption, through better employment and income
which in turn is creating value to the agricultural products across the country. Big
Bazaar has divided India into three segments:-
1. India One:- Consuming class which includes upper middle and lower middle class
(14% of India's population).
7
2. India Two: Serving class which includes people like drivers, household helps,
office peons, liftmen, watchmen, etc. (55% of India's population).
3. India Three: Struggling class (remaining 31% of India's population).
While Big Bazaar is targeted at the population across India One and India Two
segments, Aadhaar Wholesale is aimed at reaching the population in India Three
segment. With this, Future Group emerged as a retail destination for consumers across
all classes in the Indian society.
PROGRESS OF BIG BAZAAR:-
2001
 Three Big Bazaar stores launched within a span of 22 days in Kolkata, Bangalore,
Hyderabad.
2002
 Big Bazaar - ICICI Bank Card is launched.
 Food Bazaar becomes part of Big Bazaar with the launch of the first store in
Mumbai at High Street Phoenix.
2003
 Big Bazaar enters Tier II cities with the launch of the store in Nagpur.
 Big Bazaar welcomes its 10 million customer at its new store in Gurgaon.
2004
 Big Bazaar wins its first award and national recognition. Big Bazaar and Food
Bazaar awarded the country‟s most admired retailer award in value retailing and food
retailing segment at the India Retail Forum.
8
 A day before Diwali, the store at Lower Parel becomes the first to touch Rs.10
million turnover on a single day.
2005
 Initiates the implementation of SAP and pilots a RFID project at its central
warehouse in Tarapur.
 Launches a unique shopping program: the Big Bazaar Exchange Offer, inviting
customers to exchange household junk at Big Bazaar.
 Electronic Bazaar and Furniture Bazaar are launched.
 Big Bazaar and ICICI Bank launched ICICI Bank-Big Bazaar Gold credit card
program to reward its loyal customers.
2006
 Mohan Jadhav sets a national record at Big Bazaar Sangli with a Rs.1,37,367
shopping bill. The Sangli farmer becomes Big Bazaar‟s largest ever customer.
 Big Bazaar launches Shakti, India‟s first credit card program tailored for housewives.
 Navaras – the jewellery store launched within Big Bazaar stores.
2007
 The 50th
Big Bazaar store is launched in Kanpur.
 Big Bazaar partners with Futurebazaar.com to launch India's most popular shopping
portal.
 Big Bazaar initiates the "Power of One" campaign to help raise funds for the Save
The Children India Fund.
 Pantaloon Retail wins the International Retailer of the Year at US-based National
Retail Federation convention in New York and Emerging Retailer of the Year award
at the World Retail Congress held in Barcelona.
9
2008
 Big Bazaar becomes the fastest growing hypermarket format in the world with the
launch of its 101st
store within 7 years of launch.
 Big Bazaar dons a new look with a fresh new section, Fashion at Big Bazaar.
 Big Bazaar joins the league of India‟s Business Super brands. It is voted among the
top ten service brands in the country in the latest pitch- IMRB international survey.
 Big Bazaar initiated the Mega Saving "Monthly Bachat Bazaar" campaign, to provide
exceptional deals on groceries and food items during the first week of every month.
2009
 Big Bazaar opens its second store in Assam at Tinsukia.
 Big Bazaar initiates Maha-Annasantarpane program at its stores in South India – a
unique initiative to offer meals to visitors and support local social organizations.
 Big Bazaar captures almost one-third share in food and grocery products sold through
modern retail in India.
 Shikhar Dhawan, youth icons of India, were chosen as the brand ambassadors of Big
Bazaar.
 Big Bazaar announced the launch of 'The Great Exchange Offer'.
 Formed a joint venture with Hidesign to launch Holi, a new brand of handbags,
laptop bags and other accessories.
2010
 Future Value Retail Limited is formed as a specialized subsidiary to spearhead the
group‟s value retail business through Big Bazaar, Food Bazaar and other formats.
 Big Bazaar wins CNBC Awaaz Consumer Awards for the third consecutive year.
Adjudged the Most Preferred Multi Brand Food & Beverage Chain, Most Preferred
Multi Brand Retail Outlet and Most Preferred Multi Brand One Stop Shop.
10
 Big Bazaar connects over 30,000 small and medium Indian manufacturers and
entrepreneurs with around 200 million customers visiting its stores.
 Big Bazaar opens its third store in Kanpur at Z Square Mall.
 Big Bazaar opens its fourth store in Kanpur at Jajmau which is the largest leather
tannery garrison of Asia.
 Vidya Balan was chosen as the brand ambassador of Big Bazaar's Price Challenge
exercise.
 Ranked 6 among the Top 50 Service Brands in India.
2011
 Big Bazaar forays into the rural wholesale and distribution business through „Aadhaar
Wholesale‟ store at Kalol, Gujarat.
 Big Bazaar has come up a new logo with a new tag line: „Naye India Ka Bazaar‟.
 200th
store opened in India.
 Future Group has launched its latest venture, Foodhall – a premium food destination
across 10 metros in India.
 For the convenience of the online customers, Big Bazaar has started free shipping on
all orders above Rs.1000.
 Entered into an agreement with Hindustan Unilever to co-develop and co-brand
bakery products, which would be sold exclusively at Big Bazaar stores.
2012
 Big Bazaar entered into a five year multi-million dollar deal with Cognizant
Technology Solutions for IT infrastructure services that support Future Group's
network of stores, warehouses, offices and data centers.
 Partnered with Disney to launch "Kidz Cookies", exclusively for kids across India.
Big Bazaar is planning to add further value to its retail services by offering value
added services like grinding, de-seeding, vegetables cutting at free of cost.
11
CHAPTER - II
ANALYSIS – I
SWOT ANALYSIS
A SWOT analysis (alternatively SWOT matrix) is a structured planning method used to evaluate
the strengths, weaknesses, opportunities, and threats involved in a project or in a business
venture. A SWOT analysis can be carried out for a product, place, industry or person. It involves
specifying the objective of the business venture or project and identifying the internal and
external factors that are favorable and unfavorable to achieve that objective. The technique is
credited to Albert Humphrey, who led a convention at the Stanford Research Institute (now SRI
International) in the 1960s and 1970s using data from Fortune 500 companies. The degree to
which the internal environment of the firm matches with the external environment is expressed
by the concept of strategic fit.
Setting the objective should be done after the SWOT analysis has been performed. This would
allow achievable goals or objectives to be set for the organization.
 Strengths: characteristics of the business or project that give it an advantage over others.
 Weaknesses: characteristics that place the business or project at a disadvantage relative to
others
 Opportunities: elements that the project could exploit to its advantage
 Threats: elements in the environment that could cause trouble for the business or project
Identification of SWOTs is important because they can inform later steps in planning to achieve
the objective. First, the decision makers should consider whether the objective is attainable,
given the SWOTs. If the objective is not attainable a different objective must be selected and the
process repeated. Users of SWOT analysis need to ask and answer questions that generate
meaningful information for each category (strengths, weaknesses, opportunities, and threats) to
make the analysis useful and find their competitive advantage.
12
SWOT ANALYSIS of BIG BAZAAR
STRENGTHS
 Better understanding of customers helping the company to serve them better.
 Vast range of products under one roof helping in attracting customer and their family to
shop together and enjoy the experience.
 Benefit of early entry into the retail industry.
 Diversified business operating all over India in various retail formats.
 Affordability for middle class.
 Quality, choice and convenience.
 Strong presence in local market (high brand equity).
 Attractive promotional offers.
 Good branding and advertising by also roping in celebrity brand ambassadors.
 Good infrastructure.
 One stop shop for variety of products, increasing customer time and available choices.
WEAKNESSES
 Not known globally and restricted to the Indian market only.
 No different game plan according to divergent people, their lifestyles, their tastes and
budgets in India.
 High cost of operation due to large fixed costs.
 Very thin margin of profit.
 High attrition rate of employee.
 Low perception among consumers.
 Supply chain Bottlenecks (fragmented markets).
13
 Less availability of stock.
 Unable to meet store opening target so far.
 Falling revenue per square feet.
 Employees need more training in handling esteemed customer.
OPPORTUNITIES
 Lot of potential in rural market.
 Can expand the business in smaller cities as there is a lot of opportunity.
 Can enter into production of various products due to its in depth understanding of
customer‟s tastes and preferences.
 To expand globally by tie-ups.
 Entering into high premium segment.
 Opportunity to expand into financial services catering to huge segment.
 Co-branding and franchising for faster growth.
 ONE STOP concept unknown yet.
 Evolving customer preferences in recent years.
THREATS
 High business risk involved.
 Lot of competitors coming up to tap the market potential.
 Margin of business reducing all the time.
 Future Bazaars debt can cause financial problems.
 Low priced brand perceived to be low quality in Indian consumers mind.
 Unorganized retail market.
 Government policies.
 Customers may lose their trust on the company due to supply of sub-standard products.
14
PORTERS’s FIVE FORCES MODEL
Porter five forces analysis is a framework to analyze level of competition within an industry and
business strategy development. It draws upon industrial organization (IO) economics to derive
five forces that determine the competitive intensity and therefore attractiveness of a market.
Attractiveness in this context refers to the overall industry profitability. An "unattractive"
industry is one in which the combination of these five forces acts to drive down overall
profitability. A very unattractive industry would be one approaching "pure competition", in
which available profits for all firms are driven to normal profit. This analysis is associated with
its principal innovator Michael E. Porter of Harvard University.
Porter referred to these forces as the micro environment, to contrast it with the more general term
macro environment. They consist of those forces close to a company that affect its ability to
serve its customers and make a profit. A change in any of the forces normally requires a business
unit to re-assess the marketplace given the overall change in industry information. The overall
industry attractiveness does not imply that every firm in the industry will return the same
profitability. Firms are able to apply their core competencies, business model or network to
achieve a profit above the industry average. A clear example of this is the airline industry. As an
industry, profitability is low and yet individual companies, by applying unique business models,
have been able to make a return in excess of the industry average.
Porter's five forces include - three forces from 'horizontal' competition: the threat of substitute
products or services, the threat of established rivals, and the threat of new entrants; and two
forces from 'vertical' competition: the bargaining power of suppliers and the bargaining power of
customers.
Porter developed his Five Forces analysis in reaction to the then-popular SWOT analysis, which
he found un-rigorous and ad hoc. Porter's five forces is based on the Structure-Conduct-
Performance paradigm in industrial organizational economics. It has been applied to a diverse
range of problems, from helping businesses become more profitable to helping governments
stabilize industries. Other Porter strategic frameworks include the value chain and the generic
strategies.
15
Threat of New Entrants:- Profitable markets that yield high returns will attract new firms. This
results in many new entrants, which eventually will decrease profitability for all firms in the
industry. Unless the entry of new firms can be blocked by incumbents (which in business refers
to the largest company in a certain industry, for instance, in telecommunications, the traditional
phone company, typically called the "incumbent operator"), the abnormal profit rate will trend
towards zero (perfect competition). The following factors can have an effect on how much of a
threat new entrants may pose:-
1. The existence of barriers to entry (patents, rights, etc.). The most attractive segment is
one in which entry barriers are high and exit barriers are low. Few new firms can enter
and non-performing firms can exit easily,
2. Government policy,
3. Capital requirements,
4. Absolute cost,
5. Cost disadvantages independent of size,
6. Economies of scale,
7. Economies of product differences,
8. Product differentiation,
9. Brand equity,
10. Switching costs or sunk costs,
11. Expected retaliation,
12. Access to distribution,
13. Customer loyalty to established brands,
14. Industry profitability (the more profitable the industry the more attractive it will be to
new competitors).
Threat of Substitute Products or Services:- The existence of products outside of the realm of
the common product boundaries increases the propensity of customers to switch to alternatives.
For example, tap water might be considered a substitute for Coke, whereas Pepsi is a
competitor's similar product. Increased marketing for drinking tap water might "shrink the pie"
for both Coke and Pepsi, whereas increased Pepsi advertising would likely "grow the pie"
(increase consumption of all soft drinks), albeit while giving Pepsi a larger slice at Coke's
16
expense. Another example is the substitute of traditional phone with VoIP phone. Potential
factors:-
1. Buyer propensity to substitute,
2. Relative price performance of substitute,
3. Buyer switching costs,
4. Perceived level of product differentiation,
5. Number of substitute products available in the market,
6. Ease of substitution,
7. Substandard product,
8. Quality depreciation.
Bargaining Power of Customers:- The bargaining power of customers is also described as the
market of outputs: the ability of customers to put the firm under pressure, which also affects the
customer's sensitivity to price changes. Firms can take measures to reduce buyer power, such as
implementing a loyalty program. The buyer power is high if the buyer has many alternatives.
Potential factors:-
1. Buyer concentration to firm concentration ratio,
2. Degree of dependency upon existing channels of distribution,
3. Bargaining leverage, particularly in industries with high fixed costs,
4. Buyer switching costs relative to firm switching costs,
5. Buyer information availability,
6. Force down prices,
7. Availability of existing substitute products,
8. Buyer price sensitivity,
9. Differential advantage (uniqueness) of industry products,
10. RFM (customer value) Analysis,
11. The total amount of trading.
17
Bargaining Power of Suppliers:- The bargaining power of suppliers is also described as the
market of inputs. Suppliers of raw materials, components, labor, and services (such as expertise)
to the firm can be a source of power over the firm when there are few substitutes. If you are
making biscuits and there is only one person who sells flour, you have no alternative but to buy it
from them. Suppliers may refuse to work with the firm or charge excessively high prices for
unique resources. Potential factors:-
1. Supplier switching costs relative to firm switching cost,
2. Degree of differentiation of inputs,
3. Impact of inputs on cost or differentiation,
4. Presence of substitute inputs,
5. Strength of distribution channel,
6. Supplier concentration to firm concentration ratio,
7. Employee solidarity (e.g. labor unions),
8. Supplier competition: the ability to forward vertically integrate and cut out the buyer.
Intensity of Competitive Rivalry:- For most industries the intensity of competitive rivalry is the
major determinant of the competitiveness of the industry. Potential factors:-
1. Sustainable competitive advantage through innovation,
2. Competition between online and offline companies,
3. Level of advertising expense,
4. Powerful competitive strategy,
5. Firm concentration ratio,
6. Degree of transparency.
18
FIVE FORCES’s ANALYSIS of BIG BAZAAR
Rivalry among
Competitors
1. Walmart
2. D-mart
3. Reliance Retail Mart
4. Vishal‟s Retail Mart
Threat of New Entrant 1. FDI policy not favorable for international players.
2. Domestic conglomerates looking to start retail chains.
3. International players looking to foray India
Threat of Substitutes 1. Unorganized Retail
Bargaining Power of
Suppliers
1. The bargaining power of suppliers varies depending upon
the target segment.
2. The unorganized sector has a dominant position.
3. There are few players who have a slight edge over others
on account of being established players and enjoying brand
distinction.
Bargaining Power of
Buyers
1. Consumers are price sensitive
2. Availability of more choice.
19
BCG MATRIX
The growth–share matrix (aka the product portfolio, BCG-matrix, Boston Consulting Group
analysis, port-folio diagram) is a chart that was created by Bruce D. Henderson for the Boston
Consulting Group in 1970 to help corporations to analyze their business units, that is, their
product lines. This helps the company allocate resources and is used as an analytical tool in
brand marketing, product management, strategic management, and portfolio analysis. Analysis of
market performance by firms using its principles has recently called its usefulness into question.
Cash Cows are where company has high market share in a slow-growing industry. These units
typically generate cash in excess of the amount of cash needed to maintain the business. They are
regarded as staid and boring, in a "mature" market, and every corporation would be thrilled to
own as many as possible. They are to be "milked" continuously with as little investment as
possible, since such investment would be wasted in an industry with low growth.
Dogs, more charitably called pets, are units with low market share in a mature, slow-growing
industry. These units typically "break even", generating barely enough cash to maintain the
business's market share. Though owning a break-even unit provides the social benefit of
providing jobs and possible synergies that assist other business units, from an accounting point
of view such a unit is worthless, not generating cash for the company. They depress a profitable
company's return on assets ratio, used by many investors to judge how well a company is being
managed. Dogs, it is thought, should be sold off.
Question Marks (also known as problem children) are business operating in a high market
growth, but having a low market share. They are a starting point for most businesses. Question
marks have a potential to gain market share and become stars, and eventually cash cows when
market growth slows. If question marks do not succeed in becoming a market leader, then after
perhaps years of cash consumption, they will degenerate into dogs when market growth declines.
Question marks must be analyzed carefully in order to determine whether they are worth the
investment required to grow market share.
Stars are units with a high market share in a fast-growing industry. They are graduated question
marks with a market or niche leading trajectory, for example: amongst market share front-
20
runners in a high-growth sector, and/or having a monopolistic or increasingly dominant USP
with burgeoning/fortuitous proposition drive(s) from: novelty, fashion/promotion, customer
loyalty goodwill and/or gearing, etc. The hope is that stars become next cash cows.
Stars require high funding to fight competitions and maintain a growth rate. When industry
growth slows, if they remain a niche leader or are amongst market leaders it‟s have been able to
maintain their category leadership stars become cash cows, else they become dogs due to low
relative market share.
As a particular industry matures and its growth slows, all business units become either cash cows
or dogs. The natural cycle for most business units is that they start as question marks, then turn
into stars. Eventually the market stops growing thus the business unit becomes a cash cow. At
the end of the cycle the cash cow turns into a dog.
As BCG stated in 1970:-
Only a diversified company with a balanced portfolio can use its strengths to truly capitalize on
its growth opportunities. The balanced portfolio has:-
 stars whose high share and high growth assure the future;
 cash cows that supply funds for that future growth; and
 question marks to be converted into stars with the added funds.
21
Currently, Big Bazaar has a high market share and has a fast growing industry. Therefore, it‟s a
STAR.
BIG BAZAAR
M
A
R
K
E
T
G
R
O
W
T
H
H
I
G
H
L
O
W
LOWHIGH
22
CHAPTER - III
ANALYSIS – II
Marketing is "the activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners and
society at large." Marketing is a management process or social process or an effective
communication through which goods and services move from concept to the customer
and companies create value for customers and build strong customer relationships in
order to capture value from customers in return and also identifying, anticipating and
satisfying customer requirements profitably. Marketing mix is a deciding factor in
formulating marketing techniques for the success of a particular brand, commodity or
company. It includes the coordination of four elements called the 4P's of marketing:-
1. Identification, selection and development of a Product.
2. Determination of its Price.
3. Selection of a distribution channel to reach the customer's Place.
4. Development and implementation of a Promotional strategy.
In recent times, however, the 4P‟s have been expanded to the 7P‟s.
MARKETING MIX OF BIG BAZAAR:-
Product:- Big Bazaar offers a wide range of products which range from apparels,
food, farm products, furniture, child care, toys, etc. of various brands like Levis, Allen
Solly, Pepsi, Coca-Cola, HUL, ITC, P&G, LG, Samsung, Nokia, HP etc. Big Bazaar also
promotes a number of in house brands like:-
1. DJ & C
2. Tasty Treat
3. Clean Mate
4. Sensei
5. Care Mate
23
6. Koryo and 44 other brands.
PRODUCT MIX
FASHION FOOD
 Formal Wear
 Casual Wear
 Night Wear
 T-shirt
 Jeans
 Sarees
 Dress Materials
 Ethnic Wears
 Party Wears
 Ready to Eat
 Ready to Cook
 Spices
 Staples
 International Foods
 Tea & Coffee
CHILL STATION FASHION JEWELLERY
 Soft Drink
 Packaged Juice
 Milk Items
 Frozen Foods
 Ice Creams
 Footwear Bazaar
 Beauty Care
 Navara
 Tanishq Wedding Jewellary
HOME & PERSONAL CARE ELECTRONIC BAZAAR
 Shampoo
 Detergent
 Soap
 Liquid Wash
 Creams
 Deodrants
 Utensils
 Crockery
 Television Sets
 Washing Machine
 Refrigerator
 Laptops
 M-Bazaar
 Small Appliances
 Microwaves
 Computer Accesories
FURNITURE BAZAAR OTHER SERVICES
24
 Living Room
 Bed Room
 Kitchen
 Dinning Room
 Kids Room
 Been Bags
 Paintings
 Decorative Items
 Mr. Right
 Bakery
 Loot Mart
 Tulsi
 Future Money
 Future Generalli
Pricing:- The pricing objective at Big Bazaar is to get “Maximum Market Share”.
Pricing at Big Bazaar is based on the following techniques:-
1. Value Pricing ( EDLP – Every Day Low pricing ):- Big Bazaar promises
consumers the lowest available price without coupon clipping, waiting for discount
promotions, or comparison shopping.
2. Promotional Pricing:- Big Bazaar offers financing at low interest rate. The
concept of psychological discounting ( Rs.99, Rs.49, etc. ) is also used to attract
customers. Big Bazaar also caters on Special Event Pricing ( Close to Diwali,
Gudi Padva and Durga Pooja ).
3. Differentiated Pricing:- Differentiated 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 Big Bazaar. For example, Wednesday
Bazaar.
Bundling :- It refers to selling combo-packs and offering discount to customers. The
combo-packs add value to customer and lead to increased sales. Big Bazaar lays a lot of
importance on bundling. For example 3 Good Day family packs at Rs.60 ( Price of 1
pack = Rs.22 ), 5 kg oil + 5 kg rice + 5 kg sugar for Rs.599.
25
Place:- The Big Bazaar stores are operational across three formats – hypermarkets spread
over 40,000 - 45,000 sq.ft. , the Express format over 15,000 - 20,000 sq.ft. and the Super
Centers set up over 1 lakh sq.ft. Currently Big Bazaar operates in over 34 cities and
towns across India with 116 stores. Apart from the metros these stores are also doing
well in the tier II cities. These stores are normally located in high traffic areas. Big
Bazaar aims at starting stores in developing areas to take an early advantage before the
real estate value booms. Mr. Biyani is planning to invest around Rs.350 crores over the
next one year expansion of Big Bazaar. In order to gain a competitive advantage Big
Bazaar has also launched a website www.futurebazaar.com, which helps customers to
orders products online which will be delivered to their doorstep. This helps in saving a
lot of time of its customers.
Promotion:- The various promotion schemes used at Big Bazaar include:-
1. Saal ke sabse saste 3 din.
2. Hafte ka sabse sasta din “Wednesday bazaar”.
3. Exchange Offers “Junk swap offer”.
4. Future card ( 3% discount ).
5. Shakti card.
6. Advertisement ( print ad, TV ad, radio ).
7. Brand endorsement by Shikhar Dhawan.
8. Big Bazaar has come up with 3 catchy lines written on hoardings taking on
biggies like Westside, Shoppers stop and Lifestyle. They are:-
a) “Keep West - aSide. Make a smart choice!”
b) “Shoppers! Stop. Make a smart choice!”
c) “Change your Lifestyle. Make a smart choice!”
BELOW the LINE PROMOTION ABOVE the LINE PROMOTION
 Coupons & Discount
 Gifts with Purchases
 Giving advertisements on
newspapers, T.V, internet
26
 Money Back Offers
 Exchange Offers
 Special Occasions Discounts
 Own website which gives online
shopping option
 Road shows carried out by staff
 Big hoardings on road for displaying
special discount days
People:-
1. Well trained staff at stores to help people with their purchases.
2. Employ close to 10,000 people and employ around 500 more per month.
3. Well - dressed staff improves the overall appearance of store.
4. Use scenario planning as a tool for quick decision making multiple counters for
payment, staff at store to keep baggage and security guards at every gate, makes
for a customer – friendly atmosphere.
Process:- Big Bazaar places a lot of importance on the process right from the purchase
to the delivery of goods. When customers enter the stores they can add the products
they which to purchase in their trolley from the racks. There are multiple counters where
bill can be generated for purchases made. Big Bazaar also provides delivery of products
over purchases of Rs.1000. The goods dispatch and purchasing area has certain salient features
which include:-
1. Multiple counters with trolleys to carry the items purchased.
2. Proper display/posters of the place like Dal, Soap, etc.
3. Home delivery counters also started at many places.
Physical Evidence:- Products in Big Bazaar are properly stacked in appropriate racks.
There are different departments in the store which display similar kind of products.
Throughout the store there are boards/written displays put up which help in identifying
the location of a product. Moreover boards are put up above the products which give
27
information about the products, its price and offers. Big Bazaar stores are normally „U
shaped‟ and well planned & designed.
Big Bazaar’s New Marketing Strategy
Big Bazaar has launched new marketing strategy which is based on Guerrilla Marketing.
Guerrilla marketing warfare strategies are a type of marketing warfare strategy designed
to wear down the enemy by a long series of minor attacks, using principles of surprise
and hit and run tactics. Attack, retreat, hide, then do it again, and again, until the
competitor moves on to other markets. Herein guerrilla force is divided into small groups
that selectively attack the target at its weak points. In the world of cut throat
competition, corporate use extension of the same strategy in marketing. Corporate like
Coke, Pepsi, etc. have been using the same for quite some time now and the latest
entrant is our very own „Future Group‟- Big Bazaar, Pantaloons, Future Bazaar, eZone
are all part of this group and they are taking on the biggies like Shoppers Stop,
Lifestyle and Tata‟s Westside. In order to do the same, Future Group have come up
with 3 catchy and cheeky ad campaigns which surely do catch our eyes and surely one
can‟t resist appreciating the same.
1. Keep West-aSide. Make a smart choice!
2. Shoppers! Stop. Make a smart choice!
3. Change Your Lifestyle. Make a smart choice!
Advertising:- The departmental store chain Big Bazaar has launched a commercial
sometime back to promote 'The Great Exchange Offer'. The commercial portrays how
customers can exchange any old and broken items (junk) and get new products at a
discounted price from Big Bazaar.
The 30 seconds film unfolds through the eyes of a cabbie in a busy city street, he is
intrigued by the disruptive visual of a well-dressed office executive carrying a bundle of
old newspaper and walking through a crowded place. The cabby then notices a young
office going lady in western wear carrying a rusty bucket filled with broken utensils, the
cabbie is absolutely confounded but continues to follow her with a broken tyre in his
28
hand and comes across another absurd situation of a highly placed executive in a
chauffeur driven car with a broken commode on the top of the car. Penultimate situation
reveals everybody is heading towards Big Bazaar for the exchange offer; the cabbie
comes out of the store happy and excited after getting an amazing deal for his junk
tyre. Moving images are interspersed with supers that hi-light the amazing prices a
consumer can get for his junk. The sound track uses a typical kabada guy's shout as he
walks through city street calling for junk.
The month of January and February is generally a low-key affair in terms of customer
footfalls and revenue generation. Innovative, out of the box promotions is one of the
effective ways to draw customer attention and shore up the revenue. Historically
exchange schemes have been used to induce better sales, it also has a strong appeal
with the Indian mindset of getting value even for their junk, states an official release
from Big Bazaar.
Brand Ambassador:- A brand ambassador is a celebrity ( or an attractive or interesting
person ) used to help advertise a product or services. Big Bazaar, has roped in cricketer
Shikhar Dhawan(earlier it was M.S.Dhoni) as the brand ambassador for its new range of
fashion apparel. Dhawan would feature in a series of advertisements across all media.
Dhawan and Big Bazaar have a lot of synergies as the Indian one-day international
team‟s captain stands for the aspirations of youths, while Big Bazaar is looked up to by
millions of Indians to fulfill their aspirations.
In this way, Big Bazaar make full use of the marketing mix for a new venture which
earlier belongs to the unorganized retail sector, i.e., kirana stores. Application of the best
marketing practices helps Big Bazaar in a great way.
SPECIAL STRATEGIES:-
1. To minimize retailing cost.
2. Operating:- Fewer staff on the floor; one person for every 500 sq.ft.
3. Minimize the furniture cost.
4. Saving shelf space.
5. Way to deal unsold stock off.
29
6. “Today‟s Price”:- Everyday a chosen product is being sold at lower than usual
price.
CUSTOMER SATISFACTION:-
Satisfaction is an overall psychological state that reflects the evaluation of a relationship
between the customer/consumer and a company-environment-product-service. Satisfaction
involves one of the following three psychological elements:- cognitive (thinking/evaluation),
affective (emotional/feeling) and behavioral. "Satisfaction" itself can refer to a number of
different facts of the relationship with a customer. For example, it can refer to any or
all of the following:-
1. Satisfaction with the quality of a particular product or service.
2. Satisfaction with an ongoing business relationship.
3. Satisfaction with the price-performance ratio of a product or service.
4. Satisfaction because a product/service met or exceeded the customer's expectations.
The achievement of customer satisfaction leads to company loyalty and product repurchase.
EXPECTATIONS AND CONSUMERS SATISFACTION:-
Expectations are beliefs (likelihood or probability) that a product/service (containing
certain attributes, features or characteristics) will produce certain outcomes (benefits-
values) given certain anticipated levels of performance based on previous affective,
cognitive, and behavioral experiences. Expectations are often seen as related to
satisfaction and can be measured as follows:-
1. IMPORTANCE:- Value of the product/service fulfilling the expectation.
2. OVERALL AFFECT-SATISFACTION EXPECTATIONS:- Like/Dislike of the
product/service.
30
3. FULFILLMENT OF EXPECTATIONS:- The expected level of performance vs.
the desired expectations. This is “Predictive Fulfillment” and is a respondent-
specific index of the performance level necessary to satisfy.
4. EXPECTED VALUE FROM USE:- Satisfaction is often determined by the
frequency of use. If a product/service is not used as often as expected, the result
may not be as satisfying as anticipated. For example a motorcycle that sits in the
garage, an unused year subscription to the local fitness center/gym, or a little
used season pass to a ski resort would produce more dissatisfaction with the
decision to purchase than with the actual product/service.
IMPORTANCE OF CUSTOMER SATISFACTION:- Effective marketing
focuses on two activities:-
1. Retaining existing customers.
2. Adding new customers.
Customer satisfaction measures are critical to any product or service company because
customer satisfaction is a strong predictor of customer retention, customer loyalty and
product repurchase.
STRATEGIES OF BIG BAZAAR TO SATISFY AND ATTRACT
CUSTOMERS:-
1. Wednesday Bazaar:- Big Bazaar introduced the Wednesday Bazaar concept and
promoted it as “Hafte Ka Sabse Sasta Din”. It was mainly to draw customers to
the stores on Wednesdays, when least number of customers are observed.
According to the chain, the aim of the concept is "to give homemakers the power
to save the most and even the stores in the city don a fresh look to make
customers feel that it is their day".
2. Sabse Sasta Din:- With a desire to achieve sales of Rs.26 crores in a one single
day, Big Bazaar introduced the concept of "Sabse Sasta Din". The idea was to
simply create a day in a year that truly belonged to Big Bazaar. This was
launched on January 26, 2006 and the result was exceptional that police had to
31
come in to control the mammoth crowd. The concept was such a huge hit that
the offer was increased from one day to three days in 2009 ( 24 to 26 Jan ) and
to five days in 2011 ( 22 - 26 Jan ).
3. Maha Bachat:- Maha Bachat was started off in 2006 as a single day campaign
with attractive promotional offers across all Big Bazaar stores. Over the years it
has grown into a 6 days bi-annual campaign. It has attractive offers in all its
value formats such as Big Bazaar, Food Bazaar, Electronic Bazaar and Furniture
Bazaar - catering to the entire needs of a consumer.
4. The Great Exchange Offer:- On February 12, 2009 Big Bazaar launched "The
Great Exchange Offer", through which the customers can exchange their old goods
in for Big Bazaar coupons. Later, consumers can redeem these coupons for brand
new goods across the nation.
5. Pay-back Card:- At Future Group Big Bazaar, we believe in building long-lasting
relationships with customers. We encourage repeat customer visits through our
unique offers and special sale days. Future Group has taken the whole concept of
customer loyalty to the next level by joining hands with PAYBACK. PAYBACK
is India‟s largest and one of Europe‟s most successful multi-partner loyalty
programs. With PAYBACK, customers can shop, save and get rewarded. This
program enables consumers to collect millions of points across online and offline
partners – with just a single card. Customers can accumulate points across Future
Group formats, thereby making “shopping rewarding”. Our formats Big Bazaar,
Food Bazaar, Pantaloons, Central, Home Town, eZone, Brand Factory and Future
Bazaar are a part of the PAYBACK loyalty program.
6. T24 Program:- T24 will provide customers with a dual advantage all 24 hours of
the day - „Shop More, Talk More‟ and „Talk More, Shop More‟. Shopping and
talking on our mobile phones are among the two favorite activities for all of us
in India. With T24, we have been able to develop a unique customer value
proposition that combines these interests of the aspirational Indian. Customers will
get shopping benefits for talking and talk-time benefits each time they shop. We
believe that with our partners, Tata Teleservices Limited, we have been able to
develop a differentiated offering in the crowded telecom space and also increase
32
the loyalty we enjoy among the millions of customers who patronize our stores.
T24 ( Talk 24 ) tariff plans reflect the competitive per-second rates being offered
for pre-paid customers on Tata Teleservices Limited‟s GSM network. In addition,
customers will be rewarded with free talktime for every purchase at Future Group
stores starting at Rs.10 to a maximum of Rs.350. Plans will keep evolving to
offer ever more attractive options to the customer.
Integrated Marketing Communication (IMC):-
Integrated marketing communications (IMC) is an approach to brand communications
where the different modes work together to create a seamless experience for the
customer and are presented with a similar tone and style that reinforces the brand‟s core
message. Its goal is to make all aspects of marketing communication such as advertising,
sales promotion, public relations direct marketing, online communications and social
media work together as a unified force, rather than permitting each to work in isolation,
which maximizes their cost effectiveness. IMC is becoming more significant in marketing
practice because of the reduced cost effectiveness of mass media and media
fragmentation. As consumers spend more time online and on mobile devices all
exposures of the brand need to tie together so they are more likely to be remembered.
Increasingly the strategies of brands cannot be understood by looking solely at their
advertising. Instead they can be understood by seeing how all aspects of their
communications ecosystem work together and in particular how communications are
personalized for each customer and react in real time, as in a conversation. Brand
strategies and their tactics can be viewed on the integrated brands site.
IMC Components of Big Bazaar:-
1. The Foundation - is based on a strategic understanding of the product and
market. This includes changes in technology, buyer attitudes and behavior and
anticipated moves by competitors.
2. The Corporate Culture - increasingly brands are seen as indivisible from the
vision, capabilities, personality and culture of the corporation.
33
3. The Brand Focus - is the logo, corporate identity, tagline, style and core message
of the brand.
4. Consumer Experience - includes the design of the product and its packaging, the
product experience ( for instance in a retail store ) and service.
5. Communications Tools - includes all modes of advertising, direct marketing and
online communications including social media.
6. Promotional Tools - trade promotions, consumer promotions, personal selling,
database marketing and customer relations management, public relations and
sponsorship programs.
7. Integration Tools - software that enables the tracking of customer behavior and
campaign effectiveness. This includes customer relationship management (CRM)
software, web analytics, marketing automation and inbound marketing software.
Importance of IMC for Big Bazaar:- Several shifts in the advertising and media
industry have caused IMC to develop into a primary strategy for marketers:-
1. From media advertising to multiple forms of communication.
2. From mass media to more specialized ( niche ) media, which are centered on
specific target audiences.
3. From a manufacturer - dominated market to a retailer - dominated, consumer –
controlled market.
4. From general - focus advertising and marketing to data - based marketing.
5. From low agency accountability to greater agency accountability, particularly in
advertising.
6. From traditional compensation to performance - based compensation ( increased sales
or benefits to the company ).
7. From limited internet access to 24/7 internet availability and access to goods and
services.
8. It can create competitive advantage, boost sales and profits, while saving money,
time and stress.
34
9. IMC wraps communications around customers and helps them move through the
various stages of the buying process. The organization simultaneously consolidates
its image, develops a dialogue and nurtures its relationship with customers.
10. This 'Relationship Marketing' cements a bond of loyalty with customers which can
protect them from the inevitable onslaught of competition. The ability to keep a
customer for life is a powerful competitive advantage.
11. IMC also increases profits through increased effectiveness.
12. Carefully linked messages also help buyers by giving timely reminders, updated
information and special offers which, when presented in a planned sequence, help
them move comfortably through the stages of their buying process.
13. Finally, IMC saves money as it eliminates duplication in areas such as graphics
and photography since they can be shared and used in say, advertising, exhibitions
and sales literature.
14. IMC also makes messages more consistent and therefore more credible. This
reduces risk in the mind of the buyer which, in turn, shortens the search process
and helps to dictate the outcome of brand comparisons
35
CHAPTER - IV
SUMMARY, CONCLUSION & RECOMMENDATION
SUMMARY FOR MARKETING STRATEGIES:-
1. To increase the footfall of the store during the weekday.
2. Customers are more attracted towards discount schemes & sales.
3. Various product lines also attract customers to choose their retails stores.
4. Entertainment units & kids zone should be provided in retail stores in order to
cater more customers.
5. The after sales service of retail stores should be helpful & effective. This after
sales service creates loyal customers.
6. Major steps should be taken to stop shop-lifting in retail stores, as it is one of
the problematic characters for leading & large size retails stores.
7. The retail stores should provide various kinds of loyalty rights in order to provide
more customers.
SUGGESTIONS FOR MARKETING STRATEGIES:-
1. Retail stores should focus more on store ambience, store space & selling areas.
2. All the retails formats should have an effective loyalty program.
3. More focus on direct marketing should be given in order to attract more & more
customers.
4. Better after sales service & customer service should be provided in order to make
customers loyal.
5. To manage proper proportion of convenience, staple & impulse goods.
6. Along with SMS the retails formats should use more innovative ways to alert
customers.
7. The retail store should replenish the goods on time ( before the stock ends ).
8. A proper proportion of private & national brands should be kept in retail stores.
36
SUMMARY FOR CUSTOMER SATISFACTION:-
Customers are becoming price conscious they are having many options in the market considering
the consumer buying behavior the malls and other shopping centers should take certain definite
steps like retaining customers by giving those schemes discounts and better service. The trend
today has been to combine shopping with various offerings for ex… in a mall apart from
shopping a customer enjoys food courts and many others services which today‟s modem malls
provide. Shopping has made people spend not just on their requirements of goods to be bought
but to look on the totality of the experience have a quick bite at Mc Donald‟s in the mall are let
the kids play fun games while one is busy shopping or even taking the family out to movie and
having a dinner “ALL UNDER ONE ROOF” The benefits of this totality offering are that many
vendors get to have people patronized their offerings while the shopping experience i.e.‟ being
enhanced more business is got by the stores at the venue. Shopping is no longer a onetime
agenda for people. Various options are opening up.
1. Variety:- Big Bazaar offers a wide variety of products of different prices and
different qualities satisfying most of its customers.
2. Quality:- Providing quality at low prices and having different types of products
for different income customers is another advantage.
3. Price:- As noted the prices and offers in Big Bazaar have been one of the main
attractions and reasons for its popularity. The price ranges and the products
offered are very satisfying to the customers.
4. Location:- The location of Big Bazaar has been mainly in the hear t of the city
or in the out skirts giving a chance to both the city and the people living outside
the city to shop.
5. Advertisements:- Big Bazaar has endorsed very popular figure like Shikhar
Dhawan and other famous personalities which has attracted a lot of customers.
This has resulted in increase of sale and the outdoor advertising techniques have
also helped Big Bazaar.
6. Middle Class Appeal:- Considering the fact that there are a lot middle class
families in India, Big Bazaar has had a huge impact on the middle class section
37
of India, the prices, quality and sales strategy has helped in getting the middle
income groups getting attracted towards Big Bazaar.
7. Attractive Sales:- Big Bazaar has been known for its great sale and great offers.
Big Bazaar has had long lines of people waiting to get into the store for the
sale. Therefore, the sales of Big Bazaar has increased in a huge way due to the
sales and offers, thus this has been one of the main advantages of Big Bazaar.
SUGGESTIONS FOR CUSTOMER SATISFACTION:-
1. Store Layout:- The store layout and the assortment of goods is not the best at
Big Bazaar, as the quantity of goods sold is more, the arrangement and
assortment of goods in the store is the greatest. Hence at times customers find it
hard to find what they require, this leads to dissatisfaction of customers.
2. Lower Quality of Goods:- As Big Bazaar aims more toward the middle income
group, the quality of goods is not of the highest quality, and this is sometimes a
disadvantage as some would prefer better quality to the price, making customers
to search for different places.
3. Does Not Appeal to the Elite:- As mentioned above, the main customers are middle
income and a few high income groups. The elite do not like to shop at Big
Bazaar as the quality of goods is lower and they would prefer a higher price
and get a better brand, this decreases sales from the elite class.
4. Not Acclaimed for Very Good Service:- Big Bazaar is not known for high class
service. The staff recruited is not very well trained and the billing queues take a
long time to move, this irritates customers which makes them visit the store more
seldom.
5. Lower Quality of Goods:- As the store is trying to concentrate on the middle
income group the type of products used is not of the most superior quality and
most of the times nor branded, this may dissatisfy certain customers.
6. Consumer Satisfaction:- Long queues and lower quality leads to dissatisfaction of
customers. Due to factors mentioned above Big Bazaar shoppers are not always
satisfied, this is not positive for the company.
38
Indian retail sector is witnessing one of the most hectic Marketing activities of all time. The
companies are fighting to win the hearts of customer who is God said by the business tycoons.
There is always a „first mover advantage‟ in an upcoming sector. In India, that advantage goes to
„BIG BAZAAR‟. It has brought about many changes in the buying habit of people. It has created
formats, which provide all items less than one roof at low rates.
The consumers preferences are changing and they are moving from traditional kirana stores to
modern retail outlet. It‟s the main challenge to the modern retail outlets to attract the customers
towards them from that of competitors. To attract more customers companies have to carry out
the promotional activities in unique way. Big Bazaar has maintained that uniqueness and has
succeeded in attracting customers.
The promotional activity of the company, which famous as fewer prices than others as it says
“nobody sells cheaper and better‟ is made its place in minds of customer. As the competition is
becoming stiff in the market the activities conducted by the company are unique, that have
brought fruitful result to the company. Among them sales promotion is one of the leading
activity or unique among all other activities and has high influence on customer walk-in.
Big Bazaar is undoubtedly the number one retailer in India. It has built a very emotional and
cordial relationship with its customers. It is also very intending to build long term relationship
with all its stakeholders which is very essential for a successful business venture. The company
is reaching out to all the sections of the society as it is creating a hypermarket where not only the
rich people shop but also the middle and the lower class customers come to enjoy the whole
shopping experience.
39
BIBLOGRAPHY:-
1. www.futuregroup.in
2. www.en.wikipedia.org/wiki/Big_Bazaar
3. www.economictimes.indiatimes.com
4. It Happened In India - Kishore Biyani & Dipayan Baishya
5. Marketing Management - Philip Kotler

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PROJECT ON BIG BAZAAR

  • 1. 1 A PROJECT ON “ BIG BAZAAR” IN THE SUBJECT RESEARCH METHODOLOGY SUBMITTED BY SOUMEET SARKAR A030 M.Com Part-II in Advance Accountancy UNDER THE GUIDANCE OF PROF. BHARAT PITHADIA TO UNIVERSITY OF MUMBAI FOR MASTER OF COMMERCE PROGRAMME (SEMESTER - III) In ADVANCE ACCOUNTANCY YEAR: 2014-15 SVKM’S NARSEE MONJEE COLLEGE OF COMMERCE &ECONOMICS VILE PARLE (W), MUMBAI – 400056.
  • 2. 2 EVALUATION CERTIFICATE This is to certify that the undersigned have assessed and evaluated the project on “ BIG BAZAAR ” submitted by SOUMEET SARKAR student of M.Com. – Part - II (Semester – III) In ADVANCE ACCOUNTANCY for the academic year 2014-15. This project is original to the best of our knowledge and has been accepted for Internal Assessment. Name & Signature of Internal Examiner Name & Signature of External Examiner PRINCIPAL Shri Sunil B. Mantri
  • 3. 3 DECLARATION BY THE STUDENT I, SOUMEET SARKAR student of M.Com (Part – II) In ADVANCE ACCOUNTANCY Roll No.: A030 hereby declare that the project titled “ BIG BAZAAR ” for the subject RESEARCH METHODOLOGY submitted by me for Semester – III of the academic year 2014-15, is based on actual work carried out by me under the guidance and supervision of PROF. BHARAT PITHADIA. I further state that this work is original and not submitted anywhere else for any examination. Place: MUMBAI Date: August 2014 Name & Signature of Student: Name: SOUMEET SARKAR Signature:
  • 4. 4 ACKNOWLEDGEMENT It is indeed a great pleasure and proud privilege to present this project work. I thank my project guide Prof. Bharat Pithadia and my M.Com. Co-ordinator Prof. Harish Sharma of SVKM‟s Narsee Monjee College of Commerce and Economics. Their co-operation and guidance have helped me to complete this project. I would sincerely like to thank the principal of our college Shri Sunil B. Mantri for his support and guidance. I would also like to thank the college library and staff for helping and guiding me, the class representatives and my family and friends who supported me in this project. THANK YOU
  • 5. 5 MAIN PAGE I EVALUATION CERTIFICATE II DECLARATION BY THE STUDENT III ACKNOWLEDGEMENT IV CONTENT Sr. No. PARTICULARS Page No. 1 CHAPTER I – INTRODUCTION 6 2 CHAPTER II – ANALYSIS I 11 3 CHAPTER III – ANALYSIS II 22 4 CHAPTER IV – CONCLUSION, SUMMARY AND RECOMMENDATION 35 BIBLIOGRAPHY 39
  • 6. 6 CHAPTER - I INTRODUCTION COMPANY PROFILE:- Parent Group Future Group Owner Kishore Biyani (CEO) Founded 2001 Headquarter Jogeshwari, Mumbai Industry Retail Big Bazaar is the largest hypermarket chain in India. Big Bazaar was launched in September, 2001 with the opening of its first four stores in Kolkatta, Indore, Bangalore and Hyderabad in 22 days. Currently, there are 160 stores across 95 cities and towns in India covering around 16 million sq.ft. of retail space. It was started by Kishore Biyani. Big Bazaar was launched mainly as a fashion format selling apparel, cosmetics, accessories and general merchandise. Over the years, the retail chain has included in its portfolio a wide range of products and services, ranging from grocery to electronics. Big Bazaar is popularly known as the „Indian Wal-mart‟ today. Most Big Bazaar outlets are multi-leveled stores and are located in stand-alone buildings in city centre as well as within shopping malls. These stores have more than 2,00,000 stock keeping units (SKU) in a wide range of categories, led primarily by fashion and food products. The retail space of these stores in the metros range between 50,000 and 1,60,000 sq.ft. According to Kishore Biyani‟s 3-C theory, Change and Confidence among the entire population is leading to rise in Consumption, through better employment and income which in turn is creating value to the agricultural products across the country. Big Bazaar has divided India into three segments:- 1. India One:- Consuming class which includes upper middle and lower middle class (14% of India's population).
  • 7. 7 2. India Two: Serving class which includes people like drivers, household helps, office peons, liftmen, watchmen, etc. (55% of India's population). 3. India Three: Struggling class (remaining 31% of India's population). While Big Bazaar is targeted at the population across India One and India Two segments, Aadhaar Wholesale is aimed at reaching the population in India Three segment. With this, Future Group emerged as a retail destination for consumers across all classes in the Indian society. PROGRESS OF BIG BAZAAR:- 2001  Three Big Bazaar stores launched within a span of 22 days in Kolkata, Bangalore, Hyderabad. 2002  Big Bazaar - ICICI Bank Card is launched.  Food Bazaar becomes part of Big Bazaar with the launch of the first store in Mumbai at High Street Phoenix. 2003  Big Bazaar enters Tier II cities with the launch of the store in Nagpur.  Big Bazaar welcomes its 10 million customer at its new store in Gurgaon. 2004  Big Bazaar wins its first award and national recognition. Big Bazaar and Food Bazaar awarded the country‟s most admired retailer award in value retailing and food retailing segment at the India Retail Forum.
  • 8. 8  A day before Diwali, the store at Lower Parel becomes the first to touch Rs.10 million turnover on a single day. 2005  Initiates the implementation of SAP and pilots a RFID project at its central warehouse in Tarapur.  Launches a unique shopping program: the Big Bazaar Exchange Offer, inviting customers to exchange household junk at Big Bazaar.  Electronic Bazaar and Furniture Bazaar are launched.  Big Bazaar and ICICI Bank launched ICICI Bank-Big Bazaar Gold credit card program to reward its loyal customers. 2006  Mohan Jadhav sets a national record at Big Bazaar Sangli with a Rs.1,37,367 shopping bill. The Sangli farmer becomes Big Bazaar‟s largest ever customer.  Big Bazaar launches Shakti, India‟s first credit card program tailored for housewives.  Navaras – the jewellery store launched within Big Bazaar stores. 2007  The 50th Big Bazaar store is launched in Kanpur.  Big Bazaar partners with Futurebazaar.com to launch India's most popular shopping portal.  Big Bazaar initiates the "Power of One" campaign to help raise funds for the Save The Children India Fund.  Pantaloon Retail wins the International Retailer of the Year at US-based National Retail Federation convention in New York and Emerging Retailer of the Year award at the World Retail Congress held in Barcelona.
  • 9. 9 2008  Big Bazaar becomes the fastest growing hypermarket format in the world with the launch of its 101st store within 7 years of launch.  Big Bazaar dons a new look with a fresh new section, Fashion at Big Bazaar.  Big Bazaar joins the league of India‟s Business Super brands. It is voted among the top ten service brands in the country in the latest pitch- IMRB international survey.  Big Bazaar initiated the Mega Saving "Monthly Bachat Bazaar" campaign, to provide exceptional deals on groceries and food items during the first week of every month. 2009  Big Bazaar opens its second store in Assam at Tinsukia.  Big Bazaar initiates Maha-Annasantarpane program at its stores in South India – a unique initiative to offer meals to visitors and support local social organizations.  Big Bazaar captures almost one-third share in food and grocery products sold through modern retail in India.  Shikhar Dhawan, youth icons of India, were chosen as the brand ambassadors of Big Bazaar.  Big Bazaar announced the launch of 'The Great Exchange Offer'.  Formed a joint venture with Hidesign to launch Holi, a new brand of handbags, laptop bags and other accessories. 2010  Future Value Retail Limited is formed as a specialized subsidiary to spearhead the group‟s value retail business through Big Bazaar, Food Bazaar and other formats.  Big Bazaar wins CNBC Awaaz Consumer Awards for the third consecutive year. Adjudged the Most Preferred Multi Brand Food & Beverage Chain, Most Preferred Multi Brand Retail Outlet and Most Preferred Multi Brand One Stop Shop.
  • 10. 10  Big Bazaar connects over 30,000 small and medium Indian manufacturers and entrepreneurs with around 200 million customers visiting its stores.  Big Bazaar opens its third store in Kanpur at Z Square Mall.  Big Bazaar opens its fourth store in Kanpur at Jajmau which is the largest leather tannery garrison of Asia.  Vidya Balan was chosen as the brand ambassador of Big Bazaar's Price Challenge exercise.  Ranked 6 among the Top 50 Service Brands in India. 2011  Big Bazaar forays into the rural wholesale and distribution business through „Aadhaar Wholesale‟ store at Kalol, Gujarat.  Big Bazaar has come up a new logo with a new tag line: „Naye India Ka Bazaar‟.  200th store opened in India.  Future Group has launched its latest venture, Foodhall – a premium food destination across 10 metros in India.  For the convenience of the online customers, Big Bazaar has started free shipping on all orders above Rs.1000.  Entered into an agreement with Hindustan Unilever to co-develop and co-brand bakery products, which would be sold exclusively at Big Bazaar stores. 2012  Big Bazaar entered into a five year multi-million dollar deal with Cognizant Technology Solutions for IT infrastructure services that support Future Group's network of stores, warehouses, offices and data centers.  Partnered with Disney to launch "Kidz Cookies", exclusively for kids across India. Big Bazaar is planning to add further value to its retail services by offering value added services like grinding, de-seeding, vegetables cutting at free of cost.
  • 11. 11 CHAPTER - II ANALYSIS – I SWOT ANALYSIS A SWOT analysis (alternatively SWOT matrix) is a structured planning method used to evaluate the strengths, weaknesses, opportunities, and threats involved in a project or in a business venture. A SWOT analysis can be carried out for a product, place, industry or person. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective. The technique is credited to Albert Humphrey, who led a convention at the Stanford Research Institute (now SRI International) in the 1960s and 1970s using data from Fortune 500 companies. The degree to which the internal environment of the firm matches with the external environment is expressed by the concept of strategic fit. Setting the objective should be done after the SWOT analysis has been performed. This would allow achievable goals or objectives to be set for the organization.  Strengths: characteristics of the business or project that give it an advantage over others.  Weaknesses: characteristics that place the business or project at a disadvantage relative to others  Opportunities: elements that the project could exploit to its advantage  Threats: elements in the environment that could cause trouble for the business or project Identification of SWOTs is important because they can inform later steps in planning to achieve the objective. First, the decision makers should consider whether the objective is attainable, given the SWOTs. If the objective is not attainable a different objective must be selected and the process repeated. Users of SWOT analysis need to ask and answer questions that generate meaningful information for each category (strengths, weaknesses, opportunities, and threats) to make the analysis useful and find their competitive advantage.
  • 12. 12 SWOT ANALYSIS of BIG BAZAAR STRENGTHS  Better understanding of customers helping the company to serve them better.  Vast range of products under one roof helping in attracting customer and their family to shop together and enjoy the experience.  Benefit of early entry into the retail industry.  Diversified business operating all over India in various retail formats.  Affordability for middle class.  Quality, choice and convenience.  Strong presence in local market (high brand equity).  Attractive promotional offers.  Good branding and advertising by also roping in celebrity brand ambassadors.  Good infrastructure.  One stop shop for variety of products, increasing customer time and available choices. WEAKNESSES  Not known globally and restricted to the Indian market only.  No different game plan according to divergent people, their lifestyles, their tastes and budgets in India.  High cost of operation due to large fixed costs.  Very thin margin of profit.  High attrition rate of employee.  Low perception among consumers.  Supply chain Bottlenecks (fragmented markets).
  • 13. 13  Less availability of stock.  Unable to meet store opening target so far.  Falling revenue per square feet.  Employees need more training in handling esteemed customer. OPPORTUNITIES  Lot of potential in rural market.  Can expand the business in smaller cities as there is a lot of opportunity.  Can enter into production of various products due to its in depth understanding of customer‟s tastes and preferences.  To expand globally by tie-ups.  Entering into high premium segment.  Opportunity to expand into financial services catering to huge segment.  Co-branding and franchising for faster growth.  ONE STOP concept unknown yet.  Evolving customer preferences in recent years. THREATS  High business risk involved.  Lot of competitors coming up to tap the market potential.  Margin of business reducing all the time.  Future Bazaars debt can cause financial problems.  Low priced brand perceived to be low quality in Indian consumers mind.  Unorganized retail market.  Government policies.  Customers may lose their trust on the company due to supply of sub-standard products.
  • 14. 14 PORTERS’s FIVE FORCES MODEL Porter five forces analysis is a framework to analyze level of competition within an industry and business strategy development. It draws upon industrial organization (IO) economics to derive five forces that determine the competitive intensity and therefore attractiveness of a market. Attractiveness in this context refers to the overall industry profitability. An "unattractive" industry is one in which the combination of these five forces acts to drive down overall profitability. A very unattractive industry would be one approaching "pure competition", in which available profits for all firms are driven to normal profit. This analysis is associated with its principal innovator Michael E. Porter of Harvard University. Porter referred to these forces as the micro environment, to contrast it with the more general term macro environment. They consist of those forces close to a company that affect its ability to serve its customers and make a profit. A change in any of the forces normally requires a business unit to re-assess the marketplace given the overall change in industry information. The overall industry attractiveness does not imply that every firm in the industry will return the same profitability. Firms are able to apply their core competencies, business model or network to achieve a profit above the industry average. A clear example of this is the airline industry. As an industry, profitability is low and yet individual companies, by applying unique business models, have been able to make a return in excess of the industry average. Porter's five forces include - three forces from 'horizontal' competition: the threat of substitute products or services, the threat of established rivals, and the threat of new entrants; and two forces from 'vertical' competition: the bargaining power of suppliers and the bargaining power of customers. Porter developed his Five Forces analysis in reaction to the then-popular SWOT analysis, which he found un-rigorous and ad hoc. Porter's five forces is based on the Structure-Conduct- Performance paradigm in industrial organizational economics. It has been applied to a diverse range of problems, from helping businesses become more profitable to helping governments stabilize industries. Other Porter strategic frameworks include the value chain and the generic strategies.
  • 15. 15 Threat of New Entrants:- Profitable markets that yield high returns will attract new firms. This results in many new entrants, which eventually will decrease profitability for all firms in the industry. Unless the entry of new firms can be blocked by incumbents (which in business refers to the largest company in a certain industry, for instance, in telecommunications, the traditional phone company, typically called the "incumbent operator"), the abnormal profit rate will trend towards zero (perfect competition). The following factors can have an effect on how much of a threat new entrants may pose:- 1. The existence of barriers to entry (patents, rights, etc.). The most attractive segment is one in which entry barriers are high and exit barriers are low. Few new firms can enter and non-performing firms can exit easily, 2. Government policy, 3. Capital requirements, 4. Absolute cost, 5. Cost disadvantages independent of size, 6. Economies of scale, 7. Economies of product differences, 8. Product differentiation, 9. Brand equity, 10. Switching costs or sunk costs, 11. Expected retaliation, 12. Access to distribution, 13. Customer loyalty to established brands, 14. Industry profitability (the more profitable the industry the more attractive it will be to new competitors). Threat of Substitute Products or Services:- The existence of products outside of the realm of the common product boundaries increases the propensity of customers to switch to alternatives. For example, tap water might be considered a substitute for Coke, whereas Pepsi is a competitor's similar product. Increased marketing for drinking tap water might "shrink the pie" for both Coke and Pepsi, whereas increased Pepsi advertising would likely "grow the pie" (increase consumption of all soft drinks), albeit while giving Pepsi a larger slice at Coke's
  • 16. 16 expense. Another example is the substitute of traditional phone with VoIP phone. Potential factors:- 1. Buyer propensity to substitute, 2. Relative price performance of substitute, 3. Buyer switching costs, 4. Perceived level of product differentiation, 5. Number of substitute products available in the market, 6. Ease of substitution, 7. Substandard product, 8. Quality depreciation. Bargaining Power of Customers:- The bargaining power of customers is also described as the market of outputs: the ability of customers to put the firm under pressure, which also affects the customer's sensitivity to price changes. Firms can take measures to reduce buyer power, such as implementing a loyalty program. The buyer power is high if the buyer has many alternatives. Potential factors:- 1. Buyer concentration to firm concentration ratio, 2. Degree of dependency upon existing channels of distribution, 3. Bargaining leverage, particularly in industries with high fixed costs, 4. Buyer switching costs relative to firm switching costs, 5. Buyer information availability, 6. Force down prices, 7. Availability of existing substitute products, 8. Buyer price sensitivity, 9. Differential advantage (uniqueness) of industry products, 10. RFM (customer value) Analysis, 11. The total amount of trading.
  • 17. 17 Bargaining Power of Suppliers:- The bargaining power of suppliers is also described as the market of inputs. Suppliers of raw materials, components, labor, and services (such as expertise) to the firm can be a source of power over the firm when there are few substitutes. If you are making biscuits and there is only one person who sells flour, you have no alternative but to buy it from them. Suppliers may refuse to work with the firm or charge excessively high prices for unique resources. Potential factors:- 1. Supplier switching costs relative to firm switching cost, 2. Degree of differentiation of inputs, 3. Impact of inputs on cost or differentiation, 4. Presence of substitute inputs, 5. Strength of distribution channel, 6. Supplier concentration to firm concentration ratio, 7. Employee solidarity (e.g. labor unions), 8. Supplier competition: the ability to forward vertically integrate and cut out the buyer. Intensity of Competitive Rivalry:- For most industries the intensity of competitive rivalry is the major determinant of the competitiveness of the industry. Potential factors:- 1. Sustainable competitive advantage through innovation, 2. Competition between online and offline companies, 3. Level of advertising expense, 4. Powerful competitive strategy, 5. Firm concentration ratio, 6. Degree of transparency.
  • 18. 18 FIVE FORCES’s ANALYSIS of BIG BAZAAR Rivalry among Competitors 1. Walmart 2. D-mart 3. Reliance Retail Mart 4. Vishal‟s Retail Mart Threat of New Entrant 1. FDI policy not favorable for international players. 2. Domestic conglomerates looking to start retail chains. 3. International players looking to foray India Threat of Substitutes 1. Unorganized Retail Bargaining Power of Suppliers 1. The bargaining power of suppliers varies depending upon the target segment. 2. The unorganized sector has a dominant position. 3. There are few players who have a slight edge over others on account of being established players and enjoying brand distinction. Bargaining Power of Buyers 1. Consumers are price sensitive 2. Availability of more choice.
  • 19. 19 BCG MATRIX The growth–share matrix (aka the product portfolio, BCG-matrix, Boston Consulting Group analysis, port-folio diagram) is a chart that was created by Bruce D. Henderson for the Boston Consulting Group in 1970 to help corporations to analyze their business units, that is, their product lines. This helps the company allocate resources and is used as an analytical tool in brand marketing, product management, strategic management, and portfolio analysis. Analysis of market performance by firms using its principles has recently called its usefulness into question. Cash Cows are where company has high market share in a slow-growing industry. These units typically generate cash in excess of the amount of cash needed to maintain the business. They are regarded as staid and boring, in a "mature" market, and every corporation would be thrilled to own as many as possible. They are to be "milked" continuously with as little investment as possible, since such investment would be wasted in an industry with low growth. Dogs, more charitably called pets, are units with low market share in a mature, slow-growing industry. These units typically "break even", generating barely enough cash to maintain the business's market share. Though owning a break-even unit provides the social benefit of providing jobs and possible synergies that assist other business units, from an accounting point of view such a unit is worthless, not generating cash for the company. They depress a profitable company's return on assets ratio, used by many investors to judge how well a company is being managed. Dogs, it is thought, should be sold off. Question Marks (also known as problem children) are business operating in a high market growth, but having a low market share. They are a starting point for most businesses. Question marks have a potential to gain market share and become stars, and eventually cash cows when market growth slows. If question marks do not succeed in becoming a market leader, then after perhaps years of cash consumption, they will degenerate into dogs when market growth declines. Question marks must be analyzed carefully in order to determine whether they are worth the investment required to grow market share. Stars are units with a high market share in a fast-growing industry. They are graduated question marks with a market or niche leading trajectory, for example: amongst market share front-
  • 20. 20 runners in a high-growth sector, and/or having a monopolistic or increasingly dominant USP with burgeoning/fortuitous proposition drive(s) from: novelty, fashion/promotion, customer loyalty goodwill and/or gearing, etc. The hope is that stars become next cash cows. Stars require high funding to fight competitions and maintain a growth rate. When industry growth slows, if they remain a niche leader or are amongst market leaders it‟s have been able to maintain their category leadership stars become cash cows, else they become dogs due to low relative market share. As a particular industry matures and its growth slows, all business units become either cash cows or dogs. The natural cycle for most business units is that they start as question marks, then turn into stars. Eventually the market stops growing thus the business unit becomes a cash cow. At the end of the cycle the cash cow turns into a dog. As BCG stated in 1970:- Only a diversified company with a balanced portfolio can use its strengths to truly capitalize on its growth opportunities. The balanced portfolio has:-  stars whose high share and high growth assure the future;  cash cows that supply funds for that future growth; and  question marks to be converted into stars with the added funds.
  • 21. 21 Currently, Big Bazaar has a high market share and has a fast growing industry. Therefore, it‟s a STAR. BIG BAZAAR M A R K E T G R O W T H H I G H L O W LOWHIGH
  • 22. 22 CHAPTER - III ANALYSIS – II Marketing is "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large." Marketing is a management process or social process or an effective communication through which goods and services move from concept to the customer and companies create value for customers and build strong customer relationships in order to capture value from customers in return and also identifying, anticipating and satisfying customer requirements profitably. Marketing mix is a deciding factor in formulating marketing techniques for the success of a particular brand, commodity or company. It includes the coordination of four elements called the 4P's of marketing:- 1. Identification, selection and development of a Product. 2. Determination of its Price. 3. Selection of a distribution channel to reach the customer's Place. 4. Development and implementation of a Promotional strategy. In recent times, however, the 4P‟s have been expanded to the 7P‟s. MARKETING MIX OF BIG BAZAAR:- Product:- Big Bazaar offers a wide range of products which range from apparels, food, farm products, furniture, child care, toys, etc. of various brands like Levis, Allen Solly, Pepsi, Coca-Cola, HUL, ITC, P&G, LG, Samsung, Nokia, HP etc. Big Bazaar also promotes a number of in house brands like:- 1. DJ & C 2. Tasty Treat 3. Clean Mate 4. Sensei 5. Care Mate
  • 23. 23 6. Koryo and 44 other brands. PRODUCT MIX FASHION FOOD  Formal Wear  Casual Wear  Night Wear  T-shirt  Jeans  Sarees  Dress Materials  Ethnic Wears  Party Wears  Ready to Eat  Ready to Cook  Spices  Staples  International Foods  Tea & Coffee CHILL STATION FASHION JEWELLERY  Soft Drink  Packaged Juice  Milk Items  Frozen Foods  Ice Creams  Footwear Bazaar  Beauty Care  Navara  Tanishq Wedding Jewellary HOME & PERSONAL CARE ELECTRONIC BAZAAR  Shampoo  Detergent  Soap  Liquid Wash  Creams  Deodrants  Utensils  Crockery  Television Sets  Washing Machine  Refrigerator  Laptops  M-Bazaar  Small Appliances  Microwaves  Computer Accesories FURNITURE BAZAAR OTHER SERVICES
  • 24. 24  Living Room  Bed Room  Kitchen  Dinning Room  Kids Room  Been Bags  Paintings  Decorative Items  Mr. Right  Bakery  Loot Mart  Tulsi  Future Money  Future Generalli Pricing:- The pricing objective at Big Bazaar is to get “Maximum Market Share”. Pricing at Big Bazaar is based on the following techniques:- 1. Value Pricing ( EDLP – Every Day Low pricing ):- Big Bazaar promises consumers the lowest available price without coupon clipping, waiting for discount promotions, or comparison shopping. 2. Promotional Pricing:- Big Bazaar offers financing at low interest rate. The concept of psychological discounting ( Rs.99, Rs.49, etc. ) is also used to attract customers. Big Bazaar also caters on Special Event Pricing ( Close to Diwali, Gudi Padva and Durga Pooja ). 3. Differentiated Pricing:- Differentiated 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 Big Bazaar. For example, Wednesday Bazaar. Bundling :- It refers to selling combo-packs and offering discount to customers. The combo-packs add value to customer and lead to increased sales. Big Bazaar lays a lot of importance on bundling. For example 3 Good Day family packs at Rs.60 ( Price of 1 pack = Rs.22 ), 5 kg oil + 5 kg rice + 5 kg sugar for Rs.599.
  • 25. 25 Place:- The Big Bazaar stores are operational across three formats – hypermarkets spread over 40,000 - 45,000 sq.ft. , the Express format over 15,000 - 20,000 sq.ft. and the Super Centers set up over 1 lakh sq.ft. Currently Big Bazaar operates in over 34 cities and towns across India with 116 stores. Apart from the metros these stores are also doing well in the tier II cities. These stores are normally located in high traffic areas. Big Bazaar aims at starting stores in developing areas to take an early advantage before the real estate value booms. Mr. Biyani is planning to invest around Rs.350 crores over the next one year expansion of Big Bazaar. In order to gain a competitive advantage Big Bazaar has also launched a website www.futurebazaar.com, which helps customers to orders products online which will be delivered to their doorstep. This helps in saving a lot of time of its customers. Promotion:- The various promotion schemes used at Big Bazaar include:- 1. Saal ke sabse saste 3 din. 2. Hafte ka sabse sasta din “Wednesday bazaar”. 3. Exchange Offers “Junk swap offer”. 4. Future card ( 3% discount ). 5. Shakti card. 6. Advertisement ( print ad, TV ad, radio ). 7. Brand endorsement by Shikhar Dhawan. 8. Big Bazaar has come up with 3 catchy lines written on hoardings taking on biggies like Westside, Shoppers stop and Lifestyle. They are:- a) “Keep West - aSide. Make a smart choice!” b) “Shoppers! Stop. Make a smart choice!” c) “Change your Lifestyle. Make a smart choice!” BELOW the LINE PROMOTION ABOVE the LINE PROMOTION  Coupons & Discount  Gifts with Purchases  Giving advertisements on newspapers, T.V, internet
  • 26. 26  Money Back Offers  Exchange Offers  Special Occasions Discounts  Own website which gives online shopping option  Road shows carried out by staff  Big hoardings on road for displaying special discount days People:- 1. Well trained staff at stores to help people with their purchases. 2. Employ close to 10,000 people and employ around 500 more per month. 3. Well - dressed staff improves the overall appearance of store. 4. Use scenario planning as a tool for quick decision making multiple counters for payment, staff at store to keep baggage and security guards at every gate, makes for a customer – friendly atmosphere. Process:- Big Bazaar places a lot of importance on the process right from the purchase to the delivery of goods. When customers enter the stores they can add the products they which to purchase in their trolley from the racks. There are multiple counters where bill can be generated for purchases made. Big Bazaar also provides delivery of products over purchases of Rs.1000. The goods dispatch and purchasing area has certain salient features which include:- 1. Multiple counters with trolleys to carry the items purchased. 2. Proper display/posters of the place like Dal, Soap, etc. 3. Home delivery counters also started at many places. Physical Evidence:- Products in Big Bazaar are properly stacked in appropriate racks. There are different departments in the store which display similar kind of products. Throughout the store there are boards/written displays put up which help in identifying the location of a product. Moreover boards are put up above the products which give
  • 27. 27 information about the products, its price and offers. Big Bazaar stores are normally „U shaped‟ and well planned & designed. Big Bazaar’s New Marketing Strategy Big Bazaar has launched new marketing strategy which is based on Guerrilla Marketing. Guerrilla marketing warfare strategies are a type of marketing warfare strategy designed to wear down the enemy by a long series of minor attacks, using principles of surprise and hit and run tactics. Attack, retreat, hide, then do it again, and again, until the competitor moves on to other markets. Herein guerrilla force is divided into small groups that selectively attack the target at its weak points. In the world of cut throat competition, corporate use extension of the same strategy in marketing. Corporate like Coke, Pepsi, etc. have been using the same for quite some time now and the latest entrant is our very own „Future Group‟- Big Bazaar, Pantaloons, Future Bazaar, eZone are all part of this group and they are taking on the biggies like Shoppers Stop, Lifestyle and Tata‟s Westside. In order to do the same, Future Group have come up with 3 catchy and cheeky ad campaigns which surely do catch our eyes and surely one can‟t resist appreciating the same. 1. Keep West-aSide. Make a smart choice! 2. Shoppers! Stop. Make a smart choice! 3. Change Your Lifestyle. Make a smart choice! Advertising:- The departmental store chain Big Bazaar has launched a commercial sometime back to promote 'The Great Exchange Offer'. The commercial portrays how customers can exchange any old and broken items (junk) and get new products at a discounted price from Big Bazaar. The 30 seconds film unfolds through the eyes of a cabbie in a busy city street, he is intrigued by the disruptive visual of a well-dressed office executive carrying a bundle of old newspaper and walking through a crowded place. The cabby then notices a young office going lady in western wear carrying a rusty bucket filled with broken utensils, the cabbie is absolutely confounded but continues to follow her with a broken tyre in his
  • 28. 28 hand and comes across another absurd situation of a highly placed executive in a chauffeur driven car with a broken commode on the top of the car. Penultimate situation reveals everybody is heading towards Big Bazaar for the exchange offer; the cabbie comes out of the store happy and excited after getting an amazing deal for his junk tyre. Moving images are interspersed with supers that hi-light the amazing prices a consumer can get for his junk. The sound track uses a typical kabada guy's shout as he walks through city street calling for junk. The month of January and February is generally a low-key affair in terms of customer footfalls and revenue generation. Innovative, out of the box promotions is one of the effective ways to draw customer attention and shore up the revenue. Historically exchange schemes have been used to induce better sales, it also has a strong appeal with the Indian mindset of getting value even for their junk, states an official release from Big Bazaar. Brand Ambassador:- A brand ambassador is a celebrity ( or an attractive or interesting person ) used to help advertise a product or services. Big Bazaar, has roped in cricketer Shikhar Dhawan(earlier it was M.S.Dhoni) as the brand ambassador for its new range of fashion apparel. Dhawan would feature in a series of advertisements across all media. Dhawan and Big Bazaar have a lot of synergies as the Indian one-day international team‟s captain stands for the aspirations of youths, while Big Bazaar is looked up to by millions of Indians to fulfill their aspirations. In this way, Big Bazaar make full use of the marketing mix for a new venture which earlier belongs to the unorganized retail sector, i.e., kirana stores. Application of the best marketing practices helps Big Bazaar in a great way. SPECIAL STRATEGIES:- 1. To minimize retailing cost. 2. Operating:- Fewer staff on the floor; one person for every 500 sq.ft. 3. Minimize the furniture cost. 4. Saving shelf space. 5. Way to deal unsold stock off.
  • 29. 29 6. “Today‟s Price”:- Everyday a chosen product is being sold at lower than usual price. CUSTOMER SATISFACTION:- Satisfaction is an overall psychological state that reflects the evaluation of a relationship between the customer/consumer and a company-environment-product-service. Satisfaction involves one of the following three psychological elements:- cognitive (thinking/evaluation), affective (emotional/feeling) and behavioral. "Satisfaction" itself can refer to a number of different facts of the relationship with a customer. For example, it can refer to any or all of the following:- 1. Satisfaction with the quality of a particular product or service. 2. Satisfaction with an ongoing business relationship. 3. Satisfaction with the price-performance ratio of a product or service. 4. Satisfaction because a product/service met or exceeded the customer's expectations. The achievement of customer satisfaction leads to company loyalty and product repurchase. EXPECTATIONS AND CONSUMERS SATISFACTION:- Expectations are beliefs (likelihood or probability) that a product/service (containing certain attributes, features or characteristics) will produce certain outcomes (benefits- values) given certain anticipated levels of performance based on previous affective, cognitive, and behavioral experiences. Expectations are often seen as related to satisfaction and can be measured as follows:- 1. IMPORTANCE:- Value of the product/service fulfilling the expectation. 2. OVERALL AFFECT-SATISFACTION EXPECTATIONS:- Like/Dislike of the product/service.
  • 30. 30 3. FULFILLMENT OF EXPECTATIONS:- The expected level of performance vs. the desired expectations. This is “Predictive Fulfillment” and is a respondent- specific index of the performance level necessary to satisfy. 4. EXPECTED VALUE FROM USE:- Satisfaction is often determined by the frequency of use. If a product/service is not used as often as expected, the result may not be as satisfying as anticipated. For example a motorcycle that sits in the garage, an unused year subscription to the local fitness center/gym, or a little used season pass to a ski resort would produce more dissatisfaction with the decision to purchase than with the actual product/service. IMPORTANCE OF CUSTOMER SATISFACTION:- Effective marketing focuses on two activities:- 1. Retaining existing customers. 2. Adding new customers. Customer satisfaction measures are critical to any product or service company because customer satisfaction is a strong predictor of customer retention, customer loyalty and product repurchase. STRATEGIES OF BIG BAZAAR TO SATISFY AND ATTRACT CUSTOMERS:- 1. Wednesday Bazaar:- Big Bazaar introduced the Wednesday Bazaar concept and promoted it as “Hafte Ka Sabse Sasta Din”. It was mainly to draw customers to the stores on Wednesdays, when least number of customers are observed. According to the chain, the aim of the concept is "to give homemakers the power to save the most and even the stores in the city don a fresh look to make customers feel that it is their day". 2. Sabse Sasta Din:- With a desire to achieve sales of Rs.26 crores in a one single day, Big Bazaar introduced the concept of "Sabse Sasta Din". The idea was to simply create a day in a year that truly belonged to Big Bazaar. This was launched on January 26, 2006 and the result was exceptional that police had to
  • 31. 31 come in to control the mammoth crowd. The concept was such a huge hit that the offer was increased from one day to three days in 2009 ( 24 to 26 Jan ) and to five days in 2011 ( 22 - 26 Jan ). 3. Maha Bachat:- Maha Bachat was started off in 2006 as a single day campaign with attractive promotional offers across all Big Bazaar stores. Over the years it has grown into a 6 days bi-annual campaign. It has attractive offers in all its value formats such as Big Bazaar, Food Bazaar, Electronic Bazaar and Furniture Bazaar - catering to the entire needs of a consumer. 4. The Great Exchange Offer:- On February 12, 2009 Big Bazaar launched "The Great Exchange Offer", through which the customers can exchange their old goods in for Big Bazaar coupons. Later, consumers can redeem these coupons for brand new goods across the nation. 5. Pay-back Card:- At Future Group Big Bazaar, we believe in building long-lasting relationships with customers. We encourage repeat customer visits through our unique offers and special sale days. Future Group has taken the whole concept of customer loyalty to the next level by joining hands with PAYBACK. PAYBACK is India‟s largest and one of Europe‟s most successful multi-partner loyalty programs. With PAYBACK, customers can shop, save and get rewarded. This program enables consumers to collect millions of points across online and offline partners – with just a single card. Customers can accumulate points across Future Group formats, thereby making “shopping rewarding”. Our formats Big Bazaar, Food Bazaar, Pantaloons, Central, Home Town, eZone, Brand Factory and Future Bazaar are a part of the PAYBACK loyalty program. 6. T24 Program:- T24 will provide customers with a dual advantage all 24 hours of the day - „Shop More, Talk More‟ and „Talk More, Shop More‟. Shopping and talking on our mobile phones are among the two favorite activities for all of us in India. With T24, we have been able to develop a unique customer value proposition that combines these interests of the aspirational Indian. Customers will get shopping benefits for talking and talk-time benefits each time they shop. We believe that with our partners, Tata Teleservices Limited, we have been able to develop a differentiated offering in the crowded telecom space and also increase
  • 32. 32 the loyalty we enjoy among the millions of customers who patronize our stores. T24 ( Talk 24 ) tariff plans reflect the competitive per-second rates being offered for pre-paid customers on Tata Teleservices Limited‟s GSM network. In addition, customers will be rewarded with free talktime for every purchase at Future Group stores starting at Rs.10 to a maximum of Rs.350. Plans will keep evolving to offer ever more attractive options to the customer. Integrated Marketing Communication (IMC):- Integrated marketing communications (IMC) is an approach to brand communications where the different modes work together to create a seamless experience for the customer and are presented with a similar tone and style that reinforces the brand‟s core message. Its goal is to make all aspects of marketing communication such as advertising, sales promotion, public relations direct marketing, online communications and social media work together as a unified force, rather than permitting each to work in isolation, which maximizes their cost effectiveness. IMC is becoming more significant in marketing practice because of the reduced cost effectiveness of mass media and media fragmentation. As consumers spend more time online and on mobile devices all exposures of the brand need to tie together so they are more likely to be remembered. Increasingly the strategies of brands cannot be understood by looking solely at their advertising. Instead they can be understood by seeing how all aspects of their communications ecosystem work together and in particular how communications are personalized for each customer and react in real time, as in a conversation. Brand strategies and their tactics can be viewed on the integrated brands site. IMC Components of Big Bazaar:- 1. The Foundation - is based on a strategic understanding of the product and market. This includes changes in technology, buyer attitudes and behavior and anticipated moves by competitors. 2. The Corporate Culture - increasingly brands are seen as indivisible from the vision, capabilities, personality and culture of the corporation.
  • 33. 33 3. The Brand Focus - is the logo, corporate identity, tagline, style and core message of the brand. 4. Consumer Experience - includes the design of the product and its packaging, the product experience ( for instance in a retail store ) and service. 5. Communications Tools - includes all modes of advertising, direct marketing and online communications including social media. 6. Promotional Tools - trade promotions, consumer promotions, personal selling, database marketing and customer relations management, public relations and sponsorship programs. 7. Integration Tools - software that enables the tracking of customer behavior and campaign effectiveness. This includes customer relationship management (CRM) software, web analytics, marketing automation and inbound marketing software. Importance of IMC for Big Bazaar:- Several shifts in the advertising and media industry have caused IMC to develop into a primary strategy for marketers:- 1. From media advertising to multiple forms of communication. 2. From mass media to more specialized ( niche ) media, which are centered on specific target audiences. 3. From a manufacturer - dominated market to a retailer - dominated, consumer – controlled market. 4. From general - focus advertising and marketing to data - based marketing. 5. From low agency accountability to greater agency accountability, particularly in advertising. 6. From traditional compensation to performance - based compensation ( increased sales or benefits to the company ). 7. From limited internet access to 24/7 internet availability and access to goods and services. 8. It can create competitive advantage, boost sales and profits, while saving money, time and stress.
  • 34. 34 9. IMC wraps communications around customers and helps them move through the various stages of the buying process. The organization simultaneously consolidates its image, develops a dialogue and nurtures its relationship with customers. 10. This 'Relationship Marketing' cements a bond of loyalty with customers which can protect them from the inevitable onslaught of competition. The ability to keep a customer for life is a powerful competitive advantage. 11. IMC also increases profits through increased effectiveness. 12. Carefully linked messages also help buyers by giving timely reminders, updated information and special offers which, when presented in a planned sequence, help them move comfortably through the stages of their buying process. 13. Finally, IMC saves money as it eliminates duplication in areas such as graphics and photography since they can be shared and used in say, advertising, exhibitions and sales literature. 14. IMC also makes messages more consistent and therefore more credible. This reduces risk in the mind of the buyer which, in turn, shortens the search process and helps to dictate the outcome of brand comparisons
  • 35. 35 CHAPTER - IV SUMMARY, CONCLUSION & RECOMMENDATION SUMMARY FOR MARKETING STRATEGIES:- 1. To increase the footfall of the store during the weekday. 2. Customers are more attracted towards discount schemes & sales. 3. Various product lines also attract customers to choose their retails stores. 4. Entertainment units & kids zone should be provided in retail stores in order to cater more customers. 5. The after sales service of retail stores should be helpful & effective. This after sales service creates loyal customers. 6. Major steps should be taken to stop shop-lifting in retail stores, as it is one of the problematic characters for leading & large size retails stores. 7. The retail stores should provide various kinds of loyalty rights in order to provide more customers. SUGGESTIONS FOR MARKETING STRATEGIES:- 1. Retail stores should focus more on store ambience, store space & selling areas. 2. All the retails formats should have an effective loyalty program. 3. More focus on direct marketing should be given in order to attract more & more customers. 4. Better after sales service & customer service should be provided in order to make customers loyal. 5. To manage proper proportion of convenience, staple & impulse goods. 6. Along with SMS the retails formats should use more innovative ways to alert customers. 7. The retail store should replenish the goods on time ( before the stock ends ). 8. A proper proportion of private & national brands should be kept in retail stores.
  • 36. 36 SUMMARY FOR CUSTOMER SATISFACTION:- Customers are becoming price conscious they are having many options in the market considering the consumer buying behavior the malls and other shopping centers should take certain definite steps like retaining customers by giving those schemes discounts and better service. The trend today has been to combine shopping with various offerings for ex… in a mall apart from shopping a customer enjoys food courts and many others services which today‟s modem malls provide. Shopping has made people spend not just on their requirements of goods to be bought but to look on the totality of the experience have a quick bite at Mc Donald‟s in the mall are let the kids play fun games while one is busy shopping or even taking the family out to movie and having a dinner “ALL UNDER ONE ROOF” The benefits of this totality offering are that many vendors get to have people patronized their offerings while the shopping experience i.e.‟ being enhanced more business is got by the stores at the venue. Shopping is no longer a onetime agenda for people. Various options are opening up. 1. Variety:- Big Bazaar offers a wide variety of products of different prices and different qualities satisfying most of its customers. 2. Quality:- Providing quality at low prices and having different types of products for different income customers is another advantage. 3. Price:- As noted the prices and offers in Big Bazaar have been one of the main attractions and reasons for its popularity. The price ranges and the products offered are very satisfying to the customers. 4. Location:- The location of Big Bazaar has been mainly in the hear t of the city or in the out skirts giving a chance to both the city and the people living outside the city to shop. 5. Advertisements:- Big Bazaar has endorsed very popular figure like Shikhar Dhawan and other famous personalities which has attracted a lot of customers. This has resulted in increase of sale and the outdoor advertising techniques have also helped Big Bazaar. 6. Middle Class Appeal:- Considering the fact that there are a lot middle class families in India, Big Bazaar has had a huge impact on the middle class section
  • 37. 37 of India, the prices, quality and sales strategy has helped in getting the middle income groups getting attracted towards Big Bazaar. 7. Attractive Sales:- Big Bazaar has been known for its great sale and great offers. Big Bazaar has had long lines of people waiting to get into the store for the sale. Therefore, the sales of Big Bazaar has increased in a huge way due to the sales and offers, thus this has been one of the main advantages of Big Bazaar. SUGGESTIONS FOR CUSTOMER SATISFACTION:- 1. Store Layout:- The store layout and the assortment of goods is not the best at Big Bazaar, as the quantity of goods sold is more, the arrangement and assortment of goods in the store is the greatest. Hence at times customers find it hard to find what they require, this leads to dissatisfaction of customers. 2. Lower Quality of Goods:- As Big Bazaar aims more toward the middle income group, the quality of goods is not of the highest quality, and this is sometimes a disadvantage as some would prefer better quality to the price, making customers to search for different places. 3. Does Not Appeal to the Elite:- As mentioned above, the main customers are middle income and a few high income groups. The elite do not like to shop at Big Bazaar as the quality of goods is lower and they would prefer a higher price and get a better brand, this decreases sales from the elite class. 4. Not Acclaimed for Very Good Service:- Big Bazaar is not known for high class service. The staff recruited is not very well trained and the billing queues take a long time to move, this irritates customers which makes them visit the store more seldom. 5. Lower Quality of Goods:- As the store is trying to concentrate on the middle income group the type of products used is not of the most superior quality and most of the times nor branded, this may dissatisfy certain customers. 6. Consumer Satisfaction:- Long queues and lower quality leads to dissatisfaction of customers. Due to factors mentioned above Big Bazaar shoppers are not always satisfied, this is not positive for the company.
  • 38. 38 Indian retail sector is witnessing one of the most hectic Marketing activities of all time. The companies are fighting to win the hearts of customer who is God said by the business tycoons. There is always a „first mover advantage‟ in an upcoming sector. In India, that advantage goes to „BIG BAZAAR‟. It has brought about many changes in the buying habit of people. It has created formats, which provide all items less than one roof at low rates. The consumers preferences are changing and they are moving from traditional kirana stores to modern retail outlet. It‟s the main challenge to the modern retail outlets to attract the customers towards them from that of competitors. To attract more customers companies have to carry out the promotional activities in unique way. Big Bazaar has maintained that uniqueness and has succeeded in attracting customers. The promotional activity of the company, which famous as fewer prices than others as it says “nobody sells cheaper and better‟ is made its place in minds of customer. As the competition is becoming stiff in the market the activities conducted by the company are unique, that have brought fruitful result to the company. Among them sales promotion is one of the leading activity or unique among all other activities and has high influence on customer walk-in. Big Bazaar is undoubtedly the number one retailer in India. It has built a very emotional and cordial relationship with its customers. It is also very intending to build long term relationship with all its stakeholders which is very essential for a successful business venture. The company is reaching out to all the sections of the society as it is creating a hypermarket where not only the rich people shop but also the middle and the lower class customers come to enjoy the whole shopping experience.
  • 39. 39 BIBLOGRAPHY:- 1. www.futuregroup.in 2. www.en.wikipedia.org/wiki/Big_Bazaar 3. www.economictimes.indiatimes.com 4. It Happened In India - Kishore Biyani & Dipayan Baishya 5. Marketing Management - Philip Kotler