Business Plan For New Retail Store In Tripura Marketing Essay

Business Plan For New Retail Store In Tripura Marketing Essay .The Indian retail industry is the fifth largest in the world. Comprising of organized and unorganized sectors, India retail industry is one of the fastest growing industries in India, especially over the last few years. Though initially, the retail industry in India was mostly unorganized, however with the change of tastes and preferences of the consumers, the industry is getting more popular these days and getting organized as well. With growing market demand, the industry is expected to grow at a pace of 25-30% annually. The India retail industry is expected to grow from Rs. 35,000 crore in 2004-05 to Rs. 109,000 crore by the year 2010. Environmental and economic scanning of Tripura Retail store format :-Convenience stores Store name:- Public point As we are planning to open retail store in the Dhalai District of Tripura as per the environmental and economic scanning is concerned of Tripura. The cities selected for the opening of the store are Dhalai District This district of Tripura is selected as this city is well developed in the terms of Infrastructure Income of the people are high Densely populated Better standard of living Economically sound Have developed urban market structure Socio political stability as the city selected in the Tripura for the opening of store is as free from any political barrier and social barrier as the opening of the store is as per the government policies and for the society. Thus to launch the store Tripura is selected and as per the format of the store the city is selected Dhalai city. Mission statement Our mission is to meet the present and future needs of our customers, employees and communities through a commitment to integrity, sound business, and cooperative growth. Objectives To implement a local campaign with the Companys targeted market via the use of flyers, local newspaper advertisements, and word of mouth advertising. To maintain large signage on the Convenience Stores premises to further increase visibility for the Companys location. About:- General Description Public point is a convenience retail store that provide such as candy, ice-cream, soft drinks, lottery tickets, cigarettes and other tobacco products, newspapers and magazines, along with a selection of processed food and perhaps some groceries. by providing maximum convenience, values and satisfaction to customers. Future We plan to expand the PP stores in various districts of Tripura  · North Tripura district  · South Tripura district  · West Tripura district  · Tripura Tribal Areas Autonomous District Council Product services Alternative Snacks Ice Automotive Products Liquor Bait and Tackle Lottery/Gaming Beer Nonedible Grocery Candy Other Dairy Cigarettes Other Tobacco Cold Dispensed Beverages Packaged Beverages (Non-Alcohol) Edible Grocery Packaged Bread Fishing Licenses Packaged Ice Cream/Novelties Fluid Milk Products Packaged Sandwich/Deli Products Food Service Packaged Sweet Snacks Frozen Foods Perishable Grocery General Merchandise Publications Health and Beauty Care Salty Snacks Homemade Food Items Store Services Hot Dispensed Beverages Wine Services In house services like credit cashing, customer services E retailing Customization Online transaction Delivering Easy billing counters Marketing Plan Grocery and Restaurant Segment-To build name recognition and to announce the entry of the Store, we will offer a mail package consisting of a tri-fold brochure containing a coupon for a free cup of coffee to welcome our new customers. From those identified local residential customers we shall ask them to complete a survey and ask them of their perception of the store, any specific product or food items that they would like to see, etc. Those customers returning completed surveys would receive a gift or discount. Local Carryout Food Products-Local newspapers for advertising to build name recognition and to announce any weekly or monthly food specials will be introduced. The Store will develop a one-page menu/newsletter to be handed out to customers to take home with them as they visit the store. The menu/newsletter can be used to update clients on pricing and food special promotional developments, but also serves as a reminder of what sets the Store apart-homemade quality and freshness. The newsletter would contain fishing area hot spot information and other tips. The menu/ newsletter can be produced in-house and for the cost of paper and computer time. Publicity and Public Relations-A news release will be sent to area newspapers and magazines announcing the launch of the Public point. Becoming a sponsor in a community event is a low-cost way of increasing awareness and building goodwill in the community. Customer Reward Program-For the carryout customer and as a means of building business by word-of-mouth, present customers should be encouraged and rewarded as repeat customers. This can be accomplished by offering a free lunch meal, by raffle of a weekly customer business card or name slip as a means to generate excitement. Advertising-Advertising is utilized primarily to attract new customers. It also serves to build awareness and name recognition of the company in general-important for word-of-mouth referrals (Oh yes, Ive seen their ads before). Market Analysis Forces and trends in the market environment affect the Public point, like all businesses. These include economic, competitive, technology, and recordkeeping issues. Economic Environment-Positive forces include the generally prosperous economy that is currently in place, full employment, rising wages and low inflation, leading more people and businesses to be willing to purchase prepared foods rather than preparing meal from scratch at home. Competitive analysis the competitor analyzed in the field are street convenience stores, etc .Thus all the strategy made for promotion and pricing should be as per the competitors. Technology and Recordkeeping Environment-Use of computerized scales and cash registers will capture and generate accounting/inventory detail. Computer programs greatly simplify the financial recordkeeping and tax preparation with which all businesses must comply. Operational plan Positioning and Product Strategy: The Store will aim to attract area resident and lake enthusiasts who need convenience food items or personal health staples, carryout food items, and tackle/bait needs. Distribution Strategy: Customers can contact the Store by telephone, fax, and by dropping in. The Stores nearest competitors are five miles around the lake in either direction. The store can stock request items for regular area residents. Demographic features(to know about the potential customer in that area, metropolitan statistical area) Competition(to know about the competitors and how they far from my retail store) Strategic fit(to must know about the preferences and tastes of potential customer) No. of small shops in that area Economy of scale SUPPLY CHAIN MANAGEMENT FOR THE RETAIL STORE Store management chart Financial Plan Requirement There is a need of 1 crore to get our business started. If customer footing is good, products and services according to customer preference and tastes then we will plan to open new convenience stores in various districts of Tripura. Use of fund Funds will be used to pay renovation,construction,sales counter,painting,carpeting,lighting,dà ©cor display fixtures.we will also purchase inventory , cash register and computer equipments and also an inventory management systemThe remainder of the start up fund will be utilised to cover operating expenses such as rent,utility,marketing cost and wages. Capital Summary Overview (in lakhs) Land, Building, and Improvements 20 Equipment Installation Expenses 20 Development Expense (detail below) 51 First Quarter Working Capital (Mortgage, labor, and operating expense) 2 Total 93 Lakhs *Developmental Start-Up Expenses Detail Marketing, Advertising, and Promotion 6 Accounting 2 Permitting Legal and Consulting 10 Association Dues Office Expense Start-Up .50 Engineering and Architect Fees 1.5 Bags and Supplies .5 Beginning Inventory 30 Unforeseen Contingency .5 Total Owners Equity Contribution to Date $54,675