15-05-2014, 04:10 PM
A Project Report on CUSTOMER PREFERENCES IN CHOOSING BIG BAZAAR RTC ‘X’ ROADS
CUSTOMER PREFERENCES.doc (Size: 718.5 KB / Downloads: 33)
INTRODUCTION. ABOUT THE TOPIC
Organized retail is gaining tremendous importance in the recent times. On the other hand, the retail industry is also facing severe competition and those who are able to retain their customers are the ones that are able to succeed in the market place.
The retail firms are spending a lot of their marketing resources to keep existing customers rather than to attract new ones. Customer satisfaction plays a key role in customer retention and also is a major differentiating factor among retail stores. Delivering satisfaction to the consumers has become one of the major drivers of profitability.
In this scenario, the firms have to work on what attracts consumers and what will make them not to shift their choice towards competitors. Working out strategies in this direction requires a thorough understanding of the preferences of the consumers on the attributes that are considered of much significance.
This study focuses on analyzing the consumer’s preferences of the specific attributes of retail store in Hyderabad, RTC X ROADS. The study starts with reviewing the earlier works in this area, the objective of the study and the research methodology used is then delineated.
TOOLS:
The tools used for analyzing data are rating method; graphs, pie charts etc. Questionnaire is distributed to the individual respondents and special care has been taken to make him/her feel comfortable so that, he/she could answer all the questions. This method is followed to get unbiased answers.
TECHNIQUES OF ANALYSIS:
The data collected from the customer are transcript to the worksheet in the form of tally bars and analyzed by statistical tools by drawing tables and graphs, inferences were drawn on a marketing concept and conversation. Based on the marketing concepts findings of the research were driven and recommendations are made.
LIMITATIONS OF THE STUDY:
It is not possible for any market study to make it accurate due to many hurdles in the collection and computation of data. Some limitations of the study are listed below
The sampling frame to conduct the study has been restricted to Big Bazaar, RTC ‘X’ Road, and Hyderabad.
Respondents show reluctance towards giving correct information.
Findings of the study are based on the assumption that respondents have disclosed in the questionnaire.
Time was a major constraint.
The sample was limited to only customers who have made a purchase at big bazaar.
Indian Retail Industry:
Indian retail industry is the largest industry in India, with an employment of around 8% and contributing to over 10% of the country's GDP. Retail industry in India is expected to rise 25% yearly being driven by strong income growth, changing lifestyles, and favorable Demographic patterns.
It is expected that by 2016 modern retail industry in India will be worth US$ 175- 200 billion. India retail industry is one of the fastest growing industries with revenue expected in 2007 to amount US$ 320 billion and is increasing at a rate of 5% yearly. A further increase of 7-8% is expected in the industry of retail in India by growth in Consumerism in urban areas, rising incomes, and a steep rise in rural consumption. It has further been predicted that the retailing industry in India will amount to US$ 21.5 billion by 2010 from the current size of US$ 7.5 billion.
Shopping in India has witnessed a revolution with the change in the consumer buying behaviour and the whole format of shopping also altering. Industry of retail in India which has become modern can be seen from the fact that there are multi- stored malls, huge shopping centers, and sprawling complexes which offer food, shopping, and entertainment all under the same roof. Indian retail industry is expanding itself most aggressively; as a result a great demand for real estate is being created. Indian retailers preferred means of expansion is to expand to other regions and to increase the number of their outlets in a city. It is expected that by 2010, India may have 600 new shopping centres.
COMPANY PROFILE
Pantaloon Retail (India) Limited, is India’s leading retailer that operates multiple retail formats in both the value and lifestyle segment of the Indian consumer market. Headquartered in Mumbai (Bombay), the company operates over 12 million square feet of retail space, has over 1000 stores across 71 cities in India and employs over 30,000 people.
The company’s leading formats include Pantaloons, a chain of fashion outlets, Big Bazaar, a uniquely Indian hypermarket chain, Food Bazaar, a supermarket chain, blends the look, touch and feel of Indian bazaars with aspects of modern retail like choice, convenience and quality and Central, a chain of seamless destination malls. Some of its other formats include Brand Factory, Blue Sky, all, Top 10 and Star and Sitar. The company also operates an online portal, futurebazaar.com.
A subsidiary company, Home Solutions Retail (India) Limited, operates Home Town, a large-format home solutions store, Collection , selling home furniture products and Ezone focused on catering to the consumer electronics segment.
Pantaloon Retail was recently awarded the International Retailer of the Year 2007 by the US-based National Retail Federation (NRF) and the Emerging Market Retailer of the Year 2007 at the World Retail Congress held in Barcelona. Pantaloon Retail is the flagship company of Future Group, a business group catering to the entire Indian consumption space
FUTURE GROUP:
Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of India’s leading business houses with multiple businesses spanning across the consumption space. While retail forms the core business activity of Future Group, group subsidiaries are present in consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics. Led by its flagship enterprise, Pantaloon Retail, the group operates over 12 million square feet of retail space in 71 cities and towns and 65 rural locations across India. Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people and is listed on the Indian stock exchanges. The company follows a multi-format retail strategy that captures almost the entire consumption basket of Indian customers. In the lifestyle segment, the group operates Pantaloons, a fashion retail chain and Central, a chain of seamless malls. In the value segment, its marquee brand, Big Bazaar is a hypermarket format that combines the look, touch and feel of Indian bazaars with the choice and convenience of modern retail.
In 2008, Big Bazaar opened its 100th store, marking the fastest ever organic expansion of a hypermarket. The first set of Big Bazaar stores opened in 2001 in Kolkata, Hyderabad and Bangalore.
The group’s specialty retail formats include, books and music chain, Depot, sportswear retailer, Planet Sports, electronics retailer, Ezone, home improvement chain, Home Town and rural retail chain, Aadhar, among others. It also operates popular shopping portal, futurebazaar.com.
Future Capital Holdings, the group’s financial arm provides investment advisory to assets worth over $1 billion that are being invested in consumer brands and companies, real estate, hotels and logistics. It also operates a consumer finance arm with branches in 150 locations.
CONCLUSION:
The study concludes that majority of the customers prefer shopping at big-bazaar, because of product variety, quality, service facility, reasonable prices which make the customers feel more comfortable in visiting the store again & again.
Customers shop more in the food bazaar and the men’s wear department in Big Bazaar.
Customers feel that Big Bazaar has variety of products available in various departments
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 of India, the prices, quality and sales strategy has helped in getting the middle income groups getting attracted towards Big Bazaar.
Big bazaar has been known for its great sale and great offers& discounts. Big bazaar has had long lines of people waiting to get into the store for the sale. Therefore, the sales that Big Bazaar has had increased in a huge way due to offers & discounts, thus this has been one of the main advantages of Big Bazaar.