29-05-2012, 12:01 PM
Consumer Shopping Behavior in BIG BAZZAR
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OBJECTIVES & SCOPE OF THE STUDY
Objective:-
• To analyze consumer behavior towards consumption of fast food.
Scope of the project:-
The market survey has done in fast food restaurants; this project is useful for the better understanding of the consumer behavior. The project encompasses the various behavior of customer, their pre and post behavior when they eat. There is also overview of the consumer’s attraction towards fast food restaurants, mostly consumer perceptions are changing and most of the consumer now prefers to eat in fast food restaurant. The project work involves specific guidelines for the restaurant and helps the restaurants to understand better the consumer behavior in fast food restaurants.
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 7 millions square feet of retail space, has over 1000 stores across 53 cities in India and employs over 25,000 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, Depot, Shoe Factory, Brand Factory, Blue Sky, Fashion Station, all, Top 10, bazaar and Star and Sitara. The company also operates an online portal, futurebazaar.com.
Big Bazaar is not just another hypermarket. It caters to every need of your family. Where Big Bazaar scores over other stores is its value for money proposition for the Indian customers.
At Big Bazaar, you will definitely get the best products at the best prices - that’s what they guarantee. With the ever increasing array of private labels, it has opened the doors into the world of fashion and general merchandise including
Home furnishings, utensils, crockery, cutlery, sports goods and much more at prices that will surprise you. And this is just the beginning. Big Bazaar plans to add much more to complete your shopping experience.
Future group
Future group is one of the country’s leading business groups present in retail, asset management, consumer finance, insurance, retail media, retail spaces and logistics.
The group’s flagship company, pantaloon Retail (India) Limited operates over 7 million square feet of retail space, has over 1000 stores of its leading retail formats include, Pantaloon, Big Bazaar, Central, Food Bazaar, Home Town, Ozone, Depot, future Money and online retail format, futurebazaar.com.
Future group includes, Future Capital Holding, Future Generally India Indus league clothing and Galaxy Entertainment that manages sports Bar, Brew Bar and Bowling Co. Future Capital Holding, the group ‘s financial arm, focuses on asset management and consumer credit. It manages assets worth over $1 billion that are being invested in developing retail real estate and consumer-related brands and hotels.
The group’s joint venture partners include Italian insurance major, generally. French retailer ETAM group. Us-based stationery products retailers, Staples Inc. and UK-based Lee Cooper and India-based Talwalkar’s, Blue Foods and Liberty Shoes.
Future Group’s vision is to, “deliver Everything, Everywhere, Every time to every Indian consumer in the most profitable manner.” The group considers” as a core value and its corporate credo is- Rewrite rules, Retain values.
Theoretical Background
Retailing – is the most active and attractive sector selling goods or services directly to final of the last decade. While the retailing industry consumers for personal, non business use itself has been present through history in our country, it is in the recent past it has witnessed so mush dynamism. Retailing one of the largest sectors in the global economy is going through a transition phase not only in India but the world over.
The study of any subject is made easier by examining it in an organized fashion. There are three classes of variables involved in understanding consumer behavior, stimulus, response and intervening variables. Stimulus variables, such as advertisement, products and hunger pangs exist in both the individuals’ external and internal environment. These generate sensory inputs to consumers. Responses variables are the resulting mental and/or physical reactions of individual who are influenced by stimulus variables. For ex: - purchasing a product or forming attitudes about it could be viewed as responses variables.
Many of the variables affecting consumer (such as personality, learning, and perceptions of external situations, motives, and so forth) cannot be directly observed therefore, those who want to learn about the variables affecting consumer must often make inference to determine the extent to which a given variable is having an influnce
The study of consumer behavior can also be quite complex, because of the many variables involved and their throw the variables, tendency to interact with and influence each other. Models of consumer behavior have been developed as a means of dealing. With this complexity. Models can help organize out thinking about consumers into a coherent into a coherent whole by identifying relevant variables, describing their basic characteristics, and specifying how the variables relate to each other.
Consumer decisions Process
This process consists of the decision process regarding products and services. The major steps in this process are shown as problem recognition, information search and evaluation, purchasing processes, and post purchase behavior. Problem recognition occurs when the consumer is activated by awareness of sufficient difference her actual affairs and her concept of the ideal situation. This can occurs through activation of a motive such as hunger, by confronting some external stimulus such as an advertisement, or by being effected by additional variables such as social or situational influences.
Internal search – a quick and largely unconscious review of memory for stored information and experiences regarding the problem. The information is in the form of belief and attitudes that have influenced the consumer’s preference towards bands. Often such a review results in recognizing a strong brand preference, and a routine purchase occurs. However if an internal search does not provide sufficient information about products, or how to evaluate them, the consumer continues with a more involved external search for information. This result exposure to numerous informational inputs called stimuli, which can arise from a variety of sources, including advertisement, printed products reviews, and comments from friends.
Any informational stimuli are subjected to information-processing activities, which the consumer uses to derive meaning from stimuli. The process Involves allocating attention to available stimuli deriving meaning form these stimuli and holding this meaning in what is termed in what is termed short term memory where it can be retained briefly to allow further processing.
Indian retail market scenario
The financial year 2005-06 saw India ride high on the waves of a booming economy. The BSE sensex scaled new heights by crossing the 1200 points mark early that year. The GDP growth for 2005-06 was about 8.4 % while foreign reserves had crossed the US$ 165 billion mark. India had shed its tag of a third world country and is being hailed as one of the most rapidly emerging markets and a popular investment destination.
Between the affluent and the middle class has reduced dramatically. The Indian middle class is expected to grow from its current share of 22 % to 32 % of the total population by 2010 over the last few years retail has become one of the fastest growing sector in the Indian economy. Retail in India is currently estimated to be a $230 billion industry of which organized retail 3 % or roughly $ 7 billion. At keamey has identified India as the leading retail destination in their annual list of most attractive countries for international retail expansion (Global retail development index 2006). Organized retail is expected to grow at the rate of 25-30% per annum and is projected to attain a size of $23 billion by 2010.
The booming services sector in India has fueled the growth of a new class of consumer the single urban youth whose expenses are typically independent of family compulsion. As observed globally the steady climb in lifestyle and leisure goods is essentially due to disposable income of this class of consumers. Over the last one year salaries have increased by approximately 15-20%. The divideThe government has allowed foreign direct investment in real estate since early 2005. This has led to increased foreign interest and has encouraged joint ventures between Indian and foreign developer. Considering the vast potential in the retail business 51% FDI in single brand retailing has also been allowed recently. This move is anticipated to attract foreign investment technology global best practices and cater to the demand for high quality branded goods in India.
Corollary to the real estate growth retail boom too has percolated to the tier-2 and tier-3 cities of India of the total 361 mail projects currently underway in India 227 are in the top 7 cities while the rest 134 are distributed over various tier-2 tier3 cities. These statistics reveal the far reaching effect of positive macro trends In changing the consumer preferences and shifting mindsets towards organized retail experience besides new malls close to 35 hypermarket 325 large department stores and over 10000 new outlets are also under development. Growth in rural population and increase in agricultural incomes also offers considerable scope for innovative retail formats.
India’s vast middle class and its virtually untapped retail industry are key attraction for global retail giants wanting to enter new markets. As India continues to get strongly integrated with global policies the retail sector is bound to grow manifold in the years to come. The depth of the Indian market and the variations of the consumer profile portend a bright future for the sustained growth of the Indian retail sector.
Current scenario
Pune has been experiencing a retail boom since the last 2-3 years in 2005 approximately 1.25 mm. sq. ft of new retail space was added to Pune real estate market. This led the current retail stock of the city to grow to 3.5 mm.sq ft growth in commercial activities and the migrant population of young white collar workers has been the key driver of real estate boom in the city.
With 23 mall projects in the pipeline the city was expected to have a cumulative retail slot of approximately 4.5 mn.sq ft by end 2006 and infusion of new retail space over the next two years the total retail stock in Pune by end 2008 is estimated to be about 8.7 mn sq ft.
The city has been witnessing an interesting trend of movie screens being located in large format mall developments. Another noticeable trend in the retail format is the advent of specialty mall or niche malls.