Interview Research Report
Below is an excerpt from the interview of Ramchandra Agarwal of Vishal Mega Mart. He is popularly known as SAM Walton of India. He revolutionized the way people shop. There are two types of retailing viz organised and un-organised. India falls in the category of un-organised one.
Interview-
Question-1) Where do you see yourself in the retail sector?
Answer- India is still at the nascent stage of organized retailing. Vishal is one of the leading players in retailing space. We represent everything from food to fashion to general merchandise.
Question-2) What are the driving factors of Indian retail?
Answer. The biggest driving factor is the huge middle class. These people have seen an upsurge in the income which they are ready to spend. The retail sector is mainly driven by consumption and India’s middle class provides a huge opportunity.
Question -3) What is your target segment?
Answer. Well, the target segment is the people who are value conscious. They are the people who experiment a lot with their general merchandise. Moreover, in terms of purchasing power, middle class people are out target segment.
Question 4) What are your expansion plan?
Answer. The group is actually at the expansion mode. We have been foraying in the areas no one ever thought about. We have now started targeting tier2 and tier 3 cities.
Read about Retailers' Pricing Strategy Assignment
Question-5) Was it a conscious effort?
Answer - Yes, we were already present in the big cities and the competition is getting real intense here. Moreover, India’s purchasing power lies in its tier2 and tier3 cities. We have opened a few stores and they are doing better than our expectation.
Question-6) What is the main success factor behind the group success?
Answer - There are quite a number of factors which led to success of the group. But if I have to point out one, it would be our approach. We are the only retailer who does forward as well as backward integration. We have our logistics system in place which helps in saving cost. Check from the list of business development blogs.
Question 7) What is the main problem you see in the coming years?
Answer - Well, the main problem is the ever escalating cost of real estate. The real estate cost are exemplary in INDIA. They are sky rocketing. And certainly, no one can invest such a huge sum. So we have come up with the leasing as well as revenue sharing.
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Significance of Promotion
Marketing Mix:
Promotion
and marketing strategies are inevitable part of any manufacturing unit or
service provider. Marketing mix for Service Company consists of 7P. These 7p
are:
1. Product
2. Price
3. Place
4. Promotion
5. Process
6. People
7. Physical
evidence
Basic
model which a company has to follow in a service company is service marketing triangle. This service marketing triangle helps company to devise basics of framework for the company to act. Service triangle is as follows:
The
three corner of the triangle is made of organization, customers and employees.
A.
Internal
marketing in the form of motivating employees to deliver best to
the customers happens between organization and employees.
B.
External
marketing is done between organization and customers. Significance
of external marketing is setting up of promise to the customers and assuring
customers about the credibility of the service which will be provided by the company.
C.
Interactive
marketing is done between the employees and customers. The
significance of interactive marketing is when the company delivers whatever has
been promised by the company with the help of their employees.
These
corners are the basic pillars for any company to achieve success in its
marketing campaign. If all these three marketing campaign is done effectively
then the awareness and knowledge created because of the marketing tools will be
immense and the students will definitely opt for this university without
thinking twice.
Promotion
is very significant in service industry because:
1. Services
are intangible in nature and thus services have to create a lot of awareness
and visibility in front of target customers.
2. Services
are experienced and felt so services has to be branded so that target customers
develop trust and faith over service provider.
3. Services
can be made tangible by supplementing it with best tangible products. But if
the promotions are not done carefully then these tangibles won’t be effective
and it will cause wastage of money.
4. Expectation
about the services is made in the mind of the customer because of the
advertising and promotions done by the service providing companies.
5. If
the expectations exceed the perception of the quality of the service delivered
then the customers are satisfied.
6. These
groups of satisfied customers are the group which is transformed into loyal
customers. Loyal customers are the most profitable customers.
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Fashion Company Marketing Analysis
Current Scenario
First Lady Fashion Company which is into the lady fashion industry is facing the problem of returned order and reduction in order for their products. There are many reasons arising for which can be blamed for the current situation. Some of them are: inaccurate sales forecast data, low and inefficient production system, low quality of products, late delivery of products etc.
As a marketing analyst (Sol Green), I will try to analyze the whole situation from various stakeholder perspectives in order to suggest the measures to improve the current situation. The stakeholders of the company which would be considered for the task of analyzing the situation will include Harry Gold (president and owner of the company), Sarah (Vice president Administration), Chris Barnes (sales forecast and budget manager), Mo Melfi (Production manager) and Daisy Cheung (sales manager) of the company.
In order to collect the valuable information from these stakeholders following questions would be asked from them:
1. (President) What is the goal of the company?A1: The Goal of the company is to make the product which is really admired by the company and to gain the top position among the ladies fashion clothing business.
2. (President) Does Company is yielding profits at present?A2: No at present company is not making profits since the order which are placed by the clients are returned by them due to some of the major problems like the quality issue and late delivery issue.
3. (President) Does Company face returned order problem occasionally?A3: In the past 20 years history of the company I have found myself fighting with the problem of returned order from the clients otherwise clients have never returned the products and order.
4. (President) What factors according to you causing return order problem?A4: As it is complained at many time late delivery at present is coming out as the major problem of the returned order from the client. Other than this there are several other issues like wrong forecasting data, low quality products etc.
5. (Vice president administration) What changes should be initiated in order to handle return delivery problem?A5: In order to handle the current problem company needs to have some major changes to take place. There is big requirement of the skilful managers for the company which can handle the problems easily and do not interfere with the working issues of the company.
6. (Vice president administration) Is the inability of human resource of the company a reason for return order?A6: Yes, the human resource employed in the company is also one of the main reasons for the returned order from the clients. The Current employees are unable to serve the customers on time and in right quality as well.
7. (Sales forecast and budget manager) On what basis you forecast sales data for the company?A7: Sales data of the company is forecasted based on the pilot sales done by the company in the initial seasons of the year. And the rest of the sales quantity and style are developed based on that.
8. (Sales forecast and budget manager) Do you think there is something wrong with the data forecasting method or presentation?A8: There is no problem with the data forecasting system as we are forecasting the data from the last 10 years and do not encountered any such problem in past but the data representation can be a problem since different forms of the data is not well understood by the higher authority.
9. (Sales forecast and budget manager) What is the main cause of problem of return delivery?A9: The Main cause of the problem of returned delivery is due to the presentation of the forecasting data which is not understood by the higher authority well hence the decision making process do not work well.
10. (Production manager) How does budget cutting have affected the production department?A10: The Budget of the department has cut more than 10% which will affect the production system as whole. The improvement plans of the department have to be postponing now.
11. (Production manager) Have budget cutting affected the quality of goods produced by the company?A11: Though budget cutting will up to little extent will affect the quality of the products but we are trying to make production system very efficient so that we can produce good quality products with less amount of budget.
12. (Production manager) Have forecasting affected the production system in any way?A12: Yes, forecasting system of the company is not well developed. Due to which there are problem faced in the production department in scheduling of the production system.
13. (Production manager) How shipping department is responsible for the whole return delivery issue?A13: There have to be high degree of co-ordination between shipping and production department which is missing in the company. Hence the products which we made on time are not able to reach to customers in time.
14. (Sales manager) What kind of complaint you get from client about the product quality?A14: Customers are not satisfied with the product quality and do not want to complain about the quality and so returning the orders while some of the clients are not placing the orders at all.
15. (Vice president administration) How can proper administration function be implemented in the company?A15: There is requirement of proper hierarchical working structure in the company to be followed in order to maintain a particular system where in clear responsibility and authority distribution should be there.
16. (President) How the change process would be initiated in the company in order to improve the situation?A16: Shipping department needs to be managed well in order to fulfil right delivery time and there is also need of quality control department establishment in order to assure good quality products.
17. (Vice president administration) Do you think there are more requirements for human resources for various positions?A17: Company needs to engage some special managers for the supervision of the particular things which are not well managed currently e.g. delivery time, product quality and forecasting data etc.
18. (President) What is the future strategy of the company? A18: Company needs to attain better position in customers mind by fulfilling customers demand satisfactorily. Company needs to work a lot on production department and the forecasting department.
19. (Production manager) What changes need to be made in order to improve product quality?A19: To improve the product quality company needs to have more efficient and better quality machine to be in place. Also quality control needed to be established by the company. 20. (Production manager) Why is the issue of late delivery arising?
A20: The Issue of late delivery is arising due to two factors which are poor forecasting data given by the forecasting department of the company. Secondly, due to the inability of the shipping department for not delivering products in time.
21. (Production manager) How can logistic department of the company be aligned with the production department?A21: There have to be proper alignment between two departments of the company. The Real time data should be shared between the two departments so that as products get manufactured it can be shipped at right time.
22. (President) How can forecasting be improved in order to make sound decisions?A22: Forecasting can be improved by utilising more accurate and real time data which can capture the real industry trends so that proper forecasting can be done.
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