Business Plan To Open Retail Store In Bihar Marketing Essay

Business Plan To Open Retail hive away In Bihar Marketing EssayWe ar planning to open Wedding vesture and accessories shop named as VIVHA UTSAV in Patna.VIVHA UTSAV is the Wedding fancy up and accessories shop for brides akin no other. maculation most retail bridal Shops localise on cuckolding Wedding markes and Accessories for Bride only, we entrust fork up to the experiences of bride, mother of groom, her friends and childs. Because there is bulk of Hindus in Bihar so we go away provide garnishes and accessories mainly for Hindu brides.OBJECTIVES1) The old objective is to provide unmatched-stop-shopping for the union.2) To make wedlock shopping easy and enjoyable.3) To fall(a) upon a position in Bihar as we use up in other states in this sector.MISSIONVIVHA UTSAV is a jog shop that leave provide raiment and accessories for non only bride but also for her relatives and friends also. We believe in providing polished and superior services and making shoppi ng a relaxed and pleasurable experience. We also believe in providing a professional and enjoyable environs to our employees so that they are motivated to be trustworthy and valuable resources to our client.VISIONWe emergency to provide best crossway and shopping experience to the node. We motive to contour strong and long term relationships with our customer.Type of RetailerIt provide be a specialty shop class catering only the merchandise for wedding shopping. The attire and accessories allow for only be for bride and the fe virile member attention marriage.2) PRODUCTS. We volition guide the chase unlike products two the traditional and unexampled for Wedding occasion which customers throne buy according to the way they fate-LEHNGA CHOLIS and SAREES1) BY TYPEa) Designer lehnga choli Designner wedding lehnags and sarees , custom made architect lehnga choli and sarees , Crepe designer lehngas and sarees etc.b) Traditional Lehnga Choli- Traditional Indian cholis, Bandhej lehngas, Bandhni sarees, Tie-dye traditional sarees,c) Embroided Lehngas- Zari Lehngas and sarees, Kundan Lehngas and sarees ,Trendy sequins lehngas and sarees wear, fancy Neemzari Cholis Kashmiri Work dress.d) Fish cut lehngas cholis, mermaid style, and Circular lehnga choli2) By FabricGeorgette lehnga choli and sarees,Crepe Lehnga Choli and sarees, Silk Lehnga Choli and sarees, Net lehnga Choli and sarees, Satin lehnga choli and Sarees, Brocade lehnga choli and sarees, Tissue lehnga choli and sarees3) BY Price and colorCustomer scum bag buy according to different financial rang and colors.JWELLERY and other(a) ACCESSORIESa) Wedding necklace for bride and her relatives and friends. They can have Kundan, Pearl, Studded, Polki, Victorian, Beaded Necklaces and many more.b) Gleaming earrings make earrings, Hoop Earrings, Long Earrings, top earrings and may more.c) Designer bangles Adjustable bangles, appearance bangles, Gold bangles, Stone bangles, Studded bangles and ma ny more.d) American studded jewellary, boss jewellary, Designer Chains, Gorgeous Bracelets, Scintillating Pendants, Beautiful anklets, Nose ringse) pilus accessories, Footwear and Bags.3) MARKETING blueprintFor the ancient three years, there are over 25 thousand Weddings annually in Bihar, 35 coke of which are in Patna. The clean cost of a wedding in Patna is near about(predicate) Rs.10hundred thousand to 15 hundred thousand in high clear society and Rs.3 to 5 hundred thousand in mediocre families and it has been change magnitude consistently by 5% for each one year. It has highest per capita gross domestic product in Bihar, which is better than the most of the metropolitan area in India. In 2009, solid ground Bank ranked Patna as second best city in India to start a business.There many fashion and designer boutique in Patna and all of them are locally owned, single-unit operation. However there is increasing no of players entering in this sector but primary focus of thes e shops is to provide dresses and accessories for all occasion, no one provide accessories and dresses specially for wedding only. So the market is currently missing a steer to expose out a good selection of all the items for wedding unneurotic at one place. sharpen market-We are going to cater the Hindus because they are the majority. The target market is brides, brides mother, grooms mother, bride and grooms sisters, brides friends. Wedding dress and accessories on clean comprise about 6.8% of the total wedding expenditure, while attire and accessories for mother sister and friends comprises 7.1% of the total wedding expenditure. So we are also focal point on this 7.1% along with the 6.8%.People have joint families mostly in Bihar and Patna also. So a wedding generally have 2 mothers, 6-10 sisters and friends.Trends in Target marketBecause of the enhanced livelihood in Patna people dont mind to deteriorate high amount to make the wedding a memorable one, because it is the on e sequence function. People there are now moving toward modernization. They want to have the marriage both in traditional and modern way. Brides, her sister and friends now wanted to wear each accessory matching with their dresses. It is potential only if they shop from the same place.Positioning StrategyOur store go forth be positioned in customer mind with its name VIVHA UTSAV Wedding Shop. whatsoever who result hear or see this name, ultimately go distinguish that it is a store for wedding shopping.Sales StrategyOur gross revenue dodge is designed in that way that it pull up s plightsing lead to close the deal. When a customer result enter in our shop, she entrust feel that her place in wedding and needs are very in-chief(postnominal) for us. We pull up stakes make an environment in which shopping for other items impart be as significant as the experience of shopping for wedding attire. At Vivha utsav other wedding parties like mother, sister and friends will also discover equal importance and attention as the bride receives.Market Share ab initio our market share will be low or modest.But it is anticipate to grow at a good rate because of our unique box the Vivha Utsav is targetingSWOT ANALYSISStrength1) It is the only store of its own casing. While most of the boutiques focus on selling only wedding dresses, we give importance to other items also.2) We will provide different attendants to bride, mothers, sisters and friends so that they can buy the most appropriate dress and accessories for themselves.3) Our wide range of uniform style, designer and accessories.Weakness-1) We are planning to cater only the market for brides and her female relatives and friends not the groom wear market. so we may not get the attention of some customer because of this reason.2) Wedding business is a seasonal business. We will have small no of foot move in the off seasonOpportunity1) Increasing trend of acquire designer wedding dresses and accessories.2 ) At our shop along with bridal dress and accessory focus is on other items also. Our customer will be offered a wide selection of their desired attire, and their needs will be our primary focus.Threats1) Competitors who already exist in the market may have prices lower than our products.2) People who already had a wedding in the past may prefer to go to boutique from where they bought in past.Promotional system1) We will start with standard print and online listings in wedding media.We will advertise through local newspaper, matrimonial sites, local weddinh publications2) We will tamp down some wedding shows so that the customer can have a look on what we are going to provide them.3) We will take a shit relationships with marriage consultants, who can refer us to the customer for wedding shopping.4) We will register ourselves in yellow pages under the bridal sector, so this will act as a standard source for customer to surface us.5) We will also have a website so that the custo mer who wants to drive in more about us before shop at our can have all the information which she wants. They can also know about store location and store time. Those who are unable to physically come to place an order can place the order online.4) OPERATIONAL PLANLocationWe will locate our store in downtown Patna because of its routine activities it will draw a large no of foot locomote into the area. It is a destination shopping area .It also the hub of public deportee and there is high level of pedestrian commerce and it also has a good no of residents living in the area. We have selected the corner of a main intersection with free parking.Store layoutOur store will be two story building. First floor will be for carry dresses and accessories for brides mother, her sister and friends. Second floor will be carrying the dresses and accessories for bride. On both the floor there will be changing and dressing room. Store layout will be free from. It will provide an Intimate, Rela xing environment that will facilitate shopping and Browsing. We will place fixtures holding the in vogue(p) styles along the perimeter of the stores layout. Flooring and lighting will clearly strike out the different product areas. The silver counter will be at the exit of the store.Key SupplierWe will make contract with different designer, manufacturer of theoretical accounts different items need to decorate the dresses and other accessories. Other provider will be for sewing machines, embroidery machine, needles, threads etc. reference book PolicyWe will not sell anything on credit. When a dress will being made to order, a fifty percent, non refundable deposit will be required. Once the dress is ready, the customer will have to yield the entire due amount before taking the dress from the store. This insurance is applied on all other items also.Store management Vivha Utsav will conduct business on weekdays from 9 am to 6 pm and on weekends from 10am to 8 pm. We will have work force including store manager, receptionist, cashier and part time sales associates, who all will be females only, because some customers may feel uncomfortable in the presence of male employee. The store will have three sales associate on weekdays and five sales associate on weekends to avoid problem of dealing in store. Moreover before coming to the store to get the dress and accessories customers will have to take appointment. This will also help avoiding the traffic problem. Sales associate will be paid on hourly bases and the store manager and receptionist will be paid monthly. The working hours will be increased at the season time to accommodate the plan increase in sales, so as their salaries will also increase. almost sales goals will be set for all the employees and when the employees will fulfill those goals they will be rewarded monrtarily.To achieve those goals employees will need to do the following things-a) Pay attention to the customer customers need to be acknow ledges right from the time they enter in the store because everyone, who will step in our store, will be preparing for the big event. They need to be taken seriously instantaneously because they will not be in our store for fun or casual purpose.b) Keep customer focused The process of choosing bridal attire and accessories can be a longer one, because it is a very important purchase and there are so many variables like colors, type, fabric etc. so if the sale representative will navigate the customer efficiently through the process it can lead to the desired outcome.c) We will not only sell goods but will also sell shopping experience. Because wedding purchase especially bridal attires are as very emotionally attached and memorable process for bride, her mother and friends. So the employees should try to satisfy them in all possible manners so that the experience becomes a positive one so that they recommend us to their friends and relative for wedding purchase.Merchandising Manage mentThe dresses and other accessories will be sold on made-to order basis. So a sample of each product of each style will be kept in store so that customer can try on. If however a customer is satisfied with the floor design she can purchase that product. We will contact the designer who set minimums that is we require purchasing a certain(prenominal) number of sample products. We will keep track of our entire sales in computers in terms of no of times particular is purchased, which type of product is most demanding etc. If some items are selling poorly, they will be discounted, sold off rack or will be replaced by new items.5) Financial PlanRequirementsWe will need Rs.50 lakh to get our business off the ground. We are currently seeking living from outside investors and business loans. In the starting we will raise Rs.15 lakh in equity capital. We are seeking investors for additional Rs. 25 lakh and Rs 10 lakh in loans.Use of FundsFunds will be used to pay for renovations, constru ction of fitting rooms, sales counter, painting, carpeting, lighting, and dcor and display fixtures. We will also purchase inventory computers, a cash register and inventory management system. The remaining of the Startup funds will be utilized to cover operating expenses, such as rent, utilities, marketing, cost and wages.Profitloss projectionBased on our marketing plans, location, store size and product offerings we expect to collect annual sales of Rs.5040000 in 1st year. Our average cost of goods sold will be 40%, which leaves us with a gross margin of 60%.Our monthly fixed cost is estimated to be Rs 113125, so we will need to generate sales of Rs 4, 20,000 monthly to rag the breakeven point. We will become profitable monthly basis after our initiatory year.Break even analysisParticularsAmount(Rs)Sales5040000Variable cost3252000Contribution(sales-VC)1788000 fixed cost1357500Net profit430500Profit volume Ratio = (Contribution/sales)* coke= (1788000/5040000)*100= 35%BEP point (R s) =Fixed cost/PV ratio= 1357500/35%= Rs.3826510BEP Point (months) =BEP point (Rs)/monthly sales= 3826510/420000= 9.11So we will take 9 months and 4 day to reach the break even salesCash Flow ProjectionsWe will collect immediate payment from customer because we will not give credit to customer, so our cash endure statement will be substantially similar to our income statement. Our cash settle statement will clearly demonstrate our ability to cover all bills.