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PROJECT REPORT
On
Maintain FIFO Consistently in food bazaar &
Aged slow moving product
At
By
Ch. Vinod kumar
Post Graduate diploma in management
RATAN GLOBAL BUSINESS SCHOOL
Declaration
I hereby declare that the Project report ‘’ MAINTAIN FIFO CONSISTENTLY IN FOOD BAZAAR AND OVER COME WITH SLOW MOVING PRODUCTS IN STORE’’ is submitted by me in partial fulfillment for the award degree ‘’Post Graduate Diploma in Management’’ from Autonomous university and record of bonafide work carried out by me.
The result embodies in this project have not been submitted to any other university or institute for the ward of any diploma or degree.
Name: Ch. Vinod kumar
Roll No. 010-012-041 Signature
ACKNOWLEDGEMENT
A Project usually falls short of its expectation unless guided by the right person at the right time. Success of a project is an outcome of sincere efforts, channeled in the right direction, efficient supervision and the most valuable professional guidance.
This project would not have been completed without the direct and indirect help and guidance of such luminaries. They provide me with the necessary recourses and atmosphere conductive for healthy learning and training.
At the outset I would like to take this opportunity to gratefully acknowledge the very kind and patient guidance I have received from my project guide Mr. Ravi Kiran HR Manager Big Bazaar RTC-X Road Hyderabad, Without his critical evaluation and suggestion at every stage of the project, this report could not have reached its present form. In addition, my internal guide Prof., Faculty has critically evaluated my each step in developing this project report.
I would like to extend my gratitude towards, Director, Dr. B. Ratan Reddy for her technical and moral support required for the realization of this project report.
Lastly, I would like to thank all the members of BIG BAZAAR and my colleagues who gave me fruitful information to finish my project.
PREFACE
Winter Training is business organization in fuse among student a sense of critical analysis of the real managerial situation to which they are exposed. This gins them an opportunity to apply their conceptual theoretical & imaginative skills in a real life situations and to evaluate the results there of.
BIG BAZAAR is a name renowned name in Retail. BIG BAZAAR is now a brand image in private retail sector. While my ONE month project, I was at BIG BAZAAR to find potential of BIG BAZAAR on the presence of other retail Stores.
Practical training through experts of BIG BAZAAR gave me actual input to fulfill my real aim.
This report is the written account of what I learnt experienced during my training. I wish those going through it will not only find it real but also get useful information.
EXECUTIVE SUMMARYTitle of the project-
“Maintain FIFO Consistently in food bazaar & aged slow moving product and action plain to liquidate it ”
Different objective behind conducting this project-
Movement of the product at BIG BAZAAR.
Method using for sales at BIG BAZAAR.
Listing of the product preferences as per the expiry and batch no. at BIG BAZAAR.
Slow sales of products at BIG BAZAAR.
❋ INTRODUCTION The project was carried out for understanding the movement of the product at BIG BAZAAR and customer behavior regarding different product at BIG BAZAAR RTC X-Road Brach .BIG BAZAAR was established in the year 2001, they are old player in RETAIL sector. The BIG BAZAAR follows values such as – Indian ness, Leadership, Respect and Humility, Valuing and Nurturing Relationships, Simplicity and Positivity, Adaptability.
This research helps us in finding out how the products are maintain in store by using FIFO Method (First in First out) and also the slow moving products in store and action plain to liquidate it and awareness by promotion and also identifying the market potential of BIG BAZAAR. Slogan: Isse sasta aur accha kahin nahi!
INDEXChapter: I Synopsis
1. Introduction2. Objective3. Need4. Scope5. Limitation
Chapter: II 1. Retail industry India2. Retail space3. Challenges facing the Indian Organized Retail Sector
Chapter: III1. Company Profile2. Mission, Vision, Values, Milestone, Awards3. Different Formats.
Chapter: IV1. About Food Bazaar2. Classification of Food Bazaar3. Sales Record Of Sabse Sasta 5 Din
Chapter: V1. Reference Methodology
Chapter: VI1. Data analysis and interpretation
Chapter: VII1. Finding’s and conclusion
Chapter: VIII1. Webliography & Bibliography
SYNOPSIS
Maintain FIFO consistency in Food Bazaar is the most crucial task of any business organization and lies at the core of the long run survival. Retail sectors hold its prime motive in maintaining Fifo method in promoting the sales of different products and services. This method use to increases the sales and also decrease the rate of damages or expiry products.
For example, products already in the self and a new consignment purchases, it was arranged in self but it was arranged in front and the old stock pushed back so customer always prefer to take from frontier, so in such a ways the percentage of expiry or damages has increases in store.
OBJECTIVE OF THE PROJECT
1. To understand how to maintain FIFO (First In First Out) method of Marketing and aged slow moving products,
2. To understand the need of the foster effective sales strategy in retail sector.3. To measure the effectiveness of fifo method strategy at Bid bazaar.
NEED OF THE ROJECT
This project is felt necessary on the basic following variables:1. Promotional strategies are cost consuming.2. FIFO method strategy is the crucial aspect of revenue optimization.3. Retail sector does not focus on the specific method. Rather it aims at
minimizing the expiry percentage.4. Retail sector has been given for completion where FIFO method should be
the core objective.
SCOPE OF THE PROJECT
This project offers real time scope on the basis of following merits:1. Assessment of Products is made with genuine customers of Big Bazaar.2. This project also enables the respondents to know about the FIFO strategy
and various methods of agenda.3. This project is constructed with family larger sample site.4. This project helps to understand the present strategy and how to overcome
and increase the flow of products in store.
LIMITATION OF THE PROJECT
1. It confine to the analysis of single outlet2. No quantitative assessment is made other than of plotting the opinion of
respondent in a graphical manner.3. No forecasting is made on the basis of exiting methodology of maintaining
FIFO consistency in Big Bazaar.
RETAIL INDUSTRY IN INDIA
India has one of the largest numbers of retail outlets in the world. Of the 12 million retail outlets present in the country, nearly 5 million sell food and related products. Thought the market has been dominated by unorganized players, the entry of domestic and international organized players is set to change the scenario. Organized retail segment has been growing at a blistering pace, exceeding all previous estimates.
According to a study by Deloitte Haskins and Sells, organized retail has increased its share from 5 percent of total retail sales in 2006 to 8 per cent in 2007. The fastest growing segments have been the whole sale cash and carry stores (150 percent) followed by supermarkets (100 percent) and hypermarkets (75-80 per cent). Further, it estimates the organized segment to account for 25 per cent of the total sales by 2011.
India 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 behavior 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.
India 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.
India retail industry is progressing well and for this to continue retailers as well as the Indian government will have to make a combined effort. It is expected that India may have 600 new retail outlets till 2010.
Retail space
Driven by changing lifestyles, strong income growth and favorable demographic patterns, Indian retail is expanding at a rapid pace. Mall space, from a meager one million square feet in 2002, is expected to touch 40 million square feet by end-2007 and an estimated 60 million square feet by end2008, Says Jones Lang LaSalle's Third annual Retailer Sentiment Survey-Asia.
Alongside, Indian cities are witnessing a paradigm shift from traditional forms of retailing into a modern organized sector. A report by Images Retail estimates the number of operational malls to more than double to over 412 with 205 million square feet by 2010 and further 715 malls by 2015, on the back of major retail developments even in tier II and tier III cities in India.
Challenges facing the Indian Organized Retail sector
The challenges facing the Indian organized retail sector are various and these are stopping the Indian retail industry from reaching its full potential. The behavior pattern of the Indian consumer has undergone a major change. This has happened for the Indian consumer is earning more now, western influences, women working force is increasing, desire for luxury items and better quality. He now wants to eat, shop, and get entertained under the same roof. All these have lead the Indian organized retail sector to give more in order to satisfy the Indian customer.
The biggest challenge facing the Indian organized retail sector is the lack of retail space. With real estate prices escalating due to increase in demand from the Indian organized retail sector, it is posing a challenge to its growth. With Indian retailers having to shell out more for retail space it is effecting there overall profitability in retail.
Trained manpower shortage is a challenge facing the organized retail sector in India. The Indian retailers have difficulty in finding trained person and also have to pay more in order to retain them. This again brings down the Indian retailers profit levels.
The Indian government has allowed 51% foreign direct investment (FDI) in the India retail sector to one brand shops only. This has made the entry of global retail giants to organized retail sector in India difficult. This is a challenge being faced by the Indian organized retail sector. But the global retail giants like Tesco, Wal-Mart, and Metro AG are entering the organized retail sector in India indirectly through franchisee agreement and cash and carry wholesale trading. Many Indian companies are also entering the Indian organized retail sector like Reliance Industries Limited, Pantaloons, and Bharti Telecoms. But they are
facing stiff competition from these global retail giants. As a result discounting is becoming an accepted practice.
"COMPANY INTRODUCTION"Future Group
Future Group is India’s leading business group that caters to the entire Indian consumption space. Led by Mr. Kishore Biyani, the Future Group operates through six verticals: operates through six verticals: Retail, Capital, Brands, Space, Media and Logistics.
Apart from Pantaloon Retail, the group’s presence in the retail space is complemented by group companies, Indus League Clothing, which owns leading apparel brands like Indigo Nation, Scullers and Urban Yoga, and Galaxy Entertainment Limited that operates Bolwing Co, Sports Bar and Brew Bar ,
The group’s joint venture partners include French retailer ETAM group, US-based stationary products retailer, Staples and UK-based Lee Cooper. Group Company, Planet Retail, owns and operates the franchisee of international brands like Marks & Spencer, Next, Debenhams and Guess in India. The group’s Indian joint venture partners include, Manipal Healthcare, Talwalkar’s, Blue Foods and Liberty Shoes.
Future Capital Holdings, 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 has launched a consumer credit and financial supermarket format, Future Money and soon plans to offer insurance products through a joint venture with Italian insurance major, Generali.
The group is currently developing over 50 malls and consumption centers across the country and has formed a joint venture company focusing on mall management with Singapore-based Capital and, one of Asia’s largest property companies Future Group’s vision is to, “deliver Everything, Everywhere, Every time to Every Indian Consumer in the most profitable manner.” The group considers ‘Indianness’ as a core value and its corporate credo is – Rewrite rules, Retain values.
“Future” – the word which signifies optimism, growth, achievement, strength, beauty, rewards and perfection. Future encourages us to explore areas yet unexplored, write rules yet unwritten; create new opportunities and new successes. To strive for a glorious future brings to us our strength, our ability to learn, unlearn and re-learn our ability to evolve.
The motto of Future Group, to not to wait for the Future to unfold itself but create future scenarios in the consumer space and facilitate consumption because consumption is development. Thereby, it will effect socio-economic development for their customers, employees, shareholders, associates and partners. Their customers will not just get what they need, but also get them where, how and when they need. They are not just posting satisfactory results, they are writing success stories.
Future Group Conglomerate
Future Group has six business pillars:
Future RetailAll the retail lines of business like food fashion and home will come under this vertical.
Future BrandCustodian of all the present and future brands that are either developed or acquired by the group.
Future SpaceWill have a presence in property and mall management.
Future CapitalWill provide consumer credit and micro finance services, including marketing of MFs and insurance policies, and management of real estate and consumer fund.
Future MediaWill focus on revenue generation through effective selling of retail media spaces.
Future LogisticTo drive efficiencies across businesses via better storage and distribution.
GROUP VISION:
Future Group shall deliver Everything, Everywhere, Every time for Every Indian Consumer in the most profitable manner.
GROUP MISSION:
Future Group shares the vision and belief that their customers and stakeholders shall be served only by creating and executing future scenarios in the consumption space leading to economic development.
They will be the trendsetters in evolving delivery formats, creating retail realty, making consumption affordable for all customer segments - for classes and for masses.
They shall infuse Indian brands with confidence and renewed ambition.
They shall be efficient, cost- conscious and committed to quality in whatever they do.
They shall ensure that their positive attitude, sincerity, humility and united determination shall be the driving force to make them successful.
CORE VALUES: Indian ness: Confidence in themselves.
Leadership: To be a leader, both in thought and business.
Respect and Humility: To respect every individual and be humble in their conduct.
Introspection: Leading to purposeful thinking. Openness: To be open and receptive to new ideas, knowledge and information.
Valuing and Nurturing Relationships: To build long-term relationships.
Simplicity and Positivity: Simplicity and positivity in their thought, business and action.
Adaptability: To be flexible and adaptable, to meet challenges.
Flow: To respect and understand the universal laws of nature.
Major Milestones
1987 Company incorporated as Menz Wear Private Limited. Launch of Pantaloons trouser, India’sfirst formal trouser brand.
1991 Launch of BARE, the Indian jeans brand.
1992 Initial public offer (IPO) was made in the month of May.
1994 The Pantaloon Shoppe – exclusive men’s wear store in franchisee format launched across the nation. The company starts the distribution of branded garments through multi-brand retail outlets across the nation.
1995 John Miller – Formal shirt brand launched.
1997 Pantaloons – India’s family store launched in Kolkata.
2001 Big Bazaar, ‘Is se sasta aur accha kahi nahin’ - India’s first hypermarket chain launched.
2002 Food Bazaar, the supermarket chain is launched.
2004 Central – ‘Shop, Eat, Celebrate in the Heart of Our City’ - India’s first seamless mall is launched in Bangalore.
2005 Fashion Station - the popular fashion chain is launched all – ‘a little larger’ - exclusive stores for plus-size individuals is launched
2006 Future Capital Holdings, the company’s financial arm launches real estate funds Kshitij and Horizon and private equity fund in division. Plans forays into insurance and consumer credit
Multiple retail formats including Collection Furniture Bazaar, Shoe Factory, E-Zone, Depot, and futurebazaar.com and are launched across the nation. Group enters into joint venture agreements with ETAM Group and Generali
AWARDS
Indian Retail Forum Awards 2008
CNBC Awaaz Consumer Awards 2009
Most Preferred Multi Product Chain - Big Bazaar
Most Preferred Multi Brand Food & Beverage Chain - Big Bazaar
Images Fashion Forum 2009
Most Admired Fashion Group Of The Year - Future Group
Most Admired Private Label - Pantaloons, the lifestyle format
Critic’s Choice For Pioneering Effort In Retail ConceptCreation - Central
Coca-Cola Golden Spoon Awards 2009
Most Admired Food & Grocery Retailer Of The Year
Most Admired Food Court
Most Admired Food Professional
The INDIA STAR Award 2008
Retail Asia Pacific 500 Top Awards 2008
Coca-Cola Golden Spoon Awards 2008
The Reid & Taylor Awards For Retail Excellence 2008
Platinum Trusted Brand Award Images Retail Award 2005,06
DLF Award 2004
BOARD OF DIRECTORS
BOARD OF DIRECTORS:
Mr. Kishore Biyani, Managing Director
Kishore Biyani is the Managing Director of Pantaloon Retail (India) Limited
and the Group Chief Executive Officer of Future Group.
Mr. Gopikishan Biyani, Wholetime Director
Gopikishan Biyani, is a commerce graduate and has more than twenty years of experience
in the textile business.
Mr. Rakesh Biyani, Wholetime Director
Rakesh Biyani, is a commerce graduate and has been actively involved in
category management; retail stores operations, IT and exports. He has been
instrumental in the implementation of the various new retail formats.
Mr. Ved Prakash Arya, Director
Ved Prakash Arya, is an engineer by training and is a graduate of the Indian Institute of
Management, Ahmedabad. Prior to joining Pantaloon Retail, he was the CEO of Globus.
Mr. Shailesh Haribhakti, Independent Director
Shri Shailesh Haribhakti, is a Chartered Accountant, Cost Accountant, and a
Certified Internal Auditor. He is the Deputy Managing Partner of Haribhakti &
Co., Chartered Accountants and past president of Indian merchant Chambers. He is on the
Board of several Public Limited Companies, including Indian Petrochemicals Corporation
Ltd., Ambuja Cement Eastern Ltd. etc. He is on the Board of Company since June 1, 1999.
Mr. S Doreswamy, Independent Director
S. Doreswamy, is a former Chairman and Managing Director of Central Bank of
India and serves on the board of DSP Merrill Lynch Trustee Co and Ceat Limited
Dr. D O Koshy, Independent Director
D. O. Koshy, holds a doctorate from IIT, Delhi and is the Director of National
Institute of Design (NID), Ahmedabad. He has over 24 years of rich experience
in the textiles and garment industry and was instrumental in the setting up of NIFT centres
in Delhi, Chennai and Bangalore. He is a renowned consultant specializing in international
marketing and apparel retail management.
Ms. Anju Poddar, Independent Director
Anju Poddar, holds a Bachelor of Engineering from University of Oklahoma and is a
Director, NIFT, Hyderabad chapter. She also serves on the board of Maharishi Commerce
Ltd and Samay Books Ltd,
Ms. Bala Deshpande, Independent Director
Bala Deshpande, is Independent Director, Pantaloon Retail (India) Ltd. and also
serves on the boards of Deccan Aviation, Nagarjuna Construction, Welspun India
and Indus League Clothing Ltd,
Mr. Anil Harish, Independent Director
Anil Harish, is the partner of DM Harish & Co. Associates & Solicitors and an LLM from University of Miami. He also serves on the board of Mahindra Gesco, Unitech, IndusInd Bank and Hinduja TMT.
Different formats
1.Pantaloon Retail (India) Limited
Pantaloon Retail (India) Limited, is India's leading retail company with presence across multiple lines of businesses. The company owns and manages multiple retail formats that cater to a wide cross-section of the Indian society and is able to capture almost the entire consumption basket of the Indian consumer. Headquartered in Mumbai (Bombay), the company operates through 5 million square feet of retail space, has over cores across 40 cities in India and employs over 17,000 people. The company registered a turnover of Rs. 2,019 crore for FY 2005-06. Background: Founded in 1987 as a garment manufacturing company, the company forayed into modern retail in August 1997 with the launch of its first department store, Pantaloons in Kolkata. Listing: Pantaloon Retail is a listed company on the Bombay Stock Exchange (BSE, Scrip Code: 523574) and National Stock Exchange (NSE, Symbol: PANTALOONR).
2. Central
Central, the showcase seamless mall concept is one of the more popular offerings in the lifestyle segment that celebrates shopping in India. During the year, Central capitalized on its positioning of being a destination where citizens can just come and unwind, whether it’s for shopping for a wide range of national and international brands, enjoying their favorite cuisine at the multiple specialty restaurants and food courts or watching the latest movie releases at the in-house multiplexes. The most reputed brands are showcased in Central. It is also emerging as the destination of first choice for new fashion brands in India. Central assures better visibility, instant recognition, good quality and commercially viable space on the basis of the optimum space utilization concept, taking the brand closer to the consumer. With brands within Central
competing against the best brands in the country, it also allows benchmarking for these brands.
3. Planet Retail Holdings
4. Deport
5. Fashion Station
6. Home Improvement
7. COMMUNICATION
8. MBazaar
9. Restaurant, Leisure & Entertainment
10. Star and Sitara
11. E-TAILING
12. Liberty Shoes
13. GINI & JONY
14. BIG BAZAAR
Isse sasta aur accha kahin nahi!
Big Bazaar has clearly emerged as the favorite shopping destination for millions of its consumers, across the country, it’s success is a true testament to the emotional bonding it has established with the Indian consumer, on account of its value offerings, inspirational appeal and service levels. Shop till you drop! Big Bazaar has democratized shopping in India and is so much more than a hypermarket. Here, you will find over 170,000 products under one roof that cater to every need of a family, making Big Bazaar India’s favorite shopping destination.At Big Bazaar, you will get the best products at the best prices from apparel to general merchandise like plastics, home furnishings, utensils, crockery, cutlery, sports goods, car accessories, books and music, computer accessories and many, many more. Big Bazaar is the destination where you get products available at prices lower than the MRP, setting a new level of standard in price, convenience and quality.If you are a fashion conscious buyer who wants great clothes at great prices, Big Bazaar is the place to be. Leveraging on the company’s inherent strength of fashion, Big Bazaar has created a strong value-for-money proposition for its customers. This highlights the uniqueness of Big Bazaar as compared to traditional hypermarkets, which principally revolve around food, groceries and general merchandise.
Boasting of an impressive array of private labels, Big Bazaar is continually striving to provide customers with a ‘complete’ look. So be it men’s wear, women’s wear, kids wear, sportswear or party wear, Big Bazaar fashions has it all!
Food Bazaar
Across India, food habits vary according to community, customs and geography. Food Bazaar, through its multiple outlets addresses this. At the same time it offers best quality products at wholesale prices to a wide cross section of the India population. Food Bazaar effectively blends the look, touch and feels of the Indian bazaar with the choice, convenience and hygiene that modern retail provides. The food and grocery division of the company was launched in 2002-03 and has grown to 47 stores nationwide at the end of the current financial year. Most stores are located within Big Bazaar, Central and Pantaloons and act as strong footfall generators. There are separate stand-alone Food Bazaars as well. The business contributed just fewer than 50 per cent of value retailing, and about 20 per cent to the company’s turnover during 2005-06. Food Bazaar offers a Variety of daily consumption items, which include staples, soaps and detergents, oils, cereals and biscuits. On the product category side, the primary segregation is done on the basis of staples, fresh produce, branded foods and home and personal care products.
FOOD BAZAARAb Ghar Chalaana Kitna Aasaan
Food Bazaar invites you for a shopping experience, unique by its ambience. At Food Bazaar you will find a hitherto unseen blend of a typical Indian Bazaar and International supermarket atmosphere. Flagged off in April’02, Food Bazaar is a chain of large supermarkets with a difference,where the best of Western and Indian values have been put together to ensure your satisfaction and comfort while shopping. The western values of convenience, cleanliness and hygiene are offered through pre packed commodities and the Indian values of "See-Touch-Feel" are offered through the “bazaar-like” atmosphere created by displaying staples out in the open, all at very economical and affordable prices without any compromise on quality. The best of everything offered with a seal of freshness and purity will definitely make your final buying decision a lot easier.
Food Bazaar:- The various brands in the food bazaar department are classified into three major departments which are listed as follows:
Processed Food Non food Staples
1) Processed Food
The department of food consists of the following three sub departments according to the alphabetical order respectively.
Beverages Chef zone (ready to cook) Hungry kya (ready to eat)
2) Non food
The departments of non-foods consist of the following three sub departments according to the alphabetical order respectively.
Fabrikleen Head to toe Spic & span
3) Staples The department of staples consists the following sub departments.
Golden harvest
1. PROCESSED FOOD
A.The department of beverages consists of different brands which again classified into three different major categories
Drinks & concentrates Juices Milk Tea & coffee
B.The next sub department in the processed food department is the chef zone which consists of all the ready to cook products. The major categories of chef zone consists of the following:
Additives Canned food Desert mixes Health drinks Heat & eat Instant mixes Jams
Macroni & vermicelli Mukhwas Noodles Papads, Appalams & fryums Pickles Ready mix Salt Soups
C.The third and fonal sub category in the processed food department is hungry kya which consists of the entire ready to eat products, which consists of the following major categories.
Biscuits Chocolates Corn flakes Mukhwas Sweets & namkeens Wafers & namkeens
2. Non-Food
A.The first major category of non food, fabrikleen consists all the products related to all the fabric cleaners. The department of Fabrikleen consists of different brands as mentioned alphabetically
Detergent powders
1 ARIEL 2 CLMT 3 HENKO 4 MR WHITE 5 RIN 6 SURF 7 TIDE 8 WHEEL
B.
This major category head to toe consists all the products related to personal care.
Baby care Deos
Hair colour, hair gels & Hair oils Oral care Shampoos Shaving needs Skin care Soaps
C.
The major category spic n span consists of all the products related to the house cleaning and other cleaning material for the utensils, floor, etc.
Disposables House cleaning Insect Killers Utensil cleaner
FIFO Marketing:
FIFO method of accounting is one of the most popular ways in which a company carries out inventory management, and this helps them determine the value of the inventory that is left at the end of the financial year.
What is FIFO Method?
According to the FIFO method, the goods that are entered as inventory first are the ones that are sold or disposed first. This means that as newer goods start entering the inventory list, they are put at the end of the line. The items that have been there longest, will be the ones that are sold immediately. This inadvertently means that at the end of the financial year, the items that will be left on the inventory list are those that have been introduced into the inventory list most recently.
There is a formula that all companies use to calculate their inventory cost, and this formula is used for accounting purposes all over the world.
(Inventory at the start of the year) + (Net purchases) – (Cost of goods sold) = (Inventory at the end of the year)
In simple words, what this means is that you calculate what the company has at the beginning of the year, add whatever they have purchased during the year, subtract whatever they have sold during the year, and the resultant figure is the inventory left at the end of the year. Sounds simple enough, but its ramifications make for interesting readings in most company's accounts.
The Advantages and Disadvantages of FIFO Method Advantages:
The following are the main advantages of FIFO Method:1. FIFO method is easy to understand and operate.2. FIFO method is useful where transactions are not voluminous and prices of materials are falling.3. FIFO method is suitable for bulky materials with high unit prices.4. FIFO method helps to avoid deterioration and obsolescence.5. Value of closing stock of materials will reflect the current market price.
Some disadvantages of FIFO method are as follows.
1. FIFO method is improper if many lots are purchased during the period at different prices.2. The objective of matching current costs with current revenues can not be achieved under FIFO method.3. If the prices of materials are rising rapidly, the current production cost may be understated.4. FIFO method overstates profit especially in inflation.
Sales record of Sabse Saste 5 Din 17th to 31st Jan 2011
Monday 8661.77 40051.29 69735.91 2787.22 27918.60 149347
18-Jan-11
Tuesday 7340.98 32653.52 51831.59 2215.96 28747.38 122976
19-Jan-11
Wednesday
19930.04 51513.90 75390.54 2500.74 49863.25 199315
20-Jan-11
Thursday 5356.84 34825.17 43299.49 1409.50 22115.14 107123
21-Jan-11
Friday 6886.38 43310.66 74535.24 811.00 52711.85 178333
22-Jan-11
Saturday 24215.20 249439.64 159638.16 3082.00 184047.39 620734.40
23-Jan-11
Sunday 30818.91 240392.25 377176.42 3216.00 284083.07 935958 3431956
Week 30.00 0.95 1.03 6.46 6.92 7.96 8.52 0.18 0.16 7.48 6.49 23.04
23.14
-0.08 1.09 -0.46 1.07 -0.56 1.07 0.02 0.89 0.99 0.87 -0.10 1.00 -54.40
24-Jan-11
Monday 18617.36 156302.96 230577.48 1949.00 211984.66 619860 1965259
25-Jan-11
Tuesday 22460.95 207903.01 335187.62 2112.20 252087.47 820141 2406315
26-Jan-11
Wednesday
55217.88 380736.32 741029.83 5766.00 643714.64 1826933 6300329
27-Jan-11
Thursday 8199.14 43919.34 75422.80 954.00 27079.45 155770
28-Jan-11
Friday 8571.46 45193.89 49345.48 2133.00 36428.15 141867
29-Jan-11
Saturday 11544.69 73737.60 88035.08 2530.88 84536.68 260463
30-Jan-11
Sunday 16471.71 90153.56 128599.90 3083.32 86805.48 325309
Week 31.00 1.53 1.41 10.38
9.98 12.79 16.48 0.29 0.19 12.02
13.43 37.01
41.50
0.12 0.92 0.40 0.96 -3.69 1.29 0.10 0.64 -1.41 1.12 -4.49 1.12 -132.0
6
RESEARCH METHODOLOGY
Big Bazaar basically means business and in business collection of raw data allows the managers to see the real scenario and then take a decision as per the data obtained. There are several implications in this statement:
They can examine the available information in the form of data to make a decision
They can even get a clear picture of the scenario or potential of Big Bazaar as compared to other retail stores in the city.
The information can only be gathered by data collection and then analyzing the available data.
Therefore, it can be said that the data collection is an important part of the project.
The projected objectives were considered and as per the requirement a market survey was done.
Procedure: The procedure that followed can be enlisted as below:
Reading about the product Deciding on the objective to proceed. Developing Survey instruments Conducting personal interviews of different age-groups, sex, monthly
income and occupation through a Questionnaire.
Process adopted:
1 . Gaining knowledge about the product at Big Bazaar: Reading about the products was the first step undertaken. This gave not only in depth knowledge about what is been offered by other players but also proved useful while developing the questionnaire.
Steps in the Development of the Survey Instruments The main instruments required for survey was a well-developed questionnaire. The questionnaire development took place in a series of steps as described below:
Research objectives are being transformed into information objectives.
The Appropriate data collection methods have been determined
The information required by each objective is being determined.
Specific Questions/Scale Measurement format is developed.
Question/Scale Measurements is being evaluated.
Research objectives are being transformed into information objectives.
The number of information needed is being determined.
The questionnaire and layout is being evaluated.
Revise the questionnaire layout if needed.
The Questionnaire format is being finalized.
2. Customer Survey: The people play an important part as a clear perception of people about the product can be estimated and known. Studying the need levels of the people regarding the products can be observed. It was very useful in knowing about the requirements of the people.
Research Design:
A two stage Research was conducted:
1. Secondary Research: Data was collected from websites and catalogues to understand the product of the different players 2. Primary Research: A Primary Research was conducted: The questionnaire was prepared for the companies and following areas covered:
competing retail stores Features offered by different storesConsumer profile Satisfaction level Reasons for their purchase. Desirable features of the product and service.
Sampling Plan: Elements: The target population of the study included the general population of every
age who enters to the Big Bazaar
Sample size: 100 people.
Data Analysis
The tools and methods of data collection identified earlier were employed to gather data on the consumer perception on Big Bazaar. The data accrued, especially from the interviews and questionnaires circulated, are tabulated and depicted on graphs in the following pages. The data thus gathered and tabulated is analyzed. The data is then scrutinized and relevant interpretations are drawn.The major objectives of analysis of data are:
1. To evaluate and enhance data quality2. Examine effects of other relevant factors3. Customer satisfaction ratio,4. Level of satisfaction,5. Causes of dis-satisfaction,6. Customer responses regarding services.
The data collection plan, including procedures, instruments, and forms, was designed and pre-tested to maximize accuracy. All data collection activities were monitored to ensure adherence to the data collection protocol and to prompt actions to minimize and resolve missing and questionable data. Monitoring procedures were instituted at the outset and maintained throughout the study, since the faster irregularities can be detected; the greater the likelihood that they can be resolved in a satisfactory manner and the sooner preventive measures can be instituted.
Age of the respondents.
No. of customers age
36%
33%
23%
8%
AGE
18-2828-3838-5856-65
AGE Total18-28 2528-38 2348-58 1658-65 6
TOTAL 70
Data:The first criteria respondents were asked to indicate was the age group they belonged to respondents were asked to choose among four age group categories, viz., below 18-28, 28-38, 38-58, 58-65 years. The age groups were identified as key factors impacting shopping and purchase decisions of Consumers.
Analysis:From the table, and pie chart depicted above, the distribution of the population under study is evident. Of the 70 respondents who answered the questionnaire, 36% indicated that their ages fell in the category 18-28 years 33% indicated below 28-38, 23% indicated 38-58 year and 8% indicated 58 above.
Interpretation:By analyzing the responses to this question, I, as a researcher, as well as companies, can identify the demographics of the population that visit retail outlets. The highest number of respondents falls in the age group 18-38. It can be deduced that most of the consumers who visit retail outlets regularly are the youth. They make up almost more than half of the population who shop at retail stores.
Gender of the respondents:Gender Total
Male 40
Female 30
Total 70
57%
43%
Gender
Male Female
Data:Consumers were asked to indicate their gender. The object of this question is to understand the demographics of the population under study.
Analysis:From the table, and pie chart depicted above, the distribution of the consumers is evident. Of the 70 respondents who answered the questionnaire, 30 were female and 40 were male. It is evident from the responses and the subsequent tabulation that the number of male respondents was higher than that of the female respondents in the population under study. Male are the major buyers at the Big Bazaar.
Interpretation:By analyzing the responses to this question, I as, a researcher, as well as companies, can identify the distribution in the number of men and women who visit the retail outlets and appropriate decisions can be made keeping these numbers in mind.
The highest number of respondents were male, as is depicted by the graph and chart presented above. The number of female respondents was less compared to the male respondents.
1) How often do you shop?
Options Total
Once a week 23
Fortnightly 26
Once a month 21
Total 70
33%
37%
30%
Sales
Once a week
Fortnightly
Once a month
Data:Consumers approached were asked about their frequency in visits to shops. The frequency points furnished were: Once a week, Fortnightly, and Once a month. These frequency points were identified by observation and interview as the average times that consumers shop.
Analysis:From the table, and pie chart depicted above, the frequency of shopping of the respondents is evident. Of the 70 respondents who answered the questionnaire, 33% indicated that they shopped once a week, 37% indicated that they shopped Fortnightly 37% who visit shops, malls or retail stores once a month.
Interpretation:This question is aimed at understanding how frequently consumers visit shops and buy their products or avail of their services. The frequency points laid before the respondent have been the result of observation and interview. By analysing
the responses to this question, I the researchers, as well as companies, can identify the number of times a customer is likely to shop in a month’s time.
The highest responses have been attributed to once a month shopping. It can be deduced that consumers who shop only once a month, pose very different challenges to retail stores. Such customers can be presumed to have a less disposable income and may buy more lifestyle or fashion products. Since they shop so frequently, they must continually be entertained and attracted to make repeat purchases at stores. When targeting this segment, companies must be able to get new stock every week, and update their marketing strategies continuously.
As monthly customers can buy the products in bulk so they can shop during (M.B.B) and other offer seasons but we can give every week big discounts to customers so its more difficult to increase the customer base of weekly customers. It can be increased if employee handle the customer well, display of the product, and ambience of the retail outlet is good.
2) Which of the following stores do you shop at?Option Total
Big Bazaar 50
More 7
Spencer 8Other Specify 5
Total 70
72%
10%
11%
7% Stores
Big Bazaar More
Spencer Other
Data Collected:Consumers approached were asked to indicate the types of store they mostly shopped at. The types of store presented were Big Bazaar, More, Spencer, and others. These stores were identified by observation and interview as the most popular store that consumers shop for frequently.
Analysis:From the table, and pie chart depicted above, the Store frequently shopped by consumers is evident. Of the 70 respondents who answered the questionnaire, 72% indicated that they essentially shopped at Big Bazaar, 10% More, 11% Spencer and 7%other.It is evident from the responses and the subsequent tabulation that consumers, on an average, frequently shop for stores in the following descending order: Big Bazaar, Spencer, More, and Others.
Interpretation:Of the consumers approached, 70 people agreed to fill in the questionnaire and this specific question. This question is aimed at identifying the stores consumers shop for frequently. The stores categories laid before the respondent are the result of observation and interview. By analysing the responses to this question, I the researchers, as well as companies, can identify the main attractions of store that their products and services offered.
3) Why do you prefer to shop in Big Bazaar at the above- mentioned store?
All items under one roof 22because of offers and reasonable prices 31Number of brands 15No such preference 2Total 70
32%
44%
21%
3%Prefference
All items in 1 roofOfers & PriceNo. of BrandsNO preference
Data:Consumers approached were asked why they prefer to shop at Big Bazaar.
Analysis:From the table, and pie chart depicted above, the awareness about big bazaar preference to shop. Of the 70 respondents who answered the questionnaire, 44% replied that they prefer to shop because of offers and reasonable price, 32%were shop because of available items under one roof, 21%because of no. of brands and 3% no such preference.
Interpretation:This question is aimed at the awareness in customers about the shop at Big Bazaar. The object is also to analyze how to increase more awareness about the Big Bazaar. By analysing the responses to this question, I the researchers, as well as companies, can identify the awareness about the big bazaar consumers. This indicates that although most consumers are aware about the big bazaar and most of them prefer to shop.
5) Are you satisfied with stock out (stock availability) in big bazaar?
Option TotalYes 60No 10
Total 70
yes no0
10
20
30
40
50
60
Stock Availability
Stock Availability
Data:Consumers approached were asked about their satisfaction level with the stock availability at Big Bazaar. This question was answered by 70 consumers.
Analysis:From the table, and pie chart depicted above, the satisfaction level among the
customers about availability of stock at Big Bazaar. Of the 70 respondents who
answered the questionnaire, 50 replied yes that they were satisfied with the stock availability and there were only 10 people who were not satisfied with stock availability.
Interpretation:Of the consumers approached, 70 people agreed to fill in the questionnaire and this specific question. This question is aimed at satisfaction level among the
customers for big bazaar stock availability. By analysing the responses to this question, I the researchers, as well as companies, can identify that many customers are satisfied with the stock availability at big bazaar.From the tabulated data depicted above and responses of the consumers, we can see that to promote own brand we should advertise more and packaging can be made more attractive.
6) Indicate your satisfaction level based on the following parameters for the following stores?
Retail Outlet Unsatisfied Satisfied Highly Satisfied Not Visited
Big Bazaar 9 41 15 5
Total (70)
Unsatisfied Satisfied Highly Satisfied Not Visited0
5
10
15
20
25
30
35
40
45
Satiafaction Level
Satiafaction Level
Data:Consumers were asked to answered that there satisfaction level at Big Bazaar. The object of this question is to understand the level of satisfaction of consumer of Big Bazaar.
Analysis:From the table, and pie chart depicted above, the satisfaction level among the customers about Big Bazaar. Of the 70 respondents who answered the questionnaire, 9replied yes we are unsatisfied with bid bazaar, 41 replies that they were satisfied with the big bazaar were 15 people who were highly satisfied and 5 were not visited big bazaar.
Interpretation:Of the consumers approached, 70 people agreed to fill in the questionnaire and this specific question. This question is aimed at satisfaction level among the customers for big Bazaar products and services. By analysing the responses to this question, I the researchers, as well as companies, can identify that many customers are satisfied with the products and services of big bazaar.
7) Are you satisfied with the arrangement of products in self? Options Total
Excellent 19Good 41
Average 7Poor 3Total 70
ExcellentGood
AveragePoor
05
1015202530354045
19
41
73
Products Arrangement
Data:Consumers were asked to answered that in which operation they want improvement at Big Bazaar. The objective of this question is to understand the consumer convenient while purchasing products arrangement in self (arrangement of products) at Big Bazaar.
Analysis:From the table, and pie chart depicted above, the distribution of the consumers is evident. Of the 70 respondents who answered the questionnaire, 19 customers said that it was excellent, were 41 has said its good, 7 were average with the arrangement of products, and last 3 were dissatisfied with it.
Interpretation:By analyzing the responses to this question, I as, a researcher, as well as companies, can identify the improvement areas in operations at Big Bazaar. We have to arrange the self with using the FIFO method which also decrease the percentage of expiry and maintain profit.
FINDING’S
When customer enter in to store he looks price and quality, as the generation and society has changed their can compromise with price but no with quality so rather than reducing the price we can improve our quality.I find that the method which is already in use is not effective or because of irresponsibility’s of the employees the store has effected with a loss.
The following are the products which are expiry because of the arrangement of self without using the FIFO method Strategy.
1. Britannia2. Milk Rusk3. Nestea4. Saga sandige jam5. Papad Chip’s6. Softy Murul7. Balaji Namkeen8. Balaji Mongdal9. Cluster Beans Vathal10.Onion Murkura11.Tasty Treat Cookies13. Royal Snaks14. Wonder Cake(Milka)
The no. of pack which are expire is 160 it means the present method was not very effective and the damages and expiry no. are high.
The following are the Slow Moving Products Chef Zone:
1. Nilon’s Upma2. Neesa dilli aloo3. Pasta all variance4. Gup noodles5. Tasty treat noodles
International Food1. Nature Pure Alma2. David off café (Tea)3. Tim Tam Choco Biscuit
Hungry Kya1. Horlicks Cookies2. Freshly baked cookies3. Tamato ketchep4. Tasty Treat jam, comflakes5. Hippo (round)
Conclusion
The report reveals that there is huge scope for the growth of organized retailing and improvement of Big Bazaar Store in Hyderabad city.
With the changing lifestyle, modernization and westernization there exists a huge scope for the growth of Big Bazaar store and is therefore a threat to unorganized retailing.
Big Bazaar store are able to provide almost all categories of items related to food, health, beauty products, clothing & footwear, durable goods so it become quite easier for the customer to buy from one shop and hence is a convenient way of shopping when compared to unorganized retailing.
Aggressive Marketing is the key to increasing the market share in this area, since the market has a lot of potential both in terms of untapped market.
Lot of scope for growth in store need to maintain current flow of strategy.
Recommendation
To increase more footfalls more promotional activities must be carried out. For this BIG BAZAAR can either offer more discounts or increase their advertisements. Increase in the number of footfalls will lead to increase in sales.
Allowing more space between the entrance of a store and a product gives it more time in the shopper’s eye as he or she approaches it. It builds a little visual anticipation.
Normally, the 50% of the profit comes from food bazaar, so the fifo system plays a major role in reaching the profit and target. It is necessary to maintain a systematic way of keeping the products in self in such a way that we can remove the before consumed products first.
To reduce the expiry products percentage try to arrange the self by using FIFO method, if self consists of products a new consignment should be arrange back by keeping old products front.
If we apply the FIFO method we can reduce the loss and also the daily routine of checking of dates.
For international food the cost is so high which a middle class person cannot bare to buy try to keep some brands and reasonable price.
Limitation
This research has a number of limitations that must be acknowledged.
First, the sample used for this study consisted mostly of college students. Therefore, these results may not be applicable to the wider population in general.
Secondly, the results of this study are limited to a specialty retail brandedpurchasing context.
Lastly, it must be acknowledged that there may be numerous other variables that contribute to the development of customer satisfaction, customer loyalty, and word of mouth communication which are briefly touched upon below.
To convince the people for a proper interviewing process is also difficult.
The figures have been taken as approximations.
Webliography & Bibliography
www.futurebytes.com
www.pantaloon.com
www.retailindia.com
www.google.com
