CHAPTER

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IINTRODUCTIONNTRODUCTION

What is retailing?The word retail is derived from the French word ‘retailers’, meaning ‘to cut a piece off’ or ‘to break bulk’. In simple terms, it implies a first-hand transaction with the customer.

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Retailing involves a direct interface with the customer and the coordination of business activities from end to end—right from the concept or design stage of a jewellery product or offering, to its delivery and post-delivery services to the customer.

The industry has contributed to the economic growth of many countries and is undoubtedly one of the fastest changing and dynamic industries to the word today.

Retailing and the marketing mix:Retailing forms an integral part of the marketing mix and includes elements like-product, place, price, people, promotion and presentation. Place relates to the distribution and availability of products in various locations.

Customers are first introduced to the products at the retail store .Organizations sell their products and services through these retail outlets and get feedback on the performance of their products and customers expectations about them.

Retail store serve as communication hubs for customers, commonly known as the point of sale (POS) or the point of purchase (POP), retail store transmit information to the customers through advertisements and merchandise display .Hence the role of retailing in marketing mix is very significant First Second Third

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Manufacturer or agent distributer

Manufacturer or agent distributer

Manufacturer or agent distributer

Retailer 1

Retailer 2

Retailer 3

Retailer 4

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Management of sales factors

Increase Sales with These Sales & Marketing strategies:

How are you going to increase sales or maintain sustainable sales figures during a slow economy?

The list below outlines 12 things every success-oriented business owner, sales manager, and sales person can do to ensure their sales figures do not sag regardless of a weak economy.

This list is by no means comprehensive, but if you only tackle one of these each month (and incorporate it into your daily sales life), by the end of this year, you will have a defined sales program in place that will help to boost your revenues.

Each week, a new article will be released that explains the next item on the list. In 12 weeks, you'll have the foundation for a solid sales and marketing plan to work through for the remainder of the year.

1. Get a plan - write your goals and how you will achieve these

2. Hire an expert - internal employee, outsource or combination?

3. Define your process - what steps are taken during every phase of your sales cycle? Who is responsible for each step?

4. Organize your data - where is data stored and how is it managed?

5. Define & expand your market - who is your best clients? Where can you find more that are similar? Could you serve a different market to grow?

6. Be different - How are you different and better than your competition?

7. Communicate to your market - How do you let your prospects know about you so they can buy something?

8. Look at your web site - would you buy from you?

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9. Ask for testimonials - It's doing a great thing multiplied by 3! (You, your customer, your customer's customer)

10. Pick up the phone and call someone - increase sales activity on a regular basis

11. Write something - online articles, blogs, newspapers, magazines, etc.

So, since this is the first week, we'll focus on #1 on the list: Get a plan. Sounds like a good idea, doesn't it?

Define your sales goals:

What are your sales goals for this year, this quarter, and this week? How do you plan to achieve them? However, regardless of what your business is, you must write down some sort of achievable overall annual goal and then map out a plan for how to make it a reality via daily, weekly and monthly milestones.

Without a plan you'll just flounder and earn some new business...or not. Your year will end up looking like a bad weekend in Vegas (think lots of lost money and very little sleep) rather than working from a well-thought-out plan.

Review your progress:

Review your sales and marketing plan with someone you trust who will hold you accountable for achieving your benchmarks.

This can be someone in your company, a business coach or mentor. You should talk about your plan and your results with this person on a regular basis.

That way, you'll both have insights into whether or not you are on a clear path to sales success and where any adjustments should be made.

Lower Expenses:There is no management in your retail outlet, it is the big problem.

Reduce the number of sales person, give some training to them.

To better your business and return more profits to your bottom line, learn where you can cut operating expenses.

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In your show room lots of sales persons are there, no need this much sales person.’ right man for right job’’.

Factors influence the sale

Market study:

Level of buyers

Women or men

Teen agers

Who are the our target customer

Design Store for Sales:Use lighting techniques and creative display to attract customers.

Play videos for product education, customer entertainment and any other up sell or promotional event.

Connect With the Customer:Excellent customer service is the key to increasing sales.

Listen to your customer to understand their needs and wants.try to know the taste and wants of the customers

Create a mailing list by asking for contact information from each customer.

Our competitor:

Big Box Stores like Tanishq’s, gili, orra, signity, reliance,etc

Local jewellers.

We have to survive full completion market

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Dare to Be Different:Focus on what makes your business unique.

Emphasize the originality of your inventory as compared to the items offered by the chain store.

Launch any collection, like valentine day is coming in next month.

India is full of festivals like:Karwachauth

During the wedding period (we have to introduce a special collection for these days which are.

Personal Attention:

Treat each customer as your best customer.

As a small store owner, you can concentrate on small details.

Superb customer service is the biggest intangible asset to the independent business.

People like to shop where they feel comfortable and where they feel the owner truly cares about their wants and needs.

It is the least expensive change to make in order to take on the larger chain stores.

Staffing Your Store:

Have to motivate our staff, buy providing good working environment, by giving incentives, depends on sale efficiency of the sales executives.

Staff should be well dressed, full of positive attitude, full of energy, provide proper information to the customer about the product. Which stone is there, what is the carat of gold, if there is rhodium plated salesperson must be know. what are the attributes of the jewel ornaments.

If your employees can provide this, your customers will have an extra incentive to continue doing business with you.

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Remark:

Big brands are existing in market because they are advertising more.Customer knows him by ads, one thing…..’’Jo dikhta hai vahi bikta hai’’

Process of selling:

Selling is a vital function of business. The purpose of all marketing activities is to sell the products of the business enterprise.

Selling enables the business to achieve its objectives by satisfying the needs of the customers.

Advertising, personal selling and other sales promotion activities are widely used to create demand and increase sales. We have already studied about importance of marketing and advertising.

Objective of selling:

Explain the meaning of personal selling.

Describe the importance of personal selling.

Recall the essential elements of personal selling.

Define sales promotion and explain the techniques of sales promotion

Techniques of sales promotion:

These days, a wide variety of sales promotion techniques are used by different business houses. Some of the important sales promotion techniques are:

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Distribution of free samples:

Many big business houses offer free samples of their products to some selected people to popularize their products.

Samples may either be distributed door to door or offered in retail stores or fairs and exhibitions.

This method of sales promotion is very effective as the consumers can test the product before actually buying it.

This method is suitable for introducing new products such as soaps, detergents, cosmetics, tea, etc.

As this system is costly, so it can be used by big firms and where the products are likely to create repeated sales.

Issuing of coupons:

A coupon is a certificate which entities its holder to a specified saving or discount on the purchase of a particular product. The holders of these coupons are required to present their coupons to retailers or to get the products at reduced prices. These coupons may be issued to prospective buyers through newspapers, direct mail, dealers and salesmen who go door to door.

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CHAPTER

2

RESEARCH DESIGN

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Research design

Methodology:-

The research design in the initial stages (i.e. up to the final designing of the questionnaire) will be explanatorily.

It consist of secondary data, scanning and pilot survey, which help to get idea about the primary data sources and which data collection tools to use and in designing the questionnaire .

This stage of the study has helped to draw the line of action for the later part of the research.

Data source:

Primary data was collected from the direct interview of the organization head and employees of the BPVJewellers.

Secondary data was collected from books and internet.

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Questionnaires were prepared in a structured way and it was put forward to the consumers of jewellery and the feedback was taken from them.

Objectives of study:

1) To find out the existing method of selling process in BPVJewellers.

2) To know the different technique, tools adopted to enhance the sell.

3) To understand the selling process and services provide to customers at BPVJewellers.

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Scope of study:

To study the factors which are affecting sales and new suggestion to the organization? The study is limited to understanding existing process of selling and services provided by organization.

Limitations of study:

a. Bias of the respondents.

b. opinion of the respondent may not be accurate and may be vary in future.

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CHAPTER

3

COMPANYCOMPANY PROFILEPROFILE

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Introduction:

Badri Prasad Vishwanath Jewellers Established in1979 as leading manufacturer, wholesaler and retailer of jewellery, bridal jewellery, bangles, bracelets, semi precious stone, precious stone, hair ornaments, and other Indian gold, diamonds and platinum jewellery.

Our organization is famous for superior innovative designs and quality products. We are customer focused organization, committed to achieve perfection and excellence in our product and services.

They have an easy accessibility to all kinds of raw material required to make all range of jewellery. Customer can also source ‘‘customized jewellery’’ as per their expectations within certain period of time frame and at competitive rates.

About BPVJewellers:

They offer products, which are the perfect blend of aesthetics, elegance and innovative design. Being in the business for over a decade, we have considerable understanding of fashion trends and we work in a proactive manner, so as to fulfil the demands of clients and ensure on time delivery.

Capitalizing on the best available resources, they have attained the status of an Organization, driven by the "Values and Customer Orientation".

Our designers are committed to offer most aspiring and creative designs, setting new market trends in the ever-changing fashion industry.

In addition, our advanced infrastructural facility enables us to fulfil specific and distinct needs of our clients, irrespective of quantity ordered. Our hallmark has been timely delivery of orders with due emphasis on quality.

Product Range:

We offer an alluring range of exclusive fashion Jewellery and handcrafted items. These products are perfect combination of traditional art forms and contemporary fashion trends. Our product catalogue includes the following:

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Necklace & earring set

Kundan set

Pendent ear ring set

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Bridal jewellery

Bangles

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Bracelets

Tanmania Jewellery Sets

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Earrings Belly chain

Electro plating facility:

Our organization offers jewellery in following forms Rhodium plating Silver plating Antique silver plating Gold plating Antique gold plating Rose gold plating Lacquer gold plating Two-tone plating

Quality control:

We have a specialized team for quality check at every step of production, purchase and souring of raw material to the finished goods.

Procurement of raw material from reputed vendors:

Electroplated jewellery is checked by following parameters:

Thickness in microns Surface finishing Scratch-free surface Glossy surface

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Quality of stone setting checked by following parameters:

Neatness Durability of claws and claws metal Adhesive used

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CHAPTER

4

FACTORSFACTORS OFOF SELLINGSELLING

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Factors influencing the sale

Customer satisfaction:

If customers are satisfied they are happy to shop from your showroom, they will come again.

Make database of your customer name, address, contact no, email id.

Acquire new customers:

For example, you could create a discount for a local business that says that everyone that works at Company XYZ gets 10% off.

For house wife or females who are born on particular date .we are giving discount up to 10-15%.

Reward "Preferred Customers:

Make your best customers feel like they are special by creating a coupon that only selected customers can use.

Only those customers will be able to use the coupon by logging into their existing accounts.

Develop your website to provide information to your existing customer make login accounts, it will be very useful to sending any information to the customers because customers are god for the seller.

We can send any information easily to customer with the help of e-mail, because today’s world is moving very fast and market is full of competitor. We have to best in the market.

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Use Gift Cards to win customers:

You could send a electronic Gift Card to all customers that have purchased a fixed amount of jewel ornaments (more than 10,000) in the last year to encourage them to purchase again.

You can obtain the list of customers that meet that requirement from Product Cart's sales reports.

Use Gift Registries to promote word of mouth:

There is nothing like letting someone else do the marketing for you.

Gift Registries do wonders to this extent: the person registering on your store will invite friends and family to come and shop for them.

New sales and new customers, without spending a time in marketing.

Use Gift Certificates to gain new customers:

You could encourage your existing customers to buy Gift Certificates for friends and family by giving them a discount when they purchase more than a certain amount

Advertising:Advertising help to inform customers that our brand and company is existing in market.

Reminder advertising is an important with mature products.

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Tips for Effective Sale

Know Your Target Market:

Knowing who to sell your product or service to is just as important as knowing what you’re selling.

You need to pinpoint who it is that buys what you’re selling and target them specifically.

This is especially true during an economic slowdown when you might not have as much to spend on advertising and prospecting.

Know Your Competition and Your Competitive Advantage:

Your competition is always there, but they’re bound to be more ruthless when there are fewer customers

Start by listing your obvious competitors.

Then, figure out what makes your business different from theirs, and how you can stand apart.

Evaluate obvious advantages like cost, features, quality, or distribution, and don’t underestimate other advantages such as location, reputation, or social responsibility.

Be a “Proactive” Business Developer:

Now is not the time to be waiting for your phone to ring.

Make your own opportunities by networking, advertising, making calls, and pounding the pavement.

The more you reach out, the more you’ll get in return

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Mine the Gold in Your Existing Client Database:

Don’t underestimate the value of your existing clients.

When business is slow, use the opportunity to call your “regulars” to inform them of new offerings, specials, and volume discounts.

You will probably be surprised just how much business you’ve been leaving on the table by not contacting them sooner

Track Progress and Results:

Without tracking your sales processes and results, you will never know what works and what doesn’t.

There are plenty of easy-to-use customer relationship management (CRM) software programs that can help you monitor your sales efforts from start to finish.

Be Persistent

“Sales is a numbers game” is true, especially when business is slow.

Persistency is one of those traits that is common among all successful salespeople.

Enjoy the Process

Selling should be fun.

You should enjoy the challenge and feel the thrill each time you acquire a new customer.

If you feel this way about sales, be grateful.

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CHAPTER

5 DATA COLLECTION

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Market structure of Lucknow:

There is mostly local jewellers are there but after Tanishq’s boutique and introduction of Orra and Ishi’s jewellery (it’s available at shopping malls and pantaloon’s outlet) and Laabh by Rajesh exporter.

But still market is captured by Badri Prasad group, they have many outlet.

Tanishq’s demand is more due to their customer relationship and quality assurance.

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Sales details of previous year 2008

Details of Jewell products these data are collected from the organization. Data on the basis of no of each product.

In this report they analyse that demand of which Jewell product is more, according to my study we found this information.

These data are based on the quantity of the sailing merchandise i.e. how many units of the products organization sale.

Month Pendent Necklace Earring Chains Bangles

January 25 12 13 25 20

February 35 14 13 27 22

March 22 13 11 28 21

April 19 10 10 30 19

May 22 9 14 35 25

June 24 8 8 27 21

July 23 11 9 29 22

August 20 7 14 39 19

September 19 10 16 29 24

October 20 15 15 30 19

November 30 17 16 40 30

December 28 10 11 35 25

Months 287 136 150 339 267

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X-Axis- Jewel ornaments name

Y-Axis- details of jewel ornaments sold

Result As per the graph chain have maximum sale followed by pendent’s and bangles

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AGE COMPOSITION OF THE SAMPLE

age group frequency percentage

25-35 12 24 %

35-45 13 26 %

45-55 14 28 %

55and above 11 22 %

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Age group of the customers

As per the chart maximum no of customer belongs to the age group of 45-55 age group.

The customer who belongs to the age group of 55-above 55 is as lowest as 22%.

COMPOSITION AS PER SERVICE PROVIDER

Recent Experience No. of people %age

VERYPOOR 00 00 %

SOME WHAT UNSATESFACTORY 12 24 %

ABOUTAVERAGE 23 46 %

VERY SATISFACTORY 10 20 %

SUPERIOR 5 10 %

Inference:

1 According to the graph around 46% people are feeling that the service provided in Malabar

gold is average.

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2 20% people are feeling that service is very satisfactory and 10%people rate it superior..

3 24%people rate the service somewhat unsatisfactory.

JEWELLERY PRODUCT AND DESIGNE SATISFACTION:

No. Of people %ageSatisfied 38 76 %Not satisfied 12 24 %

Inference:

This graph is saying that 76% people are satisfied with the product and design.

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Only 24% are not fully satisfied with the same.

OPENION ABOUT CUSTOMER SERVICE REPERSENTATIVE:

The customer service representative was very courteous

No. of people %agestrongly agree 28 56agree 12 24neutral 7 14disagree 3 6strongly disagree

0 0

Inference:

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According to the graph 56% people are fully satisfied by the customer service

representative.

24% people are feeling it good.

CHAPTER

6

FINDINGS

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During my study I observe that BPVJewellers are facing problems in the following areas:

a) No management at BPVJewellers.

b) BPVJewellers not using any kinds of marketing tools.

c) You never try to know the feedback of customer regarding services provided by BPVJewellers and quality of jewel products.

d) More No. of sales officer.

e) No data collection of daily sales and monthly sales report.

f) You never provide any offers to the customers.

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g) We have to study the services provided by our competitor. For this we have to conduct questionnaire.

CHAPTER

7 SUGGESTIONS

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Suggestions to the sales department:

Improve the marketing and promotional activities and improve customer service.

To improve on training and selection procedure this would help in the overall development of the employee’s performance.

Training procedure should have proper performance evaluation technique to trace the work capability for an operation.

Sales officer must have knowledge about the product.

Selling process at BPVJewellers

Existing process of selling:

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From olden days of selling process used by BPVJewellers all the merchandise are available at each and every counter.

There is no partition or separation of merchandise at different display counters.All categories of products are available at every counter.

It creates lots of problems and takes extra time during presentation of jewel to the customer.

Proposed selling process:

After my research work I found that it’s very tough to manage many customers during the weekends because number of customers is more comparison to other day of week.

So I suggest to make different sections of display counters like Pendent, necklace, earring, finger ring, nose ring, bangles, chains, bracelets, diamond Jewellery, platinum jewellery.

Every display counter has a senior sales officer and one or two junior sales officer at each and every display counter.

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