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Submitted By: Group No.- 06 Disha Arora (05) Sneh Karamchandani (25) Nikhil Lamba (30) Ratnakar Pandey (37) Shrinidhi Rao (39) Aditya Rathi (40)
Introduction
Established in 1998 as part of the Tata Group, Trent Ltd. operates Westside, one of Indias largest & fastest growing chains of retail stores. The Westside stores have numerous departments to meet the varied shopping needs of customers. These include Menswear, Womens wear, Kids wear, Footwear, Cosmetics, Perfumes and Handbags, Household Accessories, lingerie, and Gifts. The company has already established 36 Westside departmental stores (measuring 15,000-30,000 square feet each) in Ahmedabad, Bangalore, Chennai, Delhi, Gurgaon, Ghaziabad & Noida (to be considered as 1 city), Hyderabad, Indore, Jaipur, Kolkata, Ludhiana, Lucknow, Mumbai, Mysore, Nagpur, Pune, Rajkot, Surat, Vadodara and Jammu. The company hopes to expand rapidly with similar format stores that offer a fine balance between style and price retailing.
In a rapidly evolving retail scenario, Westside has carved a niche for its brand of merchandise creating a loyal following. Currently, the company has 36 Westside stores measuring 15,000-30,000 square feet each across 20 cities. With a variety of designs and styles, everything at Westside is exclusively designed and the merchandise ranges from stylized clothes, footwear and accessories for men, women and children to well-cocoordinated table linens, artifacts, home accessories and furnishings. Well-designed interiors, sprawling space, prime locations and coffee shops enhance the customers shopping experience. Westside stands out from the competition for a variety of reasons. One is that a majority of the brands the chain stocks and sells are its own, unlike retailers who store multiple labels. About 90 per cent of West sides offerings are homegrown, and they cater to different customer segments. The other 10 per cent includes toys, cosmetics and lingerie. Westside has recently expanded its range of merchandise by offering outfits from some of Indias best-known fashion designers, among them Wendell Rodericks, Anita Dongle, Krishna Mehta and Mona Pali. This is an interesting marketing shift, since it means moving away from the chains only-our-own-brands concept.
Market Strategy
1) Attract shoppers & keep them in stores- the amount of time shoppers spend in a store is perhaps the single most important factor in determining how much they will buy. 2) Honor the transition zone- on entering a store, people need to slow down & short out the stimuli which means customer will likely be moving to fast to respond positively. 3) Dont make them hunt- put the most popular products up front to reward busy customer & encourage them to look more. 4) Womens need more space- A customer specially a women is far less likely to buy an item if her derriere is brushed by any other customer. 5) Westsides accomplishments can be attributed to its strategy of establishing stores in what can be described as catchment areas, adopting a private-label format and fashioning, so to speak, a selling proposition that connects quality and affordability. These factors
have been such strong differentiators that even though the Westside chain is smaller than some of its competitors it has 41 stores in 23 cities it is one of the most successful and consistently profitable formats in the organised retail segment. 6) Westside has managed to ride the waves by concentrating on optimising costs, tightening inventory control and taking a disciplined approach with aging merchandise
Branding
Westside gave a high priority to marketing in order to increase brand awareness among consumers. The company focused on two parameters - style and affordability - to communicate to potential customers. The stores were positioned on the 'fashion at affordable pricing' platform. The store level promotions were integrated with external communication through advertising. Westside did its regular brand building through advertisements in the media and also through its in-house promotions, which peaked during summer, Diwali and Christmas. According to company sources, the new media initiatives were aimed at increasing brand awareness among consumers, and enhancing the image of Westside as a retailer offering fashionable products at affordable prices. Westside has recently expanded its range of merchandise by offering outfits from some of Indias best-known fashion designers, among them Wendell Rodericks, Anita Dongle, Krishna Mehta and Mona Pali. This is an interesting marketing shift, since it means moving away from the chains only-our-own-brands concept.
Promotions
1. Club west card program An assured return-and-exchange policy reinforces customer confidence in the chain. Another winning Westside idea is Club West, a customer loyalty programme launched in May 2001. The 30,000-plus members of this club get rebates at restaurants and on holiday packages from the Taj Group of Hotels, home delivery of alterations, and best of all, special shopping hours on the first day of any discount sales event organized by the chain. Important benefits of club west card Most attractive rewards shopping Instant use of the card Easy to operate Extra convenience Validity at all stores
Westside does its regular brand building through advertisements in the media with brand ambassador Yuvraj Singh and other young models; more important are its in-house promotions, which peak during the three main festive seasons: summer, Diwali and Christmas. The promotions are mostly theme based, with decorations to match, live bands and other attractions. 2. Fashion Logy Westside has launched a new ad campaign titled 'Fashion Logy'. The campaign is designed to provide the buyer with not just clothing, but also guides and aid on dressing smart, styling and accessorizing. The campaign sees on-ground activities and promotions designed to interact with the consumer about their style It includes womens corporate wear, girls wear, and glam denim.
Pricing Strategy
Pricing decisions consistent with firms marketing strategy and target market. They believe in democratizing their service and charging fair price. Offers Value for Money proposition for consumers, especially by offering their own brands. Helps to augment their sales margin. In recent past, a lot of price variations in companys products were made. It aimed to target all customer groups. Types of Pricing used by Westside are as followsPromotional discounts Seasonal Pricing Image Pricing. Product form Pricing Psychological Pricing Product bundling Pricing Value Pricing.
Design/Offerings
It is their policy to satisfy the customers with the range, quality and value of the products they offer. However, if they are dissatisfied with any item that they might have purchased they would take the necessary measures to assist them. The customers are expected to return unused merchandise along with its receipt within 30 days. Pre-purchase services include accepting telephone & mail orders, advertising,
window & interior display, fitting rooms, fashion shows It provides post purchase service including shipping & delivery, gift wrapping,
adjustments & returns, alteration & tailoring It also provides ancillary services including general information, check cashing,
parking, restaurants, repairs, interior decorating, credit etc. The Westside stores wear a bright, festive look and, in keep with the mood of the season, hosting a festival bright. With the sole objective of rewarding its loyal customers for their patronage, Westside has lined up a bonanza of surprise gifts. Every shopper gets a scratch-and-win card, which entitles them entry into a contest. Those making purchases above Rs 1,500 are also entitled to receive other pleasant surprises The trendy household section has a complete new range of bed linen in elephant motifs, floral motifs and paisley design. The color palette for the festive collection includes flaming orange, royal blue and other vibrant colors to depict festivity. The gift section has a plethora of gifts terracotta pots, urns, knick-knacks and diyas in beautiful colors, shapes and sizes. The store has also introduced a new range of furniture and other household goods, including cabinets, butler trays and mirrors in wood with an antique finish. An innovative range in wrought iron and rope has been introduced in utility items, which include magazine racks, folding stools, jam pots on trays and Ganesha in brass and terracotta.
Consumer Offerings
Westside provides four levels of service Self serviceSelf-service is the corner stone of all discount operations. Many customers are willing to carry out there own locate compare select process to save money. Self selectionCustomer find own goods, although they can ask for assistance.
Full Service- Sales people are ready to assist to any phase of the locate compare select process. Customers who like to be waited own prefer these types of stores
Window display- Instead of walls, glasses or window panes are used in the exteriors to display the merchandise. Various brands like Pepe London, Provogue etc. have displayed their merchandise from their latest fashion range to attract more and more customers.
REFERENCES:
http://corporate.shoppersstop.com/pdf/annual_reports/Annualreport2006-2007.pdf www.scribd.com www.wikipedia.com www.garudamall.net www.mycitybuddy.com www.sebi.gov.in www.reviewstream.com www.retailmantra.com www.icmr.org