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Marketing Strategy - Big Bazar
Marketing Strategy - Big Bazar
INTRODUCTION
Big Bazaar is part of Future Group, which also owns the Central
Hypermarket, Brand Factory, Pantaloons, eZONE, HomeTown,
futurebazaar.com, KB's Fair Price to name a few and is owned through a
wholly owned subsidiary of Pantaloon Retail India Limited
(BSE: 523574 523574), that is listed on Indian stock exchanges.
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History
Big Bazaar was launched in September, 2001 with the opening of its first
four stores in Calcutta, Indore, Bangalore and Hyderabad in 22 days.
Within a span of ten years, there are now 161 Big Bazaar stores in 90
cities and towns across India. By September 2012 BIG BAZAAR will
have two more stores in North east namely SILCHAR and JORHAT in
Assam.
Big Bazaar was started by Kishore Biyani, the Group CEO and Managing
Director of Pantaloon Retail India. Though Big Bazaar was launched
purely as a fashion format including apparel, cosmetics, accessory and
general merchandise, over the years Big Bazaar has included a wide
range of products and service offerings under their retail chain. The
current formats includes Big Bazaar, Food Bazaar, Electronic Bazaar and
Furniture Bazaar. The inspiration behind this entire retail format was
from Saravana Stores, a local store in T. Nagar, Chennai
[2]
The stores are customized to provide the feel of mandis and melas
while offering the modern retail features like Quality, Choice and
Convenience. As the modern Indian family's favorite retail store, Big
Bazaar is popularly known as the "Indian Walmart".
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3-C Theory
1. India one: Consuming class which includes upper middle and lower
middle class (14% of India's population).
2. India two: Serving class which includes people like drivers, household
helps, office peons, liftmen, washermen, etc. (55% of India's population)
and
3. India three: Struggling class (remaining 31% of India's population).
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While Big Bazaar is targeted at the population across India one and India
two segments, Aadhaar Wholesale is aimed at reaching the population in
India three segment. With this, Future Group emerged as a retail destination
for consumers across all classes in the Indian society.
Operations
Most Big Bazaar stores are multi-level and are located in stand-alone
buildings in city centers as well as within shopping malls. These stores
offer over 200,000 SKUs in a wide range of categories led primarily by
fashion and food products.
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square feet (7,000 m2) and 160,000 square feet (15,000 m2), Big Bazaar
Express stores in smaller towns measure around 30,000 square feet
(2,800 m2).
Big Bazaar has the facility to purchase products online through its official
web page, and offers free shipping on some of their products.[5]
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OBJECTIVES
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RESEARCH METHODOLOGY
Meaning :-
Reserch is an art of scientific investigation; research is the
systematic method consisting of the enunciating the problem, formulating
the hypothesis, collecting the facts and data, analyzing the facts amd
reaching certain conclusions either in the form of solutions towards the
concerned the problem or in certain generalization for some theoretical
formulatiuon.
For systematic research, scientific approach is necessary. It is
therefore essential to follow the systematic methodology to arrive at a
proper conclusion.
Data Sources :-
1) Primary Data
2) Secondary Data
Primary Data :-
The first hand information bearing on any research which has been
collected by the researcher may be called primary data. These are
original observation collected for the first time, such data facilitate
original observation and investigation leading to useful and valuable
result. The result that are based on the primary data are bound to be
empirical and of great utility value. The primary data collected and
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competed without any bias are more reliable and dependable and are
accurate once the primary data have been put to use the original
character disappear and data become secondary.
Primary data is collected from any employee of marketing and general
secretory department of Big Bazar’s company.
Secondary Data :-
The secondary data on the other hand, is based on the second hand
information. The data which have been collected, compiled and
presented earlier by any agencymay be used for the purpose of
investigation, such data may be called as the secondary data.
It is collected from company document, internet and with the help
of questionnair which are asking to the all employee of marketing and
general secretory and books.
1) News paper
2) Magazines
3) Internet
4) Television
5) Radio
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HYPOTHESIS
Hypothesis of my study :-
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ABOUT TOPIC
- Marketing Strategy -
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Objectives Of Marketing Strategy
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market. Every consumer must makes the comparison between Big Bazar
product to other company. That’s why, for staying in market is also important
factor.
Marketing strategy is a process that can allow an organization to
concentrate it’s limited resources on the greatest opportunitie to increase sales
and achieve a sustainable competitive advantage. A marketing strategy should
be centered around the key concept that consumers satisfaction is the main goal.
Meeting the marketing objectives should lead to sales. (If not, you
need to set the different marketing objectives.)
They should :
- Be cleare.
- Be measurable.
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marketing plan components – the marketing strategy, budget and action
programs, controls and marketing objectives.
Setting our marketing objectives and finalizing the remaining
components of our marketing plan may serve as a reality check: Do we have the
resources necessary to accomplished our objectives ?
The marketing strategy section of our plan outlines our game, plan
to achieve our marketing objectives. It is, essentially, the heart of the marketing
plan. The marketing strategy section should include the information about :
A] PRODUCT
A feature is :-
Physical size
Potented box spring design
A 75 horse power motor
A benefit is :-
Small enough to fit in your raincoat pocket.
A mower that takes the work out of yard work.
A result night’s sleep.
While product features are usually easy to detect and describe,
product benefits can be trickier because they are often intangible. The most
compelling product benefits are those that provide emotional or financial
rewards.
To identify our products benefits, We need to consider the
customer’s viewpoint. Besides putting ourselves in our customer’s shoes
mentally, talk to or survey them asking them to tell us why they like the
product. They might see the benefits in the products that we had not
considered-or, conversely they may not be seeing the benefit in the product that
we had designed it for.
Look at the customers who have purchased our product in the past.
What does that customer profile tell us about our product’s benefits ? If we
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don’t have that information, in the future we might set up a few systems to
develop and track the following information:
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Products may be highly unique (specialty products) or virtually the
indistinguishable from competitor’s product (known as the commodity
products). Specialty products are not necessarily better than commodity
products, but they do require different marketing strategies. An important
strategy for specialty products is differentiation. A company differentiates it’s
products when it sets them apart from the competitor’s products in the minds of
the customers. Having a through understanding of how our products benefits
compare to our competitors allows us to compete with them through
differentiation.
B] PRICING :-
Pricing our product or service is one of the most important
business decisions we will make. We must offer our products for a price our
target market is willing to pay- and one that produces a profit for our company-
or we want to be in business for long. There are many approaches to pricing,
some scientific, some not. Here is one frame work for making pricing decisions
that takes into the account our costs, the effects of competition and the
customer’s perception of value.
Definitions :-
1) Cost is the total of the fixed and variable expenses to the manufacturer or
offer their products or service.
2) Price is the selling price per unit customers pay for product or service.
So, the price that we set is the cost to the customer. Ideally, it
should be higher that the costs that we incurred in producing the product.
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C] PROMOTION :-
Road shows
An exhibit or presentation that we take on the road or to several
locations in our town.
Fairs
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Consumers job fairs, health fairs.
Athletic Competitions
Fun runs, bike races and sponsored walk.
Commercial Displays
If we have a store front, we might use our window display to tie
into seasonal themes or community activities.
D] PLACE (Distribution)
Place in the marketing model refers to how our product or
service reaches the customer. It involves not only how we make the sale, but
how our distribution system. There are many factors to consider in sales and
distribution, we need a well-thought-out plan for conducting sale and
distributing (delivering) our product to the customer.
What are the cyclic fluctuations or seasonal changes that affect the
demand for or production of our products ?
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For Example :- If we produce “Christmas decorations”, then how will we
manage the peak production and sales periods as well as slow periods ?
E] PEOPLE :
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Wednesday Bazaar
Maha Bachat
Maha Bachat was started off in 2006 as a single day campaign with
attractive promotional offers across all Big Bazaar stores. Over the years
it has grown into a 6 days biannual campaign. It has attractive offers in all
its value formats such as Big Bazaar, Food Bazaar, Electronic Bazaar and
Furniture Bazaar - catering to the entire needs of a consumer.[7]
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On February 12, 2009 Big Bazaar launched "The Great Exchange Offer",
through with the customers can exchange their old goods in for Big
Bazaar coupons. Later, consumers can redeem these coupons for brand
new goods across the nation.
Timeline
2002
2003
Big Bazaar enters Tier II cities with the launch of the store in Nagpur
Big Bazaar welcomes its 10 million-th customer at its new store in
Gurgaon
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2004
Big Bazaar wins its first award and national recognition. Big Bazaar and
Food Bazaar awarded the country’s most admired retailer award in value
retailing and food retailing segment at the India Retail Forum
A day before Diwali, the store at Lower Parel becomes the first to touch
Rs 10 million turnover on a single day
2005
2006
2007
2008
Big Bazaar becomes the fastest growing hypermarket format in the world
with the launch of its 101st store within 7 years of launch
Big Bazaar dons a new look with a fresh new section, Fashion@Big
Bazaar
Big Bazaar joins the league of India’s Business Super brands. It is voted
among the top ten service brands in the country in the latest Pitch-IMRB
international survey
Big Bazaar initiated the Mega Saving "Monthly Bachat Bazaar"
campaign, to provide exceptional deals on groceries and food items
during the first week of every month.
2009
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Big Bazaar announced the launch of 'The Great Exchange Offer'
Formed a joint venture with Hidesign to launch Holii, a new brand of
handbags, laptop bags and other accessories.
2010
2011
Big Bazaar forays into the rural wholesale and distribution business
through ‘Aadhaar Wholesale’ store at Kalol, Gujarat.
Big Bazaar has come up a new logo with a new tag line: ‘Naye India Ka
Bazaar’.
200th store opened in India ]
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Future Group has launched its latest venture, Foodhall – a premium food
destination across 10 metros in India
For the convenience of the online customers, Big Bazaar has started free
shipping on all orders above Rs. 1000
Entered into an agreement with Hindustan Unilever to co-develop and co-
brand bakery products, which would be sold exclusively at Big Bazaar
stores.
2012
Big Bazaar entered into a five year multi-million dollar deal with
Cognizant Technology Solutions for IT infrastructure services that
support Future Group's network of stores, warehouses, offices, and data
centers.
Partnered with Disney to launch "Kidz Cookies", exclusively for kids
across India.
Big Bazaar is planning to add further value to its retail services by
offering Value added services like grinding, de-seeding, vegetables
cutting at free of cost.
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DATA COLLECTION AND ANALYSIS
The task of data collection begins after research problem has been
defined and research plan checked out. Two types of data were studied core of
the research project that is primary data and secondary data.
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Q.1 Do you aware that Big Bazar having all types of products in their Malls?
Response % of Responadants
Yes 70
No 30
80
70
60
50
40
30
20
10
0
Yes No
Analysis : Most of the consumers are aware about the products line of Big
Bazar
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Q.2 Do you like to purchase the products from Big Bazar Malls in daily basis?
Response % of Responadants
Yes 60
No 40
% of Respondants
70
60
50
40
% of Respondants
30
20
10
0
Yes No
Analysis : Most of the consumer purchase the the good on daily or wekly
basis from Big Bazar.
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Q.3 Do you think the products of Big Bazar are upto the mark ?
Response % of Responadants
Yes 70
No 30
Series 1
80
70
60
50
40
30
20
10
0
Yes No
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Q.4 Do you get any promotion offers from the Big Bazar ?
Response % of Responadants
Yes 60
No 40
Series 1
60
50
40
Series 1
30
20
10
0
Yes No
Analysis : Most of the time consumers get promotional offers from the
Big Bazar.
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Q.5 Do you feel Big Bazar use some improvemental factors for the
betterment of the consumers purchasing in their malls ?
Response % of Responadants
Yes 70
No 30
Series 1
80
70
60
50
40
30
20
10
0
Yes No
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Q.6. Dou you feel satisfaction while purchasing goods in Big Bazar malls ?
Response % of Responadants
Yes 70
No 30
Series 1
80
70
60
50
40
30
20
10
0
Yes No
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Q.7 Is price differentiation found in Big Bazar w.r. to other retailers ?
Response % of Responadants
Yes 90
No 10
Series 1
90
80
70
60
50 Series 1
40
30
20
10
0
Yes No
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CONCLUSIONS
From the market survey, it has been found that Big Bazar has overall 70
% of market share.
The distribution channel is very strong for the product and stocks of Big
Bazar products are easily available to distributors.
Most of consumers gives the first preference to the Big Bazar product as
compared to other substitute product.
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SUGGESTIONS
According to the analysis of the data it is found that the Big Bazar
product is market leader and customer accept quality at the higher end. Big
Bazar product enjoy a good market share in Nagpur. But at to end no one is so
perfect and hence some drawbacks can be found. So, some of the suggestions
are as follows:
Tricycle can be installed at various places like public part during the peak
house, important chowks and in the city’s commercial centers.
Time to time survey about the company’s strength and weakness is very
much essential. So that it can be improve it’s service and quality
The pricing strategy is weak for the Big Bazar products, as it has very
high price.
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LIMITATIONS
The results may very if the sample size may get changed.
The survey was conducted on overall preference of Big Bazar not on the
particular product.
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BIBLIOGRAPHY
Books Reffered :
Name of the Books - Author
1) Marketing Management - Philip Kotler
2) Marketing Research - Naresh Malhotra
3) Strategic Management - R. Shrinivas
Websites Are :
1) WWW.GOOGLE.COM
2) WWW.BIG BAZAR.COM
3) WWW.MARKETINGSTRATEGY.COM
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