Big Bazaar is a chain of shopping malls in India currently with 31 outlet wned by Kishore Biyani’s Pantaloon group. Big Bazaar provides the best products at the best price. It reflects the look & feel of Indian bazaars at their modem outlets. All over India, Big Bazaar attracts a few 1000 customers on any regular day. Big Bazaar is not just another hypermarket. It caters to every need of your family. Where Big Bazaar scores over other stores is its value for money proposition for the Indian customers. At Big Bazaar, you will definitely get the best products at the best prices – that’s what we guarantee.
With the ever increasing array of private labels, it has opened the doors into the world of fashion and general merchandise including home furnishings, utensils, crockery, cutlery, sports goods and much more at prices that will surprise you. And this is just the beginning. Big Bazaar plans to add much more to complete your shopping experience. Big Bazaar is a chain of department stores in India, currently with 75 outlets. It is owned by the Pantaloon Retail India Ltd, Future Group. It works on the same economy model as Wal-Mart and has considerable success in many Indian cities and small towns.
The idea was pioneered by entrepreneur Kishore Biyani, the CEO of Future Group. Currently Big Bazaar stores are located only in India. It is the biggest and the fastest growing chain of department store and aims at being 350 stores by the end of year 2010. The group’s flagship company, Pantaloon Retail (India) Limited operates over 6 million square feet through 450 stores in 45 cities. Some of its leading retail formats include, Pantaloons, Big Bazaar, Central, Food Bazaar, Home Town, eZone, Depot, Future Money and online retail format, futurebazaar. com. Future Group companies includes, Future Capital Holdings, Future Generali India Indus League Clothing and Galaxy Entertainment that manages Sports Bar, Brew Bar and Bowling Co. 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’s joint venture partners include Italian insurance major, Generali, French retailer ETAM group, US-based stationary products retailer, Staples Inc and UK-based Lee Cooper and India- based Talwalkar’s, Blue Foods and Liberty Shoes. Future Group’s vision is to, “deliver Everything, Everywhere, Everytime to Every Indian Consumer in the most profitable manner. ” The group considers ‘Indian-ness’ as a core value and its corporate credo is – Rewrite rules, Retain values.
Pantaloon Retail (India) Limited, is India’s leading retailer that operates multiple retail formats in both the value and lifestyle segment of the Indian consumer marker. Headquartered in Mumbai (Bombay), the company operates over 5 million square feet of retail space, has over 450 stores across 40 cities in India and employs over 18,000 people. The company’s leading formats include Pantaloons, a chain of fashion outlets, Big Bazaar, a uniquely Indian hypermarket chain, Food Bazaar, a supermarket chain, blends the look, touch and feel of Indian bazaars with spects of modern retail like choice, convenience and quality and Central, a chain of seamless destination malls.
Some of its other formats include, Depot, Shoe Factory, Brand Factory, Blue Sky, Fashion Station, all, Top 10, mBazaar and Star and Sitara. The company also operates an online portal, futurebazaar. com. A subsidiary company, Home Solutions Retail (India) Limited, operates Home Town, a large-format home solutions store, Collection, selling home furniture products and E-Zone focused on catering to the consumer electronics segment.
Pantaloon Retail was recently awarded the International Retailer of the Year 2007 by the US-based National Retail Federation (NRF) and the Emerging Market Retailer of the Year 2007 at the World Retail Congress held in Barcelona. Pantaloon Retail is the flagship company of Future Group, a business group catering to the entire Indian consumption space.
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. We, in Future Group, will not wait for the Future to unfold itself but create future scenarios in the consumer space and facilitate consumption because consumption is development. Thereby, we will effect socio-economic development for our customers, employees, shareholders, associates and partners
Our customers will not just get what they need, but also get them where, how and when they need. We will not just post satisfactory results, we will write success stories. We will not just operate efficiently in the Indian economy, we will evolve it. We will not just spot trends; we will set trends by marrying our understanding of the Indian consumer to their needs of tomorrow. It is this understanding that has helped us succeed. And it is this that will help us succeed in the Future. We shall keep relearning. And in this process, do just one thing. Rewrite Rules.
Pantaloon is a not just an organization, it is an institution, a center of learning & development. The Pantaloon family believes that knowledge is the only weapon at their disposal & their quest for it is focused, systematic & unwavering. At Pantaloon, they take pride in challenging conventions & thinking out of the box, in traveling on the road less traveled. Their corporate doctrine ‘Rewrite Rules, Retain values’ is derived from this spirit. Over the years, the company has accelerated growth through its ability to lead change.
A number of its pioneering concepts have now emerged as industry standards. For instance, the company integrated backwards into garment manufacturing even as it expanded its retail presence at the front end, well before any other Indian retail company attempted this. It was the first to introduce the concept of the retail departmental store for the entire family through Pantaloons in 1997. The company was the first to launch a hypermarket in India with Big Bazaar, a large discount store that it commissioned at Kolkata in October 2001.
And then the company introduced the country to the Food Bazaar, a unique ‘bazaar’ within a hypermarket, which was launched in July 2002 in Mumbai. Embracing our leadership value, the company launched all in July 2005 in Mumbai, making us the first retailer in India to open a fashion store for plus size men & women. Today this family is the fastest growing retail company in India. The numbers of stores are going to increase many folds year on year along with the new formats coming up. The way they work is distinctly “Pantaloon”.
Their courage to dream and to turn their dreams into reality-that change people’s lives, is their biggest advantage. Pantaloon is an invitation to join a place where there are no boundaries to what you can achieve. It earns never having to stop asking questions; it means never having to stop raising the bar. It is an opportunity to take risks, & it is his passion that makes our dreams a reality.
In 2006-2007, more Indians discovered the value of shopping in Big Bazaar. And with the launch of each store, we discovered more value in terms of operational efficiency. Big Bazaar launched 27 new stores in 22 cities, covering over 1. 40 million square feet. As of June 2007, there were 56 Big Bazaar stores across 43 cities. While Big Bazaar continued to expand in the large cities, it also tapped consumption potential in smaller cities like Agra, Allahabad, Coimbatore, Surat, Panipat, Palakkad, Kanpur and Kolhapur. The year under review also witnessed realigning of business teams with shared experience in category management, sourcing, front-end operations and business planning.
In addition, separate teams have been formed to look into all aspects of new store launches and to manage mature stores. This provides more flexibility and focus in expansion plans. The increase in SKUs in existing categories and the introduction of new categories encouraged the opening of larger stores or Super Centers, measuring 100,000 square feet or more. There are now 5 Big Bazaar Super Centers. Considering this scale of expansion, technology plays a significant facilitating role.
The introduction of SAP in 2005-06 and its roll out during the year positively impacted the business. Big Bazaar has initiated the process of Auto Replenishments Systems, thus improving operational efficiencies and productivity. The company has also rationalized nearly 250 vendors through better vendor management in terms of potential to expand, and for inclusion and upgradation to the online B2B platform. The company plans to open over 60 stores across India in FY 2008, and the opening of the 100th Big Bazaar store will mark the fastest ever expansion by a hypermarket format.
The National Retail Federation is the world’s largest retail trade association with over 1. 4 million members in the US and across the world. Some of the past winners of the award include Metro AG (Germany), Carrefour (France), Zara (Spain), Boticario (Brazil) and Ito Yokado (Japan). The award was presented at the Retail’s Big Show held in January 2007 in New York. World Retail Congress Awards Emerging Market Retailer of the Year 2007 – Pantaloon Retail (India) Ltd. The inaugural World Retail Congress held in Barcelona, Spain in March 2007 attracted over one thousand retail professionals from over sixty countries.
Future Group shall deliver Everything, Everywhere, Everytime for Every Indian Consumer in the most profitable manner. To emerge as the best & the most profitable retailer in India. MISSION: We share the vision and belief that our customers and stakeholders shall be served only by creating and executing future scenarios in the consumption space leading to economic development. We will be the trendsetters in evolving delivery formats, creating retail realty, making consumption affordable for all customer segments – for classes and for masses.
We shall infuse Indian brands with confidence and renewed ambition. We shall be efficient, cost- conscious and committed to quality in whatever we do. We shall ensure that our positive attitude, sincerity, humility and united determination shall be the driving force to make us successful.
CORE VALUES:
- Indian-ness: confidence in ourselves.
- Leadership: to be a leader, both in thought and business.
- Respect & Humility: to respect every individual and be humble in our 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 & Positivity: Simplicity and positivity in our thought, business and action.
- Adaptability: to be flexible and adaptable, to meet challenges.
- Flow: to respect and understand the universal laws of nature.
STEPS OF TARGET MARKETING IN BIG BAZAAR
Targeting marketing involves designing strategies to build the right relationship with the right customers. Market segmentation is the act of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors who might require separate products or marketing mixes. Once the groups have been identified, targeting marketing evaluates each market segment’s attractiveness & selecting one or more segments to serve. Market positioning consists of deciding how to best serve target customer-setting the competitive positioning for the product & creating a detailed marketing plan.
NEW PRODUCT DEVELOPMENT
There are 2 types new product development in Big Bazaar ? Innovation: Innovation is a specific instrument in developing a new product. They are not content simply to improve on what already exists or to modify it. They try to create new & different values & new & different satisfaction to convert a “material” into “resources”, or to combine existing resources in a new & more productive configuration. ? Customer Demand: Demand for a commodity refers to quantity of commodity which an individual customer is willing & able to purchase at a particular time period at a particular price, in a particular market area.
PRODUCT LIFE CYCLE
In this company they will follow product life cycle. They use SAP [System Administration Process] system to implementation of one system is expensive. The SAP system uses a device that alerts the concerned members about the expiry of a particular product before the last 60 days of its expiration then, that particular product will be put under sale with increased discount rate. Following are the benefits of using SAP in an organization:
- Flexible and easy to incorporate changes in business processes.
- Reduces cost.
- Cut down in cycle time.
- Enhance customer satisfaction.
- Improve efficiency.
