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Executive Summary CHAPTER 1 EXECUTIVE SUMMARY In India the growth of private labels have been phenomenon and is slowly gaining more store space. According to a FICCI-Ernst & Young 2007 report, as quoted in The Marketing White book 2009-10, the retail sector in India was worth $280 billion, of which organized retail comprised 5% at $14 billion. This study focuses on Consumer Beliefs, Attitude and motivation towards Private Labels. The study gives an insight into the different attributes and parameters considered by consumer for evaluating a in store brand. Consumer beliefs of Private labels across various categories reflecting on purchasing pattern were also discovered which emphasized on the key opportunity category for private labels and also addressed the category on which private labels needed to work upon. To accomplish the task, a survey was carried in and around Mumbai city (retail outlets) with a sample of 40 respondents taken on a random basis approaching the customers who walked in retail outlets. A structured questionnaire was prepared and administered and the data so collected was analyzed both by percentages and statistical methods. Though, private labels at present constitute about 5% of the organized retail business, experts feel they can grow up to 30% once retail brands develop in the country CHAPTER 2 1 INTRODUCTION FOR THE PROJECT 2.1 Statement of the Problem:- • The retailer desires to understand consumers approach their beliefs and attitude towards In Store brands which can help them in better positioning and designing marketing strategies to accelerate sales of their consumer attitudes, beliefs about private labels • What are the key aspects that motivates customers to go for Private labels vis-a- vis Brands. 2.2 Objectives:- • To analyze the consumer approach towards private labels • To understand the reasons behind the evolution of the PLs, their status in the Indian retail industry and to analyze the strategies of retailers in competing with the national brands • To analyze the future prospects and challenges of PLs in India with the prospective changes in the retail industry 2.3 Research Methodology:- 1. Research Design: The chosen research design was Descriptive Cross Sectional Study 2. Sources of Data: Primary Data 3. Data Collection Technique: Survey 4. Data Collection tool: Questionnaire (attached) 2.4 SAMPLE DESIGN 2 1. Sample Procedure: Convenience Sampling 2. Sample Frame: The respondents were working professionals & housewives 3. Sample Size: The study was conducted based on sample size of 40 2.5 Limitations Certain limitations do creep in a research study due to constraints of the time, money and human efforts, the present study is also not free from certain limitation, which were unavoidable. Although all effort were taken to make the result of the work as accurate as possible as survey but the survey have following constraints. 1. Some customers were not willing to give information due to their busy schedule. 2. Due to very large size of the population, only a selected sample of customer could be contacted. 3. The research was conducted in Mumbai. Hence it could not represent the entire population. 4. Also impossible for company to prove information which is confidential 5. Due to fast pace of life, some customers were not able to do justification to the questionnaire. 6. Personal biases might have come while answer the questionnaire. 7. As per company rule many information was not disclose as the manager are busy in their daily schedule. It is not possible for us to spend more time in interaction with them. CHAPTER 3 REVIEW OF LITERATURE 3 The review of literature has been collected concerning the research topic on “Private labels as a marketing strategy – A Study of Big Bazaar”. The abstracts of research work done by different researchers are as below:- Nirmalaya Kumar and Jan-Benedict E.M Steenkamp in his book “Private Label Strategy” states that “the success of any consumer goods packaged company increasingly depends on how to handle the private label challenge and the retailer relationship. Private label strategy offers interesting insight and illuminating perspective on the role of and opportunities for brand manufacturers.” Kishore Biyani (2007), in the book “It Happened in India” by Rupa publications pvt ltd states that the initial Big Bazaar sourcing model was entirely dependent on consolidators. These people were dedicated traders. They did not have fancy educational qualifications or work experience with a blue-chip company, but understood the market far better than the so-called professionals. Apart from apparel there was hardly any category in which we had a superior knowledge base. Consolidators were people who knew the intricacies of a particular category very well and had an industrial background. Consolidators were given a free hand and they helped us develop this knowledge base. The consolidators were not just involved in procuring our goods, they also warehoused it and transported it to the Big Bazaar outlets. While the big categories were handed over to consolidators there were categories like optical, pharmacy, books, tailoring and crockery for which we roped in strong local retailers. Research for marketing decisions by Paul E Green, Donald S Tull and Gerald Albaum, Prentice- Hall of India pvt ltd emphasizes on modern analytical tools like multivariate analysis has been incorporated in design & conduct of marketing research. It includes decisional research orientation, strong treatment of analysis, extensive coverage of measurement and scaling techniques. Advertising express, IUP publications, September 2010 CHAPTER 4 INDUSTRY BACKGROUND 4 4.1 Introduction The word "Retail" originates from a French-Italian word. Retailer-someone who cuts off or sheds a small piece from something. Retailing is the set of activities that markets products or services to final consumers for their own personal or household use. It does this by organizing their availability on a relatively large scale and supplying them to customers on a relatively small scale. Retailer is a Person or Agent or Agency or Company or Organization who is instrumental in reaching the Goods or Merchandise or Services to the End User or Ultimate Consumer. 4.2 Indian Retail Industry: Indian 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 favourable 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 behaviour 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. Indian 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. It is expected that by 2010, India may have 600 new shopping centres. In the Indian retailing industry, food is the most dominating sector and is growing at a rate of 9% annually. The branded food industry is trying to enter the India retail 5 industry and convert Indian consumers to branded food. Since at present 60% of the Indian grocery basket consists of non- branded items. Indian retail industry is progressing well and for this to continue retailers as well as the Indian government will have to make a combined effort. Indian retailing industry has seen phenomenal growth in the last five years. Organized retailing has finally emerged from the shadows of unorganized retailing and is contributing significantly to the growth of Indian retail sector. Indian retail industry is going through a transition phase. Most of the retailing in our country is still in the unorganized sector. The spread out of the retails in US and India shows a wide gap between the two countries. Though retailing in India is undergoing an exponential growth, the road ahead is full of challenges With more than 12 million retail outlets, India has one of the highest retail densities in the world. The retail landscape in India is dominated by mom-pop stores and though organized retail is emerging, it still constitutes a minuscule 3 per cent of overall retail in the country. But last 4–5 years has seen many Indian companies making a entry into organized retail, with a few multinationals entering in the cash-and-carry formats and others tying-up with Indian companies. Most prominent ones are Reliance, Futures group, Spencer‘s, and A.V. Birla Group. The BMI India Retail Report for the third-quarter of 2010, forecasts that the total retail sales will grow from US$ 353 billion in 2010 to US$ 543.2 billion by 2014. With the expanding middle and upper class consumer base, there will also be opportunities in India's tier II and III cities. The greater availability of personal credit and a growing vehicle population to improve mobility also contribute to a trend towards annual retail sales growth of 11.4 per cent.
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