On 4th March 2020, a guest session for Retail Management students was held in Jaipuria Institute of Management, Lucknow, on the topic “Promotion and Performance Evaluation of a Store” under the guidance of Prof. Shalini Singh, Program chair, Retail Management. The guest speaker of the session was Mohd. Sharique, Area Manager- Marketing, UP Cluster, Big Bazaar/FBB and he is an alumnus of Jaipuria Institute of Management, Lucknow.
To begin the session, Prof. Shalini Singh introduced the guest speaker and facilitated him with the Green Certificate and requested him to start the session.
Commencing the session Mohd. Sharique told students about the New Store Launch in any market. Further, he explained that there are different marketing approaches required in different type of markets. Those types are as follows:
1. New Store + Existing City +Strong Competition
2. New Store + Existing City + Weak Competition
3. New Store + New City + Weak Competition
4. New Store + New City + Strong Competition
In the first category, it is very difficult or in other words, toughest to open or launch a new store to make it a success for which a proper survey, competition analysis and check on pricing strategy needs to be done. Also, Mohd. Sharique explained the two types of catchment area which is needed to be studied, those are:
1. Primary: 1km to 3km
2. Secondary: 3km to 7km
(Depending upon the radius of the market)
Also, the stock availability is different according to the location of the store and demand respectively.
Further, he told the five steps of launching a new store, those are as follows:
1. Approach: to analyze, what kind of technique is needed to establish a new market?
2. Fashion Index: to know, what is prevailing in the market?
3. Catchment Study: to properly study how many households are their, how many are occupied and unoccupied, and through which medium they should promote and create awareness about the store, thoe mediums can be through SMS, direct market etc. on internet.
4. Creative Brief: to attract the customers
5. Launch Plan
Moving ahead he explained the two types of promotion techniques,
· Above the Line (ATL): Promotion through TV advertisements, hoarding etc to capture large population.
· Below the Line (BTL): promotion through Calling, SMS, door to door etc to target specific customers.
Then he told about Push Strategy, wherein Brand Building Activity is done and Pull Strategy, wherein, various offers are given on the products to the customers. This was followed by a question answer round.
Towards the end, Prof. Shalini Singh proposed the vote of thanks to Mohd. Sharique for delivering such an insightful session.