Description
it includes product strategy and 4 ps of west side
Trent (Westside)
ByPrateek Jain, 2010163 Rohan Mehra, 2010184 Rohit Deshmukh, 2010185 Sankarshan Joshi, 2010202 Sayantan Banerjee, 2010204
Agenda• • • • Introduction Features STP 4 P’s
– Product – Price – Place – Promotion
Mission Statement-
“To be the most preferred and consistently profitable lifestyle retailer.”
A word on Westside
• Started by Mrs. Simone Tata after acquiring Littlewoods. • Today, it has reached 28 cities with 49 stores. • Currently headed by Noel Tata. • Designed to cater to shopping needs of various customers.
Contd…
• The store sizes range between 15000-30000 sq. feet. • Annual Sales for 2010 was Rs. 543 cr. • With net profit of Rs. 40 cr.
Features
• Designed to be one-stop shop for complete family. • Offers broad product variety.
• There is huge price band.
STP of Westside
1. Segmentation and Targeting
– Demographic
• • Family Upper middle and lower upper class
– Economic
– Psychographic
• Lifestyle types.
STP of Westside
2. Positioning
– Initially started off with “Fashion at affordable price”
Westside as a “Brand”
• The name itself gives an upbeat feel. • The stores are designed to convey this message.
4 P’s
Product Strategy
• Has about 7-8 product category. • Displays majorly inhouse brand. • Has tie-ups with other brands.
Product Range• • • • • • • • • • Men’s Wear and Accessories. Women’s Wear and accessories. Kid’s Wear. Crockery and Kitchen. Daily Necessities. Branded Jewellery Gift items. Furniture. Footwear. Interior decoration.
Beyond Products
• Employees are trained on various aspects like:
– Product Knowledge. – Workplace Ethics. – Communication Skills – Courteousness.
Comment on Product Strategy
• Based on Product strategy, it is unable to separate itself from its competitors. • There seems to be a lack of consistency.
Price Strategy
• Pricing decisions consistent with firm’s 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.
Contd…
• In recent past, a lot of price variations in company’s products were made. • It aimed to target all customer groups.
Pricing Contd..
• Types of Pricing:
• • • • • • • Promotional discounts Seasonal Pricing Image Pricing. Product form Pricing Psychological Pricing Product bundling Pricing Value Pricing.
Market Survey on Pricing
Customer Response
1% 11% 16%
Very Dissatisfied
Dissatisfied
Moderate
Satisfied 28% 44% Very Satisfied
Place strategy
• Chain of stores mainly functioning in malls. • Stores mostly located very near its competitor. • Products distributed from Mumbai headquarter. • Stock replenishment done mainly on Fridays.
Place strategy Contd…
• Product availability mainly depends on the city of operations. • Opening of exclusive store to women, keeping in mind that, women form the biggest and most loyal customer base for them.
Promotion Strategy
Strategies• Promote in-house brand, with some space for some international labels. • Tie-up with some renowned designers. • In 2002, Yuvraj Singh was chosen as Brand Ambassador. • Club west card membership to retain the customers. •Theme based stores. Like one in Shalimar Bagh(Westside Woman).
Problems faced by Westside• Target customer base changed over time. • Not much shelf-space is given to the International brands. • Customer preferences are changing from inhouse labels to international brands. • Lesser media promotions.
Competitors
• • • • • • Pantaloons Ruchi’s Big life Maxx Shoppers Stop Globus Big Bazaar
Strategies adopted by Westside• Aiming to increase their customer base by adding the international brands in their product basket.
Strategies adopted by Westside-
• Planning to introduce canned continental food like sushi, wine and cheese on their counters.
What should they do?
• Westside should spend on media promotion. • Hire appropriate Brand Ambassador, depending on the type of customer they target. • Should try to increase their theme based shops. • Positioning needs to be done more efficiently.
HAPPY SHOPPING!
doc_255299878.ppt
it includes product strategy and 4 ps of west side
Trent (Westside)
ByPrateek Jain, 2010163 Rohan Mehra, 2010184 Rohit Deshmukh, 2010185 Sankarshan Joshi, 2010202 Sayantan Banerjee, 2010204
Agenda• • • • Introduction Features STP 4 P’s
– Product – Price – Place – Promotion
Mission Statement-
“To be the most preferred and consistently profitable lifestyle retailer.”
A word on Westside
• Started by Mrs. Simone Tata after acquiring Littlewoods. • Today, it has reached 28 cities with 49 stores. • Currently headed by Noel Tata. • Designed to cater to shopping needs of various customers.
Contd…
• The store sizes range between 15000-30000 sq. feet. • Annual Sales for 2010 was Rs. 543 cr. • With net profit of Rs. 40 cr.
Features
• Designed to be one-stop shop for complete family. • Offers broad product variety.
• There is huge price band.
STP of Westside
1. Segmentation and Targeting
– Demographic
• • Family Upper middle and lower upper class
– Economic
– Psychographic
• Lifestyle types.
STP of Westside
2. Positioning
– Initially started off with “Fashion at affordable price”
Westside as a “Brand”
• The name itself gives an upbeat feel. • The stores are designed to convey this message.
4 P’s
Product Strategy
• Has about 7-8 product category. • Displays majorly inhouse brand. • Has tie-ups with other brands.
Product Range• • • • • • • • • • Men’s Wear and Accessories. Women’s Wear and accessories. Kid’s Wear. Crockery and Kitchen. Daily Necessities. Branded Jewellery Gift items. Furniture. Footwear. Interior decoration.
Beyond Products
• Employees are trained on various aspects like:
– Product Knowledge. – Workplace Ethics. – Communication Skills – Courteousness.
Comment on Product Strategy
• Based on Product strategy, it is unable to separate itself from its competitors. • There seems to be a lack of consistency.
Price Strategy
• Pricing decisions consistent with firm’s 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.
Contd…
• In recent past, a lot of price variations in company’s products were made. • It aimed to target all customer groups.
Pricing Contd..
• Types of Pricing:
• • • • • • • Promotional discounts Seasonal Pricing Image Pricing. Product form Pricing Psychological Pricing Product bundling Pricing Value Pricing.
Market Survey on Pricing
Customer Response
1% 11% 16%
Very Dissatisfied
Dissatisfied
Moderate
Satisfied 28% 44% Very Satisfied
Place strategy
• Chain of stores mainly functioning in malls. • Stores mostly located very near its competitor. • Products distributed from Mumbai headquarter. • Stock replenishment done mainly on Fridays.
Place strategy Contd…
• Product availability mainly depends on the city of operations. • Opening of exclusive store to women, keeping in mind that, women form the biggest and most loyal customer base for them.
Promotion Strategy
Strategies• Promote in-house brand, with some space for some international labels. • Tie-up with some renowned designers. • In 2002, Yuvraj Singh was chosen as Brand Ambassador. • Club west card membership to retain the customers. •Theme based stores. Like one in Shalimar Bagh(Westside Woman).
Problems faced by Westside• Target customer base changed over time. • Not much shelf-space is given to the International brands. • Customer preferences are changing from inhouse labels to international brands. • Lesser media promotions.
Competitors
• • • • • • Pantaloons Ruchi’s Big life Maxx Shoppers Stop Globus Big Bazaar
Strategies adopted by Westside• Aiming to increase their customer base by adding the international brands in their product basket.
Strategies adopted by Westside-
• Planning to introduce canned continental food like sushi, wine and cheese on their counters.
What should they do?
• Westside should spend on media promotion. • Hire appropriate Brand Ambassador, depending on the type of customer they target. • Should try to increase their theme based shops. • Positioning needs to be done more efficiently.
HAPPY SHOPPING!
doc_255299878.ppt