Indian retail sector is witnessing one of the most hectic marketing activities of all times. The companies are fighting for mind share and heart share which can finally be converted to market share. There is always a ‘first mover advantage’ in an upcoming sector. In India, that advantage goes to “Big Bazaar.” It has brought about many changes in the buying habits of people. It has created formats which provide all items under one roof at low rates, or so it claims. In this project, we will study its marketing strategies. Big Bazaar’s main competitors are other business houses which are planning to enter the market as well as long established ‘Kirana’ stores which feel threatened by huge retail chains.
FOR THE GREAT INDIAN MIDDLE CLASS
Kishore Biyani led the company’s foray into organized retail with the opening up of the Big Bazaar in the year 2001. It is a unit of Pantaloon Retail (India) Ltd and caters to the Great Indian Middle Class. It was started as a hypermarket format in Mumbai with approx. 50,000 sqft of space. Its values and missions are to be the best in Value Retailing by providing the cheapest prices and hence goes the tag-line
“Is se sasta aur achcha kahin nahin”
It sells variety of merchandise at affordable rates, the prices of which it claims are lowest in the city. Usually the items are clubbed together for offers as on the lines of Wal-mart and Carrefour and it also offers weekend discounts. It currently operates out of more than 100 stores and top 25 stores register a cumulative footfall of 30 lakh a month on an average.
4Ps OF MARKETING
"Marketing" is the promotion of products, especially advertising and branding. Marketing practice tends to be seen as a creative industry, which includes advertising, distribution and selling. Marketing mix is a deciding factor in formulating marketing techniques for the success of a particular brand, commodity or company. The components of marketing mix are: •...