ROCKnROLL The Rebels Garage

Instructor: Prof Bibhas Basumatary Retail Management Strategy (PGP-II, Term VI, 2011-2012)

Submitted by Group 4| Section A

Ajanta Boro Ashu Tomar Aswini Kumar V Bidushi Patro Khyati Madaan Omkar Panicker Sakshi Sahai Saneh Yadav

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The Rebels Garage

Table of Contents
1. Executive Summary ....................................................................................................................................................3 2. Reasons for selecting the store concept ....................................................................................................................3 3. Store Concept .............................................................................................................................................................4 4. Segmentation, Targeting and Positioning .................................................................................................................5 4.1 Segmentation basis .............................................................................................................................................5 4.2 Target Market .....................................................................................................................................................6 4.3 Positioning Strategy ............................................................................................................................................6 5. Retail Format .............................................................................................................................................................7 6. Sustainable competitive advantage...........................................................................................................................7 7. Product/Service Mix ...................................................................................................................................................7 8. Pricing Mix .................................................................................................................................................................8 9. Place - Location ..........................................................................................................................................................8 10. Promotion ................................................................................................................................................................8 11. Supply chain management ......................................................................................................................................9 11.1 Inventory planning and forecasting ................................................................................................................10 11.2 Vendor Development .......................................................................................................................................11 11.3 Logistics and Delivery ......................................................................................................................................11 12. Visual Merchandising.............................................................................................................................................12 13. Operational Strategy .............................................................................................................................................13 13.1 Store Layout ....................................................................................................................................................13 13.2 Manpower Strategy.........................................................................................................................................15 14. Financial Plan .........................................................................................................................................................15 14.1 Minimum Acceptable Inventory ......................................................................................................................15 14.2 Marketing expense and fixed costs .................................................................................................................17 14.3 Maintenance and recurring costs ....................................................................................................................17 14.4 Total Budget ....................................................................................................................................................17

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1. Executive Summary With ever increasing young population with disposable income and changing lifestyles, time is ripe for the conceptualization of a unique themed specialty retail store concept based on Rock music. The spirit of the store named Rock'n'Roll will be captured in the tagline The Rebels Garage. The store would be based on experiential retailing and the chosen theme would dictate the interior decor, lighting, music, staff, merchandise and others. Primary target will be Gen Y, mostly youth from 16 to 30 with a high selfexpression. The store will be stylish, trendy, exciting and a fun place with a sense of belongingness. This completely novel and differentiated concept has the potential to give the store a sustainable competitive advantage by developing a brand association that members would be proud of. Products sold would include musical instruments and related merchandise along with premium fashion styling services. Focus will be on premium pricing to prevent the products and services from becoming commoditized. A prime location would be of utmost importance considering the traffic in the country and in building upscale brand image. The brand will be promoted through both traditional and nontraditional media depending on the target audience. Keeping an optimum inventory, the store will take orders based on a catalog which will help reduce cost and provide diverse quality products to the customer. The store will work closely with the vendors by using CPFR (Collaboration, Planning, Forecasting and Replenishment). Budgets will be allotted for maintaining minimum acceptable inventory, marketing expenses, fixed costs, maintenance and a few recurring costs. All in all, premium brand image focus along with sense of belongingness would be aimed for. 2. Reasons for selecting the store concept

Strategic People are increasingly seeing shopping as outing or place to hang out in India. So this theme store would be aimed at providing superior experience catering to such to consumers. Music is a high involvement category and culturally, Indians are passionate about music. In high involvement category, you need more than just a physical stocking store. So we aim at providing experience with entertainment value also attached. Imports of musical instruments steadily rising, showing demand for such products. Rising level of interest and huge turnouts at rock shows being conducted in India (Recent Metallica shows with other regular visitors).

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Since raw materials for many instruments like Gibson guitars (rosewood from Western Gha ts) are exported worldwide, there is a possibility of collaboration with brands to move production here which lets you control major part of the supply chain. Also import of such raw materials is prohibited by US federal agents, so it makes sense for the company to shift production abroad. 3. Store Concept This would be a unique themed retail store concept based on Rock music. The retail store would stock merchandise related to Rock music like paintings, music instruments, and tees with rock prints, accessories etc. and services like tattooing and piercing body. The store would be based on Experiential Retailing and the chosen theme would dictate the interior decor, lighting, music, staff, merchandise and others. The employees would be called Performers. It would add entertainment value to the consumer shopping. Experiential Retailing can be defined as a retail strategy that transforms products and services into a total consumption experience. It satisfies emotional or expressive (hedonic) desires, as well as rational or functional (utilitarian) needs of the consumer. (Kim and Sullivan, 2007, p. 3). Brand Name - Rock n Roll Tagline -The Rebels Garage: This is chosen since the people who love Rock are found to be more individualistic with their own opinion. Brand Logo

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4. Segmentation, Targeting and Positioning 4.1 Segmentation basis Consumer segments can be divided on the basis of demographics and psychographics. VALS Framework is used as a basis for consumer psychographic segmentation.

Attractiveness of various segments

AGE THINKERS ACHIEVERS EXPERIENCERS INNOVATORS BELIEVERS STRIVERS MAKERS SURVIVORS

16-25

MODERATE

HIGH

HIGH

HIGH

LOW

MODERATE

MODERATE

LOW

25-30

MODERATE

HIGH

HIGH

HIGH

LOW

MODERATE

MODERATE

LOW

30-50

LOW

MODERATE

MODERATE

MODERATE

LOW

LOW

LOW

LOW

50+

LOW

LOW

LOW

LOW

LOW

LOW

LOW

LOW

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4.2 Target Market The primary target would be: Generation Y or Echo Boomers, mostly youth 16 to 30 years old, Upper middle class to Upper class with above-average income and a taste of Rock Music; who are high on selfexpression on VALS Framework. A sizeable number of future customers can be identified among current students. When they finish their studies and enter the job market, their likeliness to fulfil the target segment criteria is higher in comparison with the general population. Marketing communication targeted at university students might be advantageous to the company. While at university, habits of students tend to be more flexible than those of the target segment, and it may be the right time for students to get to know the Rock n Roll brand and create personal associations with the brand through own experience. The students can be effectively reached at universities, dormitories, or via student magazines. Existing brand awareness and a favourable brand perception among the youth are keys to gaining new customers as their disposable incomes increase after graduation and other purchase criteria gain importance, besides low price. Strong brand awareness and its positive perception should result in an increased likelihood of visits to Rock n Roll in future. Majority of current university students belong to Generation Y, which is an age cohort identified by the year of birth between 1986 and 2002 (Solomon, 2011, pp. 514-523). 4.3 Positioning Strategy Positioning Statement- A stylish, trendy, exciting and fun place with a sense of belongingness The unique positioning of Hard Rock is built on the unique consumer experience and its connection with music. Consistent quality in terms of service, merchandise, style of music, quality of service all contribute to the unique experience. Hard Rock Cafe actively uses techniques of relationship marketing. The store design would attend to an ideology. Music is seen as an identity of emotions, identity and lifestyle. It would inspire an intensely loyal consumer base whose members have emotional ties to, and relationships with the music and hence this store. It would dramatically realize the brands individual values and overarching ideology; a darker theme, almost Gothic, with dark steel signs and minimal neon lighting.
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5. Retail Format Itll be a Specialty Store with experiential Retail Format - a store that implements an experiential retailing market strategy, through the use of extravagant store environments and various facets of entertainment. 6. Sustainable competitive advantage It would be a completely novel and differentiated concept in terms of style and experience of the brand. The retail environment would be highly experiential. Experiential retail would turn the mere purchasing of products and services into an enjoyable shopping experience through the use of extravagant store environments, technology, various inter-active facets, highly trained staff, and entertainment. It would create a total consumption experience that causes consumers to become immersed in their shopping venture. It would aim at providing Immersion Consumption Experience - experiences that occur when consumers become captivated by the store environment and fully engaged in their shopping experience. It would allow consumers to meet their hedonic as well as utilitarian needs. This themed store would generate excitement; create a sense of place, and increase traffic, visitation time, frequency and gross revenues, resulting in higher occupancy and higher return to per square feet. Real, tangible experiences that invite interaction and drive repeat visits and purchases are the happenings that would create distinction and sustainable competitive advantage. 7. Product/Service Mix The products and services have been chosen based on the retail concept of music lovers with a rebellious streak

Merchandise

Guitar(Acoustic & Electric) Drum Sets Saxophone Keyboard & Synthesizers Violin

Tee-shirts Coffee mugs Bags Bands Mobile phone covers

Fashion styling services

Musical instruments

Tattoo making Musical performances by local artists Piercing Funky haircuts

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8. Pricing Mix Three tier pricing would be followed for musical instruments: For professionals (High) For hobbyists (Mid) Economy (Low) Services and merchandise will be priced at a premium. 9. Place - Location Location will be in the metros like Mumbai, Delhi and Bangalore in the beginning and then expansion into other cities. The stores will be franchisee stores in the high-end malls in the metros. Likewise, it will have tie-ups with pubs like Not Just Jazz By The Way to carry its merchandise. Those pubs will have a small area near the entrance where the merchandise will be displayed for the customers to touch and feel before buying the products. The location near the entry is important because after being tipsy in the bar people usually dont mind splurging on merchandise and mostly they can take them as memorabilia. When expanding into cities like Pune, Kolkata they can have exclusive stand-alone stores. The most important requirement will be Experience in those stores. It has to be huge and spacious and have most of the stocks on display. Customers can strum the guitars on display to make up their mind on which one to buy, relax and get their tattoos done by experts in those stores. Location has to be in the prime areas of those cities and must be in those areas frequented by the young crowd like the Park Street area in Kolkata and Koregaon area in Pune. Small stores can be opened up in the Airports. It will carry merchandise sans the tattoo shop. 10. Promotion a) Mass media: In the beginning, heavy investment will be required for promoting the store as it is a new concept. Television ads in youth channels like MTV, VH1 and Channel V will be done. Sponsoring some of the programs in VH1 like VH1 Rock Rules will help target t he right customer. For online, a website that is young and energetic which displays the merchandises will be used. No online sale will be done at the start to differentiate itself from the crowd of ecommerce stores. Customers will have to visit the stores to experience the products and the
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high-class service provided by the store representatives. This is all done to create a high-brand value in the mind of the customers. Of course, social media will be used extensively to keep the users of those sites updated with the happenings in the store. No newspaper ads will be used but print ads in magazines like Rock Street Journal will be done. b) Events: Many Rock Concerts takes place in India, so getting to tie-up as co-sponsors of those events will seriously boost the brand value of the store. Merchandises like tees are sold out during those events; the store can get permission to sell its tees with the bands name on it and maybe will have to be the official sponsor for such events. It has to be associated with as many youth events as possible like the Sunburn festival in Goa. c) Public Relations: This definitely shall be used. The launch of any new store will be done with a much needed hype as in there can be a small performance of the local rock band during the evening of the launch. Much known personalities in the underground rock scene of that area will be called for that evening. Young Crowd will be informed about the launch much earlier through social media and the website of the company. d) Direct Marketing: Opinion leaders from the rock music scene will be influenced to talk about the store and its unique concept. Leading guitarists and musicians from rock bands will be the brand ambassadors of the project. Word of Mouth really works in the rock music scene and they shall make sure the young crowd hears about the store. e) Sales Promotions: As such no off-season discount sales will be carried out in the stores as this dilutes the brand image of the product. But yes, loyalty programs will be there for the customers wherein they can get their much desired products in a much lesser amount. This is to create brand loyalty among the target group. 11. Supply chain management We have to ensure that the SCM has the right strategic fit with the positioning of the store. Since customers will come to the store due to the store image and for the variety that the store offers, it is essential to have high product availability and right mix of inventory. Most customers there will not be looking for the lowest price. Hence for us it is necessary to maintain a good merchandizing mix to ensure availability at the same time keeping the costs in reasonable control. All decisions regarding inventory, logistics, operations and information flow will ultimately impact the customer experience which is one of the differentiating factors for our store.
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Since we offer an assortment of products and services, it will be imperative to tackle demand uncertainty since there may be a spill over from one category to another.

Vendor Mgmt Promotions

Purchase

Store/ Shelf

Inventory Mgmt

Forecasting Promotions

Plan

Sale/ POS

Delivery Promotions

Track/ Analyse Analytics

Vucc

Customer Touch -point

11.1 Inventory planning and forecasting The merchandise will be categorized by means of ABC analysis. Popular T-shirts, accessories and Music cds will be part of category A and should never be out of stock. These have the highest inventory turnover and many of these items are impulse buys. Some popular models of musical instruments like basic acoustic guitar should be category A; these will improve the image of the store and will have higher margins also. Some other variety of clothing and music can be category B. Advanced musical instruments can also be part of category B. Based on these categories the inventory forecast will be prepared. Apart from trend analysis and competitor activity, forecasting should take into account events that can boost sales like rock concerts and release of movies like Rockstar. We can monitor the Inventory turnover ratio to ensure we are not at risk of obsolescence in categories like CDs as music preferences vary and accessories as they are susceptible to emerging fashion trends.

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For extremely advanced, niche or customizable products, we will not be holding inventory. These will be ordered based on a catalog after which we will send the PO to the vendor. 11.2 Vendor Development The store will work closely with vendors to take advantage of such alliances by making use of CPFR (Collaboration, Planning, Forecasting, and Replenishment). This way the vendors will have information about planned promotions and new launches to ensure that the right merchandize is available. This way we reduce the cost of stock-outs and will also be able to provide better customer experience. Even though the store will have a multi-vendor model, there will be a few preferred vendors in each category. This will allow us to have strategic relations with them and at the same time our reliance on them will stay in check. We will provide them with information about changing trends, feedback about products and other information. For e.g. we can give slogan ideas to the apparel /t-shirt supplier and also let them know about upcoming color trends. We can also give feedback about the quality of their products that can help them improve the same. 11.3 Logistics and Delivery Initially the vendors can send the product directly to the store, but as the number of outlets increase, we will have a distribution centre in place. The merchandising team will have a planner/forecaster apart from the buying staff. Initially we can keep the product procuring as a monthly cycle, sending the POs once a month. Later with increased sales for some products this can be fortnightly and for the remaining it will continue to be once a month. This is most applicable to launch of new music albums where we need to have the product in stock on a particular launch date. Also we will have to ensure that we have unambiguous practices to ensure minimum conflicts with the vendors. For ex. PO released based on above with Do not ship before & Cancel if not shipped by dates to minimize inventory costs. This is especially relevant for stock like musical instruments which require large storage space. We will not be holding inventory for the items that are ordered through the catalog. These will need to be immediately delivered to the customer. The vendor can directly ship the product on our behalf. For this we need to make the copy of the bill and email to the vendor, this bill will go to the customer as for

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the customer we are the interface. For more complicated products or for products that need to be picked up from the store, the vendor can ship us the same. Please see the table below for order method and payment method.
Supply Chain International Suppliers Items International Specialty guitars Tattoo materials, Catalog items Domestic Suppliers Items from known brands Accessories from local players Consignment PO- Aging returns 45-60 days 45 Days but aging returns PO Credit 45 Day credit items like albums, specific Order Method Forecast & PO Vendor Payment TT

12. Visual Merchandising The store will have the look and feel along its essence of The Rebel garage. We will have high end furnishings and fittings but the look and the feel will remind of an abandoned garage by means of dark house colors with good use of red and yellow for the rebel feel. We can also place an old dummy drumset, fake guitars etc. and placement of 1-2 old sports cars to give the feel that a rock brand used to practice in a garage. The walls will be displayed with posters of rock starts. These posters will also be for sale. Behind the cashier we will have photographs of any famous patrons like movie-stars who visit our store. The lighting will be average with focused lights on certain displays like drum-set or poster. The store will mostly make use of wall units with a few gondolas for popular items. The category names for rock tiles like soft rock, punk rock etc. along with band names will be clearly displayed so that the customer feels at ease and also can easily locate the needed merchandize. For our internal use we will make use of planograms to ensure we have a standard way of displaying merchandise across stores to have integrated brand image. The most popular items and items that generate footfalls will be kept towards the end part of the store to ensure customer travels through the store and looks at entire range of merchandize. Similar arrangements will be made for items on promotion. On the wall next to this entrance, we can display some of the polar tattoo designs like guitar, skull, and butterfly in various styles. After this we will display the full music collection on the right as it is one of the sections where people like to browse. Further on we can have more expensive products like the
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instruments and other ranges. The items like keyboards and music systems can be displayed in the boxes acting as display shippers. Items that are impulse buys like key chains and accessories will also be places near the cashiers desk.

13. Operational Strategy 13.1 Store Layout The objective is to get customers into the store (store image). Important criteria include cleanliness, labelled prices, accurate and pleasant checkout clerks, and well-stocked shelves. The store itself makes the most significant and last impression. Once the customer is inside the store, convert them into customers buying merchandise (space productivity). The more merchandise customers are exposed to that is presented in an orderly manner, the more they tend to buy. In store layout we will focus on in-store marketing, in the form of store design, merchandise presentation, visual displays, and in-store promotions, should lead to greater sales and profits. Types of Floor Space in Store: Back room as receiving area and stockroom - It should take 15-20% of the total space area. Offices and other Functional Space - employee break room, store offices, cash office, rest rooms Aisles, Service Areas and Other Non-Selling Areas - Moving shoppers through the store, dressing rooms, layaway areas, service desks, customer service facilities Merchandise Space - Floor and Wall

Store layout is based on the customers decision making hierarchy and allow for ease of movement around the store. Store area - 3000 square feet Layout Pattern - Free Flow Layout, fixtures and merchandise are grouped in free-flowing patterns on the sales floor Advantages - increases impulse buying

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Stock room/ Back room/ Rest room

Dressing Rooms

Sitting Area for customers Merchandise Section

Fashion styling services

Musical Instruments

Checkout Counter

Exit Open Display Window

Entry Open Display Window Store Layout

Customers view store at 45 degree angles from the path they travel as they move through the store. Merchandise section should contain trendy, exclusive, price vs. value-oriented items. We will set up this section at right angles because its easier and consumes less space.

Merchandise should be displayed in vertical bands of color wherever possible; this creates strong visual effect that shoppers are exposed to more merchandise (which increases sales). The walls of the store should contain lifestyle graphics, especially in the sitting area of the customer. This will help in increasing the visual communication. Level of lighting can make difference; all the merchandise should be properly high lightened.

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Color selection of the store also influences behaviour of customers. Warm colors will increase respiratory rate, blood pressure and other physiological responses- attract customers and gain attention.

Music viewed as a valuable marketing tool, we can use volume and tempo for crowd control. Scent/ smell have a large impact on our emotions. Scent can be administered through time release atomizers or via fragrance- soaked pellets placed on light fixtures. 13.2 Manpower Strategy

Manpower required -Six One person handling the checking counter Two persons taking care of customers in their purchase behaviour Two persons expert in tattoo making, piercing, haircuts and other fashion styling services One person taking care of cleanliness of the store

14. Financial Plan The budgetary allocation of funds can be broadly divided into three classes namely a) Budgetary funds allocated to maintain minimum acceptable inventory b) Initial Marketing Expenses and costs pertaining to fixed components c) Maintenance and other costs that recur over a period of time 14.1 Minimum Acceptable Inventory ROCKnROLL in its initial phase will be housing six varieties of musical instruments; namely Guitar, Violin, Keyboard and Synthesizers, Drum Sets, Saxophone and Karaoke Systems. The roster of the inventory in each category is supposed to contain a high-end version and a low-end version. A total amount of INR 834300 is initially earmarked for the inventory of musical instruments. A margin of 15% is expected from the sale of musical instruments. The details of the inventory are given below. A portfolio of DVDs and CDs of various Rock Bands are stocked. A fund allocation of INR 50,000 would cater to the needs of a reasonably good collection. The margin expected of the sale of CDs and DVDs is expected to be very minimal (around 3-5%).The other accessories like Tees, gaudy belts, coffee mugs and other trendy items are expected to provide a margin of 25%. A total amount of INR 50,000 is allotted for the same.

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Inventory Guitar Non-Electric (Acoustic) Pluto Guitar - HW41C Fender Guitar SA 105 Yamaha Guitar F 370N Electric Schechter Damien-FR Cort Electric Guitar X-1 Yamaha Gigmaker Electric Guitar Package Violin Non-Electric (Acoustic) Cecilio Ebony Fitted Full Size Crescent Beginners Violin Electric Yamaha SV-130 series Electric Violin Bellafina Electric Violin CecilioCEVN-1NA Electric Violin Keyboard and Synthesizers Casio Keyboard Casio Keyboard CTK-2100 Yamaha Indian Keyboard PSR-i425 Roland E-09 Interactive Arranger Roland Juno Di Drum Set Tama Swing Star 5pc Drum Set Pearl Drums Sonor DP 472 R Double Bass Drum Pedal DB Drum Saxophone Alto Saxophone Opus Saxophone Karaoke System Mediacom-MCSID 3300Porto MCI DVD 2 Wireless Mike Karaoke System Pioneer DJM-400 Mixer CDs/DVDs on Rock Music Portfolio of DVDs and CDs of popular Rock Bands Other Accessories Tees/Gaudy Belts etc. Total Inventory Costs Price/Unit 3200 4700 6500 Price/Unit 7400 8300 11000 Price/Unit 6000 2100 Price/Unit 30200 11300 7000 Price/Unit 2750 6050 15200 22200 32200 Price/Unit 30500 27900 10900 19100 Price/Unit 3000 15000 Price/Unit 17000 19200 25000 Price/Unit 50000 Price 50000 934300 50000 50000 Quantity 3 3 3 Quantity 3 3 3 Quantity 3 3 Quantity 2 3 3 Quantity 3 3 3 2 2 Quantity 2 2 2 2 Quantity 3 4 Quantity 4 4 2 Quantity 50000 50000 68000 76800 50000 144800 9000 60000 69000 61000 55800 21800 38200 176800 8250 18150 45600 44400 64400 180800 18000 6300 60400 33900 21000 139600 22200 24900 33000 9600 14100 19500 123300

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14.2 Marketing expense and fixed costs The Initial Marketing Expense to create an awareness of the services offered and the products on sale may account for INR 1, 50,000. Apart from this initial sum, INR 20,000 is set aside as provision for marketing expenses per month on a periodic basis for the first 6 months. The total expenditure incurred for marketing and sales promotion is expected to be around INR 2, 70,000. A provision which enables potential customers to listen to a Rock Band, before an actual purchase, is made possible through dedicated Kiosks located in the store. A total amount of INR 40,000 is set aside for the purpose. Other Fixed Costs include furnishing of the store which would amount to a total of INR 75,000.
Marketing Expense and Fixed costs Price/Unit Quantity 10000 75000 Price 150000 20000 385000 6 Months 150000 120000 270000 4 40000 75000 115000

Cost related to shop setup Kiosks (for listening music)

Other equipment and furnishing Marketing Expenses Initial Marketing Expense Periodic marketing expenses (per month) Total Marketing Expense and Fixed Costs

14.3 Maintenance and recurring costs The costs that would be incurred in maintenance and wages paid for the employees amount to a total of INR 1, 86,000 over a period of six months. The cost structure is calculated by assuming that a total of three employees are employed at the store. The maintenance cost is assumed to be INR 5000 per month. This includes the cost of power consumption.
Maintenance and recurring costs Cost/Month Months 25000 6000 186000 6 6 150000 36000 186000

Service Costs Cost of Labour (per month) Maintenance Cost (per month)

Total Maintenance and Recurring Costs

14.4 Total Budget The total budgetary plan for the first six months of operations include the costs incurred on the three segments as explained above. The total cost is estimated to be INR 15, 05,300.
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