Jharkhand is a state in eastern India. The name Jharkhand is come from Sanskrit which means Jharkhanda which means region’s dense forest. Jharkhand has boarder with Bihar, Uttar Pradesh, Chhattisgarh, Orissa and West Bengal. It covers 74,677 kilometer square from the east. Ranchi is the capital of the Jharkhand. Some of the major cities of Jharkhand are Jamshedpur, Dhanbad, Bokaro, Sindri, Deoghar, Hazaribagh and Gumla.
According to some writer, they said that there was already geo political and cultural entity called Jharkhand even before the period of Magadha Empire.
Now I am going to tell you about what is retail?
Retail derived from a French word ‘retailer’ which means to break bulk.
Retail consist of all activities involved in the marketing of goods and services directly to the consumer for their personal, family and house hold use.
Now my topic for term paper is Jharkhand and I am going to open a Flower shop in Bokaro steel city of Jharkhand. Name of my store is BUDS and BLOSSOMS.
Goals and Objectives of a Flower Shop
BUds and Blossoms will use the technology to target the customer and differentiate from the other traditional retail and on-line florists by offering flower gift programs with better service such as customer can select the specific delivery dates, tangibility and customer also specify the color, scents etc.
Objective of a flower shop:
Objectives of my shop are following:
- The main objective of my shop is to fulfill the customer wants and give them better product so that customer will satisfy.
- The second objective is to gain 10% profit.
- To increase sales.
- And to generate maximum revenue.
About my shop:
Buds and Blossoms firstly target the audience within the market.
According to Emerson he said that certain things have not changed. Some of the most successful businessmen still have trouble purchasing gifts especially flowers for their wives, fiancées and for their girl friends. So Buds and Blossoms provide them fresh and beautiful flowers for their wives etc. I will open my shop in Bokaro steel city in Jharkhand because in this city most of the population is youngster and they like flower as a most attractive gift for their girl friends or wives. And the shop will target the higher level of income on loved ones. Buds and Blossoms mainly target the Valentine’s Day, anniversary and birthday etc. and I think fresh flower is the easiest way to speak the feelings of your heart. Buds and Blossoms also provide restaurant facility. And I will also give the customer the better service and flowers so that people can trust on my shop. And to open the shop I will see the following factors:
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As Buds and Blossoms open a small gallery on that place where the people usually go so that they can see the gallery and would like to visit my gallery. Buds and Blossom plans to open in June and cover 600 square feet. One third space is used for retail and other space is used for storage and restaurant etc. and we are also providing the free parking so that people can easily visit to my store because sometime people can’t visit the shop because they can’t provide them parking service.
As we know that customer can easily attract by the exterior design of the gallery or a shop. So Buds and Blossoms create a attractive and inviting store front such as
Simple and modern design with attractive design.
Beautiful flower design and with lots of lighting.
Clear large glass window so that people can easily see the interior decoration.
Buds and Blossoms will be open for Monday to Saturday and closed on Sunday and the timings are 10:00 a.m. to 5:00 p.m. And I will follow the policy of CRM that is customer relationship management that means we create a good relationship with the customer. And as I am selling only flowers so my shop is a specialty store which provides only flowers to the customers.
Products and Services:
Buds and Blossoms will offer a variety of products and services.
Using a wide mix of flower: Buds and Blossoms will provide natural and original work of art. The arrangements of shop provide flowers as per the need of the customers. And all samples in the store will be available for purchase.
Green and flowering house plant: Buds and Blossoms offer a selection of seasonal green and flowering plants occasionally.
Variety of prices: The store will offer a variety of sizes with different prices.
Handmade Bouquets: For customers who prefer to use their own vases, Buds and Blossoms will provide them handmade bouquets.
Home delivery: Buds and Blossoms will provide home delivery to their customers.
Birthday blooms: Buds and Blossoms will offer a free arrangement to each office manager on his or her birthday.
Give priority to delivery program: Buds and blossoms give priority to the delivery flower so that we will deliver the arrangements on the same place and at the same time of the week.
Buds and Blossoms also provide discount facility to their commercial customers.
Buds and Blossoms mainly target the youngster of the Bokaro city as I mentioned earlier that youngster prefer flower as gift for their girlfriend and for their wives. So our main focus on youngster of the city. As we are opening our new business so I want to achieve minimum 50% of the market share as a florist.
Buds and Blossoms positioned in their customer by giving some extra benefit, high quality, high quality floral arrangements and personalized service. And Buds and Blossoms also plans to create a unique shopping experience with its floral design gallery which is located in an up and coming arts district area for making poisoning in the customer mind.
Current demand in the market:
As we know that people like to give flower on anniversary and in the party but there is no any retail shop for the flowers but people demand is high. So rich people demand for the special flowers. So it means the current demand for the flowers is more.
Consumer preference and product development:
As we know that today people more prefer flowers as a gift so the consumer preference about the flower is more and this preference is also continue in the future.
The product development is also high because rich people and business mainly prefer the flower as a gift so the product development is high in present and as well as in the future.
Opportunity for the business:
As we all know that mainly in India that there has not many flower gallery or a retail shop for the flower so this become an opportunity for me to open a retail shop of the flower for the youngster of the Bokaro city. This is the big opportunity for my business.
Barriers for the business:
Following are barriers that came into the business:
First is that people in India the medium class people thought that flowers are not sufficient as a gift? They usually prefer costly gift and a big gift for the party. So it means they can’t prefer the flower due to this sales decrease.
Secondly people never trust on the retailer easily.
And the third is that it is difficult to capture the minimum 50% of market share as a florist.
Solution for the barriers:
First is that attracting the people through advertisement?
Second is that using some special arrangements for the people?
Some factors that affect my business are following:
Change in economy: If the economy changes then it affect my business.
Change in consumer perception: if the perception of the customer changed then it badly affects my business.
Change in technology: if in the future some other technology arises then people prefer that technology more then it also affects my business.
First promotional strategy is trough advertisement. Means through advertisement we can attract customer and promote our product.
The other strategy for promotion is direct selling means to interact the customer for the promotion of the gallery and the product.
And the third strategy is by indirect sales means by organizing some events etc.
So I think through this we can promote our product or our flower gallery.
Store location: As Buds and Blossoms open a small gallery on that place where the people usually go so that they can see the gallery and would like to visit my gallery. Buds and Blossom plans to open in June and cover 600 square feet. One third space is used for retail and other space is used for storage and restaurant etc. and we are also providing the free parking so that people can easily visit to my store because sometime people can’t visit the shop because they can’t provide them parking service.
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Generally, a florist’s shop will contain a large no of flowers. Sometimes it displayed on the street or will have a large plate glass window to display the flowers. Generally to keep the flower fresh shoppers kept the flower in the cooler or in the water. They also kept them in vases or other containers. My shop has a cooler near the front of the shop with glass window so that customers can easily see the flowers. And Buds and Blossoms have a back section for the decoration of the flower.
Key supplier means where we purchase the raw material in this case key supplier means that where we are getting the flower. So I get flower from the Gardner of that particular area and the nursery located in that particular area that are the key supplier of my store.
Credit policy is that when we gave the product on credit to the customer. So I follow that policy in some situation means that I will give credit facility to the commercial customer of my gallery.
Store management is very important for a store. To become a top florist store manager the store management is important. To manage the store firstly there is total integration. Means every detail from a flower order needs to be shared with every part of the shop which requires information at the right time in order to handle the proper flower order. And by using new technology we can maximizes sales and reduces costs. I think through this I can manage the store.
Merchandising management includes such areas as salesmanship, types of flower such as jasmine, rose etc., advertising and promoting our floral business, marketing and display window. These all are merchandise of the store so its knowledge is important to make money.
As we know that to start a business we require adequate money for the business. So to start a flower shop following are the assumption that should consider:
The flower shop will have annual revenue of growth of 16% per year.
The total capital spend on the business is 30 crores.
I will acquire 10 crores of debt funds to develop the business.
I have take loan of 10 years with the 9% interest rate.
In the depression or recession the revenue of the gallery should may decline as depend on the market condition or consumer preference.
Sources of funds:
Management investment 15, 00, 00,000
Total equity financing 15, 00, 00, 000
Debt share 10, 00, 00, 00
Total debt financing 10, 00, 00, 00
Preference share 5, 00, 00, 000
Total preference financing 5, 00, 00, 000
Total financing 30, 00, 00, 000
Break even analysis:
In this we assume the running costs which include rent, utilities and an estimation of other running costs. The following chart shows what we need to sell per month to break even, according to these assumptions:
Break even analysis
Monthly Revenue Break even $ 5, 085
Average percent variable cost 30%
Estimated monthly fixed cost $3, 560
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