Enron A New Company Essay - 2026 Words

In the earlier 1900’s after the decrease of government control within the activities of natural gas companies, Enron was born, a merger of two businesses, Houston Natural gas and InterNorth a Nebraska-based pipeline company. Later on during the big merger, the new company, Enron, accumulated tons of debt as a result of the deregulation, losing rights to their pipelines. With the debt, Enron researched new business strategies to survive. During that time Kenneth Lay, the chief executive officer of Enron hired McKinsey and Company, a management consulting company to help restore Enron. McKinsey and company assigned a young consultant named Jeffery to the rescue. Jeffery, with experience in banking assets and liability management, suggested a revolutionary business plan. Creating a gas bank in which Enron would buy from other gas networks of suppliers and sell to a network of consumers which granted the company both supply and price at which they wanted to sell it for. Kenneth, impressed with the idea, created a new division in 1990 called Enron Finance corporation and hired the young talent to run that sector. Not too far down, Enron soon conquered the natural gas market. With this power, Enron had tons more access to supplies and more customers than most of its competition. They were also able to predict future prices with such great accuracy granting superior prices. The young Consultant changed the type of business of Enron from a Natural gas business to more of a tradingShow MoreRelatedEnron : The New Investment Company1532 Words   |  7 Pages The year was 1960, the man was Arthur J Rosenberg, and Tyco Company was the new investment company. Tyco began as a medical investment company and is solely responsible for developing the first laser beam used in medical procedures. By 1964 Tyco walked into the commercial aspect of investment. The company was booming and John Gaziano, became known as one of the top corporate managers in the world. . At this point in 1982 Tyco hugely expanded and was now involved in 3 areas of investment: FireRead MoreJaclyn Givens. Kathy Osburn. Management 101. 5/8/17. The1400 Words   |  6 PagesJaclyn Givens Kathy Osburn Management 101 5/8/17 The Enron Era â€Å"Just as character matters in people, it matters in organizations,† says Justin Schultz, a corporate psychologist in Denver. The Enron scandal had a big exposure in 2001 confirming the big secret to the increase in billions. In July 1985, Enron formed the merger of Houston Natural Gas and Omaha-based Inter North. The Enron corporation was an American energy company based in Houston Texas. The corporation’s catastrophe in 2001 signifiesRead MoreEnron Scandal: Who Are Responsible for Enron ¡Ã‚ ¦S Bankruptcy847 Words   |  4 PagesEnron was once one of the worlds leading electricity, natural gas, pulp, paper and communications companies. However, in December 2, 2001, Enron suddenly filed for bankruptcy. During the ten years before Enron ¡Ã‚ ¦s went bankrupt, Enron ¡Ã‚ ¦s management had started transferring Enron ¡Ã‚ ¦s funding to personal accounts and made fake balance sheets, which provided investors information about how this company goes. (Gibney, 2005) These illegal actions, performed by certain individuals, finally led Enron toRead MoreThe High Turnover Rate Of Leadership1008 Words   |  5 Pages1990s, the reason of the high turnover rate of leadership in Enron was the PRC system and the new â€Å"arrogant culture†, which pose a threat to conservative cautious. In this case Enron was put in a highly uncertain environment. In the late 1990 and 2000, Enron’s traders had great passion on prove themselves. The principle of â€Å"priority of profit† at any costs led to considerable agency problems for shareholders of Enron. Undoubtedly, company owners desired high return from investment. The â€Å"arrogant culture†Read MoreEnron‚Äà ´s Demise ~ Where There Warning Signs?1408 Words   |  6 PagesBaldwin Management Decision Making-Summer 2013 C. Forest Guest July 14, 2013 Executive Summary Enron is a company which headquarters is located in Houston, Texas. Enron was first headed by Samuel F. Segnar. Enron was the result of InterNorth’s acquisition of Houston Natural Gas in 1985. Under the new terms of this acquisition, the company was headed by Kenneth Lay on the first day of 1997. Enron offered employment for 20,600 employees in four major segments over the U.S., South America. Asia,Read MoreEnron Was An American Gas Company1480 Words   |  6 PagesWhen many people discuss Enron, they immediately associate it with one of the most scandalous accounting scams in history. Enron was an American gas company that arose as the Northern Natural Gas Company in 1931. Internorth was a holding company in headquartered in Omaha, Nebraska, purchased the Northern Natural Gas Company and restructured it is 1979. Founder Kenneth Lay formed the company by merging the two companies and created Enron. Enron was founded in 1985, as one of the world s leadingRead MoreThe Impact O f Organizational Culture On Enron s Predicament And Understands How These Behaviors Were Cultivated And Reinforced1460 Words   |  6 PagesThe tale of Enron presents a unique perspective on success. In the short span of 24 months, Enron transformed from being the top firm in its industry to one that filed for bankruptcy. The reflection about how the tides changed in such a short period uncovers many surprising truths. In its glory days Enron beamed billion dollar profits each quarter, however this success was all a part of an elaborate scheme. Behind the veil of smoke and mirrors was a series of deceptive and unethical accounting practicesRead MoreEnrons Accounting Fraud1304 Words   |  6 PagesINTRODUCTION: Northern Natural Gas Company (the ancestor of ENRON) was established in 1930. In 1979, Inter North Inc. bought Northern Natural Gas Company and placed it  under a new management. In the 1980s, the  United States Congress passed legislation deregulating the sale of  natural gas.  At the beginning of the 1990s, Congress passed a similar legislation targeted at the sales of electricity. These steps launched a new era in the energy market, allowing companies like ENRON to prosper. In 1985, KennethRead MoreRelationship Between Ethics And Business Performance1278 Words   |  6 Pagescontroversy, the Enron case is a demonstration that the lack of ethical behavior is inseparable from the competitive disadvantage. The question is not so much whether the disaster could be avoided if the company had adopted from the beginning, transparency criteria. The main thing to know as citizens, so far reputed and honest, have managed to create an environment to bring their managers to take ethi cally reprehensible and economically untenable positions. â€Å"Business ethical values vary by company, and areRead MoreExecutive Office Of Houston Natural Gas1689 Words   |  7 Pages Enron was created in 1985 when Houston Natural Gas and InterNorth merged together. Houston Natural Gas was a utility company based in Houston, Texas before being taken over by InterNorth. InterNorth was a very large energy company based out of Omaha, Nebraska. They specialized in natural gas pipelines, but also were successful in the plastic industry, coal and petroleum exploration and production. In the beginning Kenneth Lay, who was the Chief Executive Office of Houston Natural Gas, became

Reflection On Effective Teaching - 1498 Words

Introduction In this analysis, my objective is to reflect on effective teaching and learning strategies and methods, using my personal experience in the classroom, as well as wider reading/research and university lectures, including my contextual analysis on my placement school (see appendix one). However, since there are so many dynamics to effective teaching and learning, one cannot put a finger on a single aspect and use that as a solution. With this in mind, I have chosen to look at two foci in depth. These are ‘Classroom Management’ and ‘Questioning Techniques’ – but before we analyse these foci in depth, it is important to understand what ‘teaching’ and ‘learning’ are. Not only this, but it is also essential to note they are not†¦show more content†¦The first teacher, who also happens to be my Subject Mentor, is a very experienced staff member, he has known the students since they started the school in Year 7, and hence he has a personal relationship with them. Because of this, he is able to joke around with them and therefore be slightly friendly. This works well in this particular situation, however, it does not mean it would work for every teacher. Secondly, the other staff member happens to be someone with a practical approach; she involves the students very much so in her lessons – but at the same time they are encouraged to work on independently too, as she has a slightly softer approach to teaching, hence the pupils behave differently. Lastly, the third staff member is Assistant Headteacher – he has a very informal way of teaching, to the point where he addresses the learners by their nicknames. Furthermore, he uses slang in his lessons for better understanding for the learners. Why teachers use different methods has a deep connection with how learners learn. How do learners learn? There are different learning styles, which should be the reason behind teachers using different teaching styles. Studies suggest it is important for people to be in the right state of mind in order to learn. If a person is not in the right mind to learn, learning can be ineffective.Show MoreRelatedReflection On Student Learning And Effective Teaching2995 Words   |  12 Pages What is teacher reflection? How do the three different types of reflection (reflection in-action, on-action and for-action) help the teacher support student learning? Compare and contrast their strengths and limitations focussing on how evidence is used within each type of reflection. Reflective practice is a means of actively observing, analysing and evaluating our teaching practices for subsequent action in order to discover which methods or strategies are successful in encouraging student learningRead MoreThe Activity Of Doing Action Research Among Iranian Teachers1540 Words   |  7 Pagesinterviewing with professional teachers, since reflection is an unfamiliar terminology among Iranian learners and teachers which has not been practically used yet. Thus, they can gain the best possible reflective and successful as well as practical and effective outcome. Teachers on the other hand have the responsibility of helping the students which could guide them to become better, autonomous learners through different procedures and ways of reflection. As the results which were investigated in advanceRead MoreWhat Effective Practice Really Means1690 Words   |  7 Pageshave done, we must be open to reflection, so that we can identify our strengths and weaknesses and find areas that can be improved on. As the GTCNI competence Framework states, â€Å"Teachers should keep curricular, subject and pedagogical knowledge up-to-date through reflection, self-study and collaboration with colleagues.† (Internet source 1) By taking this into consideration it is then evident that just like in everyday life, if teachers want to become truly effective practitioners they must developRead MoreThe Importance Of Reflective Practices That Provide Opportunities For Mathematics Teachers1665 Words   |  7 Pagesassessments and they are very effective in helping teacher’s reflect. In article by J Dodge, â€Å"What are Formative Assessments and Why Should we Use Them? † Dodge states that formative assessments help students â€Å"strive to understand what success looks like and use each assessment to try to understand how to do better the next time.† Dodge discusses that it is so important to take the time for formative assessment because it will make the teaching process so much more effective. In my classroom,Read MoreSelf Reflection : A Teacher1650 Words   |  7 Pagesand reflecting upon their teaching and any problems they are experiencing (Schiller, 1992). Self-Reflection: Current Teachers Many believe the most important factor in learning to teach is the crucial first few years of a teacher s career (Schiller, 1992). While the first few years are pivotal, the goal of becoming a better teacher is a never ending endeavor. Most teachers are not award winning teachers their first day on the job (Millis, 2009). Becoming a good, effective teacher takes years andRead MoreThe Benefits And Possibilities Of Coaching And Teacher Mentoring Essay1325 Words   |  6 Pagesunderstanding of best practices, and better articulated curriculum. Peer coaching has contributed to an overall improvement in teaching and learning in the schools† (p. 1). Mentoring (2016) lists some of the many ways in which a coach can help a school reach success. Some of these include the following: †¢ Improved student academic achievement and understanding †¢ Improved teaching practices and competency within the classroom †¢ Higher levels of teacher collaboration and collegiality †¢ Increased positiveRead MoreReflective Practices and Health Care Essay1318 Words   |  6 PagesIn recent years, reflection and reflective practice have become well-known term with in the health care arena. They are words that have been debated and discussed with in the health care setting (Tony and Sue 2006). Reflective practice is essential for nurses, as nurses are responsible for providing care to the best of their ability to patients and their families (NMC, 2008). Reid (1993) states reflection is a process of reviewing an experience of practice in order to describe, analyse, evaluateRead MoreReflective Practice in the Classroom1629 Words   |  7 Pagesintrospection is generally called â€Å"reflection†, and all professionals have adopted it in order to improve their practice, but for educators reflection involves â€Å"critical thinking† about past experiences or current experiences that occur or are occurring in classroom settings and looking at them in a positive light on how to make improvements for their teaching techniques and smooth the progress of children’s learning. But reflection is not an innovation in teaching, it has its roots in the work ofRead MoreBecoming a Criticallly Reflective Teacher by Stephen D. Brookfield1349 Words   |  6 Pagesof Stephen D. Brookfield’s book, Becoming a Critically Reflective Teacher, is that teachers usually have specific assumptions about what effective teaching really means and what it entails. In this regard, teachers embark on imparting knowledge and new skills to their students based on what they assume to be the best approaches as appertains to effective teaching. Additionally, Brookfield (1995, p. 9) goes on to propose that these teachers never really pose to examine the nature of these assumptionsRead MoreThe Importance Of Critical Reflection On Teaching1270 Words   |  6 PagesImportance of reflection: Reflection on practice has different meanings, in my view it means constructive criticism: being honest with myself, becoming aware of and understanding my own strengths, and being able to review activities and constantly test assumptions related to our work. These have been my approach to critical reflection throughout the year. This is supported by Brookfield, he says that Critically reflective teaching happens when we identify and scrutinise the assumptions that undergird

International Crime Free Essays

Throughout the term we have encompassed an array of information pertaining to international criminal justice practices. The examination of past, present, and future trends facing global justice systems has led us to embark on research and topics for many different countries. This paper will cover the topics of social phenomenon, social behavior, legal traditions of contemporary society, Interpol and Europol, and what is forthcoming for future trends in international criminal justice practices. We will write a custom essay sample on International Crime or any similar topic only for you Order Now The difference in studying crime as a social phenomenon and in studying crime as a social behavior is that crime as a social phenomenon deals with the crime itself and crime as a social behavior deals with the person committing the crime. The person committing the crime tells the social behavior of the individual as well as the environmental status. The phenomenon deals with the crime itself not who committees it. â€Å"Comparative criminological thoughts do affect social phenomenon through social behavior individuals place on others† (Reichel, 2008). The comparative criminological ideas help with the study of different criminal element through domestic, international, and transnational crime. These concepts, theories, and ideologies help researchers to come up with different methods to help for resolving the issue of social disorder. Criminal behavior helps contrive summaries on the issue of social phenomenon on transnational to international crime; furthermore, â€Å"crime as a form through social behavior does as a social phenomenon through different identities through patterns and summaries in countries worldwide† (Reichel, 2008). A great example of a social phenomenon would be the twitter phenomenon The recent announcement that social-networking phenomenon Twitter â€Å"has agreed to settle FTC charges that Twitter engaged in inadequate privacy and information-security practices illustrates some simple mistakes social media and other online companies can make† (ftc. gov). The crime that was committed by twitter was the releasing of information pertaining to an individual’s sense of privacy. In order to understand the magnitude of the social phenomenon on a more global scale we can look at myspace, twitter, linkedin, and facebook as resources. These social networks gather information from clients in order for individual companies to keep track of their consumers and are also used as informational portals for blogging, networking, and file sharing. With young people being able to watch satellite television or the Internet to see the pro-democracy uprisings in other countries, and could communicate with activists across social networks that the secret police have difficulty controlling, governments across the region have reason to fear of contagion. One recent example of the power of social phenomenon was the revolution that began in Egypt on the 25th of January 2011. â€Å"The protest consisted of street demonstrations, acts of civil disobedience, riots, marches, rallies, acts of civil disobedience, riots, labor strikes, and violent clashes throughout Egypt as part of a longer-term campaign of civil resistance† (law. com). Millions of protesters from a variety of social economic backgrounds and religions demanded the overthrow of the Egyptian President Hosni Mubarak, along with an end to corruption and police repression, and democratic reforms of the political system. On the 11th of February, Mubarak resigned from office as a result of determined popular protest. These spiraling events were the end result of a facebook group who attracted 80,000 attendees. This goes to show how powerful social phenomenon’s were, can be, and will be in the future. Nigeria utilizes these social phenomenons for criminal purposes to gain access to important information like American birthdates, social security numbers and other vital information. The majority of the information gathered from these countries usually is gathered from social networks. Because lately Nigeria has been one of the top countries that has been listed in the forefront of the news for scams that have cost many individuals across the world money a closer look have been taken to prohibit these types of cybercrimes. Crimes people place among others throughout any organizations and society does affect the social and psychological motives on the person. The issues of international crimes help to explain the social and psychological motives throughout the globe. The images of social behavior help improve both theoretical and psychological motives that created individuals organizations to help to prevent violence throughout society. According to Reichel the comparative criminology does focus through social and psychological behaviors through community. The future of these cybercrimes is uncertain; furthermore, the more technology seems to increase the more technical and savvy criminals become. When considering the legal traditions of contemporary society a person would have to take into consideration many different attributes to determine the legal traditions. With reference to my personal opinion the three primary legal traditions are Common law, Religious law, and Contemporary law. â€Å"An argument can be made that a fourth tradition, socialist, exists on its own right but can also be considered and argued to be a part of civil law† (Reichel, 2008). Common law had its basis formed in Western Europe whereas civil law had its foundation in Roman times (Reichel, 2008). An apparent difference between civil and common law was the existence of common law in its relation to civil law. Common law was based on religious decisions from the Christian Church (Reichel, 2008). Islamic law has its foundation in a divine source but also incorporates the use of reasoning as well as â€Å"reasoning by analogy† (Reichel, 2008). Religious laws would be considered are religious law these are laws with that hold ethical, and moral standing. A great example is Hindu, Islamic, and etc. which rule by the basis on religion and old law. In simple religion and custom are laws. Contemporary law means the present and prevailing law. This states that laws will be referred to laws that are already in place in order to obtain a mutual consensus throughout the court system. The difference between legal systems and legal traditions is that legal systems are comprised of â€Å"legal institutions, procedures and rules† (Reichel, 2008). Legal traditions deal with the culture and historical attitudes of a society regarding law and how it should be applied (Reichel, 2008). â€Å"Common law had its basis formed in Western Europe whereas civil law had its foundation in Roman times† (Reichel, 2008). An apparent difference that I read between civil and common law was the existence of canon law in its relation to civil law. â€Å"Common law was based on religious decisions from the Christian Church† (Reichel, 2008). Islamic law has its foundation in a divine source but also incorporates the use of reasoning as well as â€Å"reasoning by analogy† (Reichel, 2008). In lament terminology common laws help to develop a better democratic form of governments; that helps prevent any acts of individual’s violation of his or her rights. Therefore, traditional laws help to develop a stronger republic to help protect an individual’s rights and liberties throughout modern world. Religious laws help to determine the action that came from the churches and how their ideological approach does help to improve society. Interpol in short stands for International Criminal Policing Organization. Its sole purpose is to oversee internationally crime trends and crack down international wrong doing. Interpol plays a major roll on the international scene in regards to policing because it’s the world’s largest international police organization. It encompasses approximately 188 countries globally and was created in 1923. â€Å"Interpol aims to facilitate international police co-operation even where diplomatic relations do not exist between particular countries. Action is taken within the limits of existing laws in different countries and in the spirit of the Universal Declaration of Human Rights. Interpol’s constitution prohibits any intervention or activities of a political, military, religious or racial character† (inter. int). Europol in short stands for â€Å"European Law Enforcement Agency which aims at improving the effectiveness and co–operation of the competent authorities in the Member States in preventing and combating terrorism, unlawful drug trafficking and other serious forms of organized crime† (euro. ur). Europol is the law enforcement agency of the European Union. Our aim is to help achieve a safer Europe by supporting the law enforcement agencies of European Union member states in their fight against international serious crime and terrorism. More than 620 staff at Europol headquarters in The Hague, the Netherlands work closely with law enforcement agencies in the 27 European Union member states and in other non-EU partner states such as Australia, Canada, the USA and Norway† (euro. eur). These two different but very similar methods of trying to police in an effort to prevent and stop crime I feel is very beneficial globally. These two organizations contribute very greatly with regards to international policing. One focuses on European countries while the other focuses on international countries. Sharing vital statistics, crime trends, and data is the Achilles heel for both organizations. They both rely on information sharing with local agencies to produce productive results. For the prevention of international crimes both play major and important rolls with information and data sharing. This is a great system in place because now there isn’t really any criminal that can abscond from justice. Interpol /Europol concentrate on three broad categories of international criminal activity. â€Å"Both contributes to providing information terrorism and crimes against people and property, including crimes against children, trafficking in human beings, illegal immigration, automobile theft, and art theft; economic, financial, and computer crimes, including banking fraud, money laundering, corruption, and counterfeiting; and illegal drugs and criminal organizations, including organized crime† (inter. nt). Interpol’s everyday operations are managed by a General Secretariat under the direction of a secretary general, who is appointed for a five-year term by the General Assembly. Interpol was reorganized in 2001 following the September 11 attacks on the United States. The new post of executive director for police services was created to oversee several director ates, including those for regional and national police services, specialized crimes, and operational police support. In conclusion, the international criminal system does have its ups and downs. Based on the readings and discussions up to this point, it becomes very apparent that the futures of international criminal activities are uncertain. â€Å"There’s no question that terrorism, the growth of multicultural populations, massive migration, upheavals in age-composition demographics, technological developments, and globalization over the next three or more decades will affect the world’s criminal justice systems† (ojp. gov). The research predicts that global trends will play a significant role in how criminal justice is delivered throughout the world. This can be because of the dramatic growth in the number of foreign born Americans and suggests that increasing diversity in populations will have a significant impact not only in the United States but worldwide. Such growth has the potential for disharmony; furthermore, in South Africa, for example, the court system now recognizes eleven official languages. â€Å"As a result, lawyers may speak one language, the judge another, and the defendant, a third. Often, the only two people in the courtroom speaking the same language are the victim and defendant with the judge, prosecutor, and defense lawyer relying on interpreters† (ojp. gov). The lack of similarities extends beyond language to social norms and expectations can prove a huge problem for the future of international criminal justice. Ultimately, the priority over the next couple of decades should be to develop policies and technologies that will help policymakers, decision makers, and citizens establish a criminal justice system that is fair, equitable, and respectful. Reference http://www.ftc.gov/opa/2010/06/twitter.shtm http://www.interpol.int/public/icpo/default.asp http://www.ojp.usdoj.gov/nij/journals/255/2040.html How to cite International Crime, Essay examples

Promotional Strategies of Big Bazaar Palakkad free essay sample

Indian retail sector is witnessing one of the most hectic Marketing activities of all times. The companies are fighting to win the hearts of customer. There is always a ‘first mover advantage’ in an upcoming sector. This advantage goes to â€Å"BIG BAZAAR† in India. It has brought about many changes in the buying behavior of people as Big Bazaar provides all items in one roof at low rates. The consumer’s preferences are changing amp; they are moving from shops stores to Modern Retail outlet. It’s the main challenge to the Modern retail outlets to attract the customers towards them from that of competitors. To attract more customers companies have to carry out the promotional activities in unique way. BIG BAZAAR has maintained that uniqueness amp; has succeeded in attracting customers. The promotional activity of the company, which famous as Less Price than others as it says  Ã¢â‚¬ËœNobody Sells Cheaper and Better! ’  is made its place in minds of customer. As the competition is becoming stiff in the market the activities conducted by the company are unique, that have brought fruitful result to the company. Among them sales Promotions is one of the leading activity or unique among all other activities amp; has high influence on the customer who walks-in. In this assignment, I have described its marketing strategies and promotional activities. The assignment is based on  Ã¢â‚¬Ëœthe effective marketing strategy which influences customer to purchase a product of Big Bazaar’ helps to understand the effect of   marketing strategy   which is responsible for attracting customer towards big bazaar. The research was carried out as per the steps of Marketing Research. The well supportive objectives were set for the study. To meet the objectives primary research was undertaken. The data collection approach adopted was experimental research. 1. 2 ORGANISATION PROFILE 1. 2. 1 FUTURE GROUP Future Group is one of the country‘s leading business groups present in retail, asset management, consumer finance, insurance, retail media, retail spaces and logistics. The group‘s flagship company, Pantaloon Retail (India) Limited operates over 7 million square feet of retail space, has over 1000 stores across 53 cities in India and employs over 25,000 people. Some of its leading retail formats include, Pantaloons, Big Bazaar, Central, Food Bazaar, Home Town, eZone, Depot, Future Money and online retail format, futurebazaar. com. Future Group companies includes, Future Capital Holdings, Future General India Indus League Clothing and Galaxy Entertainment that manages Sports Bar, Brew Bar and Bowling Co. Future Capital Holdings, the group‘s financial arm, focuses on asset management and consumer credit. It manages assets worth over $1 billion that are being invested in developing retail real estate and consumer-related brands and hotels. BIGBAZAAR (Is se sasta aur accha kahin nahi! ) Big Bazaar caters to every need of the customer and his/her family. Where Big Bazaar scores over other stores is its value for money proposition for the Indian customers. Big Bazaar promises the best products at the best prices. With the ever increasing array of private labels, it has opened the doors into the world of fashion and general merchandise including home furnishings, utensils, crockery, cutlery, sports goods and much more at prices that will surprise you. And this is just the beginning. Big Bazaar always plans and tries to add much more to complete the shopping experience. 1. 2. 2 Company Statements: Future Group Manifesto â€Å"Future† – the word which signifies optimism, growth, achievement, strength, beauty, rewards and perfection. Future encourages us to explore areas yet unexplored, write rules yet unwritten; create new opportunities and new successes. To strive for a glorious future brings to us our strength, our ability to learn, unlearn and re-learn our ability to evolve. Rewrite rules, Retain values† Group Vision â€Å"Future Group shall deliver Every Thing, Every Where, Every Time For Every Indian Consumer in the most profitable manner†. We share the vision and belief that our customers and stakeholders shall be served only by creating and executing future scenarios in the consumption space leading to economic development. ii. We will be the trendsetters in evolving delivery formats, creating retail realty, making consumption affordable for all customer segments – for classes and for masses. ii. We shall infuse Indian brands with confidence and renewed ambition. iv. We shall be efficient, cost- conscious and committed to quality in whatever we do. v. We shall ensure that our positive attitude, sincerity, humility and united determination shall be the driving force to make us successful. Retailing consider as sunrise industry today after InfoTech, is the most happening industry with almost all the big players vying for a share of the coveted pie. Buoyed by a strong increase in private consumption retailing is one industry that is waiting to explode. The Indian Retail sector has caught the world‘s imagination in the last few years. Topping the list of most attractive retail destination list for three years in a row, it had retail giants like Wal-Mart, Carrefour and Tesco sizing up potential partners and waiting to enter the fray. India‘s retail growth was largely driven by increasing disposable incomes, favorable demographics, changing lifestyles, growth of the middle class segment and a high potential for penetration into urban and rural markets. However, with the onset of the global financial crisis, Indian retailers have been suffering from the effects of rapid credit squeeze, high operating costs and low customer confidence. Organized retail structure Organized retailing is bound to grow tremendously provided the rights are adopted. Retail businesses have broken rank and seem poised to surge head with renewed vigor, optimism, confidence and capability. There is an incredible amount of activity in terms of creation of retail oriented space across India. As per some estimates, there are over 200 retail mall projects under construction or under active planning stage spanning over 25 cities. This may translate into over 25 million sq. ft. of new retail space in the market within this year end. Huge retail formats, with high quality ambience and very courteous and ambivalent sales staff, are regular features of retail formats in most Asian countries. However in India expect for a few big towns where modern retailing formats abound, these features are grossly missing . ETIG expects organized retailing to slowly penetrate the second rung and smaller town which will catapult the growth rate for the sector. Even though the big retail chains are concentrating on the upper segment and selling products at higher prices like crossroads, akbarallys and shoppers stop, retail stores are sprouting that cater to the needs of middle class. With a huge middle class Population the retailers like RPG, Food World are tapping this market. The market is flooded with products branded and unbranded. The customers are in a dilemma as to pick which one. Simon bell of AT Kearney says ? there is a close relation between the growth of branded and the growth of the organized retail. Companies selling branded products prefer to have big and organized retail put lets such as Hypermarkets where they can be differentiated from unbranded products. Though doubts have been cast on the future of Indian retailing it is our belief that the retail boom is yet to happen. While the industry is in the introduction stage in most geography, it has just entered the growth region in the metro cities. Today the right product mix, right sourcing strategy and the right communication are the mantras for success. Each of the retail stars has identified and settled into a feasible and sustainable model of its own†¦ * Shopper Stop: Department store format * Westside: Emulated the marks amp; Spencer‘s model of 100% private label, very good value for money merchandise for the entire family * Giant And Big Bazaar- Hypermarket/cash amp;carry stores Food World And Nilgiris Supermarket format. * Pantaloons and the Home Store- Specialty retailing. * Tanishq- Has very successfully pioneered a very quality organized retail business in fine jewelers. Future Perspective We should see fundamental shifts in the way Indians shop in the very near future. The year 2003 could well be a landmark year for organized Indians retailing. According to recent study done by ET IG the organized retail industry is expected to grow by 30 % in the next five years and is expected to touch Rs 45000cr. Thus, the growth potential for the organized retailer is enormous. Metro from Germany is a very successful and resourceful retailer and their cash amp; carry format should offer a good run for money to others. Some others will also find perfectly legitimate ways to operates in India, for example, Marks amp; Spencer‘s, Mango and ShopRite. But due to the economic downturn, the organized retail penetration, which was expected to touch 16 percent by 2012 from the current 5 percent, is likely to trace 10. 4 percent only. Changing and influencing factors Consumer Factors * Income Level * Change In Lifestyle * Demand For Global Trend * Supply Side Factor * Growing Importance Of Retailing Factor * Political And Economic Factor * Supply Constraints * Reduction In Import Duties-Offer Present Indian scenario India is the country having the most unorganized retail market. Traditionally it is a family‘s livelihood, with their shop in the front and house at the back, while they run the retail business. More than 99% retailers function in less than 500 square feet of shopping space. The Indian retail sector is estimated at around Rs 900,000crores, of which the organized sector accounts for a mere 2 per cent indicating a huge potential market opportunity that is lying in the waiting for the consumer savvy organized retailer. Purchasing power of Indian urban consumer is growing and branded merchandise in categories like Apparels, Cosmetics, Shoes, Watches, Beverages, Food and even Jewellery, are slowly becoming lifestyle products that are widely accepted by the urban Indian consumer. Indian retailers need to advantage of this growth and aiming to grow, diversify and introduce new formats have to pay more attention to the brand building process. The emphasis here is on retail as a brand rather than retailers selling brands. The focus should be on branding the retail business itself. In their preparation to face fierce competitive pressure, Indian retailers must come to recognize the value of building their own stores as brands to reinforce their marketing positioning, to communicate quality as well as value for money. Sustainable competitive advantage will be dependent on translating core values combining products, image and reputation into a coherent retail brand strategy. There is no doubt that the Indian retail scene is booming. A number of large corporate houses — Tata‘s, Raheja‘s, Piramals‘s, Goenka‘s — have already made their foray into this arena, with beauty and health stores, supermarkets, self-service music stores, NewAge book stores, every-day-low-price stores, computers and peripherals stores, office equipment stores and home/building construction stores. Today the organized players have attacked every retail category. The Indian retail scene has witnessed too many players in too short a time, crowding several categories without looking at their core competencies, or having a well thought out branding strategy. Growth of Retail Sector: Retail is one of the booming sectors of India in the present times. Retail, one of India‘s largest industries, has presently emerged as one of the most dynamic and fast paced industries of our times with several players entering the market. Accounting for over 10 per cent of the country‘s GDP and around eight per cent of the employment retailing in India is gradually inching its way toward becoming the next boom industry. Another credible factor in the prospects of the retail sector in India is the increase in the young working population. In India, hefty pay packets, nuclear families in urban areas, along with increasing working-women population and emerging opportunities in the services sector. These key factors have been the growth drivers of the organized retail sector in India which now boast of retailing almost all the preferences of life Apparel amp; Accessories, Appliances, Electronics, Cosmetics and Toiletries, Home amp; Office Products, Travel and Leisure and many more. With this the retail sector in India is witnessing rejuvenation as traditional markets make way for new formats such as departmental stores, hypermarkets, supermarkets and specialty stores. The retailing configuration in India is fast developing as shopping malls are increasingly becoming familiar in large cities. When it comes to development of retail space specially the malls, the Tier II cities are no longer behind in the race. If development plans till 2007 is studied it shows the projection of 220 shopping malls, with 139 malls in metros and the remaining 81 in the Tier II cities. The government of states like Delhi and National Capital Region (NCR) are very upbeat about permitting the use of land for commercial development thus increasing the availability of land for retail space; thus making NCR render to 50% of the malls in India. India is being seen as a potential goldmine for retail investors from over the world and latest research has rated India as the top destination for retailers for an attractive emerging retail market. India‘s vast middle class and its almost untapped retail industry are key attractions for global retail giants wanting to enter newer markets. Even though India has well over 5 million retail outlets, the country sorely lacks anything that can resemble a retailing industry in the modern sense of the term. This presents international retailing specialists with a great opportunity. The organized retail sector is expected to grow stronger than GDP growth in the next five years driven by changing lifestyles, burgeoning income and favorable demographic outline. Major players Foodamp;Grocery| Fashion| Others| Food World| Shoppers Stop| Vivek’s| Subhiksha| Westside| Planet| Nilgris| Lifestyle| Music World| Adani-Rjivs| Pyramids| Crossword| Nirma-Radhey| Pantaloons| Life spring| Each of these retail stars has identified and settled into a feasible and sustainable business model of its own. Rather surprisingly, each has developed a unique model. Westside has very successfully emulated a Marks amp; Spencer model (of 100 per cent private label, very good value for money merchandise for the entire family). Spencers Daily and Nilgris have successfully shown the viability of the `supermarket format in India and its ability to co-exist with the ubiquitous Kirana store. In addition to balancing per unit income reduction against increased volume, sales promotions other than storewide markdowns balance the value of promotional offers against expected redemption rates. Loyalty programs can be a cost-effective sales promotion tool. Store membership loyalty programs can work much the same way as storewide markdowns, with the exception being that not every customer receives a discount. Members bring in lower per unit revenue while increasing sales volume. Nonmembers balance out the equation by paying full retail price and not necessarily boosting sales volume. Coupons Coupons can be even more cost efficient than loyalty programs, but coupons can have less effect on sales volume. With coupon programs, a majority of customers will pay full price for products, while only a select few who clip coupons will receive price discounts. Coupons can be effective as a supplement to other promotional strategies, allowing retailers to gain business from a select group of value-conscious consumers. The problem with coupon-clippers, however, is that retailers can find it challenging to build oyalty in this group, who are likely to defect as soon as the coupon promotion ends. Mail-In Rebates Mail-in rebates provide unique financial advantages to retailers. With a mail-in rebate, retailers collect full retail price for products sold, then reimburse customers at a later date. This can keep revenue figures up, while eating into profitability due to rebate redemption expenses. The more valuable a mail-in rebate is, the more likely consumers are to redeem it. The opposite holds true as well, creating distinct opportunities for retailers. Retailers who offer small rebates can take advantage of increased demand on the spot, while minimizing the price they have to pay for the additional sales volume. A $10 rebate on a lawn chair, for example, may be enough to convince a shopper to buy a chair but not enough to motivate the customer to go through the redemption process. Contests Contests can stir up excitement about your brands, creating memorable experiences in customers minds that they will associate with your company. Contests can take a variety of forms, but the best accrue some sort of extra benefit to the company along the way. Consider creating a cash giveaway for a randomly selected customer-service survey participant, for example, encouraging people to try your products while gathering valuable marketing research at the same time. Freebies Giving something away for free can be a powerful way to grab peoples attention and break down any resistance to change. For consumers, free samples in retail stores or free services offered via coupon can allow them to try something new without the risk of wasting money on a disappointing product. Buy-one-get-one programs can create a value proposition that causes shoppers to temporarily choose one brand over another. Freebies work in the business world, as well. Food product manufacturers, for example, can provide free samples to retail purchasing managers to give them confidence that the products will sell. Discounts Offering price discounts is at the heart of most sales promotion programs. Storewide sales mark down prices on a wide range of goods, enticing customers to visit a store and search for deals. Coupons can attract a highly value-conscious market segment that can often be persuaded to buy in bulk for the right price. Mail-in rebates help keep revenue numbers high, since customers originally pay full price for goods on promotion. In addition to this, not every customer who buys a product specifically because of a rebate will actually redeem the rebate, maximizing the value of the promotion to the company. B2B Terms of Sale Small businesses can include promotional incentives in the terms of sale for their business customers. Businesses can offer volume discounts to encourage distributors to stock up on particular products, for example. Businesses can also offer price discounts for paying off business-to-business credit accounts early. B2B Allowances Small businesses may have to use sales promotions to convince business buyers to give their products and services a try. In the retail world, it is common for companies to actually pay retailers what is called a slotting allowance to purchase and stock their products at first, reducing the risk to the buyer. Small businesses can also offer an advertising allowance, essentially a cooperative advertising agreement fully financed by the seller, to sweeten the deal for business buyers. 2. 1. 2 OBJECTIVES OF SALES PROMOTION Keep Existing Customers A sales promotion can be geared toward keeping existing customers, especially if a new competitor is opening nearby. For example, a barbershop owner can mail coupons to all of his existing customers to take attention away from a competitors grand opening event. A dry cleaner could implement a referral program where he gives existing customers a discount when they refer new customers to make a purchase, which can help build customer loyalty. Inventory Clearance A special promotion can help you clear inventory to make room for seasonal or new merchandise. If you own a clothing boutique, for example, you may need to advertise a reduced price on winter clothing to make room for spring and summer fashions. The owner of a gift shop can conduct a clearance sale on Halloween merchandise to make room for Christmas products. Reaching New Market A promotion can be a way to reach a new segment of the market. For example, if you operate a health club and youve developed a fitness plan geared toward senior citizens, you can use a mailing list with addresses of those who are age 65 and older. You can then mail a coupon or special offer to this market segment. New Product Launch A sales promotion can help you introduce a new product to the marketplace. For example, if you operate a bakery and youre unveiling a new line of pastries, you can generate a promotion to get people to come to your bakery and try them. Your promotion can offer a discounted price or the addition of a free item, such as a cup of coffee. Increased Brand Awareness A sales promotion can help increase awareness of your brand, which can ultimately lead to additional sales. For example, by sponsoring a charity, event such as a chicken barbecue or raffle, you can make people in the community aware of your company in a positive way, which can lead to them patronizing your business. . 2 MARKETING MIX OF BIG BAZAAR Product: Big Bazaar offers the maximum variety for every category of product. The product is the same in every store in the city but the brand options are more in Big Bazaar and the quantity for each product is not limited to large packs only. The commodities sold by the retail chain includes its â€Å"own products† which get a ready distribution network. The own products of Big Bazaar include My World fashion magazine which is not available anywhere else. So costs are very low for such products. Big Bazaar offers a wide range of products which range from apparels, food, farm products, furniture,  child care, toys, etc of various brands like Levis, Allen Solly, Pepsi, Coca- Cola, HUL, ITC, Pamp;G, LG, Samsung, Nokia, HP etc. Big Bazaar also promotes a number of in house brands like: * DJ amp; C * Tasty Treat * Clean Mate * Sensei * Care Mate * Koryo and 44 other brands. Pricing: Price is the critical point in a competitive industry. Big Bazaar works on a low cost model. It considers its discounted price as its USP. There is an average discount of 6-8% on all items in respect to their MRP. Prices of products are low because it is able to secure stock directly from the manufacturer. There are huge synergies in terms of bulk purchasing, transportation and central warehousing. These all factors are very helpful for the retailers to keep low prices. The pricing objective at Big Bazaar is to get â€Å"Maximum Market Share†. Pricing at Big Bazaar is based on the following techniques: * Value Pricing (EDLP – Every Day Low pricing):  Big Bazaar promises consumers the lowest available price without coupon clipping, waiting for discount promotions, or comparison shopping. Promotional Pricing:  Big Bazaar offers financing at low interest rate. The concept of psychological discounting (Rs. 99, Rs. 49, etc. ) is also used to attract customers. Big Bazaar also caters on Special Event Pricing (Close to Diwali, Gudi Padva, and Durga Pooja). * Differentiated Pricing:  Differentiated pricing i. e. difference in rate based on peak and non-peak hours or days of shopping is also a pricing technique used in Indian retail, which is aggressively used by Big Bazaar. e. g. Wednesday Bazaar Bundling: It refers to selling combo-packs and offering discount to customers. The combo-packs add value to customer and lead to increased sales. Big Bazaar lays a lot of importance on bundling. e. g. 3 Good Day family packs at Rs 60(Price of 1 pack = Rs 22) 5kg oil + 5kg rice + 5kg sugar for Rs 599 Place: Place means the location of the business. Big Bazaar has always worked on cheap locations. It targets semi-urban population with its placement. Its strategy is to find a low-cost location and it never goes for hot spots in the city. It relied on promotional activities to make up for unattractive locations. Another strategy used by Big Bazaar to overcome location disadvantage is use of internet. It has launched a merchandise retailing website www. futurebazaar. com which targets high-end customers ready to use credit cards. The promotion of this website is done through advertisement on Google. The website is put as sponsored link. The Big Bazaar stores are operational across three formats — hypermarkets spread over 40,000-45,000 sq ft, the Express format over 15,000-20,000 sq ft and the Super Centers set up over 1 lakh sq ft. Currently Big Bazaar operates in over 34 cities and towns across India with 116 stores. Apart from the Metros these stores are also doing well in the tier II cities. These stores are normally located in high traffic areas. Big Bazaar aims at starting stores in developing areas to take an early advantage before the real estate value booms. Mr. Biyani is planning to invest around Rs 350 crore over the next one year expansion of Big Bazaar. In order to gain a competitive advantage Big Bazaar has also launched a website www. futurebazaar. com, which helps customers to orders products online which will be delivered to their doorstep. This helps in saving a lot of time of its customers. Promotion: Big Bazaar has huge promotion budgets. The biggest idea behind all advertisements is to make people do bulk shopping. There are 2 types of promotional strategies of big bazaar. One is the advertisement which promotes the brand and creates awareness towards people. It is not targeted at promoting each store but only creates an image of Big Bazaar as low-cost shopping option. The store has advertised through TV, road shows and also started reality show-typed promotional campaign â€Å"The Big Bazaar Challenge. † Promotions like â€Å"Sabse Sasta Din†(Cheapest Day) are a very successful strategy to get good results. In these products across categories such as furniture, electronics, utensils, apparels and food products at the lowest possible prices, coupled with attractive promotional schemes. Some of the most attractive offers being a 20-litre branded microwave oven with grill for Rs 2,399, jeans and trousers for Rs 199 and HCL laptops for Rs 22,800. Buy 2 Get 1 Free types of promotions are very common. Original prices are cut down and new prices are shown, of which customer takes quick notice. There are loyalty schemes which reward regular clients. There are multiple counters where bill can be generated for purchases made. Big Bazaar also provides delivery of products over purchases of Rs. 1000. Physical Evidence: Products in Big Bazaar are properly stacked in appropriate racks. There are different departments in the store which display similar kind of products. Throughout the store there are boards/written displays put up which help in identifying the location of a product. Moreover boards are put up above the products which give information about the products, its price and offers. Big Bazaar stores are normally ‘U shaped’ and well planned amp; designed 2. 3 BIG BAZAAR’S NEW MARKETING STRATEGY Big Bazaar has launched new marketing strategy which is based on Guerrilla Marketing. Guerrilla marketing warfare strategies are a type of marketing warfare strategy designed to wear-down the enemy by a long series of minor attacks, using principles of surprise and hit-and-run tactics. Attack, retreat, hide, then do it again and again, until the competitor moves on to other markets. Guerrilla force is divided into small groups that selectively attack the target at its weak points. In the world of cut throat competition, corporate use extension of the same strategy in marketing. Corporate like Pepsi, Coke etc have been using the same for quite some time now and the latest entrant is our very own ‘Future Group’- Big Bazaar, Future Bazaar, Pantaloons, e Zone are all part of this group and they are taking on the biggies like Shoppers Stop, Lifestyle, and Tata’s Westside. In order to do the same, Future Group have come up with 3 catchy and cheeky ad campaigns which surely do catch our eyes and surely one can’t resist appreciating the same. 2. 3. 1 RETENTION STRATEGY: Big Bazaar strive to foster a feeling of well-being in their employees through care and respect, Big Bazaar have several structured processes including employee mentoring and grievance management programmers which are intended to facilitate a friendly and cohesive organization culture. Off –site activities are encouraged to improve interpersonal relationship. Big Bazaar also acknowledge the efforts exerted by their employees by organization an annual celebration called ‘Pantaloon Day’ where Big Bazaar recognize employees who have shown exceptional talent, sincerity and dedication.