service mgnt music store

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Service management MUSIC RETAIL INDUSTRY Roll no. Name 07 PRATIK CHAUDHARY 08 FAIZ SAYED 09 RAJSHREE GAIKWAD 10 VIDYA HANCHATE 11 SHILPA INGLE 12 SNEHAL ISE SUBMITTED TO: PROF. RAJESH VYAS WHERE MUSIC IS PASSION

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WHY SELECT MUSIC INDUSTRY??? The Music Industry in the world is one of the fastest growing segments of the world economy. The total revenue from the music and movies and the related products have crossed $350 bn with a very impressive growth. In India prior to the entry of the organized music retailers, the music and the related products were sold through the unorganized small shops and the distribution channels of the production houses. But the scene has change drastically with the entry of new players into the market. Finally, we have selected this topic to explore music retail industry and share the information with the class.

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MUSIC RETAIL INDUSTRY The music industry across the globe can broadly be divided into three segments: Creation Marketing and Distribution Music artists create music, which is marketed and distributed by a network of record labels, distributors, retailers, broadcasters and DJs/clubs. Labels (record companies) play an important role in all three stages by providing capital and the marketing know-how to create, promote and distribute music. In the music industry we as entrepreneurs would like to bring in a revolutionary experience for all the music lovers through introducing “YOYO MUSIC”

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COMPANY PROFILE: YOYO MUSIC The YOYO Music stores are mainly known for selling music and movies and related accessories. YOYO Music offers popular new CDs, DVD rentals and CD/DVD recording media. The start-up cost of YOYO Music will consist primarily of shop deposit, rent along with the inventory and display equipments. Investment would be of Rs.2,50,00,000.

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YOYO MUSIC Objectives To become the first choice of our target customers. To create a strong DVD rental business. To increase blank media sales by 20% each year. Mission YOYO Music's mission is to offer our target customers: The best quality popular CDs, VCDs and DVDs at affordable prices. The best recording media at lowest prices. A large selection of DVD rentals.

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COMPETITORS ANALYSIS

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ONLINE COMPETITORS

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SERVICE MARKETING MIX

PRODUCTS:

PRODUCTS

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PRODUCT OR SERVICE DESCRIPTION The primary focus is to satisfy the music needs of the target customers. Yoyo Music offers various products which are: New CDs DVDs and VCDs : Every type of music/movies (Classical, Religious, Bollywood, Hollywood etc) DVDs Rentals : Movies that are popular with our target customers which includes people of all age groups. Online Music And Video Contents Music Accessories and Gadgets including MP3 Player, Neo Pads and Ipods The company also offers high quality speakers and headphones.

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PRICING We will adopt Competition Based Pricing as music retailing is homogenous service that are standardized without special service attributes. Also Skimming Pricing Strategy for latest and least available DVDs. Price bundling Premium pricing to the elite customers. Special offers especially for the products which are in least demand. Discounts for the frequent customers.

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PRICING RANGE Audio CDs (Hindi) – Rs.99 to Rs.149 DVDs movies ( Hindi ) - Rs.49 to Rs.299 CDs (English) - Rs.199 to Rs.499 DVDs movies (English) - Rs.299 to Rs.1000 Rental for DVDs - Rs.50 per day (Hindi & English) Apple iPods range - Rs.2700 to Rs.20000 All brands MP3 player - Rs.1999 to Rs.7999 Speaker - Rs.999 to Rs.19999 Headphones - Rs.699 to Rs.6999 Video contents ( Kiosk ) - Rs.20 to Rs.50 CD ROMs ( Blank ) - Rs.20 to Rs.75

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PROMOTION Advertising Television Cinema Houses Radio Stations Newspapers & Magazines Email Ads 2. Sales Promotions Premium and Gifts Trade fairs and Shows Exhibition and Demonstration Discount Coupons 3. Sponsorship (e.g. College Fest) 4. Word of Mouth

PLACE:

PLACE Location: Napean Sea Road, Grand Road (W), Mumbai-400006. Located near Priya Darshini Park which is a popular joint for all age groups. No. colleges on Napean sea road, e .g. Wilson and Bhavan’s colleg. Target customers: Students Distribution Channel: There is no such distribution channel but we are giving our customers HOME DELIVERY service with in an area of 5 kms.

LOCATION MAP:

LOCATION MAP

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PEOPLE YOYO Music will have the following staff members: Manager - Rajashree Gaikwad Assistant manager- Vidya Hanchate Cashier : Snehal Ise Three Customer Assistants : Faiz Sayed Shilpa Ingle 3. Pratik Chaudhary 2 delivery boys A Watchman A House keeper

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PEOPLE The right fit of employees Trained & motivated Employees Loyal Customers Sustainable Growth Real Profit Increase Stock Increase Source: First, Break All The Rules –Marcus Buchingham and Curt Coffman Link Between Employees and Profit- The Gallup Model describes the path between the individual contribution of every employee and the ultimate result of increase in the Company Value.

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PROCESS All the Purchases, Inventory and Sales record are entered in a software called RetailPro . We have the data of all the inventories in this system, which helps us and the customer to find out the availability of the needed items instantly. Two modes of Payments: Cash: All the cash collections of the day are tallied with RetailPro Credit card & Online Payment: All Credit card payments and online payments are transferred to our Bank A/C. Complaint handling process: Service recovery assessment will be done on a per day basis to ensure better service quality. Benchmarking: In order to have market leadership in the industry and competitive advantages over others.

PHYSICAL EVIDENCE:

PHYSICAL EVIDENCE

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PHYSICAL EVIDENCE Physical Evidence: It includes, 1. Essential Evidence: This includes all our products. 2. Peripheral Evidence: These are the items which enhance our corporate image which includes stationery, brochure etc. Physical Environment : It includes, ambience, space, décor and artifacts 1. The ambience and the interior of the retail shop is organized in such a manner to attract all age group people. 2. Store is well spaced with 2000 sq feet. 3. The stores display the product in a very organized way. We have different sections for regional music, international as well as for bollywood tracks.

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MARKETING STRATEGIES The wide range of product offerings. Products can also be accumulated in future dates when demand arises. Every type of music (Classical, Religious, Bollywood etc.) under one roof. Target Audience involves people of all age groups. Music released of movies and albums will be organized. There are music playing ports where the customers can listen to the music prior to the purchase.

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CONTD… Always there would be surprise gifts and goodies with the purchase, to encourage our customers. Increase affiliation with top production houses in the market. Discounts and Value Added Services: This combination would offers the customer a very good shopping option . Availability of DVDs and VCDs in 5 different Indian languages (will also increase options in upcoming time) Tardily increase our printing and television ads.

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SALES STRATEGIES Sales force will be offered incentive for achieving target. It will be on monthly basis. Multiple product purchase will be pushed by giving huge discount on one product to get sale of another product. Loyalty programmes will be offered for repeat purchase.

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GROWTH STRATEGIES YOYO music is planning to set up 10 outlets, 5 of them in the metros, by the end of 2014. Out of 10 outlets 5 outlets will be franchisee based rest will be handled by YOYO music. In tier 2 cities stores will be primarily located in malls. Product line of YOYO music will be extended which will Include gaming solutions and mobile retailing YOYO music is expecting 10 % growth rate in annual turnover for the first 4 year.

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OTHER STRATEGIES Target Market Segment Strategy. The student population that YOYO Music is targeting is very comfortable with the newest technology and has easy access to CD/DVD recording equipment. Along with this YOYO music also targets Business class and Leisure travellers YOYO music enables the consumer to get all their favourite music under one roof Process of YOYO music is very efficient. Home Delivery options is available . Customer can also order online for their favourite track.

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CONTD… All the service related issues would be handled with great care and in the store itself, so that the customer need not go in service centre especially for music gadgets. Our employees will take care of this. Yoyo music is an expert in offering fascinating music solutions for ordinary people Waiting time will be at minimal due to home delivery and online order options. Superior service quality at competitive price is YOYO music’s competitive advantage.

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THANK YOU

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Final SLIDE DISTRIBUTION 2 TO 5 PRATIK 6 TO 9 SNEHAL 10- 12 SHILPA 13 TO 15 RAJSHREE 16 TO 19 VIDYA 20 TO 23 FAIZ