lighting wonders

8/6/2019 Lighting Wonders

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25.07.11

INTERNSHIP REPORTON A

RETAIL OUTLET´LIGHTING WONDERS «nothing beyond thisµ

RETAIL VARSITY | HARSHA OSTWAL M



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DECLARATION

I, HARSHA OSTWAL M, A BONAFIDE STUDENT OF RETAILVARSITY CHENNAI BUSINESS SCHOOL, WOULD LIKE TODECLARE THAT THIS PROJECT DONE AT LIGHTING WONDERS,CHENNAI IS MY ORIGINAL WORK AND NOT TAKEN FROM ANYOUTSIDE SOURCE.

MANAGEMENT PROJECT SUBMITTED TO CHENNAI BUSINESSSCHOOL OF MANAGEMENT IS IN ACCORDANCE WITH THERULES OF THE INSTITUTION AND IN FULFILMENT OF THEREQUIREMENTS FOR THE ACQUIRING THE DEGREE OF MASTEROF BUSINESS ADMINISTRATION ² RETAIL MANAGEMENT.



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INDEX

I. COMPANY PROFILEII. PRIMARY OBJECTIVE

III. SECONDARY OBJECTIVEIV. METHODOLOGY ² RESEARCH DESIGNV. SCOPE OF THE PROJECT

VI. EVISAGED CONSTRAINTS OF THE STUDYVII. LEARNINGS



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COMPANY PROFILE

ABOUT THE ENTITY¶Lighting Wonders «nothing beyond this·, a retail format was started in October2009. This new venture offers a wide range of light fixtures right from Fancy Lighting to Commercial Lighting and Residential Lighting to Architectural Lighting. It is astudio for exclusive and exquisite chandeliers, wall brackets and many morelightings.

CORE VALUES*Customer Focus*Quality Assurance*Commitment to Service

PRODUCTS1. Wall Fittings2. Ceiling Fittings3. Hanging Fittings4. Outdoor Fittings5. Surface Fittings6. Crystal Fittings7. Chandeliers

8. LEDs

9. Floor Lights10. Fancy Kids Lights11. Down Lighters12. Mirror Optics13. Bulk Heads14. Fibre Optics15. Wall Washers

16. Wall Brackets

PLACEStore is located at # 7/2, Arunachalam Lane, 1 st Floor, Opposite to Nehru Stadium(Gate # 2), Periamet, Chennai ² 600003. A retail outlet should be located in a visiblearea as retail business·s important aspect is Location« Location« Location« but dueto this error of wrong location business has a limited reach.

PRICING

It charges premium for the quality it offers. It is ahead in its designs and the USP isits customization feature.

PROMOTIONRecently, it took part in Light Expo 2011, it provides its brochures, catalogues toarchitects and interior designers and website is under construction. Also, display itsunique customized products in the store.



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PRIMARY OBJECTIVE

y To gain a general understanding of retail business and how the commercialaspects are addressed in a day to day manner.

y To acquire knowledge about the lighting business and the way the industryoperates.

y To apply the retail knowledge to comprehend the strengths and weaknesses ofthe business.

SECONDARY OBJECTIVE

y To figure out the functioning of various departments especially Store, Warehouse and Commercial.

y To capture a clear understanding of inter-linking and inter-dependence ofvarious departments as a whole.

METHODOLOGY ² RESEARCH DESIGN

I worked as a salesperson with the responsibility of attending customers. Theresearch done was an on-the-job training technique and it is first-hand informationgot out of personal experience enunciated thereby.

SCOPE OF THE PROJECT

As a salesperson, my responsibility was to cater to the needs of the customers andwhile working, I was able to learn the functioning of the various departments of thefirm which has been elaborated below.

Hierarchy:

Store Manager

Assistant Store ManagerAccountants & Chief Cashier

Sales PersonDelivery Person

ElectricianCleaner



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STORE FUNCTIONINGThe store is opened in the presence of Assistant Store Manager and it opens by 10a.m. in the morning; people have been allocated with their respective roles and jobs.Store manager and Assistant Store manager have the keys of the store. After the store

is opened he ensures that cash, property and items are intact and no other damageshave happened.

Store Manager and Assistant Store Manager assign roles and responsibilities to theemployees. It starts from cleaning the merchandise and the store to fitting them withthe help of the electrician. Each and every person is ready to assist the customer andtakes utmost care of theft and pilferage. Stocks are replenished as and when there isstock out.

The accountant uses Tally software for accounting purposes and Microsoft Excel forupdating stocks keeping units. The entity does not use any other software andbelieves in manual entries and billing is also done manually. The delivery persondelivers the items as per the delivery terms which are within 3-4 days of the orderconfirmation and for customized or special items it takes 1 to 3 months depending onordered quantities. Quotations and reports are prepared. The attendance of theemployees is noted on a daily basis. The store closes by 8:30 p.m. in the presence ofAssistant Store Manager.

WAREHOUSE FUNCTIONINGIt is located on the 2 nd floor of the retail store and opened as and when the productsare to be delivered. The products are got in the warehouse and cross checked withordered quantity. Then the products are inspected for the right quality and design.After the quality is checked a goods receipt note is generated and the productinformation is manually entered in the systems of the store. The verified products aretagged and kept in the shelves allocated in the warehouse. Lights and Fittings areimported from China at least quarterly or half yearly depending on sales.

*Stock Keeping Units ² 2000 pieces

*Wall Fittings and Others are stocked: 20 ² 25 pieces*Fancy Lights and Chandeliers: 2 ² 3 pieces*Regular Lights 200 ² 300 pieces



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VISUAL MERCHANDISE

As per the retail format the VM is well taken care of i.e. mock set up of bedroom area,restaurant, closet, jewellery shop shelves and bar area is the USP of the store. Thefittings are placed very well and each of it neatly connected to have a clear feel of theproduct. Each and every product could be lit and the customer will get an idea aboutthe product.



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EVISAGED CONSTRAINTS OF THE STUDY

y Due to the power cut for an hour in the afternoon every day, I was not able tocater to the needs of the customers and that in turn affected the sales.

y As it is a retail format, absenteeism of even one employee burdens theresponsibility of other employees. This at times affected my study.

LEARNINGS y Fast Moving Items ² Down lighters, Mirror Optic Fittings, LED Strips.y Slow Moving Items ² Chandeliers, Outdoor Fittings and Wall Fittings.y CFL are not very expensive yet not easily sold.y Osram LED Down lighter is an expensive item but purchased often.y Inventory Control ² Security in place and stocks are verified on a daily basis.y Cash Management ² Manual entries are made and physical cash is tallied

every day.y Sales Report - Computation of monthly sales through Tally.y Order Placement & Processing is done at the quickest and meet deadlines.y Quotations are negotiable to keep the customer satisfied.y Consumer Buying Behavior is based on prioritizing their needs in order of

ease of maintenance, design, life and quality.y Delivery is utmost taken care as it has fragile products.

MY STINT AT LIGHTING WONDERS«

Indeed, my experience with the firm has been very fruitful and enlightening interms of running a retail enterprise, facing day-to-day challenges and resolving them at the earliest possible in a very effective and efficient manner.

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