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Global Business Management Audit - Identifying Global Business Opportunities - Assignment Example

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This paper under the title "Global Business Management Audit - Identifying Global Business Opportunities" focuses on the fact that the contemporary business environment is characterized by constant flux. Sustainable growth has become the order of the day. …
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Global Business Management Audit - Identifying Global Business Opportunities Table of Contents Module 1: Identifying Global Business Opportunities 2 Module 2: Analyzing International Competitors 4 Module 3: Assessing the Economic-Geographic Environment 4 Module 4: Assessing the Socio-cultural Environment 5 Module 5: Assessing the Political-Legal Environment 5 Module 6: Establishing a Global Company Structure 6 Module 7: Financing Sources for Global Business Operations 7 Module 8: Creating a Global Management Information System 9 Module 9: Identifying Human Resources for Global Business Activities 9 Module 10: Managing International Finance and Business Risks 10 Module 11: Product and Target Market Planning 11 Module 12: Designing a Global Distribution Strategy 12 Module 13: Planning a Global Promotion Strategy 12 Module 14: Selecting an International Pricing Strategy 13 Module 15: Determining Organizational Financial Results 14 Module 16: Measuring International Business Success 15 Conclusion 16 Reference 17 Introduction Contemporary business environment is characterized by constant flux. Sustainable growth has become the order of the day. The aim is not just to acquire high growth rate, rather to gain a competitive edge in the international market. With time, businesses are losing their geographical boundaries in an attempt to become multinational companies. High degree of competition and the consequent market saturation of developed nations have made investors turn to the less explored yet potential markets of developing countries. Such markets are attractive destinations for companies wanting to diversify their business. This project attempts to conduct an audit in order to verify the effectiveness of its global expansion strategy in ensuring company’s future growth. The selected company is Kroger, the strongest player in the American retail supermarket chain. It was established in 1883 and has its headquarters in Cincinnati, Ohio. The company operates several grocery and multi-department stores, convenience stores and mall jewelry stores. It has more than two dozen banners with the same aim of developing a strong tie with the customers. The company is actively involved in manufacturing several products. At present, it has approximately 40 manufacturing plants under its operations. The different sectors are dairy, bakeries, meat plants and grocery item. In the given project, an audit will be conducted to verify the expansion opportunities existing in emerging economies like India which is a second fastest growing economy. Module 1: Identifying Global Business Opportunities Company name: Kroger Co. Company Sector: Supermarket chain Industry Group: Retail Industry: Food & Staples Retailing and Sub-industry: Food & Beverage Stores (As per GICS code). The above mentioned company is the market leader in US retail sector as per the current statistics. The company has under its operations 2,468 grocery retail stores in 31 states; the sheer size of which gives it the repute of international order (Kroger, “Operations Overview”). 95 percent of total revenue of Kroger is generated from the sale of foods and beverages. However, its presence it also conspicuous in other sectors; for example it has 372 fine jewelry stores enjoying a healthy growth prospects (Kroger, “Operations Overview”). Business in such diverse activities makes it potent enough to enter the retail business of the developing countries. India, on the other hand is basking on the limelight that several international companies seemed to have bestowed as an attractive market for investment. According to BMI, India Retail Report for the third-quarter 2010, the Indian retail sector is expected to grow from US$ 353 billion (2010) to US$ 543.2 billion (2014). The report implies that within a time span of five years the customer base of upper class as well as middle class will expand stupendously. This growth will be more noticeable in the tire II and tier III cities (IBEF, “Retail”). India is indeed a lucrative market for Kroger to enter and diversify its business. Module 2: Analyzing International Competitors The Indian retail sector is one of the largest and most lucrative among the investment fraternity. Increasing disposable income of Indians has enhanced their buying power. However, the Indian retain market is unorganized and unorganized retailers are the primary competitors for organized retail sector in India. Kroger Co is an America based supermarket retailer and it is one of the leading retail chains offering a wide array of products ranging from fast moving consumer goods, apparels, jewelries etc. In the global as well as in the US retail markets, its major competitors are Wal-Mart Stores Inc., Whole Foods Market Inc., and Safeway Inc. According to the GICS Industry category, these three companies and Kroger Co belong to same industry i.e. Food & Staples Retailing. The GICS code of Food & Staples Retailing industry is 301010 (Editgrid, “FactSet Universal Screen”). Wal-Mart is the largest and a leading retailer in the global retail market having a lion’s portion of market share. Wal-Mart’s operational process and strategic planning have resulted in competitive advantage for the company. This giant retailer is existent in almost all the global market. Whole Foods Market Inc occupies the second position in this respect. It has expanded its business in Europe and US market. Safeway Inc is the third largest retailer in North American retail market. It has expanded its market in countries like Australia, UK, Canada, Mexico etc. Kroger Co must carefully consider its competitors before developing its business process as the three other companies are also wooing the growing retail markets like that of India. Its strategies must therefore be unique which would provide it with a competitive advantage over its competitors. Module 3: Assessing the Economic-Geographic Environment India is situated in Southern Asia and is surrounded by Indian Ocean, Bay of Bengal and Arabian Sea. The country shares its geographical border with Pakistan, Nepal, China, Bangladesh and Myanmar. India has 2,973,193 sq km of land area and 314,070 sq km of water area. On an average it is one-third the size of US. The country possesses different types of terrains that comprise deserts, costal area, mountains and plains. Such diversity in climatic conditions affects the life style of people from place to place. The country is rich in natural resources. The coal reserve of the nation is the fourth largest in the world. Other resources like iron ore, manganese, mica, natural resources, bauxite and diamonds are also available. The economy of the nation is also growing at a healthy rate. Though recession has affected its economic condition, it is expected that in 2010 the country will succeed to attain a GDP growth of 8.8 percent thereby making it an attractive market to invest. In the last few years, the per capita GDP had shown a positive growth. In 2008, it was $2,900 whereas in 2009 it increased to $3,100. The present economic situation is expected to harbinger a better per capita income. Almost 25 percent of the population in India is below the poverty line. However, the government is taking several measures to minimize the rate of poverty and thus the demand for goods and services will boost in future. Another factor that reflects hike in demand for goods and services is the high growth rate of population. In India the rate of flow of foreign direct investment in growing day by day. From 2000 to 2010 the cumulative inflow of FDI in India was US$ 178,059 and in September 2010 it was US$ 2,118 (Department of Industrial Policy & Promotion Ministry of Commerce and Industry, “FDI Equity Inflows”). The Indian government has made it compulsory for a foreign company to develop partnership with an Indian firm while entering the local market. Therefore Kroger is required to develop a strategic partnership while entering the Indian retail market. Module 4: Assessing the Socio-cultural Environment The socio-cultural factors play an important role in determining the growth and nature of a market. The demographic features of India its retail market, since social and cultural aspects are important elements that influence consumer behavior. Total population of India is 1,173,108,018 and nearly 24% of total population lives in the urban areas. The urban population is the potential consumer of organized retail sector. The median age of this country is around 25.5 years and 64.3% of the population belongs to the ‘15-64’ age group. The literacy rate in India is lower than other developed countries and 61% of total population is literate. Male and female literacy rate is 73.4% and 47.8% respectively (CIA, “South Asia:India”). Demographic features like literacy rate and age are important criteria for determining the consumer buying behavior. Lower age group people are more attracted to fashionable and trendy products in apparels, accessories etc. Increasing urbanization and literacy rate have made Indian consumers more brand and quality conscious. In order to serve the potential Indian consumers, Kroger must identify the socio-cultural factors and the consequent consumer behavior. It must focus on factors like window displays, customer satisfaction, shopping and travel convenience, quality services, popularity etc (Chattaraman, “Retail Preferences of Indian Consumers”). Module 5: Assessing the Political-Legal Environment At present, the Indian political environment is quite stable. The present government of India is in favor of making the economy more open and liberal. Likewise, the government has introduced several modifications in the legal system to attract the foreign investors. The four vital elements in Indian political system are democracy, ethical issues, political risk and totalitarianism. Since it is a democratic country, it is imperative for the government to retain transparency in its operations. Therefore, it is quite easy to access information pertaining to legal and economic issues. The government pays considerable importance to ethical issues while making any decision. However, political risk is relatively higher in India. Often the nation faces political unrest that disturbs its economy. Being a secular nation, Indian legal system takes into account all the ethnic groups prevailing in India. This enhances the legal sensitivity of the nation. However, often a minor issue results in major religious riot and general people are left to bear the disastrous consequences but such cases are becoming lesser with time. While entering the Indian market, Kroger should be careful regarding the legal and political issues prevailing in India. The products standards and quality should be as per the Indian rules and regulations. This will minimize the business risk of diversification. Module 6: Establishing a Global Company Structure The organizational structure depicts the efficiency and effectiveness of the operational activities of an organization. Kroger Co. must develop its organization structure in Indian market as per the market requirement. A relevant organizational structure in Indian retail market facilitates the company to plan its strategic process and helps in consumer satisfaction & retention. Kroger is basically a supermarket chain and it should follow the organizational structure of a supermarket. The Indian retail market is not properly organized and hence, Kroger’s organizational structure in India should be not complicated. The following organizational chart is an example of retail organizational structure.Figure 1: Organization Structure of a Retail Store (Source: Pradhan, p.261) The above organizational chart includes all the necessary departments for retailing business in India. Indian retail market is very different from that of US and European retail market. The business unit in India must be decentralized to cater to Indian retail consumers. Chang and Harrington have found that decentralized structure of retail organization is more suitable as it ensures higher flexibility in adopting ideas for retail store and market (Chang and Harrington, “Conclusion”). Strategic alliance or joint venture with Indian companies is a better move for Kroger in the Indian Retail Market. The Indian companies are well aware of their Indian culture and consumer features and demand. Moreover, the governments does not allow foreign retailers to enter the Indian market with more that 51% foreign direct investments (Jose, “Battle ahead for government in allowing foreign retailers”). Therefore, Kroger is required to acquire a business partner in the Indian market. Module 7: Financing Sources for Global Business Operations Since the past few years, the inflow of foreign direct investment has increased in India. Several multinational companies are increasingly wooing the Indian market. Foreign direct investment can be through financial alliance and/or through a joint scheme. This mandates the foreign company to either share its technology or knowledge or any other resources. FDI can also be initiated through capital market in form of Euro Issues or through private placement. Depending on the nature of the sector, the percent of FDI differs. For example in retail and telecommunication sector, only 49 percent of foreign investment is allowed. Before developing the investment strategy it is necessary to take certain economic factors into account. At present, the prevailing bank rate is 6.00 percent and in future the Reserve Bank of India might hike the rates further, resulting in an increase in the cost of capital for companies. At present, inflation is a major problem. However, prompt action of the government has kept it in check. In November 2010, the food inflation was 10.15 percent which was the lowest since last three months. The whole sale price index for October 2010 was 8.58 (The Economic Times, “Food inflation hits 3-month low at 10.15%”). Unemployment rate is 9.4 percent in 2009-2010 and this reflects the huge supply of unskilled as well as skilled labor force in India (The India daily, “Unemployment rate at 9.4% in 2009-10 fiscal: survey”). According to World Bank, the infrastructure development rate is quite satisfactory in India. Though the economy is growing at approximately 8 percent but growth in power supply is just 4 percent. World Bank agreed to provide a loan of $1.195 billion to develop the infrastructure (The World Bank, “India Country Overview April 2010”). Taking into account the macro-economic factors in India, the company will have to enter a partnership with a local retailer. The company can issue ADR and GDR to raise capital from the market as the Indian capital market is performing quite well. Also, the rate is low in US as compared to India so the company may raise capital from the home country and invest in India. Module 8: Creating a Global Management Information System For conducting efficient and effective operational process, an organization needs necessary information regarding internal and external factors. Generally, the operational activities include several functions like financial, supply chain, manufacturing, sales & marketing etc. In case of retailing business, the primary operational activities include supply chain management and services to customers. Kroger must develop a system that will enable it to gather necessary information for conducting these primary activities. In this respect, Kroger must implement Radio Frequency Identification Device (RFID) in it supply chain management. The management needs to access information regarding the exiting stock and suppliers for managing the supply chain. For example, Wal-Mart’s supply chain management is an ideal example of efficient implementation of RFID. According to Gale, Rajamani and Sriskandarajah, “RFID presents tremendous opportunity in improving the overall performance of supply chains” and it is also cost effective for inventory management (Gale, Rajamani and Sriskandarajah, p.29). RFID technology also helps to reduce loss or theft of products. Information regarding internal activities is important for decision making process. The financial data or financial information is necessary for Kroger to meets its financial objectives. Decentralized structure of organization will help Kroger to evaluate the financial performance of its each unit separately. For decision making process, the head of each unit must analyze the available information regarding its potential customers and suppliers. In the respect, Kroger must maintain a data based information system. Module 9: Identifying Human Resources for Global Business Activities To make the global expansion strategy successful, Kroger should identify the critical activities that should be initiated to revive its performance. In UK, Kroger has managed backward integration because a large portion of the goods offered in the supermarket are manufactured by the company itself. Even in the Indian market, the company can use its own products. To take the advantage of low cost of production, Kroger can set the production unit in India where foods and beverages can be processed. The HRM policy may vary as per the needs of different departments. For example, the employees in the sales department should consist of native people, since they have a better understanding the needs and demands of local people and therefore can handle the customers more effectively. The same strategy is effective for other departments and company should hire local employees. For managerial post, Kroger can transfer its managers from US to India. Some mangers can be hired from the Indian market. The newly joined employees should be provided the required training. Employees at lower position should be given in-house training (decentralized) whereas the managers will receive centralized training. For monitoring the performance it is preferred to have a decentralized performance management system that takes into account the market situation of India. Module 10: Managing International Finance and Business Risks Multinational companies are exposed to different types of risks including financial, country and business risks. Among the developed and developing nations, Indian market is exposed to several types of political and economic risk. The following figure shows risk level of India and other nations. Figure 2: Overall Country Risk (Source: Political and Economic Risk Consultancy, Ltd.- PERC, “Overall Country Risk Ranking”) In India low cost labor is easily available, but labor regulations and interference of political parties pose a big challenge. The Indian Government is ineffective in protecting intellectual property rights, which might deter Kroger’s global expansion in India. Poor infrastructure of India may affect the efficiency of Kroger’s operational activities (International Trade Administration, “Barriers to Growth”). Economic factors like inflation, exchange rate of India may create financial risk for Kroger. In order to serve the Indian Retail market, Kroger is required to acquire international suppliers which might lead to exchange rate risk. Indian currency is weaker than European pound and US dollar. Therefore Kroger must develop a team for risk management. Some recommendations have been given below. Implement stress testing for measuring risk level Determine the risk tolerance level Hedge all the possible exposures Use hedging instruments like swap, future, forward, options and insurance Try to manage high inventory for avoiding sudden hike in product price Financial performance measurement on a regular basis (Hanchar, “A General Framework”) Module 11: Product and Target Market Planning In Indian retail market, a large section is unorganized and local players offer their own products to the customer. However, with time the customer behavior is changing and people are shifting from non-branded products towards branded ones. This is one of the major threats to the international companies who are trying to enter the retail market of India. The unorganized sector has its own competitive edge. In small town and villages, organized retailers have very poor penetration and the local unorganized players take advantage of this. They offer products at low price and enjoy price leadership (Rahul & Rahil p.5). All these factors should be taken care of by Kroger. It should initially target the customers in tier II and III cities because their living standard is rising at a sound rate and they are getting keen to purchase branded products. As compared to the metropolitan cities, the degree of competition is quite less in these developing cities and this makes them an attractive market to enter. Therefore, Kroger should target these locations and should open its supermarket that offers the prevailing product range (foods and beverages) manufactured by the company. After analyzing the requirement of consumer in these locations, Kroger can introduce some local products also. For this the company has to develop backward integration with the local suppliers. In future, Kroger can set its own production units as it did in US market. The target customer base should be the young generation who are conscious about the quality of products and are eager to purchase international products. The unique product portfolio offered by Kroger will be its competitive edge in the Indian retail market. Module 12: Designing a Global Distribution Strategy Efficient distribution strategy helps to gain competitive advantage in the global market. Retailers are the final channel in distribution process and they sell final products acquired from different manufacturers to the final consumers. For acquiring products from different whole sellers and manufacturers, Kroger must develop a group of domestic and international suppliers. Availability of developed transportation infrastructure is the most important aspect of efficient distribution strategy. India has one of the longest roadways (3,320,410 km), railways (64,015 km) and waterways (14,500 km) in the world (CIA, “South Asia: India”). Transportation communication is fast but its quality of infrastructure is not up to the mark. For international distribution of Kroger’s Indian business unit, there are 352 airports and 324 merchant marines (CIA, “South Asia: India”). Kroger can easily import products from other countries. Kroger may have to face trade barriers due to various tariff and non-tariffs that restricts trade with Europe and other countries (European Commission, “India's integration with the global economy”). In order to develop a global distribution process in India, Kroger has to consider certain challenges and identify opportunities. Some relevant distribution strategies for Kroger’s global business expansion in India are given below. Select distribution as per product feature and demand Maintain high inventory to reduce the distribution expenses Acquire supplier having high quality service and fast delivery record Consider government tariff and non-tariff regulation for importing strategy Module 13: Planning a Global Promotion Strategy Considering the market condition and competitiveness prevailing in Indian retail market, Kroger should develop an effective promotional strategy. It will be beneficial to follow integrated marketing approach. The term integrated marketing communication refers to “a communication process that entails the planning, creation, integration, and implementation of diverse forms of marcom (advertisements, sales, promotions, publicity releases, events, etc) that are delivered over time to a brand’s targeted customers and prospects” (Shimp, 2008, p.10). While developing the integrated marketing communication plan for Indian retail market, Kroger should take into account the prevailing marketing practices followed by the competitors. There is some basic difference in the customer behavior followed by the customers in US and India. The Indian customers are more sensitive to the price factor; therefore the company can effectively use promotional marketing practices like discounts that will make the products more attractive to the customers. The customers may also get attracted if the company provides free sample products on purchase of some special goods. If Kroger offers gift coupon on purchase of goods in specific volume, then that will also be a good way to motivate customers to make purchase in bulk. Kroger should try to attain price leadership by maintaining low price per product but profit can be increase by making sale in high volume. For advertising, the company should use electronic as well as print media. In India the customers are more accustomed with the print as well as electronic media, although the internet is gaining popularity among young generation. The main focus should be on spreading awareness regarding the quality and standards maintained by Kroger. Such integrated marketing communication strategy will assist Kroger to acquire a healthy market share in India. Module 14: Selecting an International Pricing Strategy Pricing strategy is one of the important tools for competing with the existing rivals. While developing pricing strategy, an organization must consider its external and internal factors. External factors include macro-economic conditions and the degree of competition prevailing in the industry. Economic condition of target consumer also influences the pricing strategy of Kroger in India. The following table depicts the household income of Indian consumers. Table 1: Indian Household Income (In INR) (Source: Dutta, “One Million Dollar: Millionaires”) Indians consumers are price sensitive. Therefore, Kroger should offer lower price in the Indian market. Besides, per capita GDP of India is $3,100 that is quite low comparing to other developed economy (CIA, “South Asia: India”). It must consider these factors before framing the pricing strategy. Kroger also have to take into account service cost and other facility cost like parking space, entertainment etc. The condition of industry also reveals information that is helpful for determining pricing strategy. The demand for fast moving consumer goods (FMCG) in India is growing at a high rate. According to the Nielsen Company, FMCG market is expected to touch $100bn by 2025 due to increase in income level (The Economic Times, “FMCG market in rural India to touch $100bn by 2025: Nielsen”). High demand helps to offer lower prices. Wal-Mart has developed its pricing strategy known as ‘everyday low price’. Some of recommendations are given below. Acquire cost effective supplier Maintain optimum EOQ level Offer discounts Reduce other unnecessary expenses Implement technologies like RFID for developing cost effective supply chain management. Module 15: Determining Organizational Financial Results In India, there are several players that operate in the retail sectors who also have backward integration where they have manufacturing units. While entering the Indian retail sector, Kroger have to face high competition from the prevailing retail operators in the major cities because in tier II and III cities the unorganized players are more active. Therefore, in the first year, the inflow of capital may be less than the capital outflow. As the company has to enter through a strategic alliance, hence the financial risk will also be low. In 2009, the company invested $2.3 billion for expansion and acquisition purpose. Again, almost 53 percent of Kroger’s capital investment was used in expanding the business. The company also made huge capital expenditure for purchasing its leased facilities (Kroger, p.43). The company’s historical data indicates investment percentage of the total capital: 52.8 percent in supermarket, 16.4 percent in technology & logistic, 6.7 percent on manufacturing, stores and jewelry and the rest 24.1 percent in other section (Kroger.Co., p.44).   $m % Sales 76733 Merchandise cost 58958 76.84% Operation and general administration 13398 17.46% Operating profit 1091 1.42% The above given data are for the financial year 2009 and it can be assumed that in India the company will be able to retain the same financial relation between soles, cost and profitability. Module 16: Measuring International Business Success Gaining financial success is the main objective of an organization. Kroger should implement a system for assessing the financial performance. Kroger can use financial tools like ratio analysis for evaluating the financial performance. However, an organization must also include sustainability issues in its strategic planning process. Sustainability factors like that of corporate, social, community and environmental responsibilities and relationship with its stakeholders like employees, shareholders, customers, suppliers etc must also be guaranteed. The company should focus on the wealth maximization rather than profit maximization. The wealth maximization is for long term success and it considers the welfare of its stakeholders. The wealth creation will help the company to enhance its value. In the process of operational activities, Kroger must contribute to the development of society and economy. High demand in Indian retail market indicates high profitability for Kroger which will eventually increase the shareholders value. It will also help to gain global experience and to establish a brand image in the global market. These advantages will add value to its stakeholders. Foreign direct investment made by Kroger will help in the growth of the economy and society by providing employments and high quality products to its consumers. Kroger should develop benchmark for environmental activities and try to reduce negative impact on environment. Kroger must deliver the message to the international market and its potential customers that Kroger is committed to welfare of its customers, their society and environment. This will enable Kroger to be accepted in the global market and it will be to sustain in market. Conclusion This paper has analyzed the global business expansion plans of Kroger Co, a leading retailer of US. Kroger is planning to expand its business in the global market and the Indian retail market seemed to be the most appropriate one in this respect. The primary aim of this paper is to audit the global expansion planning of Kroger. In this respect, sixteen modules have been described that include important factors for global expansion planning like environmental scanning and different marketing strategies. These sixteen modules have analyzed the underlying opportunities and challenges in the Indian retail sector. It has also included marketing planning and organizational plan. The major opportunity for Kroger is the availability of large number of customers in the Indian market. The country has the second highest population and the economic condition is developing at a stupendous rate. Opportunity is higher in tier II and tier III cities, as purchasing power is higher in these cities. Indian retail market also has its necessary share of challenges. Firstly, most of the retail market is unstructured & unorganized, which pose as the greatest threat for Kroger. Government and labor regulation is another major challenge for the company. Reference Chang and Harrington, Conclusion. November 2000. Centralization vs. Decentralization in a Multi-Unit Organization: A Computational Model of a Retail Chain as a Multi-Agent Adaptive System. November 25, 2010 . Chattaraman, V. Retail Preferences of Indian Consumers. July 2009. Around the World: India. November 25, 2010 . CIA. South Asia:India. November 9, 2010. The World Factbook. November 25, 2010 . Department of Industrial Policy & Promotion Ministry of Commerce and Industry. FDI Equity Inflows. September 2010. Fact Sheet On Foreign Direct Investment (FDI). November 25, 2010 . Dutta, D. One Million Dollar: Millionaires. (No date). Indian Consumers. November 25, 2010 . Editgrid. FactSet Universal Screen. 2010. November 25, 2010 . European Commission. India's integration with the global economy. Sep 30, 2010. India. November 26, 2010 . Gale, T. Rajamani, D. and Sriskandarajah, C. No date. The Impact of RFID on Supply Chain Performance. November 26, 2010 . Hanchar, J. A. General Framework. December 19, 2007. Alternative Risk Management Strategies for Today’s Farm Business Owners. November 26, 2010 . IBEF. Retail. July 2010. Industry. November 25, 2010 . International Trade Administration. .Barriers to Growth. No date. The Indian Automotive Market. November 26, 2010 . Jose, J. Battle ahead for government in allowing foreign retailers. August 29, 2010. Retail. November 25, 2010. . Kroger. Operations Overview. 2010. Operations. November 25, 2010 . Kroger Co. Fact Book. 2009. November 26, 2010 . Political and Economic Risk Consultancy, Ltd.- PERC. Overall Country Risk Ranking. 2010. Executive Summary of Major Risks in 2010. November 26, 2010 . Pradhan, S. Retailing Management 2E. 2nd Edition. Tata McGraw-Hill. 2006. Rahul and Rahil. Unorganized Retail in India. June 12, 2007. Organized Retail “Inquilab” in India: Current Landscape of Retail in India. November 26, 2010 . Shimp, T. A. Advertising Promotion, and Other Aspects of Integrated Marketing Communications. Cengage Learning. The Economic Times. FMCG market in rural India to touch $100bn by 2025: Nielsen. 2010. Story. November 26, 2010 . The Economic Times. Food inflation hits 3-month low at 10.15%. November 26, 2010. Economy. November 26, 2010 . The India daily. Unemployment rate at 9.4% in 2009-10 fiscal: survey. November26, 2010.  November 26, 2010 . The World Bank. India Country Overview April 2010. 2010. India. .   Read More
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