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Group 4- SCM 2

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22 views

Group 4- SCM 2

Uploaded by

9h7nngcpjt
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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SUPPLY CHAIN MANAGEMENT

SUBMITTED BY:
Saloni Bhoir- 164
Prekshaa Palav- 123
Sejal Patil- 107
Manas Thakur- 108
Jaishnav Krishnankutty - 025
Deep Sharma- 166
Shubham Palekar- 158

SUBMITTED TO:
PROF. SHASHANK BHANDAKKAR
2) What are some strategic, planning, and operational decisions that
must be made by an apparel retailer like LG consumer durables?
Ans:-
The strategic, planning, and operational decisions that must be made by an
apparel retailer like LG Consumer Durables:

Strategic Decisions:
1. Market Positioning and Brand Strategy:
- Market Segmentation: Identify and analyse target customer segments to
tailor products and marketing efforts. This involves understanding
demographics, psychographics, and purchasing behaviour.
- Brand Differentiation: Develop a distinct brand identity and positioning
strategy that sets the company apart from competitors, focusing on aspects
such as product quality, design innovation, or sustainability.
- Competitive Analysis: Continuously evaluate market trends and competitors
to adjust positioning and strategies accordingly.

2. Expansion and Growth Strategy:


- Geographic Expansion: Evaluate opportunities for entering new regional or
international markets based on market potential, regulatory environment, and
competitive landscape.
- Retail Formats: Decide on the optimal mix of physical stores, e-commerce,
and other retail formats. This may involve franchising, joint ventures, or
company-owned stores.
- Diversification: Explore potential diversification into new product categories
or complementary sectors to broaden market reach and revenue streams.

3. Product Innovation and Portfolio Management:


- Product Development: Invest in research and development to create
innovative products that meet emerging consumer needs and preferences.
- Portfolio Management: Regularly review and manage the product portfolio
to ensure it aligns with market demands and company strategy, including
discontinuing underperforming products and introducing new offerings.
- Sustainability: Integrate sustainable practices into product design and
manufacturing to appeal to environmentally conscious consumers.

Planning Decision:
1. Inventory and Supply Chain Planning:
- Demand Forecasting: Utilize advanced analytics to forecast demand
accurately and adjust inventory levels to avoid overstocking or stockouts.
- Supplier Management: Develop strategic relationships with suppliers to
ensure reliable sourcing and cost-effective procurement. Negotiate terms and
manage supplier performance.
- Logistics Planning: Optimize distribution and logistics to enhance efficiency
and reduce costs, including warehousing and transportation strategies.

2. Marketing and Sales Strategy:


- Marketing Plan: Create comprehensive marketing plans that include digital,
social media, traditional advertising, and in-store promotions. Tailor campaigns
to specific customer segments and market conditions.
- Sales Targets: Set realistic sales targets based on market analysis and
historical data. Develop sales strategies to achieve these targets, including
promotional offers and strategic partnerships.
- Budget Allocation: Allocate marketing budgets effectively across various
channels and measure the effectiveness of marketing activities to ensure a
strong return on investment.

3. Financial Planning and Budgeting:


- Budget Development: Prepare detailed budgets for different departments
and initiatives, including operational expenses, marketing, and capital
expenditures.
- Financial Forecasting: Develop financial forecasts to guide business decisions
and ensure long-term financial stability. Monitor performance against these
forecasts and adjust plans as necessary.
- Investment Planning: Plan for significant investments in technology, store
expansion, or other growth initiatives, ensuring alignment with strategic goals
and financial capacity.

Operational Decisions:
1. Retail Operations Management:
- Store Management: Oversee daily operations of physical stores, including
staffing, visual merchandising, and customer service. Ensure adherence to
company policies and standards.
- E-Commerce Operations: Manage online retail operations, including website
functionality, order processing, and customer support. Ensure a seamless
omnichannel experience.
- Technology Integration: Implement and maintain technology systems for
inventory management, point-of-sale, and customer relationship management
(CRM).

2. Customer Experience Management:


- Service Standards: Develop and enforce customer service standards to
ensure high-quality interactions and resolve issues promptly.
- Feedback Mechanisms: Implement systems for collecting and analyzing
customer feedback to continuously improve products and services.
- Training Programs: Provide ongoing training for staff to enhance service
delivery and product knowledge.

3. Inventory and Stock Control:


- Stock Monitoring: Implement inventory tracking systems to manage stock
levels effectively and reduce losses due to theft or obsolescence.
- Replenishment Strategies: Develop strategies for timely replenishment of
stock based on sales data and demand forecasts.
- Warehouse Management: Optimize warehouse operations to ensure
efficient storage and handling of inventory, including inventory accuracy and
order fulfilment.
These decisions, when strategically aligned and effectively managed, contribute
to the overall success and competitiveness of an apparel retailer in the
marketplace.

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