A

PROJECT REPORT

ON

“A STUDY OF PERCEPTION OF INTERNAL EMPLOYEES OF

GOLDSOUK”

Submitted in the partial fulfillment of the requirement for the award of the Degree of Masters of Business Administration (MBA)

SUBMITTED TO: - SUBMITTED BY:-

BHARATI VIDYAPEETH

INSTITUTE OF MANAGEMENT & RESEARCH, NEW DELHI

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ACKNOWLEDGEMENT

We take this opportunity to convey our sincere thanks and gratitude to all those who

have directly or indirectly helped and contributed towards the completion of this

assignment.

First and foremost, we would like to thank Prof. _____________ for his constant

guidance and support throughout this entire assignment. During the project, we

realized that the degree of relevance of the Retail Management & Selling being

imparted in the industry is very high. The Retail Management & Selling study enabled

us to get a better understanding of the nitty-gritty of the company.

We would also like to thank our batch mates for the discussions that we had with

them. All these have resulted in the enrichment of our knowledge and their inputs

have helped us to incorporate relevant issues into project.

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ABSTRACT

Growing number of luxury brands in different region of India coming with their

products to emerge in Indian market so focusing on the same problem by AGS they

come up with the Aerens Gold Souk Luxury Retail which provides Luxury brands the

perfect platform by partnering and investing in retail initiatives in a big way. AGS

found the gap of luxury jems & jewellary brand in Indian market and they come up

with concept of keeping all brand together at one place so that if the competitors of

first brand wants to enter in Indian market they will come to their mall for there

respective shop, apart from this AGS also want to provide platform to there people to

come at their place and shop under one roof with lots of variety with premium

segments. This assignment is analysis of the location, pricing, merchandise and

positioning strategy of AGS. The assignment also presents evaluation of Indian

capacity with time towards luxury brand.

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TABLE OF CONTENT

Page no.

ACKNOWLEDGEMENT

ABSTRACT

CHAPTER 1: INTRODUCTION 1-28

CHAPTER 2: RESEARCH METHODOLOGY 29-34

CHAPTER 3: CONCEPTUAL DISCUSSION 35-56

CHAPTER 4: DATA ANALYSIS & INTERPRETATION 57-67

FINDINGS & RECOMMENDATIONS 68-71

CONCLUSIONS 72-73

BIBLIOGRAPHY 74

QUESSIONAIRE 75-78

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BUSINESS SUMMARY

AGS Group is a diversified real estate conglomerate with a portfolio that spans all

market segments whether they be retail, residential, commercial, township or even

SEZ projects. The company is well known for having established Gold Souk luxury

malls and The Souk multi specialty malls across the country. With projects spread

across all corners of the country and plans to create 100 million square feet of

premium space, AGS is all set to fulfill its motto of 'Lifestyling India'. Gold Souk

Gurgaon is India's first specialty mall dedicated to jewelry and luxury and houses over

100 leading national and international jewelry & luxury brands from India and

abroad.

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INTRODUCTION

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INDIAN JEWELLERY INDUSTRY

• Market Size

• Fourth largest consumer market in the world

• Jewellery Market Size: Rs75,000 crores

• Diamond jewellery: Rs10,000 crores

• Largest market in terms of volume of gold

• India accounts for more than 22% of the total gold used for jewellery purposes

• Growth

• Gold jewellery Market Growth: 8-10%

• Diamond jewellery Market:18%-20%

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Gems and Jewellery Industry in India

The Indian gems and jewellery industry is one of the fastest growing segments in the Indian economy with an annual growth rate of approximately 15 per cent. With exports of over US$ 20 billion in 2007-08, the gems and jewellery sector accounts for nearly 13 per cent of India¶s total exports. According to an ASSOCHAM report released in 2007, the gems and jewellery industry employs over 1.3 million people, directly or indirectly. The report further states that worldwide, the industry is estimated to be around US$ 130 billion, while the Indian gems and jewellery market in 2006-07 was approximately worth US$ 13.5 billion.

India is already the largest diamond cutting and polishing centre in the world²the Indian diamond cutting and polishing industry enjoys 60 per cent value share, 82 per cent carat share and 95 per cent share of the world market in terms of number of pieces. In other words, nearly 9 out of 10 diamonds sold worldwide are cut and polished in India. But now, thanks to positive government policies such as 100 per cent Foreign Direct Investment (FDI) in gems and jewellery through the automatic route, India is on the verge of becoming the focal point of the global gems and jewellery industry. ‡ Total gems and jewellery exports from India stood at US$ 20.88 billion for 2007-08, a growth of 22.27 per cent over US$ 17.08 billion the previous year, as per the Gems and Jewellery Export Promotion Council (GJEPC). ‡ The United States and Hong Kong were the largest importers of gems and jewellery from India, with a share of 26 per cent each, followed by UAE at 21 per cent. ‡ Gold jewellery exports increased from US$ 5.2 billion in 2006-07 to US$ 5.6 billion 2007-08. ‡ The domestic market for gems and jewellery is likely to increase to US$ 20 billion by 2010 and US$ 30 billion by 2015. ‡ India is the largest consumer of gold in the world, followed by China and Japan. India consumes nearly 800 tonnes of gold that accounts for 20 per cent of world gold consumption, of which nearly 600 tonnes go into making jewellery. ‡ India is also emerging as the world s largest trading centre for gold targeting US$ 16 billion by 2010. ‡ Branded jewellery is likely to be the fastest-growing segment in domestic sales. The sector is expected to grow at 40 per cent annually to touch US$ 2.2 billion by 2010. ‡ The Indian diamond jewellery industry is the third largest consumer of polished diamonds after USA and Japan. Diamond jewellery consumption is likely to jump to nearly 80 per cent in 2010 and over 95 per cent between 2010 and 2015. ‡ Indian industry has the best skilled manpower for designing and producing high volumes of exquisite jewellery at low labour costs. ‡ The Indian gems and jewellery industry has been gaining prominence as an international sourcing destination for high quality designer jewellery. International stores such as Wal-Mart and JC Penney are increasingly procuring jewellery from India.

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Retail Sector

The Indian gems and jewellery market continues to be dominated by the unorganised

sector. There are over 2.5 million jewellery shops in India and most of them are

family run. However, with the Indian consumer becoming more aware and quality

conscious, branded jewellery is becoming very popular and the market for branded

jewellery is likely to be worth US$ 2.2 billion by 2010 according to a McKinsey

report. With an increasing number of jewellery houses entering the branded jewellery

sector, retail of jewellery is becoming organised. Moreover, the government allows 51

per cent FDI in single brand retail outlets, attracting both global and domestic players

to this sector. Plus Indians love for jewellery ensures that the gems and jewellery

market continues to be lucrative. According to an ASSOCHAM report, the increasing

purchasing power parity of the middle class and surging income levels have resulted

in an increase in the consumption of gems and jewellery by around 11 per cent in the

five year period preceding 2006-07. Not surprising then, according to a report

released by Technopak Advisors on the Changing Retail Landscape in India, the

jewellery and watches market is pegged at about US$ 13.70 billion. It is expected to

register a 12 per cent growth by 2012, touching US$ 23.60 billion. The World Gold

Council recently estimated the size of India¶s gold coin market at about US$ 2.11

billion. According to Ajay Mitra, managing director of the World Gold Council¶s

India office, the coins business would see revenues of about US$ 63. 54 million - US$

105.90 million over the next six months on sales of about 75-76 tonnes.

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Background

• The Indian jewellery Industry is one of the largest domestically (and in the

world) and has some unique characteristics

• Recent Changes in the Lifestyle goods industry and the diamond industry have

created some opportunities and challenges

• The family jeweler segment is the largest segment of the market and hence

most likely to be impacted by these changes

• If the industry needs to initiate changes at the firm or Industry level , the

leaders need to agree on the challenges facing them and the strategies needed

to cope with them

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AGSLife styling India

Company Overview

The Aerens Enterprises, established in 1969, has been a front-runner in real estate and infrastructure development for nearly four decades. Aerens has been instrumental in the creation of housing, township, hospitality, specialty retail, entertainment, SEZ and infrastructure projects in the real estate sector. The Aerens Gold Souk Group, a strategic business arm of the Aerens Enterprises, is focused on retail development and has pioneered the concept of specialty malls in India. We strive for:

INTELLIGENT BUILDING MANAGEMENT through adoption of latest technology.

GREATER STAKEHOLDER VALUE through the alignment of internal standards with international benchmarks.

PROTECTING LONG TERM VIABILITY of our business by reconciling our interests with the needs of society and the protection of the environment.

History

AGS Group is a part of the Aerens Family of Enterprises established in 1969.

For close to four decades, the Aerens Family of Enterprises has built an enduring

value for their stakeholders based on the principles of quality, trust and reliability.

Today, the Aerens Family of Enterprises has emerged as a diversified real estate

company with several path breaking projects to its credit.

Vision

"To evolve into a major player in real estate, retail infrastructure and project

development"

Mission

"To pioneer a retail revolution by creating quality infrastructure to usher one stop

shopping experience in quality, variety and value"

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Clientele

Hazoorilal Jewellers

Damas

Alukkas ( Joy Alukkas group)

Bholasons Jewellers

Notandas and Sons Jewelers

B.C SEN Jewellers

Avenue Montaigne

Anmol Jewellers

Adora Diamond Jewellery

MANAGEMENT PROFILE

MR. SURENDRA KUMAR GUPTA (Chairman)

As Chairman of Aerens Goldsouk Group as well as the head of Aerens family of enterprises,

Surender Gupta personifies the vision of a strategist who has bridged the commercial vacuum

like the need for Specialty malls with alacrity and determination. Envisioning the concept in

2002, Surender Gupta has pioneered several Gold Souks, Wedding Souks and Gem Souks in

different parts of the country. On the anvil is an ambitious plan of launching one hundred

specialty malls in India and abroad. With a track record of over 35 years under his leadership,

Aerens Group has emerged as a leading player in the real estate and infrastructure

development of the country.

Dr. Surinder P.S. Pruthi (Chairman Supervisory Board)

An Economist and Management Guru with PhD from London School of Economics, Dr

Surinder P.S. Pruthi is Chairman of the Supervisory Board of AGIL and in this capacity

provides expertise to Gold Souk team across various functions and corporate governance.

Founder faculty of IIM Ahmedabad, Vice Chancellor University of Mumbai, Visiting Faculty

Associate, Harvard Business School, International Senior Advisor to UN, Consultant to

World Bank, Central and State Governments, Institution builder, author and mentor, Dr.

Pruthi has been Chairman and Director of several companies and banks like Allahabad Bank,

Punjab national Bank and All bank Finance.

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Amit Gupta (Vice-Chairman & Managing Director)

An MBA from Boston, Amit Gupta is the Vice Chairman and Managing Director of Aerens

Goldsouk International Ltd. and in this capacity oversees the day to day affairs of Aerens

Gold Souk Group. Amit is endowed with excellent planning and organizational skills which

have taken the Group to new heights. Amit combines an excellent mould of entrepreneur-

professional who is well equipped to grasp macro issues and mastermind micro management.

G S Pillai (Director)

A distinguished corporate personality, former Regional Director, World Gold Council and a

hardcore marketeer, G S Pillai is leading the group's operations with a view to engulf the

entire jewelry fraternity under one roof. In his capacity as Director and member of the policy

planning group, Pillai plays a lead role not only in penetrating throughout the country with

new Gold Souks, but pursue with vigour creation and adherence to standards for quality in

Jewellery industry.

Gaurav Gupta (Vice Chairman & Joint Managing Director)

With MBA from Ecole Nationale des Ponts et Chausees, Paris, Gaurav Gupta brings

international perspective in real estate development, marketing, business development

and project management.

Gaurav Gupta is the Vice Chairman and Joint Managing Director of the Aerens

Goldsouk International Ltd. In this capacity, apart from participating in the policy

formulation,  Gaurav  also  actively   heads the Business promotion and sales of the

company. As a business revenue head of the company, Gaurav has pioneered several

new frontiers of innovative marketing.

Ashish Gupta (Director)

An MBA from Northeastern University, Boston, with rich experience in real estate

development and marketing, Ashish Gupta, Director has been instrumental in promoting the

group's brand as the leader in specialty malls and is now expanding the Corporate Finance

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activities at the national and global levels. Ashish drives Aerens Goldsouk group's corporate

communications, strategy, marketing support services and media management. This is in

addition to breaking new grounds in the areas of new businesses and alliances coupled with

innovative approaches to national and international funding.

OUR ASSOCIATES

We partner the best to give you the best. Our long term association with the world's leading

architects, engineering service providers, project managers and advisory consultants ensures

that every offering from AGS International LTD. meets the highest international quality

standards.

 

Architectural Services

 SWANKE HAYDEN CONNEL ARCHITECTS, USA

Concept design for the “Gold Souk”, Gurgaon, internationally recognized for innovative

conceptual design of the Trump Towers, New York.

 WS ATKINS, DUBAI

Concept design for the “The Souk”, Kochi renowned for the innovative concept design for the

Burj-al Arab Tower in Dubai

 HAFEEZ CONTRACTOR, MUMBAI

Design and architectural services for the “Gold Souk”, Delhi, genuinely accepted as India's

leading architect

 SAA ASSOCIATES, SINGAPORE

Concept Design for the “Gold Souk, Jaipur

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FUTURE PLANS

At AGS Group, we think of ourselves, not as ‘builders and developers’, but as ‘builders and

promoters’. That’s because we invest heavily in our marketing and promotions to ensure the

success of each venture. It is this commitment that allows us to offer:

 Best international standard ambience

 Best retail mix of similar category brands

 Best platform for expanding the reach of brands across India

Backed by the support of our clients and an unshakable belief in our abilities we are rapidly

taking 'The Souk' large format malls to all corners of India. We are also establishing Gem and

Jewellery Parks in the country while at the same time diversifying into:

 Township

 Commercial Office Space

 Hospitality

 Group Housing & SEZs

With every dream that it is turning into reality, AGS Group is helping realize the dreams of

countless Indians.

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LOCATION STARTEGY

For a retail outlet it is important to locate the outlet at right place so that the customer we are targeting for there desire based product at higher segment , the outlet should also be under coverage our customer. By focusing on the same issue AGS opens their store at different region of the India to cover their target customer more in number. For locating the outlet one should keep in mind the wandering of customer with variety of product.

AGS started off as real estate consultants in 1969 and subsequently turned into developers. The Group is headed by our founder Chairman, Mr. Surender Gupta, whose dynamic leadership has been instrumental in taking the organization to great heights. We have been involved in Group housing projects, township development, water and amusement parks and other commercial structures. Some of our Group projects include Aloha in Gurgaon, Carnival Country in Vaishali in Delhi, Aerens Europark on NH24, AEZ Vikaspuri in Delhi and Crown Interiorz located on NH2. We are now in the process of building large format multi-specialty malls across the country under ?The Souk? brand, with two specialty malls for Jewelry already operational in Gurgaon and Delhi. Our sister concern has the exclusive rights for setting up nine Imax theatres in North and East India, with one already operational in the North and three under constructionThey are keeping in their store which is as follows:-

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STORE LOCATIONS

In context to Store Location for different product categories, a consumer can have

different preferences as to the distance s/he would like to travel. For example :

• For groceries a consumer would at the most prefer to travel – 3 km

• For cosmetics a consumer would at the most prefer to travel – 5 km

• For apparels a consumer would at the most prefer to travel – 10 km

• For books a consumer would at the most prefer to travel – 4 km

• For music a consumer would at the most prefer to travel – 2.5 km

• For Jewllery a consumer would at the most prefer to travel – 1.5 km

By focusing on the above travelling distance AGS decided to locate their mall at

selected region of India. The AGS is mainly focusing on the main of the city and

accordingly they come up with projects respectively:-

GOLD SOUK, GURGAON

ABOUT PROJECT

With 1,80,000 square feet of opulent and lavish shopping experience, Gold Souk

Gurgaon is home to over 100 national and international jewelry brands. The success

of Gold Souk can be best measured in terms of the high conversion of footfalls,

averaging over 70-80% as compared to general mall’s average of 10 to 15%. Gold

Souk has been felicitated with over a dozen awards and recognitions from various

trade associations and is also a proud recipient of the prestigious ‘Best Commercial

Retail Venture’ award instituted by Builder Information Bureau.

Gold Souk offers shoppers a world class jewelry buying experience that is unmatched

both in terms of choice and value. With jewelers and jewelry brands from all corners

of India and abroad, Gold Souk offers a mind-blowing selection of classy jewelry

ranging from elegant earrings to ornate necklaces. With showrooms spread lavishly

over three floors, Gold Souk leaves customers spellbound by the sheer variety of

jewelry on display. And if that doesn’t suit the customer’s taste they can even get their

own piece exclusively created by world class designers.

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BRANDS

Hazoorilal Jewellers

Damas

Alukkas ( Joy Alukkas group)

Bholasons Jewellers

Notandas and Sons Jewelers

B.C SEN Jewellers

Avenue Montaigne

Anmol Jewellers

Adora Diamond Jewellery

Tag Heuer

Longiness

Dolce Vita

Sangini

Carbon

Moksha

Asmi

KIAH

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GOLD SOUK, DELHI

ABOUT PROJECT

Buoyed by the success of AGS Group’s flagship venture Gold Souk, Gurgaon, the

company has replicated the same success story at Pitampura in the heart of Delhi.

Gold Souk Pitampura offers world class specialty shopping spaces to traditional and

branded jewelry segments, all under one roof thereby benefiting retailers and

discerning customers

GOLD SOUK, LUDHIANA

ABOUT PROJECT

Spread across 6 lakh square feet ‘The Souk’ Ludhiana features specialty zones where

similar category brands are placed together be they jewelry outlets, anchor stores or

even lifestyle retail brands. The Souk also features a hypermarket, food court,

multiplex and the first Ginger Hotel on top of a mall. The presence of Gold Souk and

Ginger Hotel at The Souk, Ludhiana will no doubt attract walk ins from the main city

as well as from neighboring areas like Jallandhar, Chandigarh, Amritsar and beyond

making it a true destination mall. It has been designed by internationally acclaimed

architect Achal Kataria.

GOLD SOUK, KOCHI

ABOUT PROJECT

The Souk, Kochi, with 5,00,000 square feet of retail space is the discerning shoppers

ultimate getaway. Being the first and largest mall in the commercial capital of Kerala,

it has been exclusively zoned to provide a state-of-the-art shopping experience to

Keralites, shoppers from neighbouring cities and the large NRI population. The Souk,

Kochi has been designed by W.S. Atkins, the designer of the famed Burj-al-Arab,

Dubai.

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Other Highlights

• Kerala’s biggest mall

• Startegically located on Vyttilla Junction in Kochi

• Features Gold Souk, Lifestyle Retail, Multiplex & Food Court

• To be operational by Quarter 3, 2008

GOLD SOUK, JAIPUR

ABOUT PROJECT

Exclusively designed to complement the city’s regal skyline, Gold Souk Jaipur is

poised to become the ultimate jewelry buying destination. With over 3,00,000 square

feet of premium retail and office space, Gold Souk Jaipur will provide discerning

customers from local catchment areas and tourists from around the world an out-of-

this-world jewelry shopping experience.

Other highlights

• Rajasthan’s first Gold Souk

• Located near Jawahar Circle

• Features India’s first B2B market-Gem Souk

• To be operational by Quarter 2, 2008

REASONS TO TAKEN STEPS TO MOVE INTO TOWNSHIPS, GROUP HOUSING, IT PARKS, SEZS AND OFFICE COMPLEXES

We have achieved considerable success in specialty retail and our plan of creating 100

souks in 100 cities in 100 months is well on track. Now we are looking at high growth

opportunities in other real estate areas. Property markets are increasingly moving

from being fragmented to becoming organized. Present estimates suggest that demand

for office space stands at 80mn square feet and for IT Parks/SEZs at 50mn square

feet. Similarly, township development and Group housing are emerging as key growth

areas as income levels in urban areas are on the rise and fruits of economic growth are

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percolating to different economic and geographic segments. We want to be at the

forefront of emerging opportunities in these sectors.

FUTURE PLANS

At AGS Group, we think of ourselves, not as ‘builders and developers’, but as

‘builders and promoters’. That’s because we invest heavily in our marketing and

promotions to ensure the success of each venture. It is this commitment that allows us

to offer:-

Best international standard ambience Best retail mix of similar category brands

Best platform for expanding the reach of brands across India

Backed by the support of our clients and an unshakable belief in our abilities we are

rapidly taking ‘The Souk’ large format malls to all corners of India. We are also

establishing Gem and Jewellery Parks in the country while at the same time

diversifying into:-

Township Commercial Office Space

Hospitality

Group Housing & SEZs

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MERCHANDISING STRATEGYMerchandise strategy in a retail business is the most crucial decision which would

have direct financial implications – affecting the bottom-line of the business either

wise. The stages in merchandise planning are:-

1) DEVELOPING A SALES FORECAST

In this AGS has followed the following stages which are given below:-

A) Reviewing past sales

The per capita consumption of the jems and jewellary with respect to country is

shown above by focusing on it we can clearly observe that India per capita has risen

from 7 to 10 which gives a positive indication to it.

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1 1 5

1 7 0

1 2 3

1 2 1 0

02 04 06 08 0

1 0 01 2 01 4 01 6 01 8 0

P e r C a p i t a c o n s u m p t i o n i n U S $

It a l y

U S A

J a p a n

C h i n a

In d i a

Analyzing the changes in the economic conditions

The economic condition of India has continuously rising and came upto a GDP of

1.367 trillion US$

B) Analyzing the changes in the sales potential

The selling potential of India is rising and it also attracting the

International brand to open their shop in India by analyzing the

sales potential of Indians in main cities of India they planned to

open and merchandise shop with their best space availability in the

mall.

C) Analyzing the changes in the marketing strategies of the retail organization/competition

By analyzing the strategies retail organization they merchandise their mall at the heart of the city so that more number of customer can see the mall and attract towards it.

D) Creating the sales forecast

For making the merchandise finished properly to the customer end their should be strong sales forecast which can predict and match with the target

2) DETERMINING THE MERCHANDISE REQUIREMENT –

A) Methods of inventory planning

i. The basic stock method

ii. The percentage variation method

iii. The week’s supply method

iv. The stock/sales ratio method

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B) The stock turnover rate

Six-month merchandise plan

C) Merchandise control –

They should focus on the following control which are

a) the open-to-buy conceptb) Limits over buying and under buyingc) Prevents loss of sales due to non-availability of required stocksd) Maintains purchases within the budgeted limitse) Reduces markdowns, which may arise due to excess buying.f) Assortment planning - this stage involves the determination of

the quantities of each product that will be purchased so as to fit into the overall merchandise plan. Details of colour, size, brand, material etc. Have to be specified.

3) Sourcing merchandise

Sourcing for merchandise can be local, national or global. AGS retail chains in

the world, resort to global sourcing keeping in mind various factors – primarily

economic.

4) IDEA OF BUILDING SPECIALTY MALLS GERMINATE?

Our Group has been at the forefront of initiating new ideas and concepts. We

do not like to follow a league that is saturated and over crowded. To give you

an idea, we started the trend of living on farm houses in the 1990s,

predominantly in North India and have developed more than 500 acres of farm

house area with landscaping. We were also the first in the country to develop a

multiplex, PVR Vikaspuri, with a shopping mall in the year 2000, with others

following suit.

 

In 2001, when we were mulling over the Gold Souk concept, mall culture was

the talk of the town then. We believed that for any mall to be successful, it

should have a unique selling point. That?s when the concept of a specialty

mall germinated.  We were aware that there would be huge influx of malls in

Gurgaon. Hence all the malls would eventually cater to just the neighborhood.

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We wanted something beyond catering to the neighborhood and worked on

making it a destination-based mall.

PRICING STRATEGYThe AGS has set up their mall in heart of the city so they are keeping the price in each and every segment covering:-

Lower segment

Lower-Middle Segment

Middle Segment

Higher Segment/ Premium Segment

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By focusing on the Indian retail for jewellary & watches it only cover 829 out

of 9764 million US$ so for AGS they have vast variety of customer covering

more than 50% of the same type of customer so keeping the price outlet of

each segment in their mall will be preferable for them as still penetration is

higher than the organized retail.

Mapping of India’s Income classes

Classes 1994-95 1999-00 2006-07

Rich

(above 2.15 lac)

1million

Households

3 million

Households

6 million

Households

Consuming

(0.45– 2.15) lac

29 million

Households

66 million

Households

75 million

Households

Climbers

(0.22-0.45) lac

48 million

Households

66 million

Households

78 milion

Households

Aspirants

(0.16-0.22) lac

48 million

Households

32 million

Households

33 million

Households

Destitute

Less than 0.16 lac

32 million

Households

24 million

Households

17 million

Households

By focusing on the above income classes the huge variety of different income groups can only be tagged by keeping each type of outlet in their mall so there pricing strategy is to cover a huge market size with there more number of National and International brand in their mall to increase foot-step to their outlet and apart from this they are opening it in the main centre of the city so that people can come to shop and have experience of different jems & jewellary brand under one roof.

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POSITIONING STRATEGY

AGS focusing to position themselves to the top of the jewellary mall with National & International brand so that the brands can not turn towards another mall opener in the same city as well as they keep AGS as a brand and easily recognized by the people whenever jewellary mall come into the mind of customer they always come up with the name of Gold Souk.

Gold Souk, Gurgaon has been a great success story. It has found immense success and earned the goodwill of customers and retailers. We showcase leading brands such as Damas, Tanishq, Anmol, Adora, Orra, Classic Diamonds, Alukkas, Bholasons, Kiah, Asmi, Notandas, B.C. Sen, Avenue Montaigne, M.P. Jewelers, Hazoorilal and many more along with world class designers like Rosily Paul, Ruhee Nanda and Monica Kapoor.

Some of the malls in North India have not been running successfully. While footfalls are high, conversion ratios do not match the same. Huge crowds pour into cinema halls/multiplexes, but not many end up shopping. Food items are the only thing that seems to sell and it?s a bad combination of serious purchase with entertainment. Gold Souk, Gurgaon has been witnessing conversion rates of over 80% as compared to 8-10% for general malls. All our malls are on highways, away from cities. Our study showed that in the case of jewelry purchases, people from smaller cities come to bigger cities. Our research shows that 40% of the people that visit Gold Souk, Gurgaon come from out of Gurgaon and Delhi. We have regular shoppers from places like Simla, Jaipur, Muradabad, Ludhiana, Chandigarh, Jammu, Agra and Meerut.

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The success can be measured from the demand for space as lease rates have moved from Rs50-55 per square feet in 2003 to Rs500 per square feet presently, perhaps, the costliest mall in India.

Limitation for GOLD SOUK:-

• Gold as a share of wallet is decreasing in the younger generation. Traditional jewellery is still the dominant design pattern while contemporary styles are emerging fast

• Although guarantee of the retailer is important in ascertaining quality, hallmarking is gaining acceptance

• In the past choice of stores used to be 1-2 stores, but customers now look at 4-5 stores for range and choice of jewellery

• The main occasions to buy are still marriage and festivals

• Customers in the high value category are becoming more informed because of exposure to media and fashion trends

• They have the selected city to open their jewellary mall

• Indian population still interested to buy their selected shopkeeper

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RESEARCH METHODOLOGY

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RESEARCH METHODOLOGY 

1. Primary Sources:  

Questionnaire

Interaction with sales staff of Aerens Goldsouk International Limited.

  2. Secondary Sources: 

i. Internet

Objectives of the study:

1. To study the perception of people about internal practices of Goldsouk

 2. To frame a suggestion plan for future prospects.

Scope of the study:

The objective of the project was to find out the prospective buyer of Aerens Goldsouk

International Limited and also to provide key information about the buyer’s

perception and preferences. The study also helps in getting information about the

performance of the company as well as their own investment center or why people go

for Aerens Goldsouk International Limited. It helps in finding out the problems

related to buyers.

Managerial usefulness of study:

The study highlights the problems related to distribution of Aerens Goldsouk

International Limited so that the company can improve the service rendered by them

as a distributor. The study gives information about prospective buyers both individual

as well as institutional clients. The study provides the complete information about all

close competitors of Aerens Goldsouk International Limited. It provides the feedback

from customers regarding their problems and their perception about investing in

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Aerens Goldsouk International Limited. So that the company can improve their

services.

Data Collection

This report is based on primary as well secondary data, however primary data

collection was given more importance since it is overhearing factor in attitude

studies. One of the most important users of research methodology is that it helps

in identifying the problem, collecting, analyzing the required information data

and providing an alternative solution to the problem .It also helps in collecting

the vital information that is required by the top management to assist them for

the better decision making both day to day decision and critical ones.

Data sources:

(A)Primary Data

Primary data are those, which were collected afresh & for the first time

and thus happen to be original in character. However, there are many methods

of collecting the primary data. All have not been used for the purpose of this

project. The ones that have been used are:

Face to face communication (Interviewing)

Observation

(B) Secondary Data

When an investigator uses the data that has been already collected by others is

called secondary data. The secondary data could be collected from the journals,

reports and various publications. The advantage of the secondary data can be

economical, both in the terms of money and time spent. In this report secondary data

was collected through:

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Company balance sheets

Reports and records

Flow charts and tables

Websites

Primary data was collected through questionnaires

Sample size : 20

Sample area : New Delhi

Sample Unit : Officials of Aerens Goldsouk International

Limited. and other exporters/traders involved in

international business

Sample method : Random sampling method

Duration of Study:

The study was carried out for a period of two months, from June 1st,

2009 to July 31st, 2009.

Sampling:

(A)Sampling procedure:

The sample was selected of them who are the customers/visitors of Aerens

Goldsouk International Limited. It was also collected through personal visits to

persons, by formal and informal talks and through filling up the questionnaire

prepared. The data has been analyzed by using mathematical/Statistical tool.

(B) Sample size:

The sample size of my project is limited to 20 people only. Out of which only

10 people had invested in Aerens Goldsouk International Limited. Other 10 people

did not have invested in Aerens Goldsouk International Limited.

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(C)Sample design:

Data has been presented with the help of bar graph, pie charts, line graphs etc. The

following are the questionnaires that was been carried out at the time of survey. The

questionnaires also shows the value of perception of customers towards Aerens

Goldsouk International Limited.

1 Aerens Goldsouk International Limited in market

2 Uses of Aerens Goldsouk International Limited

3 Satisfied customers of AGS.

4 Perception about the brand name

5 Buying behaviour of customer to AGS.

6 Preference of customers to AGS.

7 Reasons to prefer AGS.

8 Awareness of the brand name in market

LIMITATIONS:

Suggestion is based on the given information.

Due to the large number of employee it was not possible to collect all the

information from each.

The time period is limited to know the entire process .We cannot draw

effective conclusion as it is continuous process.

The area of survey was limited to some particular areas.

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SCOPE OF THE STUDY

Extensive survey on customer preferences will provide lot of valuable information

about the brand awareness of the product and it will be easy to find out the likes and

dislikes about the product.

For company, it will provide through knowledge about the consumer preferences in

comparison with other market product and suggest valuable direction of the current

market trend.

It will provide lot of information about the market trend and customer preferences

about the product.

It will include valuable suggestions for the company, how the company can

strengthen their own brand?

The study of customer preferences will provide me lot of information on:

How customer profile differs across the user segments?

Dopes the different classes of the customers differ their preferences?

My study includes an extensive survey over 100 customers who normally use the

services. The companies included:

34

CONCEPTUAL DISCUSSION

35

PAYROLL

The term 'payroll' encompasses every employee of a company who receives a regular

wage or other compensation. Some employees may be paid a steady salary while

others are paid for hours worked or the number of items produced. All of these

different payment methods are calculated by a payroll specialist and the appropriate

paychecks are issued. Companies often use objective measuring tools such as

timecards or timesheets completed by supervisors to determine the total amount of

payroll due each pay period.

After a payroll accountant multiplies an employee's hours by his or her pay rate, the

gross income amount is entered into a calculator or computer program. Regular

deductions such as tax withholdings, FICA payments (social security), medical

insurance, union dues, charitable contributions and so on are then categorized and

subtracted. The remaining balance is then converted to a check and becomes the

employee's net pay for that time period. Payroll departments also identify the

employer and employees by a federal code and keep a running AGS International

Limited on total income and deductions for the fiscal year.

For small business owners, keeping enough cash in a payroll account is often one of

their highest priorities. Even if the business itself hasn't become profitable, employees

must still be compensated for their services. This is why many smaller companies

prefer to keep their payroll obligations as low as possible until they've reached a

certain level of profitability. It's not unusual for small business owners to forego their

own salaries in order to meet their payroll obligations.

Setting up an effective payroll system is not especially difficult for trained

accountants, but it can be very time consuming. Some smaller businesses rely on user-

friendly computer software to set up a simple payroll system complete with check

printers and file storage. Larger companies may assign trained accountants to handle

payroll issues as part of their overall duties. But many businesses without the means

to maintain their own payroll systems choose to farm out this task to outside

specialists.

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Since payroll records are based on objective criteria such as timecards and federal tax

forms, outside accountants can perform all of the calculations, store all of the year-to-

date data and issue paychecks in a timely fashion. Employers simply need to update

these payroll companies with changes in employee pay rates or deductions

For many people, the use of the term salary has to do with the reception of any type

of regular payments from an employer to an employee. While this is close to the

mark, it is not quite true. Technically, a salary is an agreed upon amount of pay that is

to be extended at regular intervals, in exchange for the competent performance of

specific tasks within the workplace. Here are some of the distinguishing

characteristics of the salary that set it apart from other forms of remuneration.

In many countries, salaries are based not on the number of hours worked, but on

general job performance. Thus, a salaried employee may be expected to put in a

minimum number of hours, but also be available if extra work is needed. In cases

where the job salary remains the same no matter what hours are worked, the employer

does not provide overtime pay, although some employers do reward employees on

salary with a bonus at some point during the year. However, the point is that most

employees who have agreed to receiving pay for their services by way of a salary are

not generally subject to overtime laws regarding employment conditions.

While many people refer to any type of pay as a salary, the fact is that the proper term

to use when the pay is based on a per-hour rate is a wage. Unlike the salary, an

employee that is paid a wage typically can expect to receive extra pay when working

more than the standard number of hours per week. Wages can include regular pay for

hours worked, along with time and a half pay for any other hours worked above the

usual and standard workweek. Some companies will pay double the normal rate in

wages when asking the employee to work on holidays and in other situations.

Being on salary usually also includes some perks that may or may not be applicable to

wage related work. For instance, salaried positions usually accrue sick days and

vacation days that may be used when needed. Not all hourly positions provide those

types of benefits. Second, being on a salary means that you always know what amount

of money is coming into the household. With a wage, the amount may vary from one

pay period to another.

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While the salary approach to employee compensation is often the most sought after

form of payment, the fact is that there are many wage related positions that pay as

well or even better than some salaried positions. Depending on the career and

personal goals of the individual, one model may emerge as being both more desirable

and practical for a given situation.

A pay period is the number of days for which a regular, usually non-salaried

employee gets paid. Salaried employees tend to expect and receive the same pay no

matter the length of the pay period, while workers paid by the hour can have variance

in pay depending upon hours and days worked. Pay periods vary widely and usually

are one of several common systems. You may be paid weekly, bi-weekly, monthly,

yearly, or paid twice a month on specific dates, usually the 1st and 15th of each

month. There are advantages and disadvantages to each different type of pay period.

The weekly pay period is preferred by some, though it can mean more expenditures

for a company to pay weekly, since it means each week an employee or employers

must figure out payroll, and cut and sign checks. There are also some disadvantages

for the employee who gets paid weekly, if they’re not careful. The surety of money

arriving every week may give some people the sense that they can spend more than

would be prudent. After all, you’re only ever at most, seven days away from your next

paycheck. To keep within spending limits, budgeting and allocating funds from each

paycheck for necessities, like rent, food, and utility payments, is a good idea.

The bi-weekly pay system is common. Employees get paid every two weeks, usually

a few days after they’ve completed the two weeks. For many employers this is the

ideal way to pay employees, since it is less expensive to figure payroll every two

weeks than it is to process paychecks every week.

Two to three times a year, employees who receive bi-weekly checks get the wonderful

benefit of the three-paycheck month. If your budget is based on two paychecks a

month, the three-paycheck month is a great time to make major purchases, get caught

up or get ahead on bills, or add to your savings account. Typically you’ll still need to

buy food with your third paycheck, but you’ll usually have a leftover amount that

isn’t allocated to any regular payments.

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The other bi-monthly plan is a pay period that ends in pay on the 1st and 15th. If you

are paid by the hour, you do have to budget carefully when your employer uses this

method. Some months, you’ll have larger paychecks than others, because there will be

more days worked on a paycheck than usual. Other months, like the pay periods in

March, can mean your paycheck is lower than usual because February is a shorter

month.

Some pay period types are structured on monthly pay, and good for those who can

budget their money accordingly. These may be harder for people who have difficulty

budgeting, as they mean you won’t be paid again for another month. If you run out of

money in the middle of the month, you’re in trouble. Living within your income is the

most important aspect when you are only paid on a monthly basis.

Less common is the yearly paycheck, though a few companies employ it. Again this

type of pay period means employees must live within their income and budget

carefully. Some companies don’t use any of these types. Commission based workers

may be paid when they make sales instead of on a specific date or during specific pay

periods. Some freelance workers, especially those who work in construction fields

may be paid at the end of each day.

Other freelance workers or those who run their own businesses get paid after they

complete work, within a few days to a month or two. It can depend upon how quickly

clients pay you, and whether you have any written agreements or verbal ones with

those who employ you to pay you within a certain time period. Pay when you run

your own business or freelance usually exists on a per job basis instead of being based

on a specific pay period.

39

RECRUITMENT & SELECTION PROCEDURE

1. Introduction 

The recruitment of high quality staff is crucial to the objectives and continued

success of the company as a major teaching and research institution. This guidance is

designed to assist managers to recruit and select the best candidate in a fair and

consistent manner. Underpinning this approach is the need to provide equality of

opportunity in employment. They recognizes the skills and abilities of all people

regardless of their sex, sexual orientation, marital status, race, religion, age, creed,

colour or nationality.  This includes equal treatment of existing staff, which are

considered for promotion or acting up arrangements.  

It is the responsibility of each Head of Department/Manager to ensure that policy is

carefully followed within their department. All Heads of Department/Managers

should make members of their staff aware of the obligation to familiarize themselves

with and follow the policy. 

2. SCOPE 

Company policy is that all vacancies, irrespective of funding source, should normally

be advertised to ensure the widest possible pool of applicants.  This applies equally to

externally funded posts. As a minimum this normally includes advertisement

internally on the web page and notice board. 

Recruitment approval process  

In order to advertise a post the Head of Department/Manager will need to complete a

recruitment authorization form which can be found on the website. 

Research grant funded posts 

Written confirmation of funding from the awarding body should be provided to

Research and Grants. This also enables the relevant Research Grants Assistant to give

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you a grant code (in the case of new grants), which is included in the Recruitment

Authorization form.

3. New posts and job vacancies 

The occurrence of a vacancy is an opportunity to review the need for the post and its

duties, responsibilities and grade. 

Where the duties of the post have changed significantly the Head of

Department/Manager must provide a new job description and person specification to

their HR Adviser, ideally before financial approval is sought. The HR Adviser is

responsible for agreeing the appropriate grade for the post.   

When a vacancy arises, consideration must be given to staff whose posts are being

made redundant and for whom re-deployment is being sought.

4. Job Description 

A job description is a key document in the recruitment process. The job description

must be produced for every vacancy and drafted prior to taking any other steps in the

process. The job description sets out the main duties and responsibilities of the

position and has a number of purposes 

it is the key document by which appropriate grading of the post is assessed by the

Personnel Department.

It indicates to potential candidates the range of duties and responsibilities of the post

It is used during appraisal to help evaluate the performance of an individual.

It is a tool for performance management to ensure that the postholder is fulfilling the

appropriate duties to a required standard

5. Person Specification  

The person specification is of equal importance to the job description and informs the

selection decision.  The person specification details the minimum skills, experience

and abilities that are required to do the job.  It should be drawn up after the job

description and, with the job description should inform the content of the advert.  The

41

person specification should be specific, related to the job, and not unnecessarily

restrictive for example only qualifications strictly needed to do the job should be

specified.  The inclusion of criteria that cannot be justified as essential for the

performance of the job may be deemed discriminatory under race and sex

discrimination law, if equal proportions of men and women and those of from

different racial groups could not meet them. The person specification enables

potential applicants to make an informed decision about whether to apply and those

who do apply, to give sufficient relevant detail of their skills and experience in their

application.  The person specification forms the basis of the selection decision and

enables the appointment panel to ensure objectivity in their selection.   

The person specification details the: 

Education/Qualifications and Training

Knowledge/Skills

Previous experience

Personal Characteristics/Other requirements

 

For some jobs a particular qualification(s) may be essential, while for others no single

qualification may be appropriate and a particular type of experience may be just as

relevant as a formal qualification.  Where qualifications are deemed essential these

should reflect the minimum requirements necessary to carry out the job to an

acceptable standard.  The type of experience required of applicants should be

specified. 

6. Further Details for applicants 

The further details provided to an applicant will be as follows

Advertisement

Information about the post

Job description and person specification

Summary of the terms and conditions of service

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Application procedure

Application form

Equal opportunities monitoring form 

 

7. Approval of Job description/person specification/further details 

Clinical posts 

In the case of senior clinical academic posts the Job Description, Person Specification

and Further Particulars should also be approved by the Institute Dean, Clinical

Director, Medical Director, and the Regional Adviser of the Royal College of the

medical specialism. Special arrangements apply for advertising and selecting

appointment panels. A recruitment authorization form will also need to be completed

for academic clinical appointments. For appointments funded by SLaM an

Establishment Control Form (ECF) will also need to be completed

All Senior Appointments 

In the case of Senior Lecturer, Reader and Professorial posts the Job Description,

Person Specification and Further Particulars should be approved by the Company

Dean. 

 

8. Disclosure 

All candidates are required to disclose whether they have a current conviction. Such a

criminal record will only be taken into account for recruitment purposes, where the

conviction is relevant to the position being applied for, and where this is the case, will

not necessarily bar candidates from employment.  Any decision will depend on the

precise nature of the work and the circumstances and background to the offence(s).   

43

Under the Rehabilitation of Offenders Act 1974 ex-offenders do not have to disclose

spent convictions.  However, there are some exceptions. Under the Exceptions Order

1975 of the Act, employers are entitled to ask candidates to reveal details of all

convictions: current and spent for certain excepted professions; offices and

employments and regulated occupations. For these positions, employers have access

to a new service called Disclosure offered by the Criminal Records Bureau (CRB). 

This service checks whether the successful candidate has a criminal record by

accessing a variety of records held on the Police National Computer, by the

Department of Health (DH) and/or the Department for Education and Employment

(DfEE).  If the Head of Department/Manager believes that the post requires a

disclosure check they must discuss this with their HR Adviser prior to the post being

advertised. 

9. Publicizing the Vacancy  

All posts must be advertised on the company’s web page, vacancy bulletin.HR

arrange this.

Current procedure is that all posts are first subject to three weeks internal

advertisement unless agreement is given by Senior Officers Group. In exceptional

circumstances the Senior Officers’ Group can allow a closing date with a shorter

duration period, or can allow for simultaneous advertising. In this instance the

recruiting manager will need to put forward a written case for such a request. The

written case will be faxed by HR to the Vice Principal’s Secretary. 

Posts will be externally advertised in other specialist, national or international media

once the internal advertising process has been completed or concurrently subject to

the required approval being in place (that is approval by the Vice Principal). 

To ensure that applicants are fully informed about the vacancy for which they are

applying and to ensure that they provide the Institute with all the information we

require, adverts must direct applicants to the further particulars, which will provide

more information including how to apply. Advertisements should include the

following points: 

logo

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Job title

Salary

Brief details of job

Key details of person specification

Duration of appointment

How to obtain further particulars

Closing date for applications

Interview date or likely week when interviews will be held  

Before any post can be advertised Heads of Department/Managers must provide the

HR Adviser with the following: 

A completed Staff Recruitment Authorization Form signed by all relevant persons.

(if required) the Vice Principal’s agreement to advertising internally and externally

draft further particulars, including the job description and person specification for the

post 

 

10. Processing applications        

Heads of Department/Managers need to make their staff aware that when dealing with

enquiries about vacancies it is unlawful to state or imply that applications from one

sex or form a particular racial group would be preferred and to do so may lead to a

complaint of race or sex discrimination against the Company.

Recruitment material can be provided in alternative formats such as large print,

Braille, tape and on disk upon request to Personnel.

Care must also be taken when initiating contacts with applicants to ensure that all

applicants are treated in the same way, for example with regard to invitations to visit

the department, informal meetings to discuss the vacancy, and provision of

information. 

45

The confidentiality of applications must be respected by all those involved in the

selection process. 

11. Interview Panels 

All interviews must be conducted by a panel.  The Head of Department/Manager

should select interview panel members prior to the closing date and preferably prior to

advertisement of the post. This allows panel members to assist in the short listing

process. 

Panels must: 

Consist of a minimum of two people including the immediate line manager of the vacant

post a colleague who is familiar with the area of work and, where appropriate, a third

person, who may be from outside the department to balance the panels perspective

Consist of staff who have received training in recruitment and selection

Reflect a sex and ethnicity balance wherever possible 

Declare if they already know a candidate

Be willing and able to attend all interviews for the duration of the recruitment process, to

maintain consistency and to ensure fair treatment of all candidates

 

There are specific requirements for the composition of the panel for the appointment

to certain senior posts within the Company, and guidance on these requirements is

available from your HR Adviser.  

The availability of Panel members, particularly when external members are required,

can be a critical factor in determining the length of the recruitment process – a six

week notification time is not uncommon.  For such appointments it is even more

important to take action to set up the interview date as soon as the job and person

specifications and funding are agreed. 

46

12. Monitoring 

To ensure the Company’s Equal Opportunities policies are working to benefit all

concerned, it is considered good practice to keep up to date information on how staff

groups are made up(e.g., gender, religion or belief, ethnic groups, those with

disabilities, sexual orientation). Therefore the company asks all applicants to complete

an equal opportunities monitoring form as part of the application process, including

those schemes where no application form is required (e.g. research posts). 

Access to this information will be restricted to a limited number of authorized staff.

The information may also be used for the purposes of compiling employee statistics

and equal opportunities monitoring. 

In order to obtain feedback from new recruits on their experience of the recruitment

and induction process the HR team issue a questionnaire to new recruits when they

have been in post for three months.

13. Short listing  

After the closing date has passed, HR will pass the completed forms to the manager,

and short-listing for interview should take place. Short listing should be carried out by

at least two members of the interview panel, including the immediate line manager.  

The composition of the short listing panel will depend on the nature and seniority of

the post. 

It is the responsibility of the short listing panel to ensure candidates are measured

against the requirements outlined in the person specification.  Short listing decisions

should be based on evidence that the applicant has met the requirements of the person

specification. Short listing panel members should avoid dismissing applicants who

appear to be over qualified. Assumptions should not be made about their reasons for

applying for the post as they may eliminate an otherwise exemplary candidate.  

Consideration of the neatness of the application form for e.g. the neatness of their

47

handwriting should not be the basis for short listing unless the neatness of their

handwriting is desirable for the post.  A person with a disability may have some

difficulty in producing a neatly written document and have no access to a typewriter

or a person who can assist them.

The original applications for all applicants, together with a written note of the reasons

for short listing or rejecting applicants must be retained by the HR team for six

months from the date that an appointment decision is made. 

14. Selection Tests and Presentations 

Consideration should be given to using job related selection tests or asking candidates

to give presentations as part of the selection process if there are some areas of the

person specification that are difficult to test at interview. If selection tests or

presentations are to be form part of the selection process they should be discussed

with your HR adviser prior to inviting candidates to interview.  If selection tests or

presentations are to be used, all candidates should be given the same written

information as to how long they will take, the topic area(s) they will be cover, and

what if anything they should prepare in advance. Care should be taken to ensure that

job related tests are well explained in writing for candidates, in plain language, that all

candidates are subject to the same tests under exactly the same conditions, and that

presentation topics do not favour any one candidate. 

Selection tests should be carefully considered-a person with a disability may be

capable of the task but find the time constraints difficult, due to the nature of the

disability; make allowances for this if the job does not require such quick responses. 

 

15. Arrangements for Interviews 

To invite short-listed candidates to interview the following information is needed: 

What the interview will consist of 

Where the presentation test will take place

48

What visual aids will be available for presentations

Where and to whom candidates should report on arrival at the Company. 

Interviews should be scheduled as soon after the closing date as reasonably possible,

as delays are likely to lead to a loss of candidates.      

Letters or e-mail to all short listed candidates should include:

Date, time and place of their interview

Instructions on how to find their way to the interview venue

A request that they contact the author of the letter/message if they have any special

requirements in relation to the interview (related to access to the venue or any other

special need related to disability)

If appropriate details of any test or presentation they will be required to take or

anything they should bring with them (e.g. examples of work or proof of

qualifications that are essential to the post).  

The HR Adviser will liaise with the Head of Department/Manager if it is necessary to

make arrangements for any special requirements for e.g. site of the interview, access

to the room building and allow for any assistance the person may require.  

16. Interviewing       

The structure of interviews should be decided in advance.  The Chair of the panel will

agree and record with the appointments panel a format for the interview. This format

should include: 

A welcome by the Chairperson

An introduction to the panel members

A brief explanation of the interview format

A questioning session with reference to the person specification for the post

A section where candidates are offered the opportunity to ask any questions

49

This will include the questioning areas to be explored by each panel member by

reference to the person specification for the post. The same areas of questioning

should be covered with all candidates and assumptions should not be made regarding

the expertise or abilities of candidates because of their employment history.  Interview

questions should be phrased so that they do not favour any one candidate. 

Supplementary questions should be used to probe for further information or

clarification where answers are incomplete or ambiguous. Care must be taken to avoid

questions that could be construed as discriminatory for e.g. questions about personal

circumstances that are unrelated to the job. It is, for example, legitimate to ask for

confirmation of whether individuals can comply with the working patterns of the post

but not to ask details of their domestic or child care arrangements etc. It is the

responsibility of the Chair of the panel to ensure that such questions are not asked.   

Where a candidate being interviewed has a disability for which adjustments may need

to be considered, the candidate’s requirements should be discussed with him/her once

the planned questioning is complete. The outcome of these discussions must not

influence the consideration of the candidate’s application. 

17. Making a decision          

The information obtained in the application, the interview, and any selection tests will

allow candidates to be assessed against the person specification and a selection

decision to be made. The assessment must be made on evidence not unsubstantiated

‘feelings’. Be careful not to allow the ‘halo’ effect to influence them.  

If a disabled candidate best meets the person specification, urgent advice must be

sought after the interviews from your HR Adviser regarding what would be

considered ‘reasonable adjustments’ to accommodate the disability in question.  Your

HR Advisor will normally seek advice form the Equality and Diversity Department,

Disability Support Officer and assistance from the Estates Department to ascertain the

likely cost of any required adaptations. In the event that on consideration of the needs

of the potential appointee, it is considered that the adaptations needed would not be

deemed to be ‘reasonable’ under the DDA the HR Adviser will draft a letter to the

applicant explaining why the adaptations cannot be made.  

50

The Chair of the panel must ensure that a written note of the reasons for selecting the

successful candidate and rejecting others is made and placed on the recruitment file

together with the original applications, short listing notes, interview notes of all panel

members and selection tests if used. 

The appointments panel must be satisfied that the approach to the selection procedure

and the final decision can be justified at a later date. The panel must also be aware

that they may be required to justify their original decision perhaps several months

after the selection process has taken place to an Employment Tribunal. 

Only a provisional offer can be made to the preferred candidate, i.e. making it clear

that the offer is subject to satisfactory references being received and disclosure checks

or occupational health clearance, where appropriate. This will be followed up by the

HR Adviser. The recruiting manager should not discuss salary when making this

conditional verbal offer. Starting salaries are determined by HR, using a consistent

methodology.  

18. References 

References are normally taken up by the HR team.  If the process is devolved to the

recruiting manager the following needs to be taken into account: 

A standard reference template is available.

Where an applicant indicates that she/he does not want wish his/her current employer

to be contacted prior to interview this should be respected.

Telephone references should be avoided but, where time pressures or the location of

referees dictate that this may be appropriate, recruiters should ensure that they are

certain as to the identity of the person to whom they are speaking. When conducting

telephone references, it is helpful to plan the conversation beforehand and to have a

list of questions ready. A file note should be made at the time of the telephone

conversation and written confirmation should always be requested.

Referees who respond by fax or e-mail should be asked to provide a hard copy of

their reference on headed paper.   

References are confidential and must be sought ‘in confidence’.  Any request for

disclosure of references must be forwarded to your HR Adviser

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References should only be used for the purpose for which they were intended and their

confidentiality must be maintained. Panel members must return all copies of any references

with the application forms and their interview notes to the Chair on completion of the

recruitment exercise. References must only be kept on the recruitment file and the personal

file held by the HR team. 

19. Appointment 

Offers/ Appointment letters/Salary 

Verbal offers of appointment are normally made by the Chair of the panel, and

followed up by the HR Adviser. All salary discussions should be left to HR. 

Within the financial provision or established grading of the post, the salary offered

should have regard to the applicants experience or expertise. The salaries of other

staff doing similar work within the department with similar experience should also be

taken into account. 

The HR team issues letter of appointment and places individuals on the HRMS

integrated Personnel and Payroll system. 

20. Work permits

If the person to be appointed is a national of a non-EEA country, a work permit may

be required. If so, they must contact their HR Adviser as soon as the interviews are

complete in order that an application can be made to Work permits- the Home

Office’s Immigration and Nationality Directorate- for a work permit. Only the HR

team is authorized to make the application. The process can take up to three months. 

It is essential to the work permit application that the vacancy has been advertised in at

least one national newspaper or journal normally available.

21.  Induction  

It is company policy that Heads of Department/Managers ensure that all members of

staff- whether they are new to the company or moving to a new role from within– go

through an induction process so that they gain an understanding of their work and

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potential contribution to the company, feel supported in their new working

environment and are able to apply their experience and skills at an early stage. This

process includes both permanent staff and those employed on fixed term contracts. 

An induction development plan should be drawn up and monitored by the new

member of staff’s line manager.   

22. Planning - Illustrative Time Scale 

It is helpful to regard recruitment as a project with milestones and resources that are

discussed and agreed at the start of the process. The length of the recruitment

process varies with the type of vacancy, the frequency of the desired publication (e.g.

daily, weekly, fortnightly, monthly), whether it is necessary to advertise both

internally and externally, requirement for work permit, availability of staff, the length

of the individual’s notice period,  impact of the volume of schemes/applicants etc. 

 

2.3 TRAINING AND DEVELOPMENT POLICIES

TTML recognizes that effective training and development offers benefits to the

individual and the organization as a whole, which ultimately contribute to the

achievement of TTML’s objectives. These benefits include:

higher standards of work performance

greater understanding and appreciation of factors affecting work performance

sharing of ideas and dissemination of good practice

effective management and implementation of change

encouragement of team spirit

increased motivation and job satisfaction for the individual

greater understanding of business.

TTML aims to ensure that:

its stated objectives are met

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each member of staff understands what his or her work role involves

each person is developed to enable them to achieve their work objectives

staff are prepared and equipped to deal with changes in TTML

each individual is encouraged to develop his or her potential, both personally and

professionally

lifelong learning is supported and encouraged for all staff.

As evidence of its seriousness about staff development, TTML has made a specific

commitment to the Investors in People initiative.

This policy applies to all staff.

Principles of the training and development policy

Training and development makes TTML a more effective organization. TTML’s

continued success depends upon meeting the objectives set by the Board and agreed

with our founders and partners. This will be achieved through staffs that are

competent in their roles.

Training and development can be defined as any activity designed to help individuals

become more effective at their work by improving, updating or refining their

knowledge and skills. It encompasses a range of activities including, for example,

involvement in various projects, attendance at training courses, conferences or

seminars, visits to other institutions, work shadowing, formal study, coaching and

mentoring.

TTML believes that training and development is a continuous process. There is an

expectation that staff will keep abreast of developments within their own area of

expertise, and all staff are encouraged to undertake development activities throughout

their working lives. The TTML performance review system allows for specific input

from individuals in relation to suggestions for development at least twice a year.

TTML’s approach to the provision of training and development is to consider the

development needs identified and how these should be met. This is in line with both

Investors in People and TTML’s definition of training and development, and it

focuses attention on development activities that add value to the business, enabling

TTML to meet its strategic objectives.

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The responsibility for identifying training and development needs and carrying out

agreed training and development activity is shared between the line manager and

member of staff. TTML will encourage and support appropriate training and

development. Reasonable time and financial support may be allocated.

Line managers are responsible for providing support and guidance in relation to the

training and development of those reporting to them, particularly in relation to the

identification of training and development needs and making sure that appropriate

action can be taken as a result.

Each member of staff is expected and encouraged to take ownership and

responsibility for their personal development in relation to their work, within the

framework of support provided by TTML. This includes analyzing one’s own skills,

aptitudes and potential development needs, as well as having a positive attitude and

proactive approach to development.

TTML is committed, through its performance review process, to the creation of

training and development opportunities for all staff, and will work to ensure equality

of opportunity across all training and development activity. Equal opportunities will

be monitored specifically and reported on annually to the Executive Committee.

TTML will monitor and evaluate training and development activity so as to

continually learn and improve provision. All staff are expected to participate in the

evaluation of training and development.

The training and development policy, and accompanying guidance notes, provide a

framework within which decisions can be made and supported with regard to the

development of individuals and groups within TTML. In addition, please refer to the

policies and guidance notes on induction and the performance review process.

Training and development

Contents

1. The range of training and development opportunities

1.1 Types of training and development activity

1.2 Drawing on the expertise and experience of others

1.3 Processes by which people learn

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2. Responsibilities

2.1 The individual

2.2 Line managers

2.3 Senior management

2.4 The Human Resources (HR) function

3. Links to other HR policies and initiatives

3.1 Performance review and review process

3.2 Induction

3.3 Investors in People

3.4 Capability policy

4. Planning training and development

4.1 Identification of needs

4.2 Training and development plan

5. Access to training and development

5.1 Entitlement to development support

5.2 Equal opportunities

6. Resources for training and development

6.1 Budget for training and development

6.2 Time allocation for training and development

7. Formal qualifications

7.1 Funding of training/further qualifications

7.2 Study and exam leave

8. Monitoring and evaluation

8.1 Monitoring - maintaining 'learning logs'

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8.2 Evaluation

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DATA ANALYSIS

58

DATA ANALYSIS

Question 1) Liking of people towards Aerens Goldsouk International Limited?

Answer a) Y-yes

b) n- no

c) c- can’t say

Analysis: we concluded that more than 70% of the people liked the industry which

conveys a good image of the company.

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74.00 / 74.0%

19.00 / 19.0%

7.00 / 7.0%

y

n

c

Question 2) Response of people about Aerens Goldsouk International Limited”?

Answer a) y-yes

b) n-no

c) c-can’t say

52.00 / 52.0% 34.00 / 34.0%

14.00 / 14.0%

y n

c

Analysis: we concluded that more than half of the people consider Aerens Goldsouk

International Limited, only a few said NO.

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Question 3) Response of people that Aerens Goldsouk International Limited will

give a healthy competition to other companies?

Answer a) y- yes

b) n- no

c) c- can’t say

59.00 / 59.0%

28.00 / 28.0%

13.00 / 13.0%

y

n

c

Analysis : we concluded that more than 50% of the people believe that Aerens

Goldsouk International Limited will give a healthy competition to small sectors.

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Question 4) Response of people that AERENS GOLDSOUK INTERNATIONAL

LIMITED will bring a revolution in the industry?

Answer a) y-yes

b) n-no

c) c- can’t say)

66.00 / 66.0%

20.00 / 20.0%

14.00 / 14.0%

y

n

c

Analysis: we concluded that about 66% of the people said that AERENS

GOLDSOUK INTERNATIONAL LIMITED will bring a revolution in the

communication industry as it is growing at a very fast rate day by day.

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Question 5) Factors why people like Aerens Goldsouk International Limited?

Answer a) 1-affordability

b) 2-shape

c) 3-design

d) 4-other design

11.00 / 11.0%

18.00 / 18.0%

10.00 / 10.0%

61.00 / 61.0%

4.00

3.00

2.00

1.00

Analysis: we concluded that all the factors contribute in increasing the liking of the

people, but the most effective one is the affordability of the AERENS GOLDSOUK

INTERNATIONAL LIMITED.

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Question 6) Proportion of people who will shift to AERENS GOLDSOUK

INTERNATIONAL LIMITED?

Answer a) Y-yes

b) n-no

c) c-can’t say

45.00 / 45.0%

33.00 / 33.0%

22.00 / 22.0%

y

n

c

Analysis: we concluded that in the coming time people will more often start shifting

to AERENS GOLDSOUK INTERNATIONAL LIMITED as they produce the most

Affordable price as compared to other companies.

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Question 7) Why would people prefer Aerens Goldsouk International Limited?

Answer a) 1-comfort

b) 2-safety

c) 3-reputation

d) 4-other reasons

38.00 / 38.0%

24.00 / 24.0%

15.00 / 15.0%

23.00 / 23.0%

4.00

3.00

2.00

1.00

Analysis: we concluded that people prefers AERENS GOLDSOUK

INTERNATIONAL LIMITED as their company due to many factors. Some of them

are Comfort, Safety, Reputation etc.

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Question 8) Response in market of AERENS GOLDSOUK INTERNATIONAL

LIMITED ?

Answer a) 1-very good

b) 2-good

c) 3-not better than two wheelers

24.00 / 24.0%

50.00 / 50.0%

26.00 / 26.0%

3.00

2.00

1.00

Analysis: we concluded that people’s response about the mileage of AERENS

GOLDSOUK INTERNATIONAL LIMITED is good, many said its very good.

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Question 9) Is Aerens Goldsouk International Limited is made for all cities? Discuss

Answer a) town/cities

b) Villages

c) All

d) can’t say

13.00 / 13.0%

26.00 / 26.0%

3.00 / 3.0%

58.00 / 58.0%

4.00

3.00

2.00

1.00

Analysis: we concluded that more than 50% of the people believes that Aerens Goldsouk

International Limited is good for all cities even villages network, while 26% of the people

believes it is good for all cities.

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Question 10) Do People like Aerens Goldsouk Intern ational Limited? Discuss

Answer a) y-yes

b) n –no

c) c –can’t say)

32.00 / 32.0%

56.00 / 56.0%

12.00 / 12.0%

y

n

c

Analysis: we concluded that about 32% of the people liked Aerens Goldsouk International

Limited as compared to others.

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FINDINGS

69

FINDINGS

The company has weak organizational climate

The organization has clearly defined responsibilities to all its employees

There is a negative effect found of the organizational policies. This might

appear to be contradictory to the general management practice. But this

might be interpreted as indicating as various new initiatives are being

taken and new policies made, this is taking its toll on the affected people

or work areas. This may also mean that the staff is not fully identifying

with these changes.

The employees are very much satisfied with the work environment

provided to the employees.

The organization was capable of providing work-life balance to its

employees.

When respondents were asked that what are the ways they use for contacting

the clientele base they are having then 70.8% of them named telephone calls,

personal meetings and references as the major means of keeping in touch with

their customers while only 15.4% named telephone calls and references as

their sources.

Frequency of visiting the customer by the respondent

75.4% of the advisors were find to visit their customers almost twice a month

for various purposes like updating the customers for new policies and products

company is introducing etc. and only 15.4% visited their clients once a month.

The commission earned by the advisors on the policy they sell to their

customers is called the premium or the productivity. 70.8% of them had an

annual productivity of more than 1 lac due to the large amount of business

they gained via insurance only while 23.1% were earning between 50,000 to

1,00,000 because either they were new to this business or they were not able to

devote much time to this field.

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Source of information of the customer

As per the point of view of the 36.9%advisors, the customers usually get to

know about the policies and products of any insurance company via their

relatives or friends while 23.1% advisors gave the credit to the advertising in

the newspapers as the source of information to the people. TV and Radio had

21.5% of the advisors favoring them. Parameters Demanded in insurance

policies.

33.8% advisors feel that while buying a policy what customer looks is the

brand name associated with it. Like for selling a LIC, which is a generic brand

you don’t need to do that much hard work because customer knows it. 27.7%

favored quality of the product they are selling as the top priority of the

customer.16.9% advisors gave their consent to the product features as one of

the enticing factor for the customers in buying into a policy.

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RECOMMENDATIONS:

Management can improve the satisfaction of workers by ensuring impartiality

and fairness in the disciplinary action proceedings

It should also share information in more open way with staff and reach out to

the staff members by making the communication channels more effective.

Encouragement by superior and superiors owning up the development of

subordinates.

The management should focus on imparting training to develop leadership

skills among the employees.

The management should benchmark the pay and benefits with the competitive

industries.

Wants to make an immediate impact on the staff satisfaction, it has to ensure:

Retaining talented people

Any festival should witness involvement of maximum employees across

Communication by the management needs to reach out to the staff at all levels.

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CONCLUSION

73

CONCLUSION

The aim of this project was to comparatively study on operators and others operators

and try to reveal future prospects of AGS .In my Marketing research I found that the

demand of is going to increase day by day. The company should participate in

advertising to acquire as much benefits as possible, thus competing successfully with

other operators.

The final survey incremented my knowledge regarding how to market one’s product

efficiently and how to deal with various types of people. Thus I greatly enjoyed this

project and learnt a lot. Development of good relations with the dealers is must.

Company should also make efforts to attract more and more customers through

various schemes etc.

After conducting this survey on AGS, I come to the conclusion that,

company has huge potential in Delhi region & it can capture major

share by providing excellent after sales service. There are some other

conclusions are also included:

The market reach of the company is very good.

The growth of the product is also appraisable

The company is a major player in the sector of power

generation.

The service providing network of the company is very strong.

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BIBLIOGRAPHY

WEBSITE

www.goldsoukindia.com

www.google.com

www.wikipedia.com

BOOKS

RMS book by Berman Evans

RMS Slides by Prof. A.N. Bhattacharya

NEWSPAPER & MAGAZINE

Business Today

The Financial Express

The Times of India

India today

Hindustan Times

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QUESSIONAIRE

76

QUESSIONAIRE

This is a part of our project in which we are conducting survey on the

investment pattern of the people; we request your kind cooperation.

PERSONAL INFORMATION:

1).Name ___________________________

2).Sex

Male…… Female…….

3).Age?

18 – 21…….. 21 – 30…….. 31- 45…….. Above 45………

4). What is your qualification?

12th pass graduate post graduate

5). Occupation?

Student ……. Profession…….. Service ……… Business man……. House wife……. Other specify……..

6).What is your Monthly Income?

5,000 – 10,000…… 10,000 – 20,000……. More than 20,000……..

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GENERAL INFORMATION:

Are you the existing customer of AGS International Limited?

Yes No

Brand satisfaction after purchase (Tick ):

(High /Medium /Low /Not Applicable)

Name other brands considered and compared before purchasing your product.

_____________ ______________ _______________

Are you aware about AGS company?

Yes….

No………

Are you aware about company schemes?

Yes…….

No………

Are you satisfied with your company (AGS International Limited)?

Yes…………..

No…………..

How many products do you purchase in a month?

0-5 Products

6-9 Products

10- 15 Products

NIL

Response of people that AGS will bring a revolution in other industry?

a) y-yes

b) n-no

c) c- can’t say

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Factors why people like AGS?

Affordability

Shape

Design

Other design

Proportion of people who will shift to AGS?

Yes

No

Can’t say

Why would people prefer AGS as their company?

Durability

Safety

Reputation

Other reasons

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