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SURAJ KUMAR BOTHRA PGDM IB - 06 PUMA SPORTS PVT. LIMITED PROJECT REPORT
Transcript
Page 1: SurajKumarBothra_Puma_Report

SURAJ KUMAR BOTHRA

PGDM IB - 06

PUMA SPORTS PVT. LIMITED

PROJECT REPORT

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A Project Report on

1. Consumer Behaviour

Do consumers know what brand ‘Puma’ represents?

Common tendency of customers towards promotion campaigns.

Average Bucket Size & Bill Value.

2. Loyalty Programs

Capillary System: What is the reaction?

Advocate Scheme: Does it work?

3. Sustainability

Puma - 100 Feet Road Store

Bring me Back Bin

Clever Little Bags & Chargeable Carry Bags

PVC free products

Project Area: Marketing

Faculty Guide: Dr. Kiran Sharma

Project Guide: Mr. Kailash Joshi

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Acknowledgements

I would like to express my sincere gratitude to my company guide Mr. Kailash Joshi, Store Manager, Puma

Marathahalli for guiding me throughout my summer internship and research project. His encouragement,

time and effort are highly appreciated.

I would also thank Mr. Chirag for his unending support in my research project. It was a great learning

opportunity.

I would then like to thank my faculty guide, Dr. Kiran Sharma, for all her valuable inputs and support

throughout my project and providing me an opportunity to learn outside the classroom.

I would also thank my fellow interns for their valuable suggestions.

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DECLARATION

This report “Consumer Behaviour and Sustainability”, is done during my summer internship program is submitted as

a partial fulfilment of the requirement of PGDM IB program of

KJ Somaiya Institute of Management Studies and Research, Mumbai

DATE 30/6/2014

Suraj Kumar Bothra

ROLL NO. 06

PGDM IB (2013-15)

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CERTIFICATE FROM FACULTY GUIDE

This is to certify that Suraj Kumar Bothra, a student of the Post Graduate Diploma in

Management (International Business) has worked under my guidance and supervision. This

Summer Project Report has the requisite standard and to the best of our knowledge no part of

it has been reproduced from any other summer project, monograph, report or book.

Faculty Guide: Dr. Kiran Sharma

Organization: KJ Somaiya Institute of Management Studies and Research, Mumbai

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Contents

Introduction 07

Strategy 07

Puma India 08

Global Sports Retail Landscape 10

India Sports Retail Landscape 11

Consumer Behaviour 15

Brand Awareness – Puma India 15

Customer reaction to Promotions 16

Average Bucket Size & UPT

17

Capillary System 17

AdvoCat Scheme 18

Puma 100 feet road 19

Bring Back Bin 20

Clever Little Bags 21

Recommendations 22

References 23

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Was ist Puma?

(What is Puma?)

Puma SE (officially branded as PUMA) is a major German multinational company that produces

athletic and casual footwear, as well as sportswear, headquartered

in Herzogenaurach, Bavaria, Germany. The company was formed in 1924 as Gebrüder Dassler

Schuhfabrik by Adolf and Rudolf Dassler. The relationship between the two brothers deteriorated

until the two agreed to split in 1948, forming two separate entities, Adidas and Puma. Both

companies are currently based in Herzogenaurach, Germany.

Puma is the sponsor of the Jamaican track athlete Usain Bolt. In the United States, the company is

known for the suede basketball shoe it introduced in 1968, which eventually bore the name of New

York Knicks basketball star Walt "Clyde" Frazier, and for its endorsement partnership with Joe

Namath.

Following the split from his brother, Rudolf Dassler originally registered the new-established company as

Ruda, but later changed to Puma. Puma's earliest logo consisted of a square and beast jumping through

a D, which was registered, along with the company's name, in 1948. Puma's shoe designs feature the

distinctive "Formstrip" with clothing and other products having the logo printed on them.

The company offers lines of shoes and sports clothing designed by Lamine Kouyate, Amy Garbers, and

others. Since 1996 Puma has intensified its activities in the United States. Puma owns 25% of American

brand sports clothing maker Logo Athletic, which is licensed by American professional basketball and

association football leagues.

Since 2007 Puma has been part of French group Kering (formerly known as Pinault-Printemps-Redoute

or PPR)

PUMA is one of the world’s leading Sports Brands, designing, developing, selling and marketing

footwear, apparel and accessories. For over 65 years, PUMA has established a history of making fast

product designs for the fastest athletes on the planet. PUMA offers performance and sport-inspired

lifestyle products in categories such as Football, Running, Training and Fitness, Golf, and Motorsports.

It engages in exciting collaborations with renowned design brands such as Alexander McQueen and

Mihara Yasuhiro to bring innovative and fast designs to the sports world. The PUMA Group owns the

brands PUMA, Cobra Golf, Tretorn, Dobotex and Brandon.

The company distributes its products in more than 120 countries, employs more than 10,000 people

worldwide, and is headquartered in Herzogenaurach/Germany.

Registered Office:

Herzogenaurach, Germany

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Official Company Language:

English

Stock:

The PUMA share is listed for official trading on the Frankfurt and Munich stock exchanges. It is trading

in the Prime Standard Segment and the Index SDAX of the German Stock Exchange (Deutsche Börse).

Shareholders (as of October 2013):

84 % Kering Group (Main Shareholder) 16 % of the PUMA shares in free float

Consolidated Sales:

PUMA’s consolidated sales for the financial year 2013 were € 2,985.3 million.

Strategy

Going forward, PUMA will be the Fastest Sports Brand in the World. This simplified mission will result

in a single brand purpose and a single consumer message. PUMA will be: "Forever faster". The

statement, a new tag line Puma will launch to consumers in 2014, reflects a 65 year history of making

fast product designs for the fastest athletes on the planet.

But "Forever" references more than just history, and commitment to classic products. It's a recognition of

the endless pursuit of whatever is next - in performance innovations, in cultural trends, and in style and

fashion. While "Faster" is more than just delivering the rational benefit of speed to athletes, Puma will

have a single minded purpose of celebrating faster in every sense of the word - lighter products, better fit

for greater agility, enhanced benefits that allow for extended training for speed, and every other possible

way Puma can deliver the fastest products for the fastest performers. The phrase simultaneously

references the emotional benefit of owning speed - the thrill, the fun, and the swagger of Usain Bolt

himself, the man who best personifies this new strategy and ambition.

While Forever Faster is the new brand platform for PUMA, it will also be the guiding principles for the

company in its action and decisions: Our objective is to be fast in reacting to new trends, fast in

innovations, fast in decision making and fast in solving problems for our partners.

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PUMA India

Puma Sports India Pvt Limited operates as a manufacturer and distributor of sports products in India. The

company offers footwear, apparel, and sports accessories for football, motorsport golf and everyday use.

The company was founded in 2005 and is based in Bangalore, India. Puma Sports India Pvt Limited

operates as a subsidiary of Puma AG Rudolf Dassler Sport.

The Puma brand deals in footwear, apparel and accessories. Of the four leading sportswear brands

available in India, Puma is the youngest - started India operations in 2005. The outlets of all leading

brands may number between 1800 and 2000, and Puma has 270 stores: 50 are company owned and, the

rest run by franchisees. Puma products are available at other multi-brand outlets, too. Puma India

business has been profitable since 2009, and about 15 per cent of revenues come from sales through e-

commerce platforms. Footwear accounts for 55 per cent of our sales, and we import them mostly from

Vietnam. With the Indian rupee slipping below Rs 60 to a dollar, imports will get costlier now. This will

generally have an impact on consumer spending.

When Puma entered the Indian market, the focus was mainly on the lifestyle segment since we always

had a foothold in that space. But in the last one and a half years, globally, Puma made progress in the

performance category. In India too, we have now entered the performance market in a big way with our

running shoe called the Mobium. When running, our feet expand anywhere between 4 and 6 per cent -

Mobium expands and contracts with your feet and thus creates a new running category called 'Adaptive

Running'. This is a first of its kind product to be introduced not only in India but also the world.

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PUMA is the Apparel Sponsor for Indian Premier League (IPL) team Sun Risers Hyderabad and the

official licensee of the best known names in Motorsport, including Ferrari, Ducati, Mercedes, BMW and

MINI. Indian cricketer Yuvraj Singh is the Brand Ambassador for PUMA India and Chitrangda Singh is

the Fitness Ambassador.

.

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Global Sports Retail Sector

The global retail sports apparel industry has grown rapidly over the last five years and is expected to

continue that trend as it reaches approximately US $125 billion in 2017 with a CAGR of 6% over the

next five years. Increase in demand for sports-style apparel and favorable demographic conditions

throughout Asia are expected to boost the sports apparel market during the forecast period.

Lucintel, a leading global management consulting and market research firm, has analyzed the global

retail sports apparel market and presents its findings in “Global Retail Sports Apparel Market Analysis

2012–2017: Market Trends, Profit, and Forecast Analysis.”

The sports apparel industry comprises various enterprises that are primarily engaged in the

manufacturing and retailing of new sports apparel and accessories such as running and training apparel,

golf wear, lifestyle apparel, soccer uniforms, baseball and softball apparel, as well as the clothing worn

for participating in many other sports. As per the study, the sports apparel industry is fragmented, with

the top five and the top 10 players accounting for approximately 21% and 25% shares respectively in

2011.

Although North America currently dominates this industry, APAC’s retail sports apparel market is

expected to lead the industry. APAC is forecast to grow at the highest rate among all the regions during

the six-year forecast period. The apparel industry is expected to extend its presence with rapidly growing

markets, with countries such as India, Indonesia, and Vietnam providing significant potential for regional

and global sporting apparel brands.

The sensitivity of the industry to seasonal conditions and frequent changes in consumer taste and

preference are some of the challenges being faced by retail sports apparel industry. Among the factors

that drive growth in the industry include increasing individual sports and athletic participation, changing

lifestyles in emerging economies, and the continuing growth in awareness for health and fitness are likely

to drive the sports apparel market.

Lucintel’s research report is a cost-effective tool that portrays the key aspects of the retail sports apparel

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industry, providing the reader with the most up-to-date and useful analysis of the market to support

confident and timely decision making.

Indian Sports Retail Sector

Sports retail is a small but fast growing segment of modern retail in India. Recently, the country has been

hosting many international sports and this has given a boost to this sector. Many foreign and domestic

corporate retailers have entered sports retail. Sports goods manufacturing is a focus area in the Foreign

Trade Policy (2009-2014) and the government is taking a fresh look at the current foreign direct

investment policy in retail.

There is no formal definition of sports. It can be a game, a fitness activity or an organised competitive

sport. Competitive sports are governed by a set of rules often designed by national or international sports

organisations. Sports can also be a recreational activity. The same sport can be played as a competitive

sport or a fitness activity (for instance, swimming or cycling). Different people treat sports differently.

For some, it is a profession, while for most it is just a means of recreation and staying fit. Sports can be

an indoor activity or an outdoor activity. It can be a team activity (for example, cricket and hockey) or an

individual activity (for example, squash). While most sports are associated with some form of physical

activity, there are some sports, like chess, which do not need strenuous physical activity. Globally, there

are a large number of sports, and each can be played in multiple formats. For example, volleyball can be

played on court, grass, or beach. Similarly, cricket can be played in the one-day, test match and twenty-

over formats. Some sports have received international recognition while others can be country specific,

regional and even local, played by a limited number of people. The recognition of sports, its

classification and formats may vary across countries. All sports require some kind of infrastructure, but

the requirements vary across different sports. For example, team sports like football, cricket and hockey

require stadiums while chess can be played in a room with a chessboard. Similarly, all sports require

some sports product. For instance, a person can stay fit by running for which he needs a running shoe or

by skipping for which there is a requirement of skipping rope.

Sports like cricket, hockey and tennis require equipment like bat, balls, kneepads, specialised shoes and

racquets. Some sports like shooting and motor racing require sophisticated infrastructure and technology-

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oriented, expensive equipment while equipment for sports like cricket, badminton and tennis are

available at all price ranges and are easier to purchase and store. Overtime, across all sports, equipment

has become more sophisticated. For instance, lightweight metal sticks have now replaced the wooden

hockey sticks. In the past, many sports equipment/goods were unbranded, but with increased

sophistication and research and development, branding and specialised equipment manufacturers have

emerged. Proliferation of brands and specialisation in manufacturing has led to the growth of sports

product retailing.

Sports retail is a niche segment of retail. It generally refers to retail sale of sports goods/equipment,

apparel, shoes and accessories (such as sunglasses, watches, headband etc.)

For instance, Reebok sells products for a number of sports including football, rugby and tennis while

Nordica (Italy) specialise in footwear, equipment and accessories (jackets, gloves, etc.) for a single sport

– skiing. They can cater to niche consumers (like in the case of racing cars) or a large number of

consumers (as is the case for a tennis racquet).Sports products can also be used as a casual wear or a

lifestyle product (for instance, a Reebok t-shirt). Sports retailers generally decide how they would

position their products. For instance, the German company Puma AG Rudolf Dassler Sport (brand Puma)

has positioned itself as a sports and lifestyle company that specialises in footwear, apparel and equipment

for a number of sports including athletics, football, golf, sailing and motor sports.

A sports company (whether a retailer, brand or manufacturer) exploring the global market, therefore,

needs to know its market, and re-orient its products and strategies and customise its products to meet

consumer preferences. For instance, brands like Reebok and Nike have modified their global strategy; in

India, they sponsor cricket and retail cricket equipment, clothing and accessories.

They liaise with international federations to get their products/brands recognised and for global reach.

Within a country, they co-ordinate with national federations (who follow international norms) to get their

products/brands approved. They also work closely with individual sportspersons and private sports clubs

and associations to popularise and market their products.

Private participation has increased the retail market for sports. For instance, private team owners of the

Indian Premium League (IPL) in

Cricket have contracted the team apparel to brands like Reebok, Nike, Adidas and Puma. This has

increased retail sales.

Foreign brands such as Adidas and Lotto have had a presence in India for a long time in the footwear

segment through multi-brand retailers like Bata. Hence, these brands were known even before they

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formally entered India through exclusive outlets. Normally, brands enter India through multi-brand

outlets and gradually establish a presence through exclusive brand outlets once the Indian consumers

become aware of the brand.

The survey found that foreign brands have entered the Indian market through multiple routes. For

instance, Nike initially entered the market in 1995 under an exclusive seven-year licensing agreement

with Sierra Trading Enterprise; in 2003, it established a wholly -owned subsidiary. Brands such as

Reebok, Puma and Adidas have wholly owned subsidiaries in India. They source products from India

both for domestic and foreign markets and have an integrated operation encompassing sourcing,

distribution and retailing. Since they are incorporated in India, they are considered to be Indian

companies. Others, like Technogym, has entered through a distribution agreement, whereas Lotto entered

through a licensing agreement, which gave it the right to manufacture, source locally and distribute

products. Others, like Lacoste, enter through franchisee agreements. Some have a mixed model of

licensing and distribution agreement or franchising and distribution agreement. Most sports brands have

positioned themselves as sports-cum-lifestyle brands.

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Although Indian consumers are less oriented towards sports, the failure to associate with a sport may

adversely affect the retail of the brand. In fact, brands like Kappa, which had positioned themselves only

as lifestyle products, have not been very successful in India while others like Puma, which have

positioned themselves as both sports and lifestyle products, have been successful. An association with a

sports event is the key to the success of a sports brand and, therefore, the retail of that brand in India.

Successful brands like Reebok, Nike, Puma and Adidas have associated themselves with popular sports

like cricket. Some international players are working closely with federations and sports development at

school, colleges, clubs etc. For instance, in the past, Indian brands had a dominant position in the school

shoe market but now foreign brands like Reebok have entered this segment. This is an important segment

for volume sales. Of late, there has been an increase in brands for sports like golf and motor sports;

examples are Callaway (Golf) and Ferrari (Motor Sports). The survey found that most successful brands

have carefully planned their brand positioning, sports sponsorship, pricing and selection of Indian

partner. The Indian franchisee partner is carefully selected on the basis of a sound financial background,

experience in the trade, and ownership of shops in prime locations. The parent company provides training

to the franchisee and their employees.

All successful foreign brands in India have re-oriented their products to meet local tastes and

preferences; for instance, since Indians have broader feet in front than Europeans, Reebok has customised

its footwear for Indian consumers. To cater to the niche market, Reebok also associates with designers

from the National Institute of Fashion Technology (NIFT), Footwear Design Institute and famous

designers like Manish Arora to design their product range, generate niche products and become

competitive.

The Indian market is also unsaturated in terms of retail spread. The bulk of corporate retailers are

concentrated in large cities but established players such as Reebok and Adidas are now penetrating Tier

II and Tier III cities, while relatively new players like Lotto are planning to expand beyond metropolitan

cities. The growth of sports retail in Tier II and III cities has been propelled by the establishment of IT

and other companies in these cities, development of housing complexes with facilities for sports like

swimming and tennis and the development of malls, which has increased sports awareness. However, the

penetration of sports retailers in smaller cities is somewhat restricted because of poor availability and

access to sports infrastructure. The survey also found that “right-pricing” of the product is important for

penetration beyond metro cities. Companies like Reebok and Adidas have designed right-pricing policies,

as a result of which they saw an increase in sales of over 70 per cent in semi-urban areas.

The survey found that Indian companies manufacture for a large number of foreign brands including

Reebok (Germany), Puma (Germany), Lotto (Italy), Nike (US), Adidas (Germany), Fila (Italy/Korea),

Rawling (US), Dunlop (Australia) and Spalding (US). The number of foreign brands sourcing from India

has increased in recent years.

This has increased knowledge about Indian manufacturing and the domestic market among foreign

retailers. Indian companies are also trying to diversify into new product categories like ski equipment

(which has limited demand in the domestic market) and golf balls (largely exported to countries like

Germany). During interviews, manufacturers and retailers pointed out that technology is percolating

down from brands/foreigner retailers to Indian manufacturers. Manufacturers are sometimes sent abroad

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to learn the requisite technology (for example, Nike). Reebok was among the first to enter India and the

biggest challenge for the brand at that time was to upgrade factories and provide them with appropriate

technology and training. Many Reebok contractors re-equipped their factories and upgraded the

technology to meet Reebok’s requirements. Some clients like Nike strictly monitor quality,

environmental, labour and other standards. Thus, the entry of foreign retailers has helped manufacturers

to upgrade and attain global standards.

……………………………………………………………………………………………….

1. Consumer Behaviour

The study of consumers helps firms and organizations improve their marketing strategies by understanding issues

such as how

The psychology of how consumers think, feel, reason, and select between different alternatives (e.g., brands,

products, and retailers);

The psychology of how the consumer is influenced by his or her environment (e.g., culture, family, signs, media);

The behaviour of consumers while shopping or making other marketing decisions;

Limitations in consumer knowledge or information processing abilities influence decisions and marketing outcome;

How consumer motivation and decision strategies differ between products that differ in their level of importance or

interest that they entail for the consumer; and

How marketers can adapt and improve their marketing campaigns and marketing strategies to more effectively reach

the consumer.

A. Do consumers know what brand ‘Puma’ represents?

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B. Tendency of customers towards promotion campaigns

C. Average Bucket Size & Bill Value

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…………………………………………………………………………………………………

…………

2. Loyalty Programs

A. Capillary System: What is the reaction?

Capillary provides easy-to-use, high-ROI cloud software solutions that empower retail businesses to engage

intelligently with their customers in real time through mobile, social, online and in-store channels. With a vision to

build the first billion-dollar product company out of India and to become a major player in the booming mobile and

retail sectors, the company got its start by providing businesses in emerging economies (mainly India and South-East

Asia) affordable access to state-of-the-art customer relationship and loyalty management technology. By

emphasizing paperless mobile technology, real-time analytics and consumer engagement, marketing life cycle

automation and sophisticated, innovative analytics that surpass capabilities of much larger, more expensive and

complex customer relationship management (CRM) solutions, Capillary quickly attracted the attention of large

global retail brands – and venture capital. Rapid growth has enabled the company to build out a complete, end-to-end

software-as-a-service (SaaS) CRM platform, encompassing customer engagement, clientele, loyalty, big data

analytics and social CRM suites. Capillary now serves over 140 major global brands, including Pizza Hut, Puma,

Jack Wills, Marks & Spencer, Benetton, Courts, Nike and Nokia, across 10,000+ stores and over 70 million

consumer interactions.

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B. Advocate Scheme: Does it work?

AdvoCAT is a mobile-based loyalty program designed exclusively for PUMA customers. The program

membership entitles you to rewards and privileges. AdvoCAT does not require you to carry any loyalty card in

your wallet. You just register your mobile number once and mention the same number each time you shop

with PUMA.

Instead of a physical card, PUMA considers one’s unique mobile number as his/her identification. Upon

registration the customer receives a confirmation message. When you shop with PUMA, the registered mobile

number has to be quoted at the cash desk. The total purchase value and points of the customer since

registration will be updated accordingly against his/her registered mobile number.

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#Customers Reaction towards AdvoCat Scheme

…………………………………………………………………………………………………

3. Sustainability

A. Puma - 100 Feet Road Store, Bangalore

PUMA launched its first sustainable store on 100 Ft. Road in Indira Nagar, Bangalore. With this store,

PUMA claims to have revolutionized the concept of retail spaces in India. This launch event was executed

by Cream Events, who have a long-standing relationship with Puma. Poised to be the flagship store for

PUMA in India, the store is a global first for the brand.

Conceived by PUMA India, in collaboration with the PUMA EEMEA (Eastern Europe, Middle East &

Africa) Regional Office, the store is spread over 5,000 sq. feet and incorporates the elements of

sustainability through innovative design, mechanical and electrical installations, and material selections.

The store retails a range of merchandise made from organic (pesticide-free) cotton as well as PUMA's

Wilderness Collection - a range primarily sourced and produced in Africa using environmentally

sustainable materials and certified by the Aid by Trade Foundation (AbTF). For the first time in India, the

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Sustainable Store also introduces PUMA's global ‘Bring Me Back I:CO Program' - an in-store recycling

program for footwear, apparel and soft accessories.

B. Bring Back Bin

The PUMA “Bring Me Back” program, which is run in cooperation with global recycling company I:CO,

aims at encouraging the recycling and re-usability of sport lifestyle products among consumers by

providing a convenient and simple process: Consumers bring used shoes, clothing and accessories from

any manufacturer to a PUMA Store and deposit them in the designated Bring Me Back bins. The used

products are then sent off to be re-used or recycled. This means they are either broken down or re-used to

create raw materials, or they will be re-used in case they are still in a suitable condition, or they will be

recycled into new products. With this new initiative PUMA helps to protect the environment, aspiring to

eliminate waste by recycling used products to create new ones. This effort is one more step forward

toward the long-term goal of transitioning to a closed cycle loop for materials usage.

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C. Clever Little Bags

When it comes to reducing packaging waste and carbon emissions, plastic isn't the only material that

companies are looking to cut. The shoe and apparel company PUMA recently introduced its "Clever

Little Bag" - the company's newest initiative to reducing harmful waste associated with paper production,

transportation and disposal. The Clever Little Bag replaces traditional shoeboxes with a reusable bag

slipped over a recyclable cardboard box.

Although materials such as paper cardboard may be easy to recycle, the production of these materials are

still harmful to the environment - with large amounts of carbon emissions and energy required to process

and transport. The Clever Little Bag reduces paper material and weight for a lighter, eco-friendly and

reusable package that not only reduces energy use, but also reduces paper waste. In addition, the bag's

creative design includes a convenient handle, eliminating the need for a plastic bag to carry the box.

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Recommendations

Brand Puma and its facets are clearly not perceived by Indian Mass. Puma India can fine tune its

positioning as the colourful Sports Lifestyle brand.

To stand out (competing against Nike, Adidas and other brands) Puma already is doing a lot of

campaigns like Rock the Vote, Runners for Life which is clearly very effective. So Puma India

should continue and reinforce such events.

As interpreted from survey results, Promotional campaigns such as End of Season sale and Gift cards

are very successful. But to increase its effect Puma can redesign its product portfolio during sale time

so as to provide enough good choices.

Average units per transaction is around 2.4, so there is an immediate need to improve this by

consistent training and validation of fashion consultants.

Average transaction value is around Rs. 3000, which can be increased by setting up special exclusive

luxury stores with Premier Limited Collections such as Motorsports (Ferrari, BMW merchandise).

Capillary system shows dramatic effect on customer retention and ease in communication. One thing

which can be done is to assure customers of privacy so that they share their contact numbers without

hesitation.

AdvoCat scheme is acting like a magnet for customers. Actually it’s a delight, but surprisingly not

many customers are aware of it. AdvoCat scheme is clearly under-marketed, so it should be promoted

as much as possible.

Through campaigns like 100 feet road, clever little bags Puma serves social good in its unique

manner. If this continues, Puma will soon outplay other competitors who are stubbornly professional.

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References

1. http://www.marketbusting.com/casestudies/Puma.pdf

2. http://www.datascanretail.co.uk/documents/Puma.pdf

3. http://www.pumashop.in

4. http://about.puma.com/sustainability

5. http://www.brandfinance.com/images/upload/sportsfull.pdf

6. Book: Sneaker Wars