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.

5
INTRODUCTION

6
 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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 AGS
Life 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

 H azoorilal 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)

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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
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

20
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 STRATEGY
Merchandise 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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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 concept
b) Limits over buying and under buying
c) Prevents loss of sales due to non-availability of required stocks
d) Maintains purchases within the budgeted limits
e) 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.

24
 We wanted something beyond catering to the neighborhood and worked on
making it a destination-based mall.

PRICING STRATEGY
The 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 1million 3 million 6 million

(above 2.15 lac) Households Households Households

Consuming 29 million 66 million 75 million

(0.45– 2.15) lac Households Households Households

Climbers 48 million 66 million 78 milion

(0.22-0.45) lac Households Households Households

Aspirants 48 million 32 million 33 million

(0.16-0.22) lac Households Households Households

Destitute 32 million 24 million 17 million

Less than 0.16 lac Households Households 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.

26
 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.

27
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

28
RESEARCH METHODOLOGY

29
 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

30
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:

31
 • 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.

32
(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.

33
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.

36
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.

37
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.

38
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

40
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
person specification should be specific, related to the job, and not unnecessarily

41
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
• Application procedure
• Application form
• Equal opportunities monitoring form

42
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).

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).

43
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
• Job title
• Salary
• Brief details of job
• Key details of person specification
• Duration of appointment
• How to obtain further particulars

44
 • 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
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

47
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

What visual aids will be available for presentations

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

48
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

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

49
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.

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.

50
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

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.

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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
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.

52
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

• 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.

53
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.
• 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

54
 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

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

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 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'

8.2 Evaluation

56
DATA ANALYSIS

57
 DATA ANALYSIS

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

Answer a) Y-yes
b) n- no
c) c- can’t say

7.00 / 7.0%

19.00 / 19.0%

74.00 / 74.0%

Analysis: we concluded that more than 70% of the people liked the industry which
conveys a good image of the company.

58
Question 2) Response of people about Aerens Goldsouk International Limited”?

Answer a) y-yes

b) n-no

c) c-can’t say

c
14.00 / 14.0%

y n
52.00 / 52.0% 34.00 / 34.0%

Analysis: we concluded that more than half of the people consider Aerens Goldsouk
International Limited, only a few said NO.

59
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

c
13.00 / 13.0%

n
28.00 / 28.0%
y

59.00 / 59.0%

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)

c
14.00 / 14.0%

n
20.00 / 20.0%

y
66.00 / 66.0%

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.

61
Question 5) Factors why people like Aerens Goldsouk International Limited?

Answer a) 1-affordability

b) 2-shape

c) 3-design

d) 4-other design

4.00
11.00 / 11.0%

3.00
18.00 / 18.0%

1.00

2.00 61.00 / 61.0%

10.00 / 10.0%

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

y
45.00 / 45.0%

22.00 / 22.0%

n
33.00 / 33.0%

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

4.00
38.00 / 38.0%

1.00
23.00 / 23.0%

2.00
15.00 / 15.0%

3.00
24.00 / 24.0%

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

3.00
1.00
24.00 / 24.0%
26.00 / 26.0%

2.00
50.00 / 50.0%

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

4.00
13.00 / 13.0%

3.00
26.00 / 26.0% 1.00
58.00 / 58.0%

2.00
3.00 / 3.0%

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.

66
Question 10) Do People like Aerens Goldsouk Intern ational Limited? Discuss

Answer a) y-yes

b) n –no

c) c –can’t say)

y
32.00 / 32.0%

c
12.00 / 12.0%

n
56.00 / 56.0%

Analysis: we concluded that about 32% of the people liked Aerens Goldsouk International
Limited as compared to others.

67
FINDINGS

68
 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.

69
 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.

70
 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.

71
CONCLUSION

72
 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

74
QUESSIONAIRE

75
 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

78