It is my pleasure to present my internship report entitled "Forecasting and product allocation process of LG- Butterfly Marketing Limited". It is my pleasure to inform you that I have already completed my internship in a reputed organization in LG- Butterfly Marketing Limited. This report has been prepared on the basis of the practical experiences and various ideas gained during the work at "LG-Butterfly Marketing Limited".
This is to certify that the thesis "Forecasting and Product Allocation Process of LG - Butterfly Marketing Limited." was prepared as part of the completion of the BBA program of Department of Business Administration, Sonargaon University (SU), conducted by MD. Forecasting and Product Allocation Process of LG - Butterfly Marketing Limited. is authentically prepared by me. Certified that this project report titled "Forecasting and Product Allocation Process of LG - Butterfly Marketing Limited." is the bonafide work of Student's name, who carried out the research under my supervision.
To bring efficiency and effectiveness LG- Butterfly Marketing Limited established supply chain management department in 2011. To achieve its vision, LG- Butterfly Marketing Limited is gradually changing their traditional system to upgrade system.
Conclusions and Recommendations
- Background of the Study
- Objectives of the project
- Limitations
- Literature Review
As of 2013, purchasing, inventory, production, planning, distribution and depot management are managed by the supply chain management department, to minimize costs and maximize profits. Supply chain management has been critically examined by many researchers to find intact gaps to optimize the performance of the entire supply chain management through various pragmatic analytical approaches (Galankashi et al., 2015). It is undeniable that minimizing costs is the focus of researchers at all stages of supply chain management, from supplier selection to selection of the best DC strategies.
In this case, optimizing DC capacities to satisfy customer demands and supplier expectations is the most effective way to increase supply chain productivity (Manimaran and Selladurai, 2014). One of the most effective ways to optimize the supply chain is interconnection (Cóccola et al., 2015). Ramtin and Pazour (2015) observed that using different task approaches, practical. optimal tasks and assignments can be quantified and applied to decision-making procedures. 2002) investigated the allocation of customers to multiple DCs in the supply chain network.
These challenges are involved in vital supply chain issues such as supplier selection, marketing activities, sales and distribution of goods and services at predetermined points (Min, 2015). With the advent of technology, supply chain management can be considered as a successful strategy for all levels from the first supplier to the final customers to achieve supply chain redundancy (Chopra and Meindl, 2007).
The Organization
Overview of LG- Butterfly Marketing Limited
GENERAL information CORPORATE HISTORY
- History
- Management
- Corporate Vision, Mission, and Values
- Products and services with net price
- Organgram
- SWOT Analysis
- Porter’s Five Forces Model
Starting with just 3 retail outlets, Butterfly quickly established a strong place in the minds of customers through the first successful product of the Butterfly sewing machine - a symbol of the 'emerging middle class' in the late 80s. In 1995, Butterfly went through a major rebranding initiative when LG emerged as a subsidiary after giving the company its distribution rights. In the same year, the company became a public company with further major expansions.
In addition, the company studied the purchase decision process and payment behavior of different groups of buyers and found that a large part of the market gravitates towards technological advances in everyday life, but cannot pay for them in advance. The group, which had been active in consumer electronics retail for 25 years as Butterfly Marketing Ltd, decided to reverse integrate in 2012 by forming Butterfly Limited, Butterfly Manufacturing Ltd and Butterfly Industries Ltd. These state-of-the-art manufacturing facilities are established through a strategic alliance with LG and Hisense - two of the world's most successful brands.
The company has in its management a combination of highly qualified and eminent employees in the country with various experiences and professional knowledge, who are successfully led by Mr. families, businesses and institutions at an affordable price through a nationwide distribution network efficiently linked to a faster and more efficient service network. Bargaining Power of Supplier: Bargaining power of supplier is low because LG brings raw materials from different suppliers.
But the buyer's bargaining power is moderate because LG uses a differentiation strategy and its refrigerators are technologically advanced. Threats of New Entrants: The threat of new entrants is low because there are known existing competitors in the markets. Competitive Rivalry: Competitive rivalry is high because there are many strong competitors in the refrigerator market.
Samsung is also focusing on technology and is fighting with LG to become the market leader. Walton does a very good job by targeting the middle class segment and utilizing the emotions that come with using the country's product.
Job Part
- Description of the job
- Specific responsibilities of the job
- Critical observation and recommendation
- Belt wise showroom planning for product supply
- Division wise and Percentage wise of showrooms categorized
Attendee's showroom visit and update the line manager about their ISM works, showroom renovation, POP installation and other things better than Butterfly;. As SCM (Supply Chain Management) concept is new to Bangladesh industry so most of the employees don't have proper knowledge about SCM but still the company has its forecasting and allocation process in their company they are working in this department . Adequate training on SCM is very essential for the Industry because Company can swim or sink with SCM.
There is no standard salary structure at LG-Butterfly Marketing Limited, so some employees are paid very poorly compared to others. During most of the public holidays the employee has to perform his office and does not get any additional benefits. In LG- Butterfly Marketing Limited, they should practice good human resource policy for their future growth.
Total Showrooms
Product distribution determining process
Division wise sales prediction percentage
Category wise
Conclusion
LG is known as a people company, which concentrates on creating value for customers as well as people. Thus, LG now concentrates on brand building activities to increase its brand awareness and focuses more on innovative marketing strategies rather than aggressive selling. This means eliminating unnecessary things, reducing existing standards that are below industry standards, increasing existing standards that are above industry standards, and creating something by following the blue ocean strategy.
It has established a factory with its distributor BML in Valuka, which will contribute a lot to the economy of Bangladesh and customers will also get customized and localized products at a lower cost.
Recommendation
Bibliography
