Anil Vashisht

Volatility and Institutional Investors: A Sectoral Analysis of Indian Companies

There is a great deal of disarray with respect to different scholars about the relationship between the volatility and the institutional holdings pattern. The deciding variable is very vague and the precedence pattern is also not known. This relationship is consistent with two stories that either riskier asset attracts the institutional investors or the increment in the institutional holding result in the increase in the volatility. This research is directed towards finding the precedence and the sector wise impact of the institutional holding pattern.

Influence of Store Image on Customer Purchase Decision

In recent past there has been a tremendous growth in Indian organized retail sector. The liberalization policy in FDI has helped greater inflow of funds and technology in Indian retail. To earn adequate return on investments, organized retailers are using all possible tools to attract customers and increase sales. Store image, in this direction, helps retailers a lot as it creates the first impression in the minds of customers visiting the store. This first impression plays a decisive role in customer’s stay in the store where he can get time to be influenced by the offers, displays and take purchase decisions. This research paper tries to measure the influence of store image, both external and internal, in the minds of customers. Introduction: Retail is one of the most vital gauges of any economic development. Retailing is considered to be the face of any marketing organization. Day by day increasing competition and focus on customer delight has direct bearing on art of retailing. For the consumption of any product by end consumer, retailing plays the ultimate role. After agriculture, retailing, both organized and unorganized employs largest number of manpower. This gives opportunity to earn livelihood to most of the uneducated population. The traditional corner shops, Mom & Pop stores are the identity of Indian unorganized retail sector. They are merely registered with VAT or Income Tax departments, have limited infrastructure, assets and fixed expenses. These unorganized outlets are mostly managed by owners only with some unskilled, uneducated helpers. These helpers only assist owners in routine sorting, picking, displaying, weighing of the goods. They are nowhere concerned with cash collection or any other responsible tasks. Employment conditions of these helpers are also unregulated. Organized retailers on the other hand are retailers who are formally registered with various Government organizations such as VAT, Income Tax, Shops & Establishment act etc. They maintain their books of account, get them audited and pay the taxes as per Govt policy. Their employment conditions are better. They invest in spaces available in commercial complexes and take care of customer convenience. The recent growth in the Indian retail sector is the result of increase in per capita income/disposable income in urban area and consumerism psychology. Due to these factors large business houses have set up retail chains in leading commercial cities of India. The organized retail can be seen in the form of supermarkets, retail chains and corporate owned hypermarkets. In case of organized retail, retail store image plays vital role in carrying out impression in the minds of customers. The degree of customer attraction is directly proportionate to the degree of store image in the minds of potential customer. Review of Literature: Store image was first discussed by Martineau (1958). He said “It is the way in which a store is defined in the shopper’s mind, partly by its functional qualities and partly by an aura of psychological qualities”. Doyle and Fenwick (1974) focused on five elements leading to store image. They wereproduct, price, styling, assortment and location. Lindquist (1974) came up with another nine elements leading to store image. They weremerchandise, service, comfort, promotion, clientele, physical facilities, institutional and post transactional support. Bearden (1978) also included quality of personnel and parking facilities. He discussed the store influencing elements asprice, quality of merchandise, assortment, atmosphere, location, parking facilities and customer friendly personnel. Another important study to identify the purchasing forces of apparel consumers was done by Prasad (2012). In his study consumers ranked the factors important to be as style, value, diversity, demand, credibility, concern and referral groups. Objectives of the study: The objective of the study was to assess the influence of store image on the minds of customers in organized retail stores of Gwalior-India. The objective was further sub divided to assess whether the exterior image or interior image of the retail stores influence the purchase intentions of customers or not? Research methodology: The study was conducted in the retail stores of Gwalior, The leading historical and commercial city of central India. Data collection was done as per following plan: Sample size: 100 visitors/customers, Sampling technique: Random Sampling, Instrument: Interview and questionnaire, Geographic location: Gwalior (India) Statistical tool: 5 point Likert scale. Parameters examined: i: Influence of external image variables viz exterior sign and display boards, building architect and infrastructure, parking, convenience etc. ii: Influence of general interior store image variables viz attractive product display, section guidance, assistance from sales persons etc. Data analysis and interpretation: