FINANCE DEPARTMENT

Finance department is the backbone of Tommy Hilfiger. In Tommy Hilfiger finance department plays an important role starting from procurement of material till the sales is made. Finance department tries to ensure that adequate funds are for the resources that are required to help achieve the organisational objectives. The department also ensures that the costs are controlled, that there is an adequate cash flow, and also that it establishes and further controls all profitable levels. A lot of transaction takes place every day at Tommy Hilfiger. Some of it he important functions performed at Tommy Hilfiger by finance department includes:

Obtaining needed inventory: To satisfy customers, Tommy Hilfiger maintains inventories that involve a sizable expenditure of funds. Finance department receives the trends and forecasted demand from marketing department and budget the expanses and then make spending on it.

Financial planning & control: At Tommy Hilfiger finance department involves in analyses short-term and longterm money flows to and from the company. It helps the company to optimize profit and make best use of money. In controlling process company compares its actual revenues, costs, and expenses to those projected. Tommy Hilfiger holds at least monthly and daily financial reviews as a way to ensure financial control. Such controls provide feedback to help reveal which accounts are varying from the financial plans.

Managing accounts receivable: Operating funds are very much essential to carry day to day business operations which are collected from sales. Tommy Hilfiger sells various products every day, some on cash and some on credit for which payment is made through credit cards. Tommy Hilfiger tries to in cash those transactions as quick as possible. In some cases company use some of its available funds to pay for the goods or services already given to customers. In order to collect that money as soon as possible, financial managers plans to offer such as cash or quantity discounts to purchasers who pay their account

by a certain time

Tax management: Financial managers also handle tax management, the analyzing of tax implications of various managerial decisions in an attempt to minimize the taxes paid by the business. As tax laws change, finance manager carefully analyze the tax implications of various decisions in an attempt to minimize taxes paid. Tommy Hilfiger also takes help of external parties in various decisions in order to minimize taxes.

Meeting other departments need: The other departments of Tommy Hilfiger are also depends on finance department for various needs. Purchase department writes to finance department and finance department allocate funds to purchase department. Marketing department does so many activities including add campaign for which they depends for money to finance department. Likewise all other departments depend on finance to fulfill their needs.

MARKETING DEPARTMENT

Marketing Department marketing concept is a customer orientation backed by integrated marketing aimed at generating customer satisfaction as the key to satisfying organizational goals. For a firm in order to implement the marketing concept it has to focus its attention on the consumer, ascertain his/her needs, discuss and wants before Every Brand appeals to individual customers in different ways. Good customer service is the life blood of any business. Good customer service is all about attending to existing and potential customers. This maintaining good relationship with the customers is the key to business success and hence the concept relationship marketing. Traditionally, marketers have located their target market segments, presented their offer, and made the sales. It's always been a single step process. Relationship marketing looks at customers and clients over a longer term. It takes into account the lifetime value of a customer. Many experts think it costs anywhere from six to ten times as much, to find a new customer, than to sell to an existing one. With

those financial realities in mind, the approach makes some sense, and some real dollars. Relationship marketing is based on the idea that people prefer to do business with people who they know and like. After all, it's easier to buy from a friend, than from someone you've never heard of before. It's a matter of building trust. It's said that people need to hear an offer at least seven times before they buy. That concept certainly works against the single step marketing method. The Marketing department is responsible for marketing of Tommy Hilfiger retails products through different media. The marketing department has to decide and identify the most effective medium to attract the customers to Tommy Hilfiger retail thereby increasing the sales. The department has to design creative and attractive advertisements through which the companies products can be promoted to the customers. The company has to visit different companies and has to enter in tie-ups for all its advertisement campaign. The marketing department also consists of another separate department which is known as Visual Merchandising. Visual merchandising is an art by which a retailer makes the store talk to its customers. The colours, signage, lights, look and feel, everything is taken into account. It is very important to figure out what is the story, the picture, the idea that is being sold to the customers. Another concept that was incorporated in Tommy Hilfiger retail from the beginning was that of Category management as opposed to the brand merchandising practice that is followed by many retailers. Category management is based on the belief that a customer walks into a store looking for party shirt or a formal t r o u s e r . Therefore t h e s t o r e i s d e s i g n e d according to the categories like mens formal wear, womens western wear or a casual wear or kids wear etc.

Within the organization too, teams were divided according to the categories that they managed, rather than the fits. Tommy Hilfiger retail wanted to have a complete bouquet of products in each category at different price-points, design, fabric, size and color. The objective was to create, t r a f f i c drivers within the Store. Focusing on categories also helped to achieve a level of perfection within the specific segments. This department is responsible for the attractive product arrangement in the Store

with respect to their nature. The basic function of this department is it divides the Store into some departments based on the nature of the product and also within the department it decides how the products should be arranged keeping in mind the customers taste. It also arranges the products to attract the customers and also ensure easy availability of products.

MARKETING FUNCTION IN TOMMY

Product management: Product management is also an important strategy in TOMMY HILFIGER RETAIL. In the TOMMY HILFIGER each and every product are useful and run able product in the market. Product would be changed if those are not sold on the market.

Brand management: Brand management is also important strategy in the way of which brand should be for sale in the store, because it is gives impact on the customer. Every commodity has its market value and it is also gives impact on the store image.

New product development: understanding the market demand and based on that selection of new product according to customer and according to the session demand. Promotion: Promotion is one of the market mix elements. The specification of five promotional mix promotional plan. These elements are personal selling, advertising, sales promotion, direct marketing, and publicity. To present information to consumers as well as others. To increase demand. To differentiate a product.

Advertising: Advertising for existing product is one of the important functions for the marketing department. Adverting of product is done through internal or external in social way.

Internal advertising is done by the product promotion and product awareness for existing customer and external advertising

Marketing communications: Marketing communications is the process of the filling the gap between customer and organisation. In TOMMY HILFIGER such types of activity is followed for Inner member circle customer. Those customers are benefited through session offer and awareness of upcoming offer information, which is provided by the TOMMY HILFIGER.

Retail Planning: Team is responsible for monitoring and executing the retail plans, budgetary control to ensure the performance of the store are via a via the business target and to report performances of products.

Visual Merchandising: Team is responsible for planning, developing, establishing and maintaining efficient display, signing and merchandise presentation program for the retail / service activities within the stores. Concessionaire team is responsible for handling all brands in stores. Sales and sales promotion: Sales and sales promotion is also marketing strategy for which is give a positive result. Showing the higher sales report makes brand value in customer. And customers are also gives attention on those types of retailers.

Services marketing: Providing service for customer is also a marketing function .Which makes customer satisfaction and attracts the customer for next time coming in the store.

INFORMATION TECHNOLOGY DEPARTMENT:

Information Technology provides the technological support to help meet the business objectives while taking into account the functional needs. IT integrates the entire organization and the business activities and also helps to network all the resources to ensure we keep ahead in the Industry. The importance of information technology in retail stems from the importance of data. Data is nothing but information that aids decision making. The right data, in the right form to the right set off people at the right time, is one of the greatest tools in the hands of the retailer. Information is always with reference to a particular time frame. After selecting some goods he proceeds towards the billing counter. Here the billing clerk scans each product at the POS (Point of sale) terminal the total number of items and the bill amount is added up. While doing so he has so checked with the customer if he is a member of the stores loyalty program. The customer confirms that he is, gives him the store card for entry makes the payment by way of credit card and exits the store with his purchases. While to the customer it is just a routine purchase, let us look at the information that the store has gathered from this transaction and how the information helps the retailer

Collection of Data: The use of technology aids data collection. Data can be collected about consumers, their purchases the frequency of their buying and the typical basket size. This information helps the retailer distinguish the customers who shops at his store frequently and also reward them. For example information gathered about a customer may reveal preferences for certain brands; this may be used for further

communication with the customer regarding promotional offers etc. The data on purchase made is also passed on to the credit card organization for payment to the merchant establishment and also for billing the customer.

Efficiency in Operations: The items purchased provide information on merchandise sold in the store; this is the basis of sales analysis and decisions on replenishment re-ordering and merchandise planning.

Helps Communication: Communication within the organization can be faster with the use of software like TEAM VIEWER. Retail stores can also communicate with each other and with the warehouses. This can be done 24 hours a day and seven days a week. Electronic Data Interchange (EDI) can also be used for communication with suppliers and vendors.

Efficient Stocking of merchandise: The items purchased provide information on merchandise sold in the store; this is the basis of sales analysis and decisions on replenishment re-ordering and merchandise planning. If this information is passed on to the manufacturer; it can help reduce production time. This is particularly true in case of fashion items, which have a very short life cycle. For example data gathered in this manner may indicate youngsters buying certain styles in Jeans or colours, in the tee shirts from the store. To service this section of the audience the retailer may need replenishments faster. The use of technology aids the collection and transmission of information. The trends in sales can be analyzed. This helps avoid situations of stock out helps spot merchandise or products timely markdowns and higher inventory turns.

Functions of Stores Department:

Material Planning: This consists of ascertaining the need of the various departments in the matter of materials and stores and devising such policies that all the materials which have constant demand and also some critical non-wearing materials are constantly available so that they are supplied to the user departments without delay. This includes classification / categorization of items, codification, designing of recoupment policies, taking `make or buy' decision and also preparation of stores budget.

(b) Procurement of Stores: This includes purchase of materials of required quality and quantity at reasonable prices. This activity also includes development of sources of supply with due emphasis to development of ancillary industries, small scale industries and indigenous sources for imported items (import substitution). This also includes, maintaining constant touch with the market to ensure steady flow of materials.

(c) Receipt & Inspection of Stores: This includes taking delivery of materials from carrier, checking of quantity and quality and their account d) Store Keeping: This includes stocking of materials in the wards, their handling, issuing on demand by inventors and maintaining proper records.

(e) Distribution of Stores: This includes timely dispatch and distribution of materials to various users by adopting quick and right mode of transportation.

(f) Collection and disposal of scrap: This activity is main revenue earning activity of Stores Department these days.

(g) Inventory Control: Inventory control means keeping the overall costs associated with having inventory as low as possible without creating problems. This is also sometimes called stock control. It is an important part of any business that must have a stock of products or items on hand. Correctly managing inventory control is a delicate balance at all times between having too much and too little in order to Tommy Hilfiger maximize profits.

(h)Cost Reduction: Management Department can contribute a lot on cost reduction. Some of the techniques used for this purpose are:

1) Variety Reduction 2) Standardization 3) Value Analysis 4) Forecasting.

STORE DEPARTMENT

In any retail sector store department is very important department to maintained whole entire outlay. Tommy Hilfiger retail outlay store department have many importance, total shop is depend on the support of the store department. Store department control the flow of the supply.