MINI PROJECT REPORT

ON

“CUSTOMISED FOOTWEAR”
Towards partial fulfillment of
Master of Business Administration (MBA)
(Affiliated to DR. A P J Abdul Kalam Technical University, Lucknow)

Submitted By: Submitted To:

Arnav Patel Dr. Shivangee Tiwari
Roll No. 2100540700024 (Assistant Professor)
MBA 1st Semester BBD ITM, Lucknow

SESSION 2021-2022
DEPARTMENT OF MANAGEMENT

Babu Banarasi Das

Institute of Technology & Management
Sector 1, Akhilesh Das nagar, Faizabad Road, Lucknow (U. P.), India
 DECLARATION
I hereby declare that the field work entitled of “CUSTOMISED FOOTWEAR”

submitted to the university is a record of an original work done by me under the

guidance of Dr. Shivangee Tiwari (Assistant Professor) (BBD ITM, Lucknow) and

this Mini report is submitted in the partial fulfillment of Master in Business

Administration.

Date: ARNAV PATEL

Place: MBA 1st Semester
 ACKNOWLEDGEMENT

I am highly indebted to my Faculty guide Dr. Shivangee Tiwari Ma’am for their

throughout guidance and constant supervision as well as for providing necessary

information regarding the project & also for their support in completing the project.

I would like to express my gratitude towards my parents & my college mates for their

kind co-operation and encouragement which help me in completion of this project.

However, it would not have been possible without the kind support and help of many

individuals and organizations. I would like to extend my sincere thanks to all of them

who have willingly helped me out with their abilities.

ARNAV PATEL

MBA 1st Semester

 PREFACE

I respect to the allotted project, I have inherited myself as an entrepreneur in this

organization but informally it is a sacred place for me as it’s my first practical

exposure to an organization to know and get aware to an organizational real practical

stressful environment. Although I am student of MBA It is a two year full time degree

courses. So far this training is scheduled for first semester syllabi of AKTU i.e. (Mini

Project) as a separate topic to be asked in detail in viva-voice conducted by external

Thus study will provided me a better opportunity to survive in cut throat competition

with a prosperous existence. I have tried my best to gain out of well framed

circumstances & with the help of experienced personnel who helped me out so for

become possible to them. As being a very confidential functioning many things are

there which can’t be known but on the basis of gathered information and certain hints,

the project has been formed. It may have something missing but I have tried to present

all things what I have received. Although this report has been got checked by different

personnel but after that if there is some shortcomings I expect it to be rectified. So the

whole study bifurcated in different parts. Certain observations & suggestions also

have been stated which if possible to be reviewed.

 TABLE OF CONTENTS

ACKNOWLEDGEMENT

PREFACE

TABLE OF CONTENTS

EXECUTIVE SUMMARY

INTRODUCTION OF THE SERVICE

OBJECTIVE OF INNOVATION

NEED OF INNOVATION

SOURCE OF IDEA

PROTOTYPE

USES OF THE SERVICE

FUNCTIONAL AREAS OF SERVICE

COMPETITORS ANALYSIS

SWOT ANALYSIS OF SERVICE

TECHNICAL FEASIBILITY

MARKET ANALYSIS

COSTING AND PRICING OF THE SERVICE

FINANCIAL FEASIBILITY OR AVAILABLE SOURCES OF FUNDS

LIMITATIONS OF THE SERVICE

FUTURE CHANGES IN SERVICE

CONCLUSION
 EXECUTIVE SUMMARY

Traveling short distance with personalised Shoe is now widely in trend. For traffic avoidance

and ease of driving along with space saving/compatibility, CUSTOMISED FOOTWEAR

are more preferred than NORMAL SHOE When we have to ride on unknown road or we

have to find out our destination for this purpose we are using GPS for route tracking but it is

not convenient to use GPS during the ride .So to overcome or to solve this issue we are

coming with new technology which will make our journey happy to tracking the route. Our

project would revolve around coming up with a smart shoe prototype that could pair with

smart- phone using Bluetooth and help to provide navigational information through vibration

unit placed all around shoe.

In essence, these shoes could give indications about when to take a turn, where to take aturn

and what type of turn to take (U-turn, s-turn etc.) .to person wearing these smart shoes.

All this information would be relayed through six directions, that one could go in. there

would be a micro-controller connected to a Bluetooth transceiver that would send signals to

vibration units based on information received.

Using Google’s navigation database, we cannot only provide information for outdoor but also

indoor navigation.

1
 Introduction of The Product

A product is anything that can be offered to a market that might satisfy a want or need.

In retail, products are called merchandise. In manufacturing, products are purchased as

raw materials and sold as finished goods.

There are number of solution available in market for route tracking or to find out the destination on

unknown roads but all the time it is not always preferred due to some circumstances which may be

either environmental. Traveling short distance with personal vehicle is now widely in trend. For

traffic avoidance and ease of driving along with space saving/compatibility, two wheeler are more

preferred than four wheeler. Motorcycles are represents power and style and also considered as

durable (long term life).Along with this motorcycles also provides environment friendliness and

better fuel efficiency as compared with four wheeler. Higher resale value and lower maintenance are

the other reasons for enhancing (growth) number of two wheeler on road As the number of two

wheeler increases, GPS navigation system is also in trend one may face difficulty using both at the

same time. Accumulating these two system and use it in one makes it easier for a two wheeler

drivers. . [#Note: Not necessary all are going to known destination].

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Product detail Description with

Diagram

3
 Objective Of The Innovation

My primary objective is Providing Safety n security facilities to the customers at

every step I can fulfil this by ensuring that customers’ requests on are attempted

precisely and promptly done in a customized manner.

Navigation enables a user to process his current location based on GPS data and travel

to his desired location, also based on accurate GPS data. Any user with a working

GPS receiver can navigate to a particular destination, whether traveling on foot, by

automobile, by airplane or by ship. GPS navigation is even accurate underground.

The global positioning system, more commonly referred to as GPS, is a radio

frequency navigation system operated by the U.S. Department of Defence. GPS was

originally developed for military purposes, but has since become available to non-

military personnel worldwide as well. According to the National Executive

Committee for Space-Based Positioning, Navigation and Timing, the objectives of

GPS are to provide accurate positioning, navigation and atomic timing services on a

continuous and free basis.

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 Need Of Innovation

At the most basic level, innovation includes the development of new products, processes, or business

models that better fit the needs of a group of consumers. However, in reality, this definition just

scrapes the surface of innovation's potential.Float employment in every possible manner .

Innovation isn't just something new, it's something different and useful

Innovation is production or adoption, assimilation, and exploitation of a value-added novelty in economic

and social spheres; renewal and enlargement of products, services, and markets; development of new

methods of production; and the establishment of new management systems. It is both a process and an

outcome.

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 Source Of Idea

The process of finding innovation must be systematized. Nevertheless, companies

must work on the framework conditions so that flashes of inspiration can strike and

ideas can flourish. Important measures include the following, for example:

Information from Customers.

Information from Distributor.

Competitor Analysis.

Exhibition.

Publications, Journal.

Universities, private Institutions.

Patents.

Sources of new product ideas include company employees, customers, competitors, outside

inventors, acquisitions, and channel members. As new ideas come to the front, new product

launch ideas start to gel.

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 PROTOTYPE

" A prototype is someone or something that serves as a model or inspiration for

those that come later. A successful fund-raising campaigncan serve as a

prototype for future campaigns. The legendary Robin Hood, the "prototypical"

kindhearted and honorable outlaw, has been theinspiration for countless other

romantic heroes. And for over a century, Vincent van Gogh has been the

prototype of the brilliant, tortured artist who is unappreciated in his own time.

A prototype is a simple experimental model of a proposed solution used totest or

validate ideas, design assumptions and other aspects of its conceptualisation

quickly and cheaply, so that the designer/s involved can make appropriate

refinements or possible changes in direction

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 USES OF THE PRODUCT
Companies tend to have trusted advisors who may have relations around the world. If you

want customers to buy your services, you need offer them a solution that costsless than the

problem is costing them. Your solution might:

Save your customer money;

Save your customer time: or

Improve your customer’s productivity.

When selling services rather than technology, the focus should be on peopleand

organizations—listening to and understanding their internal projects, and being

considerate of their timelines and budgets. It is important to listen and provide a fair

offer for services that genuinely meet a customer's need.

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 FUNCTIONAL AREAS OF PRODUCT
The main purpose of functional areas is to ensure that all-important

business activities are carried out efficiently. This is essential if the

business is to achieve itsaims and objectives.

We can illustrate the situation as follows:

1. Sales and marketing will be involved in achieving targets linked to

developing newmarkets or increasing sales.

2. Human resources will be involved in arranging staff training activitiesand

supportingthe continuous professional development of all staff.

3. Finance will be expected to monitor and support aims and

objectives linked tokeeping costs low to improve profitability.

4. Production will be set targets relating to quality or meeting

planned productionschedules.

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 COMPETITORS ANALYSIS
A competitive analysis enables you to stay atop of industry trends and ensure

your product is consistently meeting — and exceeding — industrystandards.

Benefits of conducting competitive analyses:

Helps you identify your product's unique value proposition and what makes your

product different from competitors', which can inform future marketing efforts.

Enables you to identify what your competitor is doing right. This information is

critical for staying relevant and ensuring both your product and your marketing

campaigns are outperforming industry standards.

Tells you where your competitors are falling short — which helps you identify

areas of opportunities in the marketplace, and test out new, unique marketing

strategies they haven't taken advantage of.

Learn through customer reviews what's missing in a competitor's product, and

consider how you might add features to your own product to meet those needs.

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 SWOT ANALYSIS
SWOT analysis — strengths, weaknesses, opportunities,

threats —

CONCLUSION OF SWOT ANALYSIS

A competitive analysis is a strategy where you identify major competitors and researchtheir

products, sales, and marketing strategies ....................... Learn through customer reviews what's

missing in a competitor's product, and consider how you might add features to your ownproduct to

meet those needs.

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 TECHNICAL FEASIBILITY
Technical feasibility is a measure of the practicality of a specific technical solution and the

availability of technical resources and expertise.

It's the logistical or tactical plan of how your business will produce, store, deliver, and track

its products or services.

As the name implies, a feasibility analysis is used to determine the viability of an idea, such

as ensuring a project is legally and technically feasible as well as economically justifiable. It

tells us whether a project is worth the investment—in some cases, a project may not be

doable

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 MARKET ANALYSIS

A market analysis studies the attractiveness and the dynamics of a special market within aspecial

industry. It is part of the industry analysis

It helps you understand the volume and value of the market, potential customer segments

and their buying patterns, the position of your competition, and the overalleconomic

environment, including barriers to entry, and industry regulations.

How to conduct a market analysis

Now, let’s go into each step in more detail so you know exactly what you need foryour

market analysis.

1. Industry overview

In this step, you’ll describe your industry and discuss the direction that it’s headed.You’ll

want to include key industry metrics such as size, trends, and projected growth.

Industry research and analysis is different than market research. When you’re

researching your industry, you’re looking at all of the businesses like yours. Thisis

different than market research, where you are learning about your customers.

Your industry overview shows investors that you understand the larger landscape that you

are competing in. More importantly, it helps you understand if there’s goingto be more

demand for your products in the future and how competitive the industryis likely to be.

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For example, if you are selling mobile phones, you’ll want to know if the demand for mobile

phones is growing or shrinking. If you’re opening a restaurant, you’ll want to understand the

larger trends of dining out. Are people eating at restaurants more andmore over time? Or is

the market potentially shrinking as consumers take advantage of grocery delivery services?

If you’re in the United States, the U.S. Census has excellent industry data available.I’ve also

found Statista to be useful. You should also look up your industry association—they often

have a wealth of information on the trends in your industry.

2. Define your target market

Your target market is the most important section of your industry analysis. This iswhere

you explain who your ideal customer is.

You may find that through the course of your analysis, that you identify different types of

customers. When you have more than one type of customer, you do what’scalled market

segmentation. This is where you group similar types of customers intosegments and describe

the attributes of each segment.

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You’ll need to start broadly and refine your research by defining the followingelements.

Market size

Unlike industry size, which is usually measured in dollars, your market size is how many

potential customers there are for your product or service. We’ve got a great method for

figuring out your market size that you can read about here.

Demographics

Describe your customer’s typical age, gender, education, income, and more. If you could

paint a picture of your perfect customer, this is where you’ll describe what theylook like.

Location

Where are your customers located? A specific country, region, state, city, county, you’ll

want to describe that here. You may even find that your customer base is segmented based

on location which can help you determine where you’ll be doingbusiness.

Psychographics

It’s here that you need to get inside the mindset of your customers, know their needs, and

how they’ll react. What are your customers’ likes and dislikes? How dothey live? What’s

their personality?

This piece can even help you better approach analyzing the competition.

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Behaviors

This is essentially an extension of some of your psychographic information. Explainhow

your customers shop for and purchase products like yours.

Trends

Customer behavior is always changing. If there are trends that you’ve noticed withyour

target market, detail them here.

3. Competition

Your market analysis isn’t complete without thinking about your competition. Beyond

knowing what other businesses you are competing with, a good competitive analysiswill

point out competitors’ weaknesses that you can take advantage of. With this knowledge, you

can differentiate yourself by offering products and services that fill gaps that competitors

have not addressed.

When you are analyzing the competition, you should take a look at the followingareas.

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Direct competition

These are companies that are offering very similar products and services. Yourpotential

customers are probably currently buying from these companies.

Indirect competitors

Think of indirect competition as alternative solutions to the problem you are solving. This is

particularly useful and important for companies that are inventing brand new products or

services. For example, the first online task management software wasn’tcompeting with other

online task managers—it was competing with paper planners, sticky notes, and other analog

to-do lists.

How you’re different

You don’t want to be the same as the competition. Make sure to discuss how your company,

product, or service is different than what the competition is offering. For acommon business

type, such as hair salons, your differentiation might be location, hours, types of services,

ambiance, or price.

Barriers to entry

Describe what protections you have in place to prevent new companies from competing

with you. Maybe you have a great location, or perhaps you have patentsthat help protect

your business.

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The best way to research your competition is to talk to your prospective customersand ask

them who they are currently buying from and what alternate solutions theyare using to

solve the problem you are solving. Of course, spending some time on Google to figure out

what else is out there is a great idea as well.

4. Pricing and forecast

The final step in a market analysis is to figure out your pricing and create a salesforecast

to better understand what portion of the market you think you can get.

Pricing your product or service

First, think about your pricing. Of course, you should ensure that your price is more than

what it costs you to make and deliver your product or service. But, beyond that,think about

the message that your price sends to consumers.

Customers usually link high prices to quality. But, if you are pricing on the higher endof the

spectrum, you need to make sure the rest of your marketing is also signaling that you are

delivering a high-quality product or service. From what your business looks like to its logo

and customer service experience, high-prices should come with a high-quality experience

during the entire sales process.

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On the other end of the spectrum, maybe you’re competing as a low-priced alternative to

other products or businesses. If that’s the case, make sure your marketing and other

messaging are also delivering that same, unified message.

Forecasting for initial sales volume

Once you have an idea of your pricing, think about how much you expect to sell. Your

industry research will come into play here as you think about how much of the overall market

you expect to capture. For example, if you’re opening a new type of grocery store, you’ll

want to know how much people spend on groceries in your area.Your forecast should reflect

a realistic portion of that total spend. It’s probably not realistic to gain 50 percent of the

market within your first year.

However, don’t make the mistake of assuming that you can easily get 1 percent of a very

large market. 1 percent of a 3 billion dollar market is still $30 million and even though 1

percent seems like a small, attainable number, you need to understand andexplain how you

will actually acquire that volume of customers.

When you build your forecast, use it as a goal for your business and track youractual

sales compared to what you had hoped you would sell. Tools

like LivePlan can help you automatically compare your forecast to your accounting data, so

it’s easy to do. But, even if you use a spreadsheet, tracking your progress will help you adjust

your business strategy quickly so that you can do more of what’sworking and less of what

isn’t.

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Here is a summary of the steps including where to find the information:

1. Size of desks park = number of businesses in delivery area x number of employees (you

might want to refine this number based on the sector as not all employees havedesks)

2. Renewal rate = 1 / useful life of a desk

3. Volume of transactions = size of desks park x renewal rate

4. Value of 1 transaction = average price of a desk

5. Market value = volume of transactions x value of 1 transaction

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POSITIONING OF THE BUSINESS IN MARKET

How you differentiate your product or service from that of your

competitors and then determine which market niche to fill This is

created through the use of promotion, price, place and product.

There are several types of positioning strategies. A few examples are

positioning by:

 Product attributes and benefits: Associating your brand/product

with certain characteristics or with certain beneficial value
 Product price: Associating your brand/product with competitive
pricing
 Product quality: Associating your brand/product with high quality
 Product use and application: Associating your brand/product with a
specific use
 Competitors: Making consumers think that your brand/product is
better than that of your competitors

A Perceptual Map in Market Positioning

A perceptual map is used to show consumer perception of certain brands.

The map allows you to identify how competitors are positioned relative to
you and to identify opportunities in the marketplace.

An example of consumers perception of price and quality of brands in the

automobile industry are mapped below:

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COSTING AND PRICING OF THE SERVICE

Costs are the amounts that a business incurs in order to make goods and/or provide services.

Costs are important to business because they: Are the thing thatdrains away the profits

made by a business. Are the difference between making a good and a poor profit margin..

The expenses that go into providing a service are more subjective than the expenses that go

into making a product. How much you charge customers doesn’talways directly correlate

with the amount you pay to perform services.

In service industries, finding a target profit margin is not as simple. You don’t havean

original price to reference. Instead, your pricing formula for services should account for the

intangible aspects of running your business, such as time and value.

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Understand your cost structure and profitability goals
Companies calculate these costs differently, so verify the exact calculations your company

uses for

Cost of goods sold (COGS): the cost to physically produce a product or service

Gross profit: the difference between the revenue you earn on a product and the cost to

physically produce it

In addition, understand how much profit the company needs to generate. You’ll be far more

effective when considering discount promotions – you’ll know exactly how low you can go

and still be profitable.

Analyze your competitors’ prices

Look at a wide variety of direct and indirect competitors to gauge where your price falls. If

your value proposition is operational efficiency, evaluate your competitors on a regular basis

to ensure that you’re continually competitive.

Determine price sensitivity

A higher price typically means lower volume. Yet you may generate more total revenue

and/or profit with fewer units at the higher price; it depends on how sensitive your customers

are to price fluctuations. If they’re extremely sensitive, you may be better off at a much lower

price with substantially greater volume.

Estimate how sensitive your customers are to fluctuations – it will help you determine the

23
right price and volume combination. More importantly, you can estimate how a price change

can impact your revenue.

After Designing Your Pricing Strategy

Once you’ve finalized your pricing strategy in the marketing plan, it’s time to design

your marketing campaigns.

First, think about your pricing. Of course, you should ensure that your price is more than

what it costs you to make and deliver your product or service. But, beyond that,think about

the message that your price sends to consumers.

Customers usually link high prices to quality. But, if you are pricing on the higher endof the

spectrum, you need to make sure the rest of your marketing is also signaling that you are

delivering a high-quality product or service. From what your business looks like to its logo

and customer service experience, high-prices should come with a high-quality experience

during the entire sales process.

On the other end of the spectrum, maybe you’re competing as a low-priced alternative to

other products or businesses. If that’s the case, make sure your marketing and other

messaging are also delivering that same, unified message

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 SOURCES OF FUNDS

Most businesses, especially when they’re starting up or planning for expansion, faceperiods

when they need to rely on outside resources to stay afloat. Whether the funds come from the

owner’s pocket, accumulated business profits, or outside funding sources, they provide the

lifeline that keeps the business going when expenses exceed revenue for a prolonged period.

Use the information here to forecast how much money you need — and for how long.

To estimate the funding requirement your business faces, take these steps:

1. Create a realistic forecast of your financial situation.

Follow the steps for preparing a pro forma or estimated statement of income,

expenses, and profit, along with an estimated balance sheet and cash flow statement.

2. Estimate your funding need.

Use your financial forecasts, and especially your cash flow projection, to determine how

long you anticipate expenses to exceed revenue and by how much. Doing so helps you get a

handle on when you expect expenses to be incurred, when you expect revenues to roll in,

and the amount of funding you need in order to cover thegap.

3. Create a funding time frame.

After you establish how much funding you need, create a schedule for how long youneed

the funding to last before your business needs to become self-sufficient. This schedule,

called your time frame, should include dates by which you plan to meet revenue-generating
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milestones — for example, first customer, first major contract, first $10,000 in sales, and so

on — that you can monitor as indicators that your business is on track to achieve

profitability before funding runs out.

As you forecast how long your funding needs to last, be aware of these terms:

Runway: The amount of time funding needs to last before your business becomes

profitable and self-sufficient or until additional funding will be required

Burn rate: The speed with which you expect to spend the funding you’ve raised —in

practical terms, the amount of cash required each month to cover the costs of staying in

business

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 LIMITATIONS OF THE SERVICE

The business plan is only a plan and does not assurance achievement. For

example, sales may be lower than predicted as they can be affected by a range

of issues. There are some limitations to the business plan. This is why those

plans can’t be successful. These limitations or pitfalls are as follows:

 Lack of realistic goals: Some entrepreneurs set such goals that are not

attainable;

 A problem in determining time-period; if the plan is too rigid some

problems may arise, it must be flexible to adapt to market changed.

 Failure to anticipate a future problem;

 Lack of sufficient information;

 Lack of commitment: Starting is good but the spirit of an initiative

declines;

 Lack of practical experience;

 Lack of alternative plan;

 Insufficient knowledge about the market;

 No consideration of SWOT: SWOT means strength, weakness,

opportunities, and threats;

 Unnecessary delay in project report formulation and implementation;

 A problem in priority consideration;

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  Lack of efficient manpower;

 Lack of flexibility;

 A wrong assessment of the market.

7 MAJOR LIMITATION

Planning is costly: ADVERTISEMENTS: ...

Planning is a time consuming process: ...

Planning reduces initiative of employees: ...

Reluctance to change: ...

Capital invested in fixed assets limits planning: ...

Inaccuracy in planning: ...

Planning is effected by external limitations:

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 How Customer Service Technology Will Changethe

Future of Customer Service

As companies begin to realize the value added by having a first-rate customer service team,

there have been continuous and rapid developments in the industry. Whether it is the

introduction of global customer service teams, the evolution of livechat, or even mastering

the art of writing perfect emails, the field is under constant evolution.

Here is a list of the 5 biggest future developments in customer service.

Data Analytics

Self-service

Artificial Intelligence (AI)

Personalization

Social Media

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 CONCLUSION
Customer support has come a long way from being considered a cost center to a profit center. With

businesses becoming customer-centric, support is proactively moving towardscreating an

experience in itself. From analyzing data to using social media for making customer support better,

the changes are taking place rapidly which couldn’t be possible if not for technology. On the whole,

the future of customer support holds great promise for brands that are excited about creating great

customer experiences.

Providing that the company is able to acquire its funding requirements,

Achieve operational success for many years to come.

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 BIBLIOGRAPHY

 https://www.just1.shoes/blogs/news/shoe-customizing-an-instroduction

 https://www.hiveandcolony.com/news/the-benefits-of-wearing-custom-shoes

 https://girottishoes.com/blog/7-benefits-of-having-custom-made-shoes

 https://yourstory.com/smbstory/custom-shoes-sneakers-gurugram-rivir-shoes/amp

 https://footwearnews.com/feature/perfect-custom-shoes-1203045569/

 https://www.highsnobiety.com/p/custom-sneakers-good-bad-ugly/

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