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Improving Retail Store Performance and Applying Behavioral Science to Drive Change

Recommendations for Increasing Basket Size

Question 1: A general merchandise store in the Yonge and Eglinton areahad served as a convenient shopping point for many patrons who were looking to fill time while waiting for appointments or meetings in that area.It carried general merchandise (for example, the assortmentyou would find in the larger Shoppers Drugmart locations), books and magazines, packaged food items, novelties and gifts, as well as accessories. It also sold coffee and pastries.Their convenientlocationmade it particularly easy to access. It was estimated that a large percent of their sales came from infrequent “drop in” buyers.The construction of the Eglinton subway line unfortunately posed a challenge to the store. Due toconstruction barriers andsidewalkclosures, traffic to the store declinedsignificantly. New estimates suggest that traffic fell to about 50% of the originallevels. Construction is expected to last for a few years, so this wasnot going to be a short-term problem. The store hired a Rotman MBA as a consultant. The consultant suggested some ideas to reduce “wasted traffic” (i.e., people that came to the store but did not purchase) and was able to increase conversion rates by about 25%. a)If the store wants to ensure that there is no decline in revenue compared to pre-construction days, by what percent should the basket size need to increase by?b)Since traffic is lower, ageneral strategy the store should adopt is to increase the VOC (value OFcustomers). This could imply either increasing the dollars per visit of infrequent customers, or lifetime-dollars of repeat customer. Make three specific recommendationson how the store could achieve thisgoaland briefly explain how youridea will help. c)What could the store do to increase traffic(despite all the inconveniences due to construction)?In a sentence or two, propose onespecific strategy and oneconcrete ideato make that strategy work (or say why an increase in traffic is not possible).Question 2: One central theme that we discussed at length in this course is consumer behavior; and in particular the applications of nudging or other techniques towardsbehavior change. Identify a specific behavior change challengethat you face, and suggest how you might use your knowledge of behavior to tackle the challenge (propose two concrete ideas).The format for articulating your Behaviour Change Challenge is:I wish that [my target for behaviour change][customer, employees, salespeople, etc]Switched from existing behaviour To desired behaviourBecause of [benefit] [to them, the organization, society, other stakeholders]Then identify two concrete ideas and explain how they would help with the desired behaviour change. 3Question 3:An old adage in the field of marketing is that “the customer is always right –even when they are wrong.”Now that you have gonethrough the MCV material, would you agree with this statement? Yes or No, and why?In preparing your response, considerthe following perspectives (and perhaps incorporate into your response)-Can you think about examples of areas where customers are obviously right, and areas where they may be right even when they are “wrong”? What are they usually “right” or “wrong” about?You could provide specific example(s) from the course materialsor elsewhere, or identify more general areas in which this “right” but “wrong” phenomena occurs.-Can you provide arguments for or against this statement?-If the statement as written above is true, what does this imply for the firm in terms of how it manages customer value? If it is false, what does that imply?-If your response is “both agree and disagree” with the statement, please propose a modified version of the statement that you agree with.Question 4:A manufacturer of household appliances (e.g., microwave ovens, irons, blenders and kitchen equipment) is looking to price discriminatein order to reach as many segments as possible. For the purpose of this question, imagine that there are two segments, H (high willingness to pay) andL (low willingness to pay)a)What are the general conditionsfor price discrimination to be successfulb)Based on your responses to [a], provide one or two specific ways in which they can price discriminate [charge a different price] between these segments. In your response, consider a specific product (say, a microwave oven) that has the same functionality. What could the company do to enable chargingdifferent prices to H and L?c)If members of H saw that members of L were getting a similar product at a lower price, would members of Hconsider itunfair? Why orwhy not?Question 5: Knowing that you went through the MCV course, a friend of yours –the editor of a magazine targeted towards businessprofessionals –asks you to contribute a short article summarizing your learnings from the course. Your contribution could take any form -a regular text article, a “listicle,” a “helpful hints” or even a “mythbuster” format. The keyrequirementsare that a) it should represent the course content well and b) make a case for why businessprofessionals should be familiar withthis content. Be sure to include a titlefor your article(this counts towards your word limit). Also, unless your article format explicitly calls for it, avoid bullet point responsesto this question.

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