MULTIVARIATE ANALYSIS AND RECOMMENDATIONS FOR FOCUS STORE ON THEIR CUSTOMER EXPERIENCE .
PURPOSE OF PAPER: The multivariable or multivariate analysis is a relatively new and valuable research technique that creates a weighted score for customer experience or other subject based on a measure of customer importance with a measure for company performance. Its intention is to show what variables warrant major attention by a retailer and how well the retailer is doing in those variables. A multivariate analysis will tell a store how they are doing in what is important to the customer and therefore what should be their main focus.
PART ONE: INTRODUCTION OF AT LEAST 50 WORDS TELLING WHY THIS ASSIGNMENT IS IMPORTANT FOR YOUR FOCUS STORE AND WHAT IS THE PURPOSE OF THE PAPER ( SAME CREDIT SYSTEM AS PREVIOUSLY)
PART TWO ( 7 points ):MULTIVARIATE CHART FOR FOCUS STORE( By Name) AND COMPETITOR(By Name)
SECTION ONE: DEVELOP AND PRESENT A MULTIVARIATE ANALYSIS CHART FOR YOUR FOCUS STORE AND COMPETITOR USING THE EXAMPLE AND FORMAT OF THE CHART PRESENTED TO YOU IN CLASS BUT NOT THE SAME NUMBERS AND NOT MORE THAN TWO OF THE SAME EXPERIENCE COMPONENT HEADINGS .
The chart must look like the chart presented IN CLASS as far as format,and organization. It must be on its own separate page, fill most of the page and be laid out AND ORGANIZED like the example given you. Pick ten components of customer experience that are not similar to each other and that you feel have an importance level as high as ten to others that can go as low as one in importance . No more than two variables should have the same importance levels. . No more than three components should have the same performance ratings on the list for focus store and competitor. All ratings for performance and importance can range from one to ten..( 5 points)
SECTION TWO: Based on the chart you have created and completed, answer the following question: Based on the multivariate analysis performed for your focus store and competitor, which store is providing the over-all better customer experience. Using specific numbers in your answer, tell WHY DO YOU REACH THAT CONCLUSION? (2 points)
PART THREE: ANALYSIS OF CHART
SECTION ONE Select any five experience components from the chart. Using the same headings used in the chart and in the order of presentation, give five separate numbered entries telling why you gave the specific performance ratings you did to your focus store and then its competitor for each specific component.. ( 5 points)
PART FOUR: FIVE RECOMMENDATIONS FOR YOUR FOCUS STORE.
Make five detailed, properly stated and numbered recommendations for your focus store using and discussing the NUMERICAL information in the chart. Each must be numbered from one to five. For each, FIRST properly state and explain the recommendation and why you chose the particular experience component as an area for making a recommendation. YOU WILL NOT RECEIVE ANY CREDIT FOR YOUR RECOMMENDATION IF IT IS NOT PROPERLY STATED, WISELY CHOSEN AND DOES NOT PROPERLY USE NUMERICAL INFORMATION FROM THE CHART.
IT IS CRITICAL THAT YOU USE THE NUMBERS IN THE CHART TO EXPLAIN WHY YOU CHOSE YOUR RECOMMENDATION AND HOW YOUR FOCUS STORE WILL BENEFIT BY FOLLOWING IT. ALWAYS KEEP IN MIND THAT YOU ARE TRYING TO BUILD YOUR FOCUS STORE’S COMPETITIVE ADVANTAGE. A STORE ACHIEVES A COMPETITIVE ADVANTAGE BY BEING STRONG IN WHAT IS IMPORTANT TO ITS TARGET CUSTOMERS…AND THAT IS WHAT THIS PAPER IS ALL ABOUT. (7 points)
*** YOU DO NOT HAVE TO AND VERY POSSIBLY SHOULD NOT USE THE SAME EXPERIENCE COMPONENTS FOR YOUR RECOMMENDATIONS AS YOU DID FOR THE PREVIOUS QUESTION.
ONE EXAMPLE OF A RECOMMENDATION FROM CHART GIVEN YOU THAT FULFILLS REQUIREMENTS
Amy’s Food should institute programs to increase the performance rating of “caring staff” in their store. This may include store meetings on greeting and helping customers and management observing how staff are doing. Management should help staff do better in this area. This area deserves work because it has the highest level of importance to customers, which is a ten, and because Amy has a composite score of ten points less compared to its competitor. If Amy could raise its score in this area by two points, it would increase its composite score by 20 points, its total score for experience by 20 points, and get ahead of its competition in the area that is most important to its customers.
PART FIVE: CONCLUSION
In at least 50 words, discuss why you think this analysis has value for your focus store and why they should use it and follow your recommendations ( Like the introduction, there is no credit for doing this right but a deduction for doing it wrong.)
ALL PREVIOUS WRITTEN REQUIREMENTS APPLY, INCLUDING BUT NOT LIMITED TO PROPERLY DETAILED INFORMATION ON VISITS TO FOCUS STORE AND COMPETITOR FOR PURPOSE OF FOCUS PAPER FOUR
All class members are strongly encouraged to show me a copy of their MVA chart on their screens or in print in the next week before or after class. I will not look at examples of your chart the same week that the paper is due.
If you have asked opinions of customers for determining ratings of different experience components, it will increase your grade to indicate AND SHOW DETAILS OF such extra work. Otherwise, make rating decisions based on your best ability to put yourself in the place of the target customer…..AND make reasonable guesses of importance and performance ratings based on the kind of store it is and what target customers are most likely concerned with and looking for.
MULTIVARIATE ANALYSIS FOR STORE EXPERIENCE
COMPONENT IMP AMY’S FOOD AMY’S FOOD D & W FRESH D & W FRESH RATING PERF RATING COMP SCR PERF RATING COMP SCR
Caring Staff 10 7 70 8 80
Freshness 9 6 54 9 81
Shoppers Like Me 8 7 56 6 48
Cleanliness 8 7 56 9 72
Easy Checkout 7 7 49 8 56
Good New Ideas 7 4 28 8 56
Assist to Car 6 1 6 2 12
Special Dietary Needs 6 5 30 7 42
Strong Value 5 7 35 6 30
Consistency of 4 4 16 9 36
Depts
380 513
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