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Introduction to Analytics MBA Assignment Question for Solution
Q1. A leading retail chain faces a consistent sales decline and net margin decline. They hire a management consulting firm to ascertain its reason and suggest corrective actions. The management consultant advises the lack of analytics implementation is the primary reason for sagging sales and negative net margin. The retail chain now wants to engage an IT consulting firm to suggest them a roadmap toward the implementation of data analytics in their organization. Suggest how the retail chain can move up the analytics value chain and leverage the advantages of predictive analytics to derive valuable insights into future strategies.
Q2. Food has successfully paved its way as the favourite luxury in every family, emerging as an ample opportunity for many businesses to grow. Skipping the long queues to get tasty food and walking out of the house to a store have become outdated concepts. Currently, we are in an era of a plethora of options to choose from in every variety available in various locations and ready to be delivered to our doorsteps safely. The food-tech market in India is projected to grow at a robust pace, at a CAGR of over 12% during 2016 – 2021. The growth is expected because of the increasing internet penetration and proliferation of smartphone users, the budding e-commerce market, and the rising young working population. Against this backdrop, the number of food-tech players and aggregators has swelled –Swiggy, FoodPanda, InnerChef and FreshMenu. Elaborate on six key areas where food-tech start-ups put analytics to use to make data-driven decisions to maintain a competitive edge.
Q3. The mobile analytics market was valued at $4.72 billion in 2021, and is estimated to reach $27.60 billion by 2031, growing at a CAGR of 19.4% from 2022 to 2031. Mobile analytics provides insights about consumer behaviour on mobile and their experiences with mobile apps, which can be improved to generate greater revenue. Marketers can use mobile analytics to determine the effectiveness of different campaign efforts on mobile devices. The market penetration of smartphones and the growth in demand to receive new and actionable insight into buyers’ preferences have accelerated the need for mobile analytics worldwide. In addition, the upsurge in mobile advertising and the advent of data analytics and big data have further boosted the growth of the mobile analytics market. Mobile location analytics, the science of figuring out where shoppers spend their time based on the movement of their cellphones, is being used to answer those questions and to help retailers, restaurants, and developers make more intelligent decisions about where they open and close stores. Mobile analytics firms say their data helps level the playing field between physical stores and e-commerce sites. Online retailers know how long their customers stay on their site, which search terms led them to the site, and where they go after leaving it.
a. What are the goals of using mobile analytics? Describe any five goals in detail
b. What information can an organization track by using mobile analytics? Explain any five points.
Old Assignment
1. Eastside, through its subsidiaries, operates approximately 320 department stores in India. Its retail stores sell a range of merchandise, including apparel, home furnishings, and housewares. Senior management has decided that Eastside needs to tailor merchandise more to local tastes. The colours, sizes, brands, and styles of clothing and other merchandise should be based on the sales patterns in each Eastside store. Explain the four different types of analytics Eastside can use to implement this new strategy? What data should these systems collect to help management make merchandising decisions that support this strategy?
2. The healthcare industry is inundated with massive volumes of data generated each minute. With the adoption of electronic health, mobile health and wearable technologies, this is poised to increase dramatically over the next few years. This comprises of data being generated by patients in the form of reports generated by the diagnostic labs, the wearable devices individual wear that constantly monitors their vital stats, and body patches data from medical insurance companies, to name a few. How can analytics be used in healthcare to improve patient outcomes and achieve operational efficiency? Explain five tools used for predictive analytics.
3. You are hired by a leading travel and tourism company, Kesariya, as a business analyst to suggest how analytics can assist them in augmenting their sales.
a. Suggest and explain five scenarios to Kesariya where they can use analytics to improve their sales and revenue. (5 Marks)
b. Elaborate on any five open-source data visualization tools Kesariya can use to visualize their data.