Question

You are a store manager of a retail store selling home goods. Your store will soon...

You are a store manager of a retail store selling home goods. Your store will soon be selling a new product, both in the physical store as well as online. It is your responsibility to be able to identify the new product, distinguish it from other products, and track and report back to the store owner on whether the product is successful.

Explain how you will define the success of the offer, product, or play from a business perspective.

Explain how you will identify the offer, product, or play in the data collected and stored by the organization and differentiate it from other offers, products, or plays.

Use specific field/variable names and sample values for this.

Propose descriptive methods for tracking and reporting on the progress of the new offer, product, or sports play.

Include at least two variables and calculations/measurements on those variables that you will use to measure success.

Include at least two graphs you will use to track the success of the offer, product, or play.

Business   Operations-Management   
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Answer #1

The launch of a new product from any business is a big business event and a lot of investment is done to make sure that the product gets the right exposure and entry in to the market. So, it is quite important to track its performance and make decisions on further investments. Sales would be one of the most important criteria to track performance as it will help us understand the time taken to break even on the new product investment. Secondly, customer engagement is also very important to analyse how well is the new product being received in the market by the customers.

Method of tracking sales would be directly from the store ledger. For customer engagement there will be different measures for the 2 different platforms of sales, ie. online and offline. Online customer engagement can be tracked by the number of clicks/hits on the product page and the number of enquiries made. Offline engagement can be tracked by the number of enquiries made and footfall at the new product area.

For differentiation, both of these criterias can be compared with an average data of all the other items in the store.

All the data will be reviewed quaterly.

*As mentioned in question, sample data has been taken and a data analysis has been done:

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