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USE THE DATA ON WOMENS FASHION ACCESSORIES FOR THIS PROJECT ASSIGNMENT
MKT356 P
USE THE DATA ON WOMENS FASHION ACCESSORIES FOR THIS PROJECT ASSIGNMENT
MKT356 Project Check Point 3&4:
Check Point 3
At this point (I suggest you plan your work on a weekly basis and bring questions to me as they arise) we will start doing customer analysis, to dig further into the firms’ customer movements.
1.Create a loyalty profile for 2005 cohort of customers for each firm that you plan to investigate. Using the first year data, label each of the three companies’ (your client company and two major competitors we have identified together in class) best and worse group of customers, and see how these groups of customers move over time – how many customers in each group came back in 2006-07 to buy again from the same company (describe the firm’s retention rate by group)? As we discussed in class, you may use only the Mcode to label customer groups for each company. [you may also track customer movement across companies and/or across channels]
Check Point 4
1.We will add zipcode level information to the transaction dataset (use Excel vlookup, and with information from Files “info3by zipSimple.xlsx”). You will now know each household ID’s zipcode level median income.
(To elaborate about the above task, what you do is to get information from another data source (info3by zipSimple.xlsx) on people’s income (we do make the assumption that we treat zipcode level median income as if we observed household income – but this is the best available data, and we use mean interpolation).
You will copy/paste the column of “zip” and “medican2006income” from “info3by zipSimple.xlsx” (you may need to sort the data by “zip” before you copy the two columns), to your project data, as a separate tab. And then, in your project data, you have a column called “zipcode”, and in the sheet you just copied/pasted, you have the column “zip”. These are the common ID’s in the two data sources that allow you to get household income information for the customers in the project dataset, with a vlookup function.)
2.After you have imported zipcode level income data, please describe consumer profiles for your chosen companies (the client company and two competitors), and give a description of how their customer bases are different from your client company’s. [you may also be interested in the 2005 cohort of customers’ (for whom you have created their loyalty profiles based on future purchase) income profile, and see whether the loyal customers are the affluent customers or not; you may also be interested in customers’ income profile across channels].
3.(Optional) Check the own- and cross- price elasticities for your chosen companies (the client company and two competitors). I have shared a video guide on how you arrange the input data for these regressions. We will regress a company’s own monthly sales on its own price and competitors’ prices (all variables in their log-transformation, to get price elasticities), and seasonality (if you detect seasonality from your industry analysis in checkpoint I). Comment on which companies are direct competitors, and which ones may be offering complementary products.
For submission (one Word document only):
First of all, update your strategic questions and list them at the beginning of your Word file.
And then, write summaries of what you found out from the above analyses. Link your discussion to how the information would mean for your client company. Use Tableau images or Excel images to support your points.
[I will not formally collect your work here – which means your file can be quite informal without formatting and so on, but I suggest you maintain this word document as you add content in. Please see your project guideline for instructions for the final report. In the final project report, you will be addressing to the client company, and re-organizing what you have found out from these checkpoint works to support your suggestions and recommendations.]
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An example of good story telling with data (see how it gives facts and then makes a point based on the facts):
https://hbr.org/video/4911700687001/men-spend-more-on-business-travel.
Order from us for quality, customized work in due time of your choice.