Cs660 unit 1 discussion board 2 (1)
docx
keyboard_arrow_up
School
Colorado Technical University *
*We aren’t endorsed by this school
Course
MISC
Subject
Information Systems
Date
Nov 24, 2024
Type
docx
Pages
2
Uploaded by afrancis94
A retail company is one that offers goods and services to customers directly. Retail businesses are frequently concerned with offering clients with convenience as well as high-quality items and services. Many retailers also provide online shopping, allowing customers to buy things from the convenience of their own homes. Retailers frequently collaborate with manufacturers to provide exclusive product lines, bulk discounts, and rewards programs. Retail businesses are crucial to the economy and provide employment opportunities for millions of people worldwide (status). When it comes to retail sites, the landscape has shifted dramatically over time. With online shopping and
Internet-based stores cropping up on a daily basis, both new and old traditional stores must focus their efforts if they are to succeed. Understanding the major success characteristics of retail locations is the best method to accomplish this(“Key Success Factors of Retail in an Increasingly Online World”). It's no secret that client traffic is critical to retail success and that you have it available at the right price. You must also ensure that customers are aware of what you have. This means that you must take advantage of local advertising opportunities in order to bring customers into your establishment(“Key Success Factors of Retail in an Increasingly Online World”). It is critical to monitor both quantitative and qualitative data to determine how effectively your firm is performing(Team). Quantitative metrics are objective numerical measurements taken from a bigger sample size that you can readily track and compare to gain insight into how your products are doing. You can also use the data
to detect trends and patterns in order to track progress toward the goals of your business processes (Team). Qualitative metrics: They frequently attempt to provide a more subjective performance measurement that looks at values other than numbers. Even though they are more difficult to measure and have a smaller sample size, they assist you understand customer impression of your product as well as the effectiveness of your sales and marketing activities (Team). This project's goal is to address numerous concerns in order to establish the optimal proposal method before the open-source initiative is made public. Our top focus for the next five weeks is to thoroughly construct the database to assure the proper insertion of each essential component.
Status . “Mission Statements Examples (for Retail, Manufacturing, Science).” Status.net
, 10 Mar.
2023, status.net/articles/vision-mission-statements-examples-manufacturing-retail-
science-companies/#:~:text=Retail%20companies%20are%20often%20focused. Accessed 20 Dec. 2023.
“Key Success Factors of Retail in an Increasingly Online World.” Link Retail
, 29 Jan. 2021, linkretail.com/key-success-factors-of-retail-in-an-increasingly-online-world/.
Team, Userpilot Content. “10 Key Quantitative Metrics That Are Essential for Measuring Success.” Thoughts about Product Adoption, User Onboarding and Good UX | Userpilot Blog
, 19 Jan. 2023, userpilot.com/blog/quantitative-metrics/.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help