Background: Imagine you work for an e-commerce company that specializes in selling fashion apparel and accessories online. The company has been experiencing a steady growth in customer acquisition but has been facing challenges in retaining these customers. The executive team is concerned about the increasing customer churn rate and wants to develop strategies to improve customer retention. Business Problem: The primary business problem is to reduce customer churn and increase customer retention rates. The company wants to understand why customers are leaving and identify areas where they can make data-driven improvements to retain more customers. This is a critical issue because acquiring new customers is often more expensive than retaining existing ones, and loyal customers tend to spend more over time. Business Research Question: What factors are associated with customer retention? Identify the type of research, i.e., exploratory, descriptive, causal. What type of data will you use for this research (e.g., type and source of secondary data OR type and source of primary data). What are the research constructs? Operationalize those research constructs.
Background: Imagine you work for an e-commerce company that specializes in selling fashion apparel and accessories online. The company has been experiencing a steady growth in customer acquisition but has been facing challenges in retaining these customers. The executive team is concerned about the increasing customer churn rate and wants to develop strategies to improve customer retention. Business Problem: The primary business problem is to reduce customer churn and increase customer retention rates. The company wants to understand why customers are leaving and identify areas where they can make data-driven improvements to retain more customers. This is a critical issue because acquiring new customers is often more expensive than retaining existing ones, and loyal customers tend to spend more over time. Business Research Question: What factors are associated with customer retention? Identify the type of research, i.e., exploratory, descriptive, causal. What type of data will you use for this research (e.g., type and source of secondary data OR type and source of primary data). What are the research constructs? Operationalize those research constructs.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Background: Imagine you work for an e-commerce company that specializes in selling fashion apparel and accessories online. The company has been experiencing a steady growth in customer acquisition but has been facing challenges in retaining these customers. The executive team is concerned about the increasing customer churn rate and wants to develop strategies to improve customer retention.
Business Problem: The primary business problem is to reduce customer churn and increase customer retention rates. The company wants to understand why customers are leaving and identify areas where they can make data-driven improvements to retain more customers. This is a critical issue because acquiring new customers is often more expensive than retaining existing ones, and loyal customers tend to spend more over time.
Business Research Question: What factors are associated with customer retention?
- Identify the type of research, i.e., exploratory, descriptive, causal.
- What type of data will you use for this research (e.g., type and source of secondary data OR type and source of primary data).
- What are the research constructs?
- Operationalize those research constructs.
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