Instructions:
Your comments should add significantly to the discussion by suggesting alternative solutions, pointing out problems, or even totally disagreeing. Make sure to provide reasons for your position. Please note that you will be graded on the quality and substance of your responses. Just saying "I agree" does not count. You need to add value to the discussion.
The following factors will be taken into consideration:
• The quality of your response
• The timeliness of your response
• The degree to which your comments stimulated further discussion
• Appropriate application of principles or concepts
Be positive in your approach to others and careful about your words. Since we cannot see each other, it is hard to tell if you are bashful, bored, sarcastic, or just kidding. Use these discussions to develop your collaborative teamwork and interaction skills.
Using the instructions above please respond to both of the comments below in at least 100 words each using USA based information only for any resources used.
Statistics in Retail:
The use of statistics in my field is vast and varied. My company uses statistics gleaned from the point of sale inventory system to track sales trends, including seasonal spikes in order to help give management an idea of what to carry and when. This is also used to provide proper order points and ideal inventory levels by item and category. In analyzing seasonal business, sales and end of season markdowns are tracked and reviewed to assist in buying decisions for the coming year. This is sometimes referred to as a "correction of errors" that can be used to make decisions year-to-year.
Statistics from customers purchasing decisions and trends are also used in demographic analysis. Upper management uses these to outline strategy and predict future needs in merchandising and customer service. Within the last few years, it has been noted that the lion's share of our shoppers were mothers, so our focus has been to provide the best shopping experience for "Her" and "She" as our core shopper is referred to in our meetings.
We also provide online customer experience surveys on random receipts where customers are asked a series of questions regarding their visits to the stores on a scale from 1 to 10, 10 being extremely positive. The company then analyzes the data and we are given a monthly Customer Experience Track scorecard that records our year to date scores. The questions for my operations include, "Was your prescription ready when promised", and "Professionalism and courtesy of the staff" so that we can deep dive into issues by store if we have customers pointing out problems. It has become an intense focus point for all of our division as these scores are now part of our yearly evaluations and compensation structure. Now that's what I call motivation!!
Monetary Exchange Rate Statistics:
The type of statistic I feel most affected by are currency exchange rates because they directly affect the cost of traveling abroad. Which, is something I like to do as often as possible. With the exchange rate at the time of dollars to Euros of 1:1.375, it was difficult to spend about 38% more on everything I did and bought while in Europe last year. Instead of spending $20.00 for a meal, it would cost $27.50 instead. Plus when you calculate the cost to make the exchange in currency, that costs, too. It really adds up! Although major cities throughout the world are more expensive in general than less populated areas, the difference in the exchange rate makes a considerable difference in how much it costs to travel abroad.
Exchange rates are affected by differentials in inflation, interest rates, current account deficits, public debt, terms of trade, political stability and economic performance and other numerous complex factors. When we hear of our national debt being increased every moment of the day, this is something that affects our standing in the world and is reflected in how much our products cost overseas. This also affects us in our business dealings, because we may need to account for differences in currency exchange rates for international business. Whether our corporations are purchasing products made elsewhere or selling our products or services abroad, we will always need to factor in exchange rates when calculating our costs.
Many industries have located their manufacturing facilities in China or purchase wholesale from manufacturers there to save on wholesale product manufacturing costs. The currency in China is called the Yuan. The current exchange rate, comparing U.S. Dollars to Chinese Yuans, is 1:6.23. This means, for something that costs $10.00, would cost us more than $62.30, due to the exchange rate. Despite this, it's still more than 30% cheaper to manufacture in China.