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TME6014 Technology Management and Entrepreneurship Assignment Sample

The Spending.csv is a data set collected by a direct marketer who sells his products only via direct mail. He sends catalogs with product characteristics to customers who then order directly from the catalogs. The data set covers 1000 customers and the following attributes of each customer are collected

i. Age (of customer; old/middle/young)
ii. Gender (male/female)
iii. OwnHome (whether customer owns home)
iv. Married (single/married)
v. Location (far/close; in terms of distance to the nearest brick and mortar store
that sells similar products);
vi. Salary (yearly salary of customer; in dollars);
vii. Children (number of children);
viii. History (of previous purchase volume; low/medium/high/NA; NA means that
this customer has not yet purchased);
ix. Catalogs (number of catalogs sent);
x. AmountSpent (in dollars).

Need to complete these tasks for assignment help -

1 -Find if there is there any linear relationship (positive/negative) between any one of following attributes (Age, Gender, OwnHome, Location, Salary, Children, History, Catalogs) and the AmountSpent attribute? If there is any, explain it with a graph visualization.

2 - Explore the dataset thoroughly using graphs and bring the following findings in front of marketer using graphs. Explain it in the form of a report.

a. Does age matters in the overall spending
b. Do different genders spend different amount?
c. Does having house matters in spendings?
d. Does being married matters in amount-spent?
e. Does location matter in amount-spent?
f. Does salary matter in amount-spent?
g. How having children matters in amount spending?
h. Does catalogs have an effect on amount spending.

3- Write at least 10 recommendations for marketers to make strategy to increase his overall revenue.

Solution

Question1

The correlation test is used to determine the relationship between the two variables (Mat Roni, Merga, and Morris,2020) The relationship between the amount spent and the salary of the individuals has been identified with help of a correlation test. It has been found from the correlation analysis that a positive relationship exists between the two variables namely the amount spent and the salary. Here the dependent variable is the amount spent and the salary of the individuals is regarded as the independent variable. It has been identified from the results of the correlation test that a positive correlation exists between the two amounts spent and the salary of the individuals. The positive correlation in this context is 0.69. Thus it can be concluded that with the increase in the salary of the individuals considered in the survey, their expenditure gradually increases. The result of the correlation test is given below


Figure.1-Representing the correlation between the amount spent and the salary
(Source: Self –Developed)

In the Figure-1, the relationship between the amount spent and salary is depicted .This suggests that a positive correlation relationship occurs between the amount spent and the salary.This suggests that with the increase in the salary of the individuals, the expenditure gets increased.

Question2

Relation between age and expenditure

Relation between gender and the expenditure

Relation between owning a house and expenditure

Relation between marriage and expenditure

Relation between the location and the amount spent

Relation between salary and expenditure

A positive correlation has been observed in the case of the salary and the amount spent. The explanation is given above


Relation between number of children and expenditure

A negative correlation of -0.23 has been observed between the amount spent and the number of children. This implies that with an increase in the number of children, the expenditure of the individual decreases.

Relation between the number of children and the amount spent

A positive correlation of 0.45 has been observed between the amount spent and the number of catalogues. This means with the increase in the catalogue number, the amount spent by the individual increases.

Question-3

The recommendations that should be applied for the improving the revenue of the organization

1. Goal development-The goals must be set in order to develop the revenue of the company. Many improvised plans should be implemented keeping in mind the previous revenue record of the company( Gallo, Sosa and Velez-Calle,2022).The appropriate methods should be chosen for the development of the improved revenue goals.

2. Aiming for the regular customers-The market could specifically target the customers who frequently purchase the products. The marketer could reach out to them by means of email or messaging. Regular customers should be encouraged to purchase more which could in turn help in enhancing the overall revenue (Vaní?ková,2018)

3. Aiming for former customers- In in some cases the customers often refrain from buying from a particular marketer for some reason. This reason has to be properly identified by the marketer. The marketer should try to bring back the former customers. This can be done by reaching them through frequent emails or telephone conversations.

4. Enhancement of geographic expansion-The marketer could try to expand their customer base over a wide range of the region. This would help in popularizing the organization over a wide range. This would ultimately help in the enhancement of the customer base of the organization.

5. The reformation of the product pricing-The pricing of the commodities has to be adjusted keeping in mind the demands of the market and the existing price of the products that are being sold by the marketer. An attempt should be made to reduce the price of the product which would enhance the revenue of the organization.

6. Improvisation of services or products-The products should be improvised keeping in mind the demand of the customers. New products could be introduced to attract the customer base. Moreover, the introduction of new services like a free home delivery system can also be introduced for increasing the revenue of the organization

7. Introduction of new payment modes-The new payment modes should be introduced like various online payment modes should be encouraged since digital money has become quite popular these days.

8. Encouraging delayed payments-The customers can be encouraged to buy the products and pay later on as per their convenience. This could help in popularizing the organization among the customers.

9. Introduction of subscription services-The subscription services must be encouraged and the customers should be made aware of the availability of the new products keeping in mind the demand of the market.

10. Providing offers and discount-The customers should be provided with appropriate offers and discount services for popularizing the products among the customers. The sale of products at a discounted price could help in enhancing the revenue of the organization (Miao, Wang, and Zha, 2020).

References

Gallo, P.J., Sosa, S. and Velez-Calle, A., 2022. Business for peace: How entrepreneuring contributes to Sustainable Development Goal 16. BRQ Business Research Quarterly, p.23409444221118097.

Mat Roni, S., Merga, M.K. and Morris, J.E., 2020. Analysis: Correlation. In Conducting quantitative research in education (pp. 111-132). Springer, Singapore.
Miao, J., Wang, P. and Zha, T., 2020. Discount shock, price–rent dynamics, and the business cycle. International Economic Review, 61(3), pp.1229-1252.

Vaní?ková, R., 2018. BUSINESS NEGOTIATING TACTICS: MODERN APPROACHES AND INSPIRATIONAL REVENUE-INCREASING TOOLS. Leadership & Management: Integrated Politics of Research and Innovations, p.213.

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