XYZ Electronics is a well-established consumer electronics retailer that offers a wide range of products, including smartphones, laptops, audio devices, and home applia
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XYZ Electronics – Customer Retention Problem
Background: XYZ Electronics is a well-established consumer electronics retailer that offers a wide range of products, including smartphones, laptops, audio devices, and home appliances. Over the years, they have built a solid customer base and successfully attracted new customers. However, the company is currently facing a significant challenge with customer retention.
XYZ Electronics has noticed a decline in customer retention rates over the past year. While they can still attract new customers through various marketing efforts, the repeat purchase rate and overall customer loyalty have dropped. The company is concerned about the potential impact on its revenue and market share if this trend continues.
Key Issues:
- Decreasing Repeat Purchases: The data shows that many customers are not making repeat purchases as frequently as they used to. Many customers who made multiple purchases in the past are now buying only once and not returning for future purchases.
- Increased Churn Rate: The churn rate, which measures the percentage of customers who have stopped purchasing from XYZ Electronics, has risen notably. This is particularly concerning because it suggests that customers are not finding enough value in the company's products and services to remain loyal.
- Lack of Engagement: Customer engagement levels have dropped, both in terms of interactions on the company's website and social media platforms, as well as in-store visits. This lack of engagement indicates that customers might be losing interest in XYZ Electronics.
Assignment Instructions
1. Summarize the case in your own words within a paragraph. (10 points)
2. For each of the key issues, do some research and explain factors that may be causing these issues. (40 points)
3. Write a research question Based on the researched factors in question 2. You must have at least one research question for each key issue. (20 points)
4. Derive at least one hypothesis for each research question. Also, try to explain the rationale for each hypothesis. (30 points)
Chapters 7 & 8
Assignment 1 (Case: Identify business problems, Craft research questions, identify factors/variables, Craft hypothesis)
XYZ Electronics – Customer Retention Problem
Background: XYZ Electronics is a well-established consumer electronics retailer that offers a wide range of products, including smartphones, laptops, audio devices, and home appliances. Over the years, they have built a solid customer base and successfully attracted new customers. However, the company is currently facing a significant challenge with customer retention.
XYZ Electronics has noticed a decline in customer retention rates over the past year. While they can still attract new customers through various marketing efforts, the repeat purchase rate and overall customer loyalty have dropped. The company is concerned about the potential impact on its revenue and market share if this trend continues.
Key Issues:
1. Decreasing Repeat Purchases: The data shows that many customers are not making repeat purchases as frequently as they used to. Many customers who made multiple purchases in the past are now buying only once and not returning for future purchases.
2. Increased Churn Rate: The churn rate, which measures the percentage of customers who have stopped purchasing from XYZ Electronics, has risen notably. This is particularly concerning because it suggests that customers are not finding enough value in the company's products and services to remain loyal.
3. Lack of Engagement: Customer engagement levels have dropped, both in terms of interactions on the company's website and social media platforms, as well as in-store visits. This lack of engagement indicates that customers might be losing interest in XYZ Electronics.
Assignment Instructions
1. Summarize the case in your own words within a paragraph. (10 points)
2. For each of the key issues, do some research and explain factors that may be causing these issues. (40 points)
3. Write a research question Based on the researched factors in question 2. You must have at least one research question for each key issue. (20 points)
4. Derive at least one hypothesis for each research question. Also, try to explain the rationale for each hypothesis. (30 points)
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