Your comments should add significantly to

QUESTION

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, its still more than
30% cheaper to manufacture in China.

ANSWER

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