MOS 3325B Final Exam Notes.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 3325A/B
Professor
All Professors
Semester
Spring

Description
MOS 3325B Lecture 1We can look at commerce in this virtual dimensionThe retail business ecology acquisition experience conversion retention supportMany ppl before they make a purchase see if there is order tracking and if there is they wont make that purchaseThe ultimate goal is to get customers to that retail moment of truthSHOPPING IS AN EMOTIONAL EXPERIENCEdoesnt matter what it is every time you put money out its an emotional experienceoIf you deny that emotional experience and say its rational youll loseA5 MethodologyoStrategyAudience who are we talking toAims exampletelus Average physical touches with a customer was 7 times an average customer had to walk into telus 7 times before theyd make a sale Goals and objectives for a retail enterpriseSales targets Approach whos our audience and what do we want them to do Bring together audience and aims toInform choicesUnify effortsGuide activitiesoImplementationAction what are we going to do The action is based on what you do based on your approach audience etc its the actual buying of the magazine etcAssessment how many ppl saw the ad and how many ppl downloaded it measure gain insight re actoptional oral assignmentsee WebCT for worksheetoname of the storeMarket categoryoyour initial likelihood of purchaseowere you greeted or intercepted at any pointoHow many items did you buyHow easy was it to findoWhat you were looking foroThings you may have been interested inoItems that appealed to youOther customersoConversion rate sit outside a store and watch how many ppl go in and how many ppl come out with shopping bagsoTicket and basket sizeoObserved challengesoIf you can become aware whats happening to you as a customer in retail youll start to program it for yourself and what we learn in this classNEXT WEEKLooking more closely at the RBEUnderstanding the nature of retailIdentifying the FORCES OF TECHNOLOGY and how they make a difference in our ecommerce worldSELLING STUFF ONLINE IS EASYeBayoIts amazing Super easy Facebook MarketplaceKijijiCraigslistLOW COSTLOW TECHNICALamazoncavolusioncashopifycomocan have a sit up and running in a couple of hours you can have ecommerce store up in a couple of hoursFREE OR LOWCOST SHOPPING CARTSPayPalGoogle CheckoutSELLING STUFF ONLINE IS EASYmaking money at it is hard MOS 3325B Lecture 2The Shopping ExperienceThe modes of shoppersThe things that happen bw retailer and the shopper at different points of the transactionConversion RateInterception RateFemale and males shop very differentlyWaiting times can seriously turn customers away Waiting times can also be a good thinggive customers a chance to decide Reducing perceived waiting times Banks do this very well They keep customers busy educated them while they are waiting in lines so they reduce the perceived waiting timesTim Hortons drive through has a built in timer saying 90 SECONDS Even though its a really long line customers see that its only a 90 second wait per party Website DeconstructionWhats notable about the amazonca pagewhat other customers are looking at right nowmost popular books best sellerslooks user friendlykindle ad right and centeramazon can identify you using the IP address Because we are UWO network amazon realizes that we are teachers or students looking for textbooks therefore theres a textbook advertisementthe advertisements on the right are directly related to the users preferences etc especially after they sign into their accountA focused customeruses search engine to find specific product OR categories on the left hand sideConversion rateTicket sizevalue of items in the shopping cart at the time of checkoutBasket sizenumber of items in the shopping cart at the time of checkout These are both important elements to reach the goalsWhy do we buyRetailers are the providers of shopping experiences Whether this be duration filtering products for certain customers groups creating value make ppl feel good about being in high end store taken care ofHow do we create electronic commerce experiences to flow through the retail business ecology RBE1Acquisitionacquiring customers is emotional when ppl come into the store its an emotional experience they want to be there or otherwise theyd leave2Experience3Conversionbuying the product Its an emotional purchase No matter how rational it is its always an emotional experienceMOMENT OF TRUTHthis emotional function makes the purchase happen They justified the purchase and follow through with it 4Retention
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