Free Essay

Retail

In:

Submitted By nanson520
Words 3225
Pages 13
Module Guide
In this module, we shall cover: 1. Module Aims 2. Module Outcomes 3. Module Units 4. Module Assessment Submission 5. Module Assessment: Formative activities 6. Module assessment: Final Summative assessment 7. Your Faculty Team 8. Reading sources
.
Module Aims * An understanding of the current state of knowledge around entrepreneurship and start-up models and research as a platform for the market research of a potential business opportunity. * Recognition of progress from idea to an opportunity through a creative but also measured feasibility study * Learning through a practical market research process sourcing relevant current data with judgement and confidence towards justifying a perceived opportunity and its implementation. * Understanding the relevance of group and network resources in business opportunity preparation and the student’s own self efficacy in terms of ability, adaptability and behaviours in these social contexts.
Module Outcomes
On completion of this module you will be able to:
1) Analyse and understand the key concepts around opportunity, entrepreneurial behaviour and the factors in the process of start-up and survival
2) Identify ideas to create opportunities, national or international, through a feasibility analysis and evaluation using relevant disciplines and frameworks
3) Recognise the tension between the creative (innovative) and measured elements (data analysis and evaluation) of a business opportunity and the disjunctive nature of learning this brings.
4) Develop the feasibility assessment through relevant research techniques and sources to create a macro and micro level analysis as the basis to develop a business plan or solve a business problem
5) Present a professional feasibility report for the business opportunity, with appropriate measures, as the base for building a business plan for a new product in a following module; or as a suitable analytical framework to be applied to a business problem for analysis and potential solutions in following modules.
6) Recognise and understand the personal factors that determine the motivation, attitudes and preferred behaviours in the process of researching an opportunity in a market and social context towards introducing a new product; or these factors in practising the business skills for analysing and solving business problems.
The units in this module are entitled:
1) Introduction to the programme as a learning process towards developing an opportunity for testing
2) Concepts of entrepreneurship and the reflections of entrepreneurial capabilities
3) The realities of opportunity creation in a start-up situation and key constraints in the process of creating an opportunity from an initial idea
4) Developing an opportunity from market and resource aspects
5) The feasibility framework and measures of the micro-market from provisional research
6) Nature of market research, secondary and primary data sources and quantitative and qualitative analysis
7) Macro-level analysis – market macro-drivers and industry competitive constraints
8) Sustainability – operational plan, financial measures and financing constraints.
9) Feasibility analysis review and the business model
10) Presentations, the business plan and reflection on personal capabilities
Module Learning
The outcome is a market researched feasibility study and thus is a unique, creative and student owned opportunity. Whilst the framework of the feasibility report is clear (see below and the rubric) the findings are the result of an experiential process of researching data within the suggested frameworks. It will be an iterative process and finding new data will continuously feedback into your existing findings so that the feasibility analysis will be changing week to week with new researched data from the continuous dynamics of the economy.
The process requires good planning and management by students which has two implications. Firstly, classroom sessions are milestones to meet up, review progress and obtain critical feedback on progress made outside the classroom where most of the work takes place outside the classroom collecting data to build the feasibility study of the opportunity through the various stages.
Secondly, this has implications for the roles of those involved. Tutors will impart some knowledge, especially initially, but their main roles are as mentors, advisors, consultants and coaches. Students receive this support as learners developing the opportunity but are also expected to provide support and advice to others in the group as resources to add perspective, new dimensions and constraint recognition throughout the research process.
Practice has shown that these activities improve self-reflection and objectivity on their own opportunities and build a valuable set of skills for future business and management activities.
Module Assessment: Procedures
Pass Requirements
A 'pass' for the module is recorded with a grade of at least 40% for all assignments. All failed assessments must be resubmitted at the next available opportunity, normally the following term. You need to have submitted an assessment to qualify for each resubmission opportunity.
Late Submission
Assignments need to be submitted electronically in Moodle by the specified deadline. Assignments submitted after the deadline without extenuating circumstances will be treated as a 'fail' and given a mark of '0'.
No Submission
Students who do not submit either one or all of their assignments are not entitled to resubmit and will therefore fail the module. As a result of their failure to pass the module, students will automatically fail to qualify for a Masters Award.
Resubmission Provision
Students who have failed one or more assessments for this module are required to resubmit the failed assessment(s) at the next available opportunity, usually the following term. University regulations related to the capping of resubmission marks apply.
Feedback
Formative feedback is offered throughout the module in seminar and group activities through the staged presentation of the elevator pitch in groups in class and then as it evolves into a complete professional presentation for public consumption. Final assessment feedback will be through comments on the final report on Moodle.
Module assessment:
All assessments, formative and summative will be on individual performance. There is no group assessment.
(A) Formative Assessment and feedback
OPPORTUNITY AND FEASIBILITY PRESENTATION
This will be conducted in 3 stages in the module
1) Week 5 - an “elevator pitch” will set out the initial opportunity concept and base resource implications
2) Week 9 – outline of the main feasibility variables plus base performance data
3) Weeks 10 – final summary presentation version for a relevant audience
Students are expected to build this form of summary towards a final presentation for feedback. The first two stages will be in the classroom group context with informal assessment by the tutor and fellow students and the final presentation in an open context including the tutor.
The final assessment will be a coherent summary of the feasibility analysis and reflect an objective review of the data gathered and its analysis in support of the opportunity concept and its feasibility.
10% of the marks contribute to this process as measured in the final presentation..
The aims of the 3 stages
1) To encourage articulation of the opportunity at each stage as part of an iterative process and feel comfortable with uncertainty and risk
2) To listen to feedback as a resource to develop and refine the opportunity as a measured holistic analysis and evaluation
3) To encourage students to be confident in selling their idea as an opportunity to a professional standard and in a professional context
Important Instructions
1) Participation is a requirement at each stage as an integral part of the learning in your role as the presenter of your opportunity and to feedback to your colleagues to develop analytical skills to be applied to developing your own feasibility report.
2) Keep a record of the Week 4 and Week 9 submissions which will lead to a final presentation in Weeks 9 and 10. Guidelines as to what each presentation requires will be on Moodle as part of this formative assessment. After the weeks 4 and 9 each activity and feedback should reflect and review the activity as part of the process towards the final presentation.
3) The final presentation will be reviewed for the summative mark of 10% as part of the final assessment (see below) and will be assessed in Week 10
Presentation details and guidelines
Week 5
Intra- group presentation will be conducted in class as an elevator pitch to present and test the initial opportunity representing a customer need/profile/behaviours nexus.
Week 9
By this stage the elevator pitch will have expended to include wider environmental constraints and their measures – market drivers and competition factors – plus resource and financial aspects as part of operational and sustainability issues, this creating a more integrated and holistic view of the opportunity for discussion and contructive feedback in class.
Week 10
A final integrated review of the opportunity feasibility to present publicly as succinctly as possible as a professional delivery for assessment and justification of findings by the staff assessor and critical discussion by students, other staff and interested parties.
Formatting
All presentations need to be formatted for purpose and audience and as the presentations move from Week 4 the expectations over content and its communication will be expected to become more professional. By the final stage where public “selling” of the idea takes place, use of visual techniques now widely available will assumed to be the norm at a professional level.
This involves economy and convenience for the audience to understand the opportunity, its dimensions and context – and its attractiveness as a potential investment.
Content needs to be focused, clear and logical on the key points and significant words. It needs to be visually supported by design – font, colour, diagrams and graphs to ensure the visual absorption is convenient to the audience.
Feasibility presentations outcomes * Present an opportunity through a series of stages as part of critical review process to an audience. * Demonstrate a focused and planned approach in presenting key data to convey the main factors in the feasibility analysis to publicly justify an opportunity * Develop a final feasibility presentation for assessment of the opportunity and the key external, target market and resource factors that support the justification.
(B) Module Assessment: End of Module Assessment (100%)
INDIVIDUAL FEASIBILITY REPORT (Deadline beginning of week 10) Word limit: 3,500 plus appendices
Assessor: Tutor
Approaching the Assignment: 1. Identify the descriptors and criteria for the opportunity and the same for the feasibility framework 2. Use the Marking Criteria to understand the expectations of the reader. 3. Use your research sources and referencing to evidence, support and justify your feasibility analysis 4. Your assignment should include relevant in-text citations, diagrams and tables, a full list of References (CU Harvard Referencing Style) and relevant appendices to support the main body.
Please remember that when you submit your assignment, you need to include: * Your Name * Your Student ID number * The Title of the Assignment (in the Submission Title box)
Suggested Structure – Feasibility Report (see also marking rubric and the weekly activities that have built the elements towards this report)
1) The business opportunity - Reflect as accurately as possible the description of your proposed business opportunity as a very brief title.
2) Executive Summary – This is a succinct statement of the opportunity in its feasibility context as the basis for further development towards a viable business plan. In the real world of business where entrepreneurs are being assessed for potential investment, investors, who review hundreds of ideas, use the executive summary as a key indicator of the idea and the entrepreneur as someone who can succinctly, on one page or just over, capture all the main elements in an integrated, coherent and economic style.
3) Research strategy- A succinct description of no more than 250 words describing how you developed the feasibility study:
a) chose the idea and business opportunity, i.e. three ideas, and using a methodology of primary research, secondary and a selector device, you first chose the idea and business opportunity
b) Thereafter, how you researched each of model using primary, and secondary research from the LRC (CULC Library and Resources Centre)
4) The Business Opportunity 1. An identified need or gap appropriately described and evidenced from key data as a specific target 2. A product or service that has a clear design and delivery function to meet the described need through clear benefits delivered in such a way as to produce market value that has the potential to be feasible
The following 4 chapters cover the macro and micro level frameworks of the domains of attractiveness (Mullins)
5) Feasibility: Micro-market analysis 1. Target market size and dynamics- current trends – that give a clear picture of the context of the need 2. A profile of the target customer and existing patterns of behaviour 3. Identification of current data sources to substantiate the assumptions about the target market and customers plus any planned market research (including primary) to substantiate the development around further assumptions
6) Feasibility: Macro market and drivers 1. What are the main market drivers in the bigger market context? 2. What is the overall market size and what are the key trends from the data available? 3. Evidence from appropriate data should be provided to substantiate assumptions about the macro-market environment plus plans for further research to substantiate any remaining assumptions
7) Feasibility: competitive environment and direct competitors 1. In completing an initial competitive analysis, what are the key variables and their relative strengths? including direct competitors? 2. In the light of the competitive analysis, identify and evaluate the direct competitors and whether this is the right business to deliver in. 3. Evidence from appropriate data should be provided to substantiate assumptions about the macro-environment plus plans for further research to substantiate any remaining assumptions.
8) Feasibility: Sustainability 1. What are the main elements of the USP to deliver to target customers and how is this clearly expressed through identification of the main resource requirements, physical and human, and their organisation. 2. Identification of start-up financing requirements and post start-up liquidity situation through trading 3. Clear financial projections and break-even measures with their implications for financial decisions (e.g. pricing, costs and margins) using appropriate methods.
The next section relates to two of the other managerial domains and is adapted to cover the entrepreneurial orientation and reflection plus the evidence of networking
9) Feasibility: managerial capabilities 1. A reflection of personal capabilities and orientation towards opportunities – new or providing opportunistic solutions to established businesses - based on the self-reflective exercises and the experience of the feasibility process 2. Connectedness – the internal connectedness through using and contribution to the team plus the external connections (social capita) that have provided sources for the feasibility report or plans for future activities
10) Reflections
What you learnt e.g. 1. Methodologies you had not experienced before 2. The experience of compiling a long document of e.g. 3500 words 3. How you learn 4. Enjoyable parts of the module 5. Demanding parts of the module
In short, your personal learning experience
11) References 1. The main sources of data that have been identified and accessed are suitably referenced using the correct protocols.
12) Appendices 1. Presentation of any secondary based data analysis that supports analysis in the main body of the report. 2. For primary sources, if created (e.g. proposed questionnaire or semi/unstructured interview questions) should be presented as evidence of future research. If conducted on a small scale the evidence should be presented together with a statement of the ethical conduct of such research. 3. Break-even calculations and Year 1 cash flow spread sheet as supportive evidence for the financial analysis.
The final presenation will constitute 10% of the final marks (see rubric).
Staff
Callum MORRISON
Reading
Required Reading:
Mullins, J. The New Business Road Test, 3rd Ed., Prentice Hall
An excellent approach based on much experience and is simply based on the need for a feasibility study first before the plan. Hence it provides for the framework for the module analysis and assessments. It has a simple but robust framework around a road-test of 7 elements to be applied to any opportunity. The examples tend to be larger firms but many demonstrate how they grew – and also failed – with relevant lessons. It also has valuables sections on market research and data gathering in the feasibility context.
Recommended Reading:
Highly recommended
Rae, D, Entrepreneurship: from Opportunity to Action, Palgrave MacMillan
This focuses directly on opportunity development and the development of the individual as part of this process. Hence it is a systematic review of the stages, frameworks and is also a vital read at this opportunity development stage. It is rigorous and operates at a ready-to-go opportunity level. It has a companion site which students are recommended to use and many of the slides are based on sources here. Note there are valuable analytical kits in the appendices for self and opportunity development. There is on line access and many of the course slides are taken from this source.
Warmly recommended
Burns, J Entrepreneurship and Small Business, 3rd Ed., Palgrave MacMillan
Parts of the text are warmly recommended since this comprehensively covers all aspects of small business with a strong mix of theoretical and applied. There are the main concepts that relate to Strategy, Marketing and Finance but applied to the world of small business. Since it is designed to meet many audiences some of the material can be by-passed but the applied element has valuable information and exercises from start-up to growth and the planning process. The companion site has support material including case studies and analytical exercise self the exercises some of which will be used.
Other sources
LRC
CULC Library and Resources Centre (LRC) subscribes to a number of databases, e.g. Mintel and passport, from which you can obtain valuable data on industry: 1. Trends to compile the Macro market 2. Competitor activities and data with which to compile Macro and Micro Industry 3. Resources to compile the Micro Industry 4. Costs and revenues to compile Finances
In addition, the library also offers many other sources on small business and entrepreneurship
Since this is a practical learning process towards business viability sources will be recommended by the tutors, on an ad hoc basis in each section. Students are however advised that research methods texts are useful for methods and techniques of primary and secondary data and the quantitative and qualitative techniques to use the data as evidence. In the Unit on research methods the recommended text for M001 will be referred to (Saunders, M, Lewis, P and Thornhill, A (2009) Research Methods for Business Students, 5th Ed., Harlow: FT Prentice Hall).
The web
Generally, Google references are not acceptable, and LRC references are preferred- see above
But since this is a practical research based activity, the onus is on the students to use web based data. Never before in human history has so much information been available, hence expectations about the level of data are always rising. Apart from the profusion on the web, the University has access to key business resources. There is an expectation that students, as part of the learning process in building an opportunity from an initial idea, will use these sources for 3 data resources: * relevant academic sources to understand the current knowledge and understanding around entrepreneurial activities in domestic and international economies * techniques in framing and building market research to construct an initial feasibility report and subsequent business plan including the important financial data * current and relevant market and industry data to feed and justify the feasibility report as well as primary data collection techniques

Similar Documents

Premium Essay

Retail Oulets

...INTRODUCTION. Department: Interior Design Dissertation topic: retail outlets QUESTION: Why are international brand outlets not localized? And how successful are they by not adapting to the local environment? "A Brand is not a product or a promise or a feeling. It's the sum of all the experiences you have with a company", this is said by Amir Kassaei, who is known as one of the top chief creative officer DDB worldwide. The brand is not all about the product; its success depends majorly on the environment and the way it is presented. What is retail design? Retail design encompasses an understanding of what will work aesthetically in a retail environment, including tangible (i.e. fixed, material) as well as intangible (i.e. immaterial or atmospheric) design elements. Retail design requires a designer to fully understand all aspects related to the concrete development of a store concept, including how the store will perform functionally and commercially. The design of a retail outlet plays a major role in the success of a retailing business. This question was inspired by the fact that when a food outlet is introduced in a locality, its menu is also changed to cater the localized flavor, like Pizza Hut introduced special flavors according to Pakistani taste, but the question is, does the interior design change as well? In my dissertation I will be discussing the retail brand outlets and will compare them with national brand outlets as well. The initial...

Words: 1365 - Pages: 6

Premium Essay

Retail

...Retail Pricing of Pandora * Warranty All Pandora products are covered by a 1-year warranty covering manufacturing defects. * Sales Pandora corporate headquarters dictates the prices and they have a Recommended Retail Price (RRP), most retailers are prohibited from undercutting their prices so the cost is consistent throughout a market/country. The only exception is Denmark because of the countries’ laws prohibiting a company from dictating the price of products. * Pandora prices differ throughout the world Many things go into the Recommended Retail Price for the country, chief among them the cost of the materials, mainly gold used to make the Pandora product which fluctuates a lot. Also, the currency exchange is taken into consideration, and another important factor is taxes – the European Union or United Kingdom charges value added tax, which can make the charms more expensive for these countries than say Singapore. While the retailer is not allowed to discount prices, Pandora can decide to offer gifts with products or promotions that are carried by the individual stores. Because the stores are franchises, they can independently decide whether they will offer the promo or not and also at what price point. This is also different by country because the local office or goverment for the country will determine which GWPs or promos will be offered. * Pricing Strategy Working towards Pandora’s long term vision to become the world’s most recognised jewellery...

Words: 695 - Pages: 3

Premium Essay

Retail Banking of Cbl

...INTERNSHIP REPORT ON Retail Banking Activities of City Bank Ltd Gulshan Branch of the year 2009, Dhaka 1 INTERNSHIP REPORT ON Retail Banking Activities of City Bank Ltd Submitted to: Syeda Shaharbanu Shahbazi Ahmed Senior lecturer, BRAC Business School BRAC University, Dhaka Submitted by: Md.Mozahidul Islam ID: 05304077 Date of submission: 20th December, 2009 2 Letter of Transmittal December 20, 2009 Syeda Shaharbanu Shahbazi Ahmed Senior Lecturer BRAC Business School BRAC University, Dhaka Dear Madam, I am glad to submit my report on the topic as you have assigned me to prepare an internship report on retail banking activities of City Bank limited of Gulshan Branch as a partial requirement of the course Bus 400. Now I am looking forward for your kind appraisal regarding internship report. You would be glad to hear that I have given my best effort to prepare the report with relevant information that I have collected from City Bank Limited, Gulshan Branch and from other relevant sources during my internship program. I have the great pleasure to have the opportunity to study on “retail banking activities” of City Bank Ltd. It is meaningful to mention that the knowledge I have gathered during the internship period, will help me in practical field of professions. In spite of various inadequacies I have tried to cover all the relevant affairs. It is quite worthy to mention that without your kind hearted guidance and cooperation it would not be possible for...

Words: 9861 - Pages: 40

Free Essay

Retail Advertising and Marketing

...Retail Advertising and Marketing Association Gen/200 Retail Advertising and Marketing Association "Consumers know precisely what's wrong with advertising. Be it TV or print or whatever, they know that advertising is never creative enough ... never as witty, inspiring, sophisticated, entertaining and downright likable as they would like it to be” (Phil Dussonberry, former BBDO advertising executive). In the world of retail things are ever changing there is a constant need for new advertising or marketing to grab the consumers attention. Without these tools a retailers profits can quickly dwindle leaving them in the dust. One great tool for retailers is the Retail Advertising and Marketing Association(RAMA). This paper will explain what RAMA is, how it can increase my professional knowledge and abilities, and how perfecting my knowledge and abilities can affect my career success. The Retail Advertising & Marketing Association (RAMA) is a trade association of retail marketing and advertising professionals, plus their counterparts on the agency, media and service-provider sides of the business. RAMA is a division of the National Retail Federation, the world’s largest retail trade association (National Retail Federation, 2011). RAMA also is the producer of the annual Racie Awards Competition, the industry’s most prestigious creative contest for retail broadcast, web and print advertising (National Retail Federation, 2011). RAMA is an innovative association that connects retailers...

Words: 722 - Pages: 3

Premium Essay

Retail Price

...There are four main factors retailers consider when setting a retail price. The four factors are (1) the price sensitivity, (2) the cost of the merchandise and services, (3) competition and (4) legal restrictions. Some retailers also often use high/low pricing strategy. High/low pricing is a type of pricing strategy that usually small to medium size retailer firms’ use. Mostly firms will charge you at a high price and after the demand for the item has decreased, the firm will then lower the cost and sell it to customers at a discount price. The high/low pricing has some benefits. The advantages are that this strategy increases profits because high/low pricing lets retailers charge a higher price to customers who are willing to pay and lower the price for price-sensitive customers who are waiting for the sale price. It also creates excitement, sales and promotions are always something to look forward too. Moreover the merchandise sells. Sales allow retailers to get rid of slow-selling merchandise. (Levy & Weitz,2012, p.373). Another strategy that retailers use is the “Everyday Low Pricing” (EDLP) strategy. “Many retailers, like supermarkets, home improvement centers, and discount stores use EDLP. This strategy emphasizes the continuity of retail prices at a level somewhere between the regular non sale price and the deep-discount sale price of high/low retailers.” (Levy & Weitz, 2012, p.372). Some advantages of the EDLP are that it assures customers of low prices, it...

Words: 723 - Pages: 3

Premium Essay

Retail Management Research

...| Retail Management Final Assignment | Objective: Retail store research | | Rajiv Tanwar, 215114014 | | Store evaluation for the final assignment. | Store Evaluation – EasyDay, Bhiwani, Haryana Store layout, design, visual merchandising and space management techniques implemented by this store are very effective Store layout- Grid type. Design and Visual Merchandising- Grid type layout with proper places for signage & graphics and they have properly used- 1. Freestanding Display- to attract people. 2. End Cap- for high margin products 3. Promotional Aisle- for seasonal and sale items. 4. Cash wraps – near cash counters 5. Walls used for ads Space Management- Space allocation is done in a great way. There are mainly three important things- 1. How much space to a merchandising type 2. Where to place a merchandising 3. Merchandising location within a category And full store is divided into three zones – 1. Decompression zone 2. Strike zone 3. Heavily trafficked and viewed zone. Let us now take objectives of the store- Increase sales- Sale is going very fine for this store as compare to its competitors because techniques formulated by this store are easily visible to the customers and they are influenced to buy. Build customer’s loyalty- Customers are given number one preference in this store and what they like is available in the store in any condition. So, customers love this store and...

Words: 1463 - Pages: 6

Premium Essay

No.1 in Retail

...Indian retail magnate Kishore Biyani about a youngman sitting with him in a Mumbai hotel meeting room inearly December. "I see that he is wearing Colour Plustrousers. I know his waist size ... I know everything about him. We are a company of observers, andeverybody is trained to observe customers," says Biyani, who is CEO of the Future Group and managingdirector of its flagship Pantaloon retail chain that last year had revenues of Rs. 2,018 crore ($450million) and expects to become a $1 billion company by mid 2007. Biyani often spends Sundays hanging about unobtrusively and watching shoppers at his company's 200clothing stores in 32 Indian cities. The home-grown retailer's obsession for observing the average Indianconsumer also at public places like temples and movie halls underscores what could be Wal-Mart'sbiggest challenge as it sets up shop in India in partnership with Bharti, a leading telecom servicesprovider. "India is a very diverse country -we have 6,000 castes and sub-castes in 28 states, and everycommunity has its own tastes; every state has its own nuances," says Biyani. "To manage the diversityand the heterogeneity will be one of the biggest challenges for anybody who comes to this market." Enigmatic India and its challenges in transportation, warehousing and distribution infrastructure haven'tdeterred the world's biggest organized retailers that have lobbied -unsuccessfully so far -- with theIndian government to permit foreign direct investment in the retail industry...

Words: 2609 - Pages: 11

Premium Essay

Financial Analysis of Pantaloons (India) Retail Limited

... Financial analysis Of Pantaloons (India) retail limited Pantaloon Retail (India) Limited is a multi-format retailer which operates retail stores across India. The company offers a wide range of food, fashion, home and electronics, telecom and IT, general merchandise, leisure and entertainment, wellness and beauty, and books and music products. The year 2010 marked a significant milestone for pantaloons (India) retail limited as it opened its 100th Big Bazaar store within a record time of seven years. As on June 30, the Company operated 116 Big Bazaars, 148 Food Bazaars, 45 Pantaloons and 9 Centrals, that covered 9.7 million square feet of retail space and attracted footfalls of 185 million customers. This data is only of Pantaloons Retail (India) Limited and does not include that of its subsidiaries. So it is quite apparent from the above mentioned data that the company has maximized the retail boom in India over the last 10 years by trying to cater to maximum number of consumers. That is why they have expanded their retail chain which has also reflected in its profit loss accounts which has shown steady increase in PAT over the last 10 years. This aggressive expansion plan in the recent years might also stead from the fact that they are anticipating the change of rule in the FDI in multi brand retail which could usher in players such as Wal-Mart, Tesco in the Indian market. So they are...

Words: 1108 - Pages: 5

Premium Essay

Real-Time Fraud Detection: How Stream Computing Can Help the Retail Banking Industry

...inesquecíveis, coisas inexplicáveis e pessoas incomparáveis" como vocês! Obrigado por tudo, Filipe Abstract The Retail Banking Industry has been severely affected by fraud over the past few years. Indeed, despite all the research and systems available, fraudsters have been able to outsmart and deceive the banks and their customers. With this in mind, we intend to introduce a novel and multi-purpose technology known as Stream Computing, as the basis for a Fraud Detection solution. Indeed, we believe that this architecture will stimulate research, and more importantly organizations, to invest in Analytics and Statistical Fraud-Scoring to be used in conjunction with the already in-place preventive techniques. Therefore, in this research we explore different strategies to build a Streambased Fraud Detection solution, using advanced Data Mining Algorithms and Statistical Analysis, and show how they lead to increased accuracy in the detection of fraud by at least 78% in our reference dataset. We also discuss how a combination of these strategies can be embedded in a Stream-based application to detect fraud in real-time. From this perspective, our experiments lead to an average processing time of 111,702ms per transaction, while strategies to further improve the performance are discussed. Keywords: Fraud Detection, Stream Computing, Real-Time Analysis, Fraud, Data Mining, Retail Banking Industry, Data Preprocessing, Data Classification, Behavior-based Models, Supervised Analysis, Semi-supervised...

Words: 56858 - Pages: 228

Premium Essay

Retail

...1. Title of the paper “Impact of Multi Brand Foreign Direct Investment in Retail Sector in India (Before the approval)” 2. Author Name – Prof. Nikhil Polke 3. Theme – Retail 4. Institute Name & Address Tirpude Institute of Management Education 1, Balasaheb Tirpude Marg, Civil Lines, Sadar, NAGPUR – 440 001 5. Email – n.polke@tirpude.edu.in 6. Contact number - +91 99233 80707 Abstract India has been placed at first position in the category of countries with the best opportunity for investment in the Retail Sector by a survey of A.T. Kearney’s 2005 on Global Retail Development. The increasing disposable incomes among the Indian middle class and increasing young population have been cited as the main reasons for such attractive optimism. This positive opinion of the experts has also encouraged the intense lobbying by certain sections for opening Foreign Direct Investment in this sector. Foreign investors are also very enthusiastic to invest in India’s Retail Sector. At present India does not allow FDI in multi-brand retail but permits upto 51 percent in single brand retail and 100 percent in cash and carry wholesale trading. There is a ban on FDI in big multi-brand retail stores but there is no restriction on companies accessing the foreign equity market through the American and Global Depository Receipts. The Government of India opened up FDI in ‘Single Brand Retailing’ in the year 2006. This was done with a primary motive of giving a boost...

Words: 4792 - Pages: 20

Premium Essay

Retail

...Chain in Retail With this growth in retail, not only front end but the entire network of activities leading to a culmination of a successful retail transaction has undergone a significant development. Supply Chain is no different. In the course of this retail evolution in India, the supply chain has also seen significant activity. After all, Supply chain forms a major part of the sustenance of any retail venture. For the retail venture to flourish successfully, it should have an efficient and well established supply chain. In the modern format, when all the other aspects of retailing have been discarded as being a differentiating factor, the role of supply chain has become even more important. Importance of an efficient supply chain for a retail chain may be assesses from the gamut of areas in which it helps the chain such as sourcing of material for Private Label, supplying of SKUs to the distant tier II and III cities, more and more retailers entering into Food & Grocery segment resulting in need for transportation of perishable items requiring cold supply chain, etc. hence it is deemed that from being just a part of the operations of a network, supply chain is soon going to become the source of competitive advantage for some firms. If we look at the global scenario, we already have the example of retail mammoth, Wal-Mart. Wal-Mart is said to have the best supply chain which enables it to pursue the EDLP (Every Day Low Pricing) strategy. The Indian retail is yet to...

Words: 3206 - Pages: 13

Premium Essay

Retail

...Forum TCS - Retail Journal July 2015 | Issue 6 Omni-Channel Supply Chain: From Backend to Forefront Foreword Pratik Pal President & Global Head Retail, CPG, Travel, Transportation & Hospitality Welcome to the sixth edition of Forum, the TCS Retail Thought Leadership journal. In this issue, we present our perspective on the changes shaping the supply chain of tomorrow. Retailers all over the world are making the transition from multichannel to omni-channel. The key to delivering the ‘order anywhere, fulfill anywhere’ promise is the supply chain. Supply chain is poised to become the key influencer of the interconnected customer experience. Based on my interactions with leading retailers across the world, it is my view that the battle for omni-channel supremacy will be fought and won on the grounds of supply chain. Retailers across the world are focused on re-architecting and recalibrating their supply chains while maintaining the delicate balance between customer experience and profitability. While earlier, significant investments were directed toward digital customer engagement, in the times ahead, investments will predominantly focus on supply chain re-imagination. In this edition, we discuss the prominent challenges and the response needed across key areas spanning the entire value chain as well as the building blocks for enabling omni-channel supply chain. The ‘plan-buy-make–move–sell’ value chain is no more linear. While the ’sell’ component of...

Words: 7645 - Pages: 31

Premium Essay

Retail

...Retail Marketing In today's CRM landscape the old analogy comparing the rifle and shotgun approaches to message and / or offer delivery is perhaps more appropriate than ever, as more retail organizations struggle to achieve one-to-one marketing-communications with customers and prospects. Targeting allows a retail enterprise to channel its marketing budget where there is the greatest (and fastest) possibility of Return On Investment (ROI). In terms of overall business strategy, your ability to identify and understand consumers helps you make accurate estimates about the potential for your products and services in a given market, as well as support and direct merchandise development strategies to both new and existing customers. Whether your target is current customers or new prospects, in markets known or unknown, an effective targeting model reduces the risk of any new venture. Blending Demographic, Behavioral, Expenditure and Media Preference data with retailer-specific data and applying data mining technologies produces Zip+4 and postal code level data assets that consistently outperform all other direct marketing techniques. In addition, methodology that should be used must be dynamic to allow the sights to be reset frequently to keep targets in focus consistently. Today's retail marketing managers must: Understand the connections between the lifestyle and expenditure characteristics of customers, their propensity to purchase one product or brand over another, and...

Words: 633 - Pages: 3

Premium Essay

Retail

...What Affects Pricing? Consumer Factors Mfrs., Wholesalers, Suppliers Competition Strategy Variables Govt. Factors – FTC • Target audience • Profits Retail Pricing Strategies • Supply/Demand • Price Elasticity of Demand Sensitivity of buyers to price changes Pricing Strategies Demand-oriented Cost-oriented Competition-oriented Demand-Oriented Estimate how much customers will buy at various price levels • Set prices to achieve sales goals Determine prices acceptable to target market • Demand ceiling • Demand floor Psychological Pricing • Price/quality relationship • Odd pricing Zone Pricing: “Refining companies actually map out areas and charge dealers different wholesale prices based on secret formulas that often factor in location, the area’s affluence or simply what the market will bear.” Cost-Oriented Takes into account the cost of merchandise, retail operating expenses, and desired profits Markup covers operating expenses and profits $1.20 1.35 Wholesale Prices: Ct.: Berlin Greenwich NY: Albany NYC $0.95 1.01 $0.98 1.12 Palo Alto Northern CA: Pleasanton • Markup = Selling price (retail price) – Cost of Goods Entrée Economics Pinot Bistro, Los Angeles 300% solution: Many independently owned restaurants aim for an overall food markup of 300% or 4X the cost of the raw ingredients But, you might see a 500% markup on a grilled vegetable plate (and pay $9) and only a 200% markup on a tenderloin meal (and pay $25) Grilled Pork...

Words: 956 - Pages: 4

Premium Essay

Retail

...Multi Brand Retail 1. Overview of the industry: Retailing in India is one of the pillars of its economy and accounts for 14 to 15 percent of its GDP. The Indian retail market is estimated to be US$ 500 billion and one of the top five retail markets in the world by economic value. Comprising of organized and unorganized sectors, Indian retail industry is one of the fastest growing industries in India. The organised retail trade accounts for merely 8-10% of the total retail. According to the 10th Annual Global Retail Development Index (GRDI) of A.T. Kearney, India is having a very strong growth fundamental base. India's retail market is expected to grow at 7% over the next 10 years, reaching a size of US$ 850 billion by 2020. Traditional retail is expected to grow at 5% and reach a size of US$ 650 billion (76%), while organized retail is expected to grow at 25% and reach a size of US$ 200 billion by 2020. The Government of India had been considering opening up the Multi Brand Retail Trade (MBRT) sector to FDI for some time. They had released a discussion paper in 2010 on the topic and had extensively gathered public, academic and industry views on the issue. In November 2011, the Government came out with its proposal for the new FDI policy. However, unable to achieve political consensus on the issue, they had to shelve their plans for the enactment of the policy. Finally the Government decided to pass the new FDI policy on MBRT in September 2012. 2. Growth over last few...

Words: 2914 - Pages: 12