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Information Technology

Essay by   •  August 9, 2019  •  Course Note  •  425 Words (2 Pages)  •  21 Views

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ISM ASSIGNMENT

Paras Jatana

SAP ID:80401190022

Industry: Retail Industry

Name of Company: PH Mart

Simon’s Decision Model:

This Model is used by managers to ease out the decision-making process. The reason being that they get a process to work out with the problems which are Problem finding, Solution finding and finding the best solution for the associated problems.

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Introduction of the Company: The PH Mart is located in Lucknow with its 5 Stores all over the city. It has been operational in the city since the past 2 years due to the presence of big brands like Reliance, Spencer’s etc. the company is facing problems.  

The PH Mart problems are as: -

  • Management of Large Inventory
  • Significant Losses During Shipping/Transporting
  • Right Positioning of the Products
  • Effective Visual Communication
  • Market Research
  • Advertisement
  • Communication with Warehouses
  • Customer Support

Solutions for the problems: -

  • Effective management of Inventory can be through POS (Point of Sales) and use of RFID tags on the quantity shipment.
  • Losses during Shipping can be managed through tagging on the shipment delivery vehicles.
  • Using Market Basket Analysis, Lift Ratio, Association Rule
  • Products List on Carts, Screens on the Racks Displaying Product information, Persons Last Purchase History, Visual Cart
  • Market Research can be done through engaging teams through video conferences, reviewing public sentiment on social media and industry forums, and using online surveys to get customer feedback. There are also tools like Microsoft CRM Dynamics and Google Analytics.
  • Internet marketing using online advertising methods (SEO, PPC, Facebook Ads) are far more accurate ways than traditional marketing of finding target audiences, discovering their needs, and building a marketing campaign to persuade them to buy. It’s difficult to see how many people read a newspaper ad. It’s easy to figure out how many people clicked on an online banner.

  • Communication within the organization can be faster with the use of software like Lotus Notes. Retail stores can also communicate with each other and with the warehouses. This can be done 24 hours a day and seven days a week. Electronic Data Interchange (EDI) can also be used for communication with suppliers and vendors.
  • Customers can receive support from multiple channels telephone, emails and social media platforms.

CONCLUSION

With Facing Stiff competitions from big brands, the PH mart needs to manage its Inventory through using Market Basket Analysis by understanding the consumer behavior and making combos of the product and increasing the sales and cutting costs in shipments through tagging’s of the delivery vehicles for faster deliveries. Lastly focusing on the advertisement, they can use internet marketing techniques to advertise the product and the store.  

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