Statistical Analysis

Statistical Analysis

Part 1: Executive Summary

A. External factors

The store based retailing market in Australia operates stores which offer a variety of products to the consumers. This market entails an array of outlets from departmental stores that sells a broad range of products to the outlets which specializes in the retailing of electric items, pharmaceutical, footwear goods, clothing, hardware, house wares, garden and building supplies. It is important and imperative for the successful retail business is that good pricing strategy should be adopted and a wide product range should be available to the consumers. Retailers who make high profits are required to be familiar with problems because the availability of broad range of product may lead to employee relations to occupancy issues, the psychology of sales, training and marketing. Furthermore, the big players in the Australian store based retailing market are Big W with the market share of 1.138 million, Brands Exclusive with the market share of 582,000 million, Catch of the Day with the market share of 1.401 million and Cudo with the market share of 898,000. In addition to this, the store based retailing market in Australia is considered as the major employer at the retailing market subdivision level with 540713 people working in the store based retailing market in the period 2006 to 2007. In the past few years, it is observed that employment in the store based retailing market in Australia is fairly consistently split between full time 263502 and 249925 part time employees. The whole Retail Trade market in Australia contributes $55.443 billion to gross domestic product of the country.

B. Internal factors

For the management of JMart, it is important to know that the program is successful as the loyalty program members are spending more than regular customers by more than $10 in accordance with the management decision. The reason of such is that the analysis of data revealed that there is significant difference customer type and the amount of spending. In addition to this, the study also revealed that there is a significant difference between the payment method and purchased items as it is noticed that the items purchased by customers on credit card is greater than items purchased by customers on cash. Moreover, it is important for the management of JMart to have information pertaining to money spent each transaction by males or females. In this context, it is found that spending by males and females differs and in particular, females spend more money in comparison to males. Besides it, the analysis of data also presented that there is a significant difference of the number of purchased items with the married and single customers. Moreover, the study also revealed that payment method which includes cash and credit card is not associated with marital status of the customers.

Recommendations

In view of the given external and internal factors relating to JMart, it is recommended that JMart should have broad range of product to facilitate the customers; moreover, good pricing strategy is also an important element to attract customers ...