Difference between revisions of "AY1516 T2 Team13 Natasha Studio Project Overview"
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| − | Natasha | + | Small and Medium Enterprises (SMEs), like Natasha Studio, often rely solely on intuition and business acumen to develop strategies for its dance business. This may not be as effective as the large amount of data being recorded are not being utilized in strategy development. Thus, this study aims to help Natasha Studio improve its business performance through the use of analytics. This will be done through the creation of an open-source relational database via SQLite, providing Natasha Studio a better means to record their data. Subsequently, analysis of their customers’ purchasing behavior via Association Rule Mining in SAS Enterprise Miner, as well as their package utilization patterns via Logistic Regression in SAS Enterprise Guide, was done. This identified the average customer’s purchase and utilization profile. It was determined that customers like routine, sticking with the same package type and genre. A customer’s utilization of unlimited packages also has an significant implication on the customer’s repurchase rate. Such insights allow Natasha Studio to tailor its future strategies to enhance its business competitiveness. |
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==<div style="background: #B0C4DE; padding: 10px; font-family:Arial; font-size: 14px; font-weight: bold; line-height: 1em; text-indent: 3px; padding 0px 18px 0 px 18 px;"><font color="white">MOTIVATION</font></div>== | ==<div style="background: #B0C4DE; padding: 10px; font-family:Arial; font-size: 14px; font-weight: bold; line-height: 1em; text-indent: 3px; padding 0px 18px 0 px 18 px;"><font color="white">MOTIVATION</font></div>== | ||
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| − | The | + | The business objective of this project is to help Natasha Studio increase their business competitiveness by providing recommendations for class types, packages and dance genres that Natasha Studio should offer. |
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| + | To achieve this business objective, the technical goal would be to first create a proper database system using open-sourced software for Natasha Studio. This would then lay foundation for the exploratory data analysis and market analysis which would use the data set provided to identify customer purchasing behaviors and propose appropriate business actions for Natasha Studio. | ||
Latest revision as of 11:40, 17 April 2016
| BACKGROUND | DATA | METHODOLOGY |
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ABSTRACT
Small and Medium Enterprises (SMEs), like Natasha Studio, often rely solely on intuition and business acumen to develop strategies for its dance business. This may not be as effective as the large amount of data being recorded are not being utilized in strategy development. Thus, this study aims to help Natasha Studio improve its business performance through the use of analytics. This will be done through the creation of an open-source relational database via SQLite, providing Natasha Studio a better means to record their data. Subsequently, analysis of their customers’ purchasing behavior via Association Rule Mining in SAS Enterprise Miner, as well as their package utilization patterns via Logistic Regression in SAS Enterprise Guide, was done. This identified the average customer’s purchase and utilization profile. It was determined that customers like routine, sticking with the same package type and genre. A customer’s utilization of unlimited packages also has an significant implication on the customer’s repurchase rate. Such insights allow Natasha Studio to tailor its future strategies to enhance its business competitiveness.
MOTIVATION
Due to the recent economic downturn (Elliott L., 2016), consumers are likely to reduce spending, which indicates a probable revenue reduction for Natasha Studio. In view of this impending economic recession, Larry hopes to rely on more concrete and sophisticated data evidence to support his business decisions and ensure the competitiveness of his business. He is interested to know if he should change his current product mix in order to attract more members and potential members to join the dance studios. As he lacked resources to implement analytics, this project hopes to help Natasha Studio initiate the culture of analytics by providing technical know-how, with the bigger goal of demonstrating the benefits of analytics in hope that the culture of analytics in Singapore will spread amongst the smaller businesses.
In addition, this project hopes to create more customer satisfaction for aspiring dancers by helping Natasha Studio offer more relevant dance lessons. From the perspectives of customers, dance lessons that are better aligned to their preferences of dance genres, packages and class types would help them learn and enjoy dance better. Several artists have lamented that dance scene in Singapore is lacking (Martin, M., 2015). Hence, this project is also motivated by the lacking state of the dance scene in Singapore, and pursued in hope that by helping Natasha Studio offer more relevant courses, more people will be more receptive towards, and enjoy dance as an art form in Singapore.
OBJECTIVES
The business objective of this project is to help Natasha Studio increase their business competitiveness by providing recommendations for class types, packages and dance genres that Natasha Studio should offer.
To achieve this business objective, the technical goal would be to first create a proper database system using open-sourced software for Natasha Studio. This would then lay foundation for the exploratory data analysis and market analysis which would use the data set provided to identify customer purchasing behaviors and propose appropriate business actions for Natasha Studio.
