Overview
You are approached by an online retailer that wants to leverage analytics to determine the pricing of their products to maximize their revenue earnings. The online retailer sells snow sports equipment and offers 200 different products that include different types of skis, ski boots, ski accessories, ski apparel, cross-country ski equipment, and snowboards. Currently, the retailer applies a conventional cost-plus methodology to determine the price of each product. The prices are then manually compared with the market price of similar products to remain competitive. The retailer’s online site receives 200,000 annual visitors, with about 3,000 actually making a purchase. However, many of the 3,000 make multiple purchases. The online retailer has several years of customer purchase transactions that also include price changes and sale pricing related to customers’ purchase history.
Prompt
Your data science team is tasked with determining the impact of price variations in order to build a model to optimize pricing. Consider the following possible pricing factors:
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Write My Essay For Me- Lower price points can increase the volume of the purchase of some types of products.
- Decrease in product price decreases the margin of the product.
- Customers compare price points of some types of products more than others in making the decision whether to buy from the online retailer or a competitor.
The final goal of the project is to develop a model using data science methods to determine optimum price points for products offered by the online retailer to maximize sales.
Develop a brief project plan proposal to present to the company to address their requirements. In Module Eight, you will be using what you have created here to plan the work of the team.
Specifically, you must address the following rubric criteria:
- Determine a framework that would be appropriate for this project.
- Explain why the framework would support the needs of the team as well as the project.
- Explain each step of the project lifecycle in the proposal according to the framework that you have recommended.
- In each step of the lifecycle, determine the required skills needed to complete the work.
- Determine the data the team will need in order to complete the work.
- Explain how the data will support the team and its work.
- Identify the final product to deliver to the company and the various components that will be included.
- Explain how the final product and its components will meet the needs of the organization’s ultimate goal.
- You do NOT need to create this product. Simply identify what the final deliverable will be.
Guidelines for Submission
In a Word document, use double spacing, 12-point Times New Roman font, and one-inch margins. This assignment must be 2 to 4 pages in length, and include references cited in APA format. Consult the Shapiro Library APA Style Guide for more information on citations.
| Criteria | Exemplary (100%) | Proficient (90%) | Needs Improvement (70%) | Not Evident (0%) | Value |
| Framework Selection | Exceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative manner | Proposes an appropriate framework for the project and logically defends how the selected framework could provide support, benefits, and value to the project | Shows progress toward proficiency, but with errors or omissions; areas for improvement may include justifying selection of this framework over at least one other framework | Does not attempt criterion | 20 |
| Framework Application | Exceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative manner | Accurately explains how the phases of the selected framework will enable the project development, noting the skills needed in each phase | Shows progress toward proficiency, but with errors or omissions; areas for improvement may include discussion of the skills necessary for the success of each phase | Does not attempt criterion | 20 |
| Data Sources | Exceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative manner | Accurately explains what data sources are necessary or might be helpful to the development of a model that will inform the pricing model; supports with evidence and explanation | Shows progress toward proficiency, but with errors or omissions; areas for improvement may include evidence and examples from real-world cases of the implementation of similar models | Does not attempt criterion | 20 |
| Project Implementation | Exceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative manner | Clearly articulates the final product of the team and explains how the components would meet the needs of the organization | Shows progress toward proficiency, but with errors or omissions; areas for improvement may include an explanation of how the components meet the needs of the organization in relation to this project | Does not attempt criterion | 20 |
| Articulation of Response | Exceeds proficiency in an exceptionally clear, insightful, sophisticated, or creative manner | Clearly conveys meaning with correct grammar, sentence structure, and spelling, demonstrating an understanding of audience and purpose | Shows progress toward proficiency, but with errors in grammar, sentence structure, and spelling, negatively impacting readability | Submission has critical errors in grammar, sentence structure, and spelling, preventing understanding of ideas | 10 |
| Citations and Attributions | Uses citations for ideas requiring attribution, with few or no minor errors | Uses citations for ideas requiring attribution, with consistent minor errors | Uses citations for ideas requiring attribution, with major errors | Does not use citations for ideas requiring attribution | 10 |
| Total: | 100% |
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