Key Driver Analysis for 5 industries
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KeyFactorsfor5Industries.pptxKey Drivers Analysis
Student’s Name
Institution Affiliation
Professor’s Name
Course Code
Date
Key Drivers in Hardware Industry
Reliability
Functionality
Capacity
Maintainability
Durability
Warranty & Guarantee
Support service
Safety
Integrations
Technology readiness
Customization
Drivers analysis is a technique of determining factors that influence customers loyalty (Xia & Wang, 2020). The analysis tries to find out the correlation between certain attributes and the loyalty of customers to a specific brand. The key drivers in the hardware industry from the B2B and B2C standpoint of customers are productivity, warranty offered by the service provider, the size of the RAM and model among other factors. In the key drivers analysis results in the excel spreadsheet I have used a Net Promoter Score of 10% and computed customers satisfaction and the correlation of the identified drivers to various subcategories of the Hardware industry. For instance the model has a positive correlation with hardware parts.
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Key Drivers in Software Industry
Features
Performance
Compatibility
Maintainability
Integration
User friendly
Usefulness
Perceived risk
Goal oriented
Functionality
The key drivers that influences customers loyalty in the software industry are improved innovation, performance, value capturing, learning process, cognitive structure and product quality. From the key drivers analysis in the excel spreadsheet I have used a Net Promoter Score NPS of 10% and computed the association of various loyalty metric and the subcategories in the software industry. For instance, the results shows that the correlation between improved innovation and application software is 0.7.
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Key Drivers in Furniture Industry
Furniture style (EX: Contemporary, Modern)
Furniture size variety
Customizations
Presentations
Innovation
Material
Comfort
Durability
Multi-functionality
Key drivers analysis is very important in helping the manufacturer to focus on production of products and services that will have greater influence on the customers loyalty( Cioca, 2020).The analysis of furniture industry identifies furniture style, store display, new designs, innovations furniture materials among others as the key drivers in the industry. The results of the analysis in the excel spreadsheet in which I have used a Net Promoter Score of 10% indicates a strong correlation between the household furniture and store display. Similarly, customers are highly satisfied by the comfort.
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Key Drivers in Health and Beauty Industry
Testers
Accuracy
Side effect
Reliability
Functionality
Features
Personalization
Ingredient
Customer's loyalty in the beauty industry is driven by factors such as free samples, branding, age, innovation and customers services. Research indicates that customers will prefer purchasing from the firms that offer free sample to enabling the customers test the products before buying. The key driver's analysis computed in the excel spreadsheet with a Net Promoter Score of 10% shows a weak relationship between body care and innovation.
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Key Drivers in Business and Consulting
Reliability (Certifications)
Proficiency
System oriented
Mutual commitment
Communications
Popularity & Connections
Knowledgeable
Time management
Business and consulting is driven by a number of factors which include, trust between the clients and the business owners , commercial friendship, mutual commitment and extensive communication. These drivers are very essential in influencing customers’ loyalty and helping the business owners to focus on the services that will add value to the business. The results of the analysis in excel spreadsheet in which I have used the Net Promoter Score of 10%, there is a strong correlation between trust and education with a value of 0.9.
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References
Xia, C., & Wang, Z. (2020). Drivers analysis and empirical mode decomposition based forecasting of energy consumption structure. Journal of Cleaner Production, 254, 120107.
Cioca, A., Wehbe, K., Popescu, D., & Popescu, C. (2020). The main drivers for sustainable decisions in a family business that impact the company’s performance. Sustainability, 12(20), 8659.
