SMART CAPSTONE Final Report
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KeyFactorsfor5Industries3.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 reliability, functionality ,warranty offered by the service provider, maintainability, durability , safety and customization 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. The values in the satisfaction column shows the degree of customers’ satisfaction based on various key drivers. On the hand the r Values shows the associated of industry subcategories and various key drivers. For instance the reliability has a positive correlation with hardware parts this implies that customers will be attracted to organization that offers highly reliable services.
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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 perceived risk, performance, software functionality, user friendly, software maintainability and features of software among other host of factors. 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 metrics and the subcategories in the software industry. For instance, the results shows that software maintainability and programming software have a strong positive correlation of and 0.95.Similarly the subcategory of artificial intelligence has the highest value of customer’s satisfaction.
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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, comfort, innovations furniture materials and customization among other factors 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 durability. Similarly, customers are highly satisfied by the comfort with the results further indicating the furniture style has highest level of customers’ satisfaction.
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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 tester, accuracy, side effects , the ingredients, and customers services. Research indicates that customers will prefer purchasing from the firms that offer highly reliable and products with no side effects. The key driver's analysis computed in the excel spreadsheet with a Net Promoter Score of 10% and the results indicates a strong correlation between the product ingredients and dietary supplement. This means that the ingredients of dietary supplements highly contributing to enhanced customers’ satisfaction. Additionally, the excel spread sheet analysis reveals that cosmetic subcategory of Health and Beauty industry has high customers’ satisfaction.
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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, reliability , mutual commitment, the popularity of the firm, the degree of knowledge of the service providers and extensive communication among other factors. 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 company. The results of the analysis in excel spreadsheet in which I have used the Net Promoter Score of 10%, to determine the level of customers’ satisfaction as well as the link between the industry key drivers and various subcategories of the industry. For instance the results shows a very strong reliability on the firm’s services and education. There is also high customers’ satisfaction which is being driven communication and reliability.
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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.
