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La Trobe Business School BUS5PB BUS5PB - Principles of Business Analytics Assignment 01: Self-service Analytics Solution Marks: 30% Assignment Type: Individual Due Date: 5:00 PM Friday 29th March 2019 (submit online to LMS) The first assignment aims to assess analytical thinking as well as skills in the use of self-service analytics software packages to develop analytics solution. You are required to understand the business context, apply software packages to explore the given dataset to unveil business insights and make analytics recommendations. You are also tasked to develop analytics report to convey the findings. Context In the past two decades, the pharmaceutical, personal care, and nutritional industries have converged to address growing demands in the beauty, health & wellness market. This convergence has resulted in the formation of new industry segments Nutraceuticals, Cosmeceuticals and Nutricosmetics. Personal Care Nutrition Cosmeceuticals Nutricosmetics Nutraceuticals Pharmaceuticals Fig 1: Emergence of new industry segments. • Cosmeceuticals: topical cosmetic products that have medicinal or drug-like benefits (creams and fortified syrups). • Nutricosmetics: supplementation of nutrients that are formulated for beauty care (both oral and topical). • Nutraceuticals: products derived from food sources that provide extra health benefits, in addition to the basic nutritional value found in food (dietary supplements and functional food). These three new segments are mainly driven by an increasing awareness and need for preventive healthcare, natural therapies and anti-aging products. The annual global growth rate of all three segments is approximately 4%–8%. A noticeable geographical dominance is observed in different segments, China and Japan are key Nutricosmetic markets accounting for 90% of global sales, while the USA dominates the Nutraceutical category at approx. 45%. You have recently joined a start-up analytics consultancy firm as an Insights Specialist. The first task is to analyse the emergence of these industry segments in Australia. An end-user survey has been already conducted and the data available for your perusal. Your manager has not laid out specific expectations, but he has reiterated the need to ‘understand these industry segments, consumers, the potential markets and opportunities’. 1 La Trobe Business School BUS5PB The Survey Are you a regular consumer of beauty, health & wellness products? (Data was only collected from regular consumers of beauty, health & wellness products) Question Corresponding column in data file Which state do you live in? State Select your annual income from the following three options. Income ($) (<50,000, 50,000="" –="" 70,000,="" 70,000="" –="" 90,000,=""> 100,000) Select your age band from the following options Age Band (<30, 30-40,="" 40-50,="" 50-60,="" 60-70,="">70) Select your gender Gender (F for female, M for male) How would you like us to contact you? Please select only one. Channel (Social Media, Email, Post) In which type of products are you most interested? Product Type (Nutraceuticals, Nutricosmetics, Cosmeceuticals) How much would you be willing to spend monthly on this type of product? Monthly ($) (<$50, $50-$100,="">$100) In which form are you most comfortable to consume this type of product? Form (pills, beverage, food) How confident are you of the results from using the products? Confidence Rating (1-5; 1- least confident 5- most confident) How confident are you to recommend to a friend? Recommendation Score (1-10; 1- least confident 10- most confident) A total of eleven columns as the data file starts with an ID column as an identifier for each row. BUS5PBAs01_datafile_CB1_19.xlsx contains data collected from 360 participants. Tasks • Conduct a critical review of the survey and its outcomes. Suggest improvements to the survey in terms of data coverage and data metrics. You may refer to external sources of information to justify your evaluation; • Develop two analytics solutions to analyse the dataset using the two software packages covered in the subject so far. It is recommended to explore insights among data to pinpoint characteristics of each segment, for example, age or gender distribution for product type; • Based on the insights obtained from analytics solutions and any external sources of information, recommend effective marketing strategies (market opportunities, targeted customers, channels for campaigns, etc.) for a potential client intending to enter these new industry segments in Australia. You need to decide on the number of recommendations with a brief justification for your choice. Recommendations should refer to visualisations (a combination of diagrams and charts) from your analytics solutions and external references. • You are free to make reasonable assumptions and justifications given the educational nature of this case study. 2 La Trobe Business School BUS5PB Report Guidelines 1. The report should consist of a ‘table of contents’, ‘introduction’, logically organized sections/topics, a ‘conclusion’ and a ‘list of references’. 2. Choose a fitting sequence of sections/topics for the body of the report. Three sections for the three tasks are essential, you may add other sections deemed relevant. 3. You must include diagrams, tables and charts from the analytics solutions to effectively present your recommendations. (Use Alt + Print Screen to capture screenshots). 4. Page limit: five (5) or more pages. 5. Reports should be written in Microsoft Word (font size 11) and submitted as a Word file. 6. Final submission will comprise three separate files, two analytics solution files and the report as a Word file. Do not compress these files into a zipped archive, submit as three separate files. Marking Rubric A grade will be awarded to each of the tasks and then an overall mark determined for the entire assessment. The rubric below gives you an idea of what you must achieve to earn a certain ‘grade’. As a general rule, to meet a ‘C’, you must first satisfy the requirements of a ‘D’. And for an ‘A’, you must first satisfy the requirements of a ‘B’, which must of course first meet the requirements of a ‘C’ and so on. The marking rubric for this assignment is given below. Criterion Pass Credit Distinction High Distinction Critical evaluation of Reasonable evaluation Good evaluation with Excellent evaluation Extensive evaluation the survey with consideration for consideration for with consideration for with consideration for (05 marks) few criteria. several criteria. many criteria. all criteria. Analytics solution 1 Limited effort to Fair effort to structure Excellent effort to Exceptional effort to (05 marks) structure and present and present structure and present structure and present information and information and information and information and insights. insights. insights. insights. Limited knowledge of Fair knowledge of the Excellent knowledge Comprehensive the software package. software package. of the software knowledge of the package. software package. Analytics solution 2 Limited effort to Fair effort to structure Excellent effort to Exceptional effort to (05 marks) structure and present and present structure and present structure and present information and information and information and information and insights. insights. insights. insights. Limited knowledge of Fair knowledge of the Excellent knowledge Comprehensive the software package. software package. of the software knowledge of the package. software package. Recommendations Recommendations Recommendations Recommendations Recommendations (15 marks) reflect a fair grasp of reflect a good grasp of reflect an excellent reflect an inclusive the problem domain, the problem domain, grasp of the problem grasp of the problem data, insights and data, insights and domain, data, insights domain, data, insights expectations. expectations. and expectations. and expectations. Other Information • Standard plagiarism and collusion policy, and extension and special consideration policy of this university apply to this assignment. • A cover sheet is NOT required. By submitting your work online, the declaration on the university’s assignment cover sheet is implied and agreed to by you. 3