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Inquiry Project

   

Added on  2021-02-20

11 Pages2540 Words115 Views
Business DevelopmentArtificial Intelligence
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INQUIRY PROJECT
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Latest trends in retail sector....................................................................................................1Online Shopping.....................................................................................................................1Customer experience..............................................................................................................1Usage of Artificial intelligence .............................................................................................2Corporate social responsibility...............................................................................................2TASK 2............................................................................................................................................2Analysis of the selected business by using business models..................................................2TASK 3............................................................................................................................................4Recommendations for organisation........................................................................................4CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7APPENDIX......................................................................................................................................8
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INTRODUCTIONInquiry project is referred as a way of active learning which initiated by posing questions,scenarios and queries. These projects are in contrast with the traditional learning in whichteachers shares facts and knowledge as per their perceptions. Retail industry is a big sector whichaims to deliver effective services and products to customers (Singh and Murphy-Scanlon, 2018).This sector have big contribution towards national income in UK. This assignment is prepared onthe basis of ASDA which is a UK based supermarket chain, situated in Leeds, West Yorkshire.This firm was established in 1949 and successfully operates at more than 630 geographiclocations. Assignment is going to cover about trends in retail sector and analysis of a specificcompany operating in this sector. At last, important recommendations are also mentioned in thisreport. TASK 1Latest trends in retail sectorRetail trends are referred to the pattern of continuous change in a process, output,product, conditions or service which are offered by retail organisations to their customers.Trends in retail sector changes on regular basis due to advancement and changing needs ofcustomers (Pousttchi and Hufenbach, 2014). Retail industry is associated with activities ofselling and buying goods via online or physical stores. It is the largest employer in private sectorwith annual sales of around 381 billion pounds per annum. There are some trends which areassociated with retail sector in UK that are stated below: Online ShoppingShopping with the help of online media is new & popular trend in retail sector. People inUK are independent and job oriented due to which they do not prefer to spend their time onactivities like shopping. They prefer to shop from retail outlets via online means. In this context,online applications like Amazon, Flipkart and websites like Facebook are used by customers tobuy their desired products. Customer experienceTo increase the experience of customers, businesses in retail sector are using cognitivecomputing technology. This technology is able to interpret and analyse data exactly like humans1
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due to which customers can interact with them to gain faster services especially, during in-storeshopping. ASDA can also set up robots and computers in their retail stores to identify andresolve the query of customers in timely manner (Pantano, 2014). Usage of Artificial intelligence In today's time, either big, medium or small sized retailer's have started relying onartificial intelligence. Usage of aspects like machine learning, AI-powered assistants and BigData have increased. In this context, Dott which is an Artificial intelligence based retail assistantis used by retailers to give personalised advices to themselves and customers. This results insaving of time while making decision for a specific product. Due to this, retailing experience ofbusiness owners increases considerably. Corporate social responsibilityThis can be considered as a part of emotional connection with customers which is analready existing trend in retail sector. By passing time, this trend is increasing more and more.Fulfilling CSR activities by integrating environmental, social and economic issues into belief,opinion and culture of company, a retail firm can ensure that society is going to support them ina positive manner (Oraman and et. al., 2018). This benefits customers and organisations in betterunderstanding each other due to which companies like ASDA is able to fulfil desires ofcustomers properly. TASK 2Analysis of the selected business by using business modelsTo perform analysis of business organisation, ASDA company is selected. ASDA is aBritain based firm which offers grocery, financial services and merchandise to their customers.This company operates in global context and its analysis will help the manager of firm toacknowledge all their weaknesses and strengths in a proper manner. To analyse ASDA, businessmodels such as SWOT and PESTLE is used below:SWOT Framework: This business model benefits a company in analysing theirstrengths and weaknesses along with potential opportunities and threats so that requiredimprovements can be carried out in a proper manner. In this context, SWOT is performed below:Strengths WeaknessesASDA is socially responsible as itThis firm do not have any mini stores2
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