Question one.

The best data capture methods

From manual to automated, there are several popular ways that business capture data. So we’re going
to kick off by looking at these 10 methods below:

1. Capturing data manually

Let’s first touch on manual data capture methods because though more uncommon, some businesses
do still rely on this for certain tasks.

In a nutshell, this is where data is entered manually by an employee through the use of the keyboard,
mouse, tablets and other touch screens.

Often this means entering data into programs such as Excel or word processing documents.

This can be a very labour-intensive and time-consuming task, which is why businesses are increasingly
automating these processes.

That being said, this method is not totally redundant yet, and some businesses do still capture data in
this way.

2. Using automated systems

As we said above, more and more businesses are choosing to automate data capture, extraction and
processing. This is because it is generally a more efficient and cost-effective way to carry out those tasks.

Automated data capture methods rely on computerised technologies to extract the data. Technologies
are increasingly evolving to make this process even easier and intelligent tools make it possible to
capture even the most unstructured data.
Automated data capture methods include the use of lots of different technologies. These are:

3. Intelligent character recognition (ICR)

From entire forms to signatures, intelligent character recognition (ICR) technologies are used to
recognise handwriting data and capture this. It is then turned into usable and editable data.

For example, handwriting from image files and scanned documents.

Unfortunately, ICR is less accurate than some of the other technologies we’re going to look at, but new
tools are evolving every day. This means that they are becoming increasingly accurate and intelligent.

4. Optical character recognition (OCR)

Optical character recognition (OCR) technologies are used to convert different types of machine-printed
documents, such as image files, PDF files or scanned documents.

These are turned into searchable and editable data that can be accessed and utilised through the
computer.

5. Optical mark reading (OMR)

Optical mark reading (OMR) is used to capture data that has been marked by humans. For example,
checked boxes on forms or surveys.

This means that OMR tools can differentiate between marked and unmarked boxes and pull the relevant
data from this.
6. Magnetic ink character recognition (MICR)

Magnetic ink character recognition (MICR) is a very specific data capture method. It involves the
recognition of specially formatted characters that have been printed by a machine in magnetic ink.

The most recognisable way this is used is for the processing of cheques. In fact, this type of data capture
technology is most commonly found in the banking industry.

7. Magnetic stripe cards

Magnetic stripe cards store data through magnetic properties. That is why these cards possess stripes of
iron-based magnetic materials.

These are used to store numbers electronically, which, when swiped, transfer data automatically. We
understand this most commonly to be used for credit cards and identity cards.

8. Smart cards

Similarly, smart cards rely on embedded integrated circuits that retain data that is activated during a
contactless interaction with the relevant device. These can hold more information than magnetic stripe
cards.

These are often used for holding data related to personal identification, authentication, finances,
biometrics and more.

9. Web data capture

Data capture from the web is one of the most common and recognisable methods. This involves the
gathering of data from data capture forms through the internet.

These are found on relevant landing pages and used for things like generating sales leads and building
email marketing lists.
10. Voice recognition

The final data capture method on our list is voice recognition. This is the process of converting speech
into text through voice recognition tools.

This requires dictation systems, small controlling systems and word-processing data entry. This can also
be in the form of simple speech or a set of commands. For example, smart speakers like Amazon’s Alexa
can collect data based on voice commands.
Question two.

A well thought out and planned retail mix provides the retailer with a focused position and helps
differentiate them from the competition. A retail mix, defined, is the marketing plan put in place to
address key factors such as location, price, personnel, services, and goods. The retail mix is also referred
to as the “6 Ps.”

hexagonal chart with the hexagon in the middle as the customer and the six hexagons surrounding it
include place (location, operating hours, space), product (service level, categories, assortment, brands),
price (Mark-down policy, price emphasis, margins), presentation (merchandising, uniforms, fleet),
personnel (internal marketing, service support, selling), and promotion (PR, advertising).

Click for a larger image.

One important thing to keep in mind is that any competitive advantages you have in your strategy
should help form your retail mix. In addition, the retail mix should always have the target market in
mind. The retail mix will differ based on the store and the type of product offered to the customer.

Discussing and evaluating your retail mix in the organization offers a number of benefits. First, you are
addressing the needs of your target market. In essence it forces the retailer to make the customer top
of mind and foremost in all strategy decisions. It also allows for a business planning strategy within the
retailer. By approaching all six components the retailer is ensuring they are able to meet the needs of
the customer using all these components. Lastly, it allows the retailer to respond to competition. For
example, a key competitor for JCPenney is Kohl’s. If Kohl’s drops prices a national brand such as Levi’s,
JCPenney might follow suit.

Let’s now take a look at the components of the retail mix that are ultimately the pieces of the retailer’s
strategy.

1. Price
What is my pricing strategy? What is my markup strategy and how does that affect my overall retail
price? You must make sure you calculate your retail price based on the markup you receive and not the
costs involved. You also want to think about profitability and relate this back to the goals of your area as
well as your organization.

2. Promotion

What promotional tools will you use to influence the consumer’s purchase decision and, overall, their
intention to purchase? This is where you also want to make sure you include a budget that shows
where resources are allocated as well as a time table for the promotional activities. Remember to
include specific examples of your proposed promotional activities. Some examples include online
promotions, print advertising, and any television advertising.

3. Place

What are the hours of operation for your store? How many employees do you need and when do you
need them? This is where you can also include a general description of the responsibilities of each
associate along with some type of detailed info on the organization’s structure. This could also be
dependent upon the area in which you are located as well as the needs of the customer.

4. Product

What type of product do you intend to carry? What is the depth (how much you will carry of an item) as
well as the breadth (number of SKUs) you will carry in your assortment? What is your anticipated turn
as well as inventory levels? Later we will discuss in more detail the importance of inventory turnover
and how it contributes to profitability. This is where you want to make sure you have adequate
inventory levels to meet customer demand. Too much product could lead to excessive markdowns
which deteriorates profitability while too little desired merchandise might lead to missed sales
opportunities. Does your product meet your customer’s needs?

5. Presentation

Will you have a free-standing location? Will you be located in the mall? How is the location you have
chosen a good fit for your target market? It is during this time you will also want to provide a thorough
trade analysis that shows the population in the area and how they are a good fit for your business.

6. Personnel
How are you selling to your customers? What kind of internal marketing supports your sales team?
What are the graphics that set your store apart? What does the signage look like inside and outside of
your store? These are all key elements you want to consider.

For the final segment of this section let’s take a look at how we the retailer can take the one element of
the mix (product) and transform it into a customer experience as well as why this is important.
QUESTION THREE.
1. Network Diagrams

These diagrams are one of the most important tools in project management that can be used in the
process of project planning.

Also known as an “Arrow” diagram, because the diagram consists of different arrows that can be used to
connect different activities and also to display precedence. By using these arrows you can also show
interdependencies between different activities of a project.

In the process of forming the Network Diagram, there are always some assumptions to be made. The
first assumption to be dreamt up is that all pending or ongoing activities have been completed before
starting new ones.

The second assumption that has to be made is that all the arrows used in the Network diagram indicate
a logical priority. What that means is that the direction of the arrow is displaying the unique sequence
that needs to be followed for the proper execution of activities.

The last but not the least assumption is that Network Diagrams have no choice but to start with a single
event and end with a single event because there is no place for dual start and endpoints.

If the project manager wants to calculate the total duration of a specific project, they need to define a
total of four dates for each specific task.

The first two are the start dates. The first date in these two is Early Start which is the earliest date on
which the task can be started.

The second date in those or Late Start is the date on which the task absolutely has to start if it hasn’t
already.
This same logic goes for the latter two of the four dates mentioned above. Those are the end dates.

Another important element in the Network Diagram is the Slack time. This is the time that is allowed for
the task to be delayed but not more than that. Why? Because eventually, it will cause a delay in the
overall timeline.

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2. Critical Path Method

critical path method

Source

CPM is an essential tool that is thoroughly used by project managers. This is because this tool can
monitor and assess the progress of the project in real-time. It is to ensure that all the ongoing projects
performed by the team are going to finish in time.

The Critical Path of the project is the longest sequence of activities performed on the network diagram.
It is also characterized as having zero slack time for all activities that are involved in a particular
sequence.

So, if there’s the slightest delay in any activity, it will cause a delay in the overall project deployment.

Zero Slack time is bad but also good in some ways. Good because the project managers will remain more
vigilant when they will know that the slightest error can hinder the progress of the project.
Also, project managers can divert resources from a specific project to some other project if they need
to. This makes sure that the appropriate resources are used somewhere important and the project is not
delayed.

But while doing that, the project manager has to ensure that the activity in question does not become a
critical path activity due to the reduction in the number of resources.

3. Gantt Charts

A Gantt chart is a visual representation of all the tasks related to your project scheduled overtime. They
are used to plan projects of all sizes and shapes.

Why? Because they are an incredible tool to show the work that is scheduled to be done on a project on
a specific day. They also show the whole tenure of a particular project in one simple view.

Here are some of the features of a project you can monitor on a Gantt Chart.

The start and end dates of a project

What are the project tasks

Who are the team members involved in each project

Who is working on each individual task

What is the duration of each individual task

How all of the tasks are linked or are they dependent on each other

Still don’t understand the importance of these charts? Well not long ago, people used to plan on paper
or show all of the projections with colored blocks because there wasn’t any digital solution available.
Gantt charts changed all that.
You can also visit exhibitions where they celebrate the evolution of this amazing tool over time.

4. Project Evaluation and Review Technique

The Project Evaluation and Review Technique, more commonly known as PERT is a form of Network
Diagram PM tool that is also used to figure out the critical path of the project. This technique makes
scheduling complex projects easier while creating realistic estimates of the duration of each individual
activity.

It is a form of Network Diagram but it’s different in a way that it uses three kinds of estimates rather
than just one. The first estimate, also known as T-O, assumes that the activity will never falter and all the
factors that are related to the activity are going to be in favor of it.

The second estimate, also known as ‘most likely’ assumes that the activity will eventually encounter
some issues during the execution phase. It will also provide some contingency buffers to fix the issues.

The final estimate is known as the pessimistic estimate which assumes that whatever factor that can
possibly go wrong and ruin the activity is bound to happen no matter what.