Data Driven Decisions for Business

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Table of Contents
A. Context – Key changes and trends of Bangles...........................................................................2

B. Planned approach for analytics...................................................................................................3

C Analysis........................................................................................................................................3

i. Data Cleaning...........................................................................................................................3

ii. Data Analysis...........................................................................................................................4

D. Conclusion and next steps...........................................................................................................8

i. Conclusion................................................................................................................................8

E. Board Summary.........................................................................................................................11

Recommendations......................................................................................................................11
A. Context – Key changes and trends of Bangles
The business analytics possess great value for establishing business strategies. The likelihood
that are connected into information analysis in numerous associations have created a significant
premium in business knowledge, which is at times highlight the procedures and advances that
help to deliver better understandability of the market and furthermore settle on choices in precise
time, additionally associations close the greatest worth from huge information when laborers are
allowed to investigate their examinations. Setting up this sort of climate drives the IT work group
to transform from a serving into empowering models. Enormous Data is surprisingly all over the
place and everybody attempt to gather and break down it, additionally gathering cash by utilizing
its force. at the point when we are looking at gathering and dissecting billions of web search
tools inquiries and billions of Smartphone records to decide signs of psychological militant
assaults and exercises, or billions of aircraft circumstances to choose the reasonable time for
purchasing tickets, large information is the condition of these cases. By blending the force of
new registering patterns with the various advanced information. with the new procedures for
investigating and overseeing information, this thought comes out with the danger of prevention
in business as the huge information measurable examination isn't completely dominated till date;
it pose an impendence to past plans of action of associations, Which makes it significant to
dissect the information effectively and to get clear investigation. Brick and Motor organizations
are likewise utilizing huge information for unbending testing the capacity to exhort client
information by social occasion conditional information from a great many clients by utilizing a
reliability card, the gathered data is utilized to investigate new freedoms, for instance, how to
accomplish the most useful advancements for specific client parts and to cognize choice on
evaluating and advertising.

Bangles is a large Jewellery store operating in different parts of the world such as UK, USA and
Japan. This organization sells bracelets, rings, hair accessories and necklace and hair band etc,
basically women accessories. The data analysis for Bangles would increase the business
performance and provide insights about areas where company should concentrate in terms of
sales and marketing. Currently, this firm is operated in three different nations where consumer
interests and market demand would be completely different. Performing detailed data analysis,
will also provide what are the types of products exhibiting high volume of sales and type of
products showing low volume of sales. This could pave way for development of strategies to
concentrate on specific to different product types based on consumer demand. Currently, the firm
has invested in marketing during last May 2020 in UK.

B. Planned approach for analytics

The main aim of this report is to investigate whether the marketing campaign in UK has
successfully boosted the sales of different products of the firm, Bangles. The study employed
quantitative data analysis method using secondary data collection method to perform the
analysis. The statistical data analysis approach was recruited in this study using Microsoft Excel.
The sales data of the Bangles company during the period 2018 – 2020 was obtained from
company annual report sources. The key variables of the dataset includes market, year, month,
subtype, sales volume and sales value. The product subtypes in this dataset includes accessories,
ankle bracelet, bracelet, hair band, necklace and ring. The statistical analysis intended are
measures of central tendency, dispersion, scatter plot and correlation analysis. The results will be
interpreted in the form of tables and graphs.

C Analysis
i. Data Cleaning
This study is focused on analyzing the success of marketing campaign only in UK market and
hence, sales data from UK market are only subjected to analysis in the chosen time period. This
process is called as data cleaning. The data was gathered from 2018 to 2020. The missing data
values are removed from the analysis.

Year Accessor Bracele Hair Necklac Ring

y t band e
2018 2 1174 330 517 280
2019 11 1584 97 246 309
2020 100 2078 35 166 204
 Year Accessor Bracele Hair Necklac Ring
y t band e
2018 2990 892899. 283830. 557684. 195600.
9 8 3 6
2019 15499.3 122364 86874.9 256576. 211823.
3 3 3 3
2020 144828.4 176355 28442.1 189190. 133414.
1 1 4 7

ii. Data Analysis

Sales volume of products 2018 - 2020

300000

250000

200000

150000

100000

50000

Average of Sales Value Average of Sales Volume Max of Sales Value

The sales volume of bracelet was higher than other subtypes during 2018 – 2020. The peak sales
volume of bracelet was observed during 2020. Accessories is observed has least sales volume
among different product types. However, the sale volume of accessories was comparatively
higher during 2020 than 2018 and 2019. The sale volume of hair band, necklace and ring
observed steady decline during 2018 – 2020. The marketing campaign has not reached customers
for the above product subtypes and hence, least sales was observed during 2020.
 Sales value of products during 2018 - 2020
12

10

Series1 Series2 Series3

The sale value of bracelet was higher than other product subtypes such as accessories, ring, hair
band, necklace and ring. The decline sale value of necklace and ring during 2018 to 2020 shows
the need for marketing and price revision strategy. The accessories has no sales during 2018,
however, sale value was higher in 2020 while comparing with 2019.

Monthly Sales value of products 2018

120000

100000

80000

60000

40000

20000

0
1 2 3 4 5 6 7 8 9 10 11 12

Accessory Bracelet Hair band Necklace Ring

The monthly sales of products during 2018 graph clearly reveals that bracelet was largely sold
item. The peak sales was observed in December. The necklace sales observed steady high and
low showing the seasonal sales of the item. The peak sales of necklace was observed in the
month of June. Accessories, hair band and ring recorded less sales throughout the year.
 Monthly Sale of products 2019
160000
140000
120000
100000
80000
60000
40000
20000
0
1 2 3 4 5 6 7 8 9 10 11 12

Accessory Bracelet Hair band Necklace Ring

The monthly sales of products in 2019 shows increased sales of bracelet than rest other subtypes.
Accessories were sold only during June to Sep. products such as ring, hair band and necklace
exhibited less sales.

Monthly Sales of products 2020

300000

250000

200000

150000

100000

50000

0
1 2 3 4 5 6 7 8 9 10 11 12

Accessory Bracelet Hair band Necklace Ring

The monthly sales of 2020 shows that there is a steady decline of sales of bracelet from month 5
to month 12, especially after market campaigning. The ring sales show slightly higher during
Aug to Oct. The sale of necklace, accessories, and hair bands were below normal after marketing
in UK. This shows drastic failure of market campaigning in boosting sales in UK market.

Descriptive Statistics
 Year Accessory Bracelet Hair band Necklace Ring
2018
Average of Sales 74408.3283 46473.6891
Value 1495 3 23652.5625 7 16300.05
Average of Sales 97.8333333 43.0833333 23.3333333
Volume 1 3 27.5 3 3
Max of Sales Volume 1 121 48 74 30
2019
Average of Sales 101970.273 21381.3541 17651.9441
Value 3874.825 3 7239.5775 7 7
Average of Sales 8.08333333
Volume 2.75 132 3 20.5 25.75
Max of Sales Volume 6 186 14 31 62
2020
Average of Sales 146962.546 11117.8916
Value 12069.03 7 2844.211 15765.8675 7
Average of Sales 173.166666 13.8333333
Volume 8.333333333 7 3.5 3 17
Max of Sales Volume 15 316 8 23 51

The average sales of bracelet is higher in 2020 is higher for bracelet than ring, accessories,
necklace and hair band. The maximum sales volume observed for bracelet in 2020 is 316 which
is higher than previous years. This infers that marketing was successful in boosting the sales of
bracelet. However, the sales volume and average sale price of necklace and ring was
continuously declining. The maximum sales volume of accessories was 1 during 2018 and 15
during 2020. This infers the increase in sales of accessories. The declining sales volume was also
observed for hair band from 48 (2018) to 8 (2020).

Correlation

Jan - Jun July - Dec

  2020 2020
Jan - Jun 2020 1
July - Dec 2020 -0.70403152 1

A correlation analysis was performed to identify the relationship between sales occurred during
Jan to June 2020 and July to Dec 2020 on all product subtypes to identify the success of market
campaigning undertaken after May 2020. The r value is -0.7040 at 95% C.I. The r value is
negative and shows no statistical significant relationship in sales. This infers the sales are
comparatively lesser during July to Dec 2020 compared to Jan – June 2020. This concludes that
market campaigning failed to boost sales in UK for Bangles from the observed sales dataset
collected from 2018 – 2020.

D. Conclusion and next steps

i. Conclusion
The study employed quantitative statistical analysis using Excel to understand whether there is a
significant effect of market campaigning conducted during May 2020. The sales data of different
products during 2018 to 2020 was collected from secondary source and subjected to analysis.
The graphical and descriptive statistics shows that average sales value failed to show increase
before and after marketing in UK for all products. The graphical analysis also clearly visualized
that sales volume has increased only for accessories and bracelets and rest products failed to
show sales boost. The correlation analysis also revealed negative correlation on average sales of
products observed during Jan – June 2020 and July – Dec 2020. The ring sales show slightly
higher during Aug to Oct. The sale of necklace, accessories, and hair bands were below normal
after marketing in UK. This shows drastic failure of market campaigning in boosting sales in UK
market.

ii. Use of Econometrics Modelling for Bangles

Econometrics signifies 'monetary estimation', can be delegated a sociology in which instruments

of financial hypothesis, arithmetic, and factual deductions are applied to get some knowledge
from information. Econometrics is frequently connected with public strategies and gauges,
however it offers significantly more than politically spurred macroeconomic conjectures. Along
these lines, econometrics is essentially a bunch of apparatuses that have been created to confirm
monetary hypothesis with this present reality information.

Generally, the philosophy of econometrics comes the accompanying lines:

• Statement of hypothesis or theory or an affirmation

• Specification of a numerical model of the hypothesis

• Specification of the system of a factual or econometric model

• Obtaining experimental or continuous organized

• Estimation of the boundaries of the predefined econometric model

• Testing of speculation

• Forecasting or expectation

Econometrics is normally a "model-driven" approach though insights is a "information driven"

approach. An econometric model is utilized to figure future improvements in the economy. The
model is supposed to be finished on the off chance that it contains enough conditions to
anticipate values for every one of the factors in the model. In the event that the model is finished,
it can, on a fundamental level, be utilized to figure the conduct of the factors. Be that as it may,
as a general rule, no econometric model is at any point really complete. All models contain a few
factors that are influenced by outside powers and hence can't be anticipated by the model. A
monetary gauge can turn out badly for – (a) inaccurate presumptions about the outer or
exogenous factors, which are known as information blunders; or (b) econometric conditions that
are just approximations to reality. Deviations of the forecasts from these conditions are called
model mistakes. The less the model mistake, the better fitted the model.

A few advantages of applying econometrics displaying are recorded beneath:

Investigation of The Impact of Promotions, Advertisements Events: Advertisements and

advancements include a significant portion of a company's expenses. With cutting edge time
arrangement anticipating and econometrics displaying, it very well may be simpler to measure
the viability of the missions. Demonstrating of Customer Choices and Price Elasticities: It is
quite possibly the most troublesome errands to coordinate with the pattern of changing purchaser
conduct. Demonstrating client decisions and inclinations dependent on different ascribes can
improve the company's methodology, dynamic and in this way, thus, save expenses and assets.

Estimation and Prediction of Marketing and Investment Activities:

It is fundamental to comprehend the key drivers influencing customer interest. Displaying of

interest dependent on promoting or media blend exercises can quantify the effect of estimating,
publicizing, and other speculation exercises. Utilizing streamlining devices, those speculation
exercises can be altered to drive beneficial development.

Displaying of Risk Factors and Prediction of Economic Outcomes:

Decision-production in territories where hazard factors are high gets troublesome. Econometric
demonstrating can help limit the danger and anticipate results with some likelihood to settle on
the choice cycle simpler.

Better Resource Allocation Decisions:

Forecasting of interest for administrations can assist with allotting staff assets properly.
Productive staff designation works with addressing client needs with no squandered assets and
less deferral.

Market Mix Modeling (MMM)

It is perhaps the most well-known types of the model utilized by firms which gives a total
undeniable level perspective on the presentation of each promoting channel of the firm against
single explicit buyer conduct.

Brand Equity Modeling

It gives a significant level perspective on the presentation of promoting channels all through the
purchaser venture and against numerous customer results.

Long Term (LT) Modeling

It gives a significant level perspective on the effect of showcasing diverts over the long haul. It
recognizes the vehicles of showcasing development for long time period. There are for the most
part three sorts of information accessible for investigation time-arrangement, cross-area, and
pooled information. Time-arrangement information comprises of a bunch of qualities on a
variable over the long run. Cross-segment information is information on at least one variable
gathered at a similar point on schedule. Pooled information or board information is a mix of both
time-arrangement and cross-area information. Organizations for the most part gather time-
arrangement information thus the majority of the demonstrating accomplished for business
reasons for existing is time-arrangement displaying. The time-arrangement displaying method
has the benefit of being basic. It tends to be utilized to conjecture factors without agonizing over
the hypothetical interrelationship between related factors. Determining is done dependent on
chronicled values. In this way, it very well may be utilized to dissect past just as foresee future.
Time-series models are hence utilized widely by firms.
Econometric models are power apparatuses that can drive the business ahead, helping in more
astute dynamic, advancement of expenses and better comprehension of buyer requests. In any
case, it is fundamental to pick the correct model since there can be various types of
demonstrating procedures every one of which managing diverse individual strategic, brand or
portfolio questions. The demonstrating results ought to be joined into methodology and activity.
It is additionally important to refresh the model as essential when the market moves or changes
to get a legitimate understanding from the information.

E. Board Summary
The statistical analysis performed using sales data of Bangles revealed following insights:

1. The sales of bracelet was increased during 2018 – 2020

2. The average sale volume of bracelet exhibited strong increase during 2018 – 2020
3. The sales of ring was declining during 2018 – 2020
4. The necklace sales was extremely low during 2018 – 2020
5. The accessories showed promising sale growth during 2019 – 2020
6. The sales volume of hair band is also low during 2018 – 2020
7. There was no significant impact of campaigning on sales growth before and after May
2020

Recommendations
The following recommendations are provided based on results obtained from sales data

 To implement product specific marketing strategies to boost sales of all products

 To focus on pricing strategies for necklace and rings
 To implement product subcategories for rings and accessories.
 To conduct time series modelling and marketing mix modelling to analyse the UK
market’s consumer demands.
 To provide loyal customer rewards, discount offers for hair bands and accessories to clear
old stock in profitable manner.
 To perform consumer feedback survey analysis to understand market demands