2. Imagine you manage a bookstore. The store sells both fiction and nonfiction titles, but because your store is located in a beachside town, it has a very large selection of beach and sea-themed books. For instance, it carries a number of nonfiction books on fishing, surfing, and sailing and a number of fiction books where the setting takes place at the beach or at sea.
Back when the store first opened in 1980, the owners set everything up to be tracked and managed by pen and paper. But now, you've just set up a new system that will track everything electronically. Employees will no longer have to write out receipts by hand, nor will you have to track inventory or finances with paper. Furthermore, you now have a business website and hope to start selling e-readers in the near future.
a) How does specialization play a role at the bookstore? (5 points)
b) How will the new system of tracking sales and inventory electronically likely increase the bookstore's competitiveness and productivity? (5 points)
c) In what ways could you use technology to increase the number of customers who visit your store? (5 points)
d) What additional technologies might you be able to add to the bookstore to improve productivity and competitiveness? Consider the role of customers and employees in this answer. (5 points)
answer each part briefly
a) Specialization plays a role at the bookstore by allowing the store to cater to the specific needs and interests of its beachside town location. By focusing on beach and sea-themed books, the store can attract and retain customers who are interested in these topics, creating a niche market for themselves.
b) The new system of tracking sales and inventory electronically will likely increase the bookstore's competitiveness and productivity in several ways. First, it will allow for more accurate and efficient tracking of sales and inventory, reducing the risk of errors or misplaced stock. Second, it will provide better data and analytics, allowing the bookstore to make more informed decisions about what books to stock and how to optimize sales. Lastly, the ability to sell e-readers through their website will allow the store to tap into the growing market for digital reading devices.
c) To increase the number of customers who visit the store, technology can be used in a variety of ways. The bookstore could utilize social media platforms and online advertising to reach a wider audience and attract customers from beyond the local area. They could also create a mobile app that offers exclusive discounts, promotions, and personalized recommendations to incentivize customers to visit the store. Additionally, the website could feature online book clubs or author events to engage readers and encourage them to come to the physical store.
d) To improve productivity and competitiveness, additional technologies that could be added to the bookstore include self-checkout systems to reduce waiting times and improve customer satisfaction. The store could also invest in digital signage and interactive displays to enhance the shopping experience and provide real-time recommendations based on customer preferences. Additionally, implementing a customer relationship management (CRM) system could help the store track and manage customer interactions and provide personalized recommendations and offers.