Exam 12: Rent the Runway: Entrepreneurs Expanding an Industry by Blending Tech With Fashion, John Gallaugher - Information Systems: a Managers Guide to Harnessing Technology, Version 40

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Describe how technology related to return envelope scanning and order scheduling operates to keep Rent the Runway satisfying customers while minimizing costs.

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(Essay)

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Question 1

Correct Answer:

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"Receiving staff scan the outside of returned envelopes and a message pops up on-screen with each scan, immediately determining if an item needs to go out right away. Garments are placed into bins color coded for urgency: black can eventually be prepped for restocking, but red is for those high-priority items that need to be immediately turned-around for send-out to another customer.^[^] The system will also identify mid-term priority items, as in "get to this if you have time after taking care of priority items-if we ship it today, we'll save money." It'll even prioritize return shipping based on inventory demands, printing a higher-priced but faster-shipping return label for a customer if product turn-around is especially acute."

Like Uber, the airline industry, hotels, and other service providers with limited inventory and varying demand, Rent the Runway also leverages analytics for ___________________.

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Question 2

Correct Answer:

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demand pricing

The term ________________________ refers to the current value of future profits that will accrue from acquired customers.

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Question 3

Correct Answer:

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Customer Lifetime Value or CLV (sometimes also abbreviated as CLTV or LTV

Since product focus is so important for a startup, Rent the Runway has resisted the urge to offer anything other than high-end dress rental.

(True/False)

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Question 4

______________________ is a systems development method in which requirements and solutions rapidly and iteratively evolve through collaboration between self-organizing, cross-functional teams, rather than a top-down, centrally-managed, schedule-driven approach.

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Question 5

What is Rent the Runway Unlimited?

(Essay)

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Question 6

Linking envelope return codes to inventory systems allows Rent the Runway to do all but which of the following:

(Multiple Choice)

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Question 7

One of the challenges of Rent the Runway Unlimited is that it will require women to further rethink their relationship with fashion and ownership.

(True/False)

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Question 8

Why does 'overbuilding' warehouse capacity make sense for Rent the Runway?

(Essay)

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Question 9

The term __________________ refers to the rate at which consumers leave a product or service.

(Short Answer)

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Question 10

Describe the experiments Rent the Runway's founders conducted to verify their idea even before building out their website and operations model.

(Essay)

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Question 11

What product types did Rent the Runway Unlimited start with? Why?

(Essay)

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Question 12

Providers of ________________, may need to spend more effort convincing customers to try their offerings.

(Multiple Choice)

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Question 13

The term ______________________ conveys the degree to which a product satisfies market demand. Successful efforts should be desired by customers, and scale into large, profitable businesses.

(Short Answer)

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(32)

Question 14

How can data analytics inform operations at Rent the Runway?

(Essay)

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Question 15

Rent the Runway shut down its Facebook presence because photos showing a dress on another (non-model) customer resulted in a dramatically lower than average rental percentage.

(True/False)

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(43)

Question 16

Essay: How does the Rent the Runway model compare with firms like Uber and Spotify?

(Essay)

5.0/5

(36)

Question 17

The halo-effect from a positive experience renting a designer's more daring dresses may prompt a woman to purchase more frequently-worn staples like a little black cocktail dress, leather leggings, or accessories.

(True/False)

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Question 18

Rent the Runway sees a much higher (75 percent) conversion rate from friend referrals than from other marketing methods

(True/False)

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Question 19

Which of the following did not help create demand for Rent the Runway?

(Multiple Choice)

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Question 20

Showing 1 - 20 of 38

Describe how technology related to return envelope scanning and order scheduling operates to keep Rent the Runway satisfying customers while minimizing costs.

Like Uber, the airline industry, hotels, and other service providers with limited inventory and varying demand, Rent the Runway also leverages analytics for ___________________.

The term ________________________ refers to the current value of future profits that will accrue from acquired customers.

Since product focus is so important for a startup, Rent the Runway has resisted the urge to offer anything other than high-end dress rental.

______________________ is a systems development method in which requirements and solutions rapidly and iteratively evolve through collaboration between self-organizing, cross-functional teams, rather than a top-down, centrally-managed, schedule-driven approach.

What is Rent the Runway Unlimited?

Linking envelope return codes to inventory systems allows Rent the Runway to do all but which of the following:

One of the challenges of Rent the Runway Unlimited is that it will require women to further rethink their relationship with fashion and ownership.

Why does 'overbuilding' warehouse capacity make sense for Rent the Runway?

The term __________________ refers to the rate at which consumers leave a product or service.

Describe the experiments Rent the Runway's founders conducted to verify their idea even before building out their website and operations model.

What product types did Rent the Runway Unlimited start with? Why?

Providers of ________________, may need to spend more effort convincing customers to try their offerings.

The term ______________________ conveys the degree to which a product satisfies market demand. Successful efforts should be desired by customers, and scale into large, profitable businesses.

How can data analytics inform operations at Rent the Runway?

Rent the Runway shut down its Facebook presence because photos showing a dress on another (non-model) customer resulted in a dramatically lower than average rental percentage.

Essay: How does the Rent the Runway model compare with firms like Uber and Spotify?

The halo-effect from a positive experience renting a designer's more daring dresses may prompt a woman to purchase more frequently-worn staples like a little black cocktail dress, leather leggings, or accessories.

Rent the Runway sees a much higher (75 percent) conversion rate from friend referrals than from other marketing methods

Which of the following did not help create demand for Rent the Runway?

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