Objectives & Influence Diagram

Flourish's Objectives

The overall goal of Flourish managers is to increase brand image. They aim to enhance their perceived quality and desirability. We recognize they need to increase exclusivity to increase their brand image in the luxury market. One suggestion is for Flourish to create exclusivity by offering limited edition NFT's, producing these exclusive NFT's will highlight Flourish as a industry leader in technology advancements while offering customers digital collectables. These assets will help reinforce the companies image as an exclusive brand. 

Flourish can create an immersive shopping experience which can increase exclusivity by creating a more personalized experience for shoppers. This ultimately will work to increase brand image, which is their main objective. 

We will suggest Flourish also works to increase brand awareness. Launching into territories with scalable growth will allow Flourish to thrive as they increase in popularity and awareness from the public. This all supports the brands main objectives to increase brand image and exclusivity. Overall Flourish wants to achieve a highly esteemed brand image as the industry leader in the luxury furniture market. 

The influence diagram outlines the key decisions and factors impacting Flourish's business decisions. In the diagram we demonstrate how the conversion rate and traffic chance nodes impact management's decision to enter the metaverse and the AR store product mix. If Flourish decides to enter the metaverse, they will also be determining their NFT plan to offer exclusive virtual items within this space. Assuming Flourish moved forward with the metaverse decision, this will effect their brand image coefficient which is calculated from the traffic and conversions they experience in the metaverse.

Flourish will then move on to decide to develop and AR storefront and will need to establish what mix of products will they have in the AR storefront. The conversion node represents the uncertainty in how many users will make a purchase in these new markets and the traffic node represents the uncertainty in how many customers will visit these spaces; we have estimated conversion rate ranges and established expected traffic based on market research to demonstrate the different market scenarios. These decisions directly affect the estimated Brand Image Impact score, calculated using the conversion rate, traffic volume, and fixed Brand Impact Coefficient (BIC), Flourish will receive. The decisions and calculation node for BIC (a fixed number provided by Flourish's internal team) feed directly into the payoff node, which reflects the overall brand image impact - which is the ultimate objective guiding Flourish's strategy in digital investments.