Lab $7\mathrm{.}4$ Excel: Diagnostic Analytics: Analyzing the Steps in the Sales Process with a Sales Funnel Chart $($LO $7-5)$

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Keywords: Diagnostic Analytics, Excel, Sales Funnel Chart

Decision$-$Making Context: Diagnostic analytics helps to answer the questions $$Why did it happen?$$ and $$What are the causes of past results?$$ One diagnostic technique is a sales funnel chart, which shows the progressive reduction of data from one stage in a process to the next stage in the process. Marketers use sales funnel charts to visualize

the steps in the sales process and

how the number of potential customers and associated $($potential$)$ sales revenue decrease in each stage.

Several years ago, Rob built a table for his son to use in building LEGO creations. The table allowed his son to stand while building, provided a frame to hold LEGO base plates, and got the LEGOs off the floor. Several of Rob$$s neighbors saw the table and asked him to build tables for their children. The tables grew in popularity and Rob eventually quit his job in $2018$ and founded LeTable Incorporated. He now works full$-$time building custom LEGO tables.

During the period from $2018$ to $2022,$ LeTable Incorporated made tables in a variety of sizes $($small$,$ medium, large, and deluxe$)$ and colors $($blue$,$ red, yellow, natural, stained$).$ Due to the increasing popularity of the product, Rob launched a new product at the beginning of $2023$ in hopes of capturing an even bigger market. Customers can now order a completely custom table $($in addition to the original product offerings$).$ Rob also has created a monthly newsletter and started organizing LEGO competitions$/$events across the country. All product sales are made through a series of five steps on LeTable$$s website. In other words, LeTable Incorporated has only one marketing channel.

Rob$$s website gathers five types of information, as follows:

Visitors: The total number of potential customers that visit LeTable$$s website.

Marketing qualified leads $($MQLs$)$: Potential customers who signed up for LeTable$$s new monthly newsletter, which highlights custom$-$built tables and LEGO builds by customers.

Sales qualified leads $($SQLs$)$: Potential customers signing up for information about local LEGO competitions$/$events$.$ Customers must have signed up for the newsletter first to receive information about the competitions$/$events$.$

Quotes: Potential customers who asked for a price quote for a table.

Closed sales: Customers who purchased a table.

Rob has MQL signup website data for the first quarter of $2023.$ Data also show the website visitors who then continued to other stages of buying a table by providing an email address, signing up for local LEGO competitions $($SQLSignUP$),$ asking for a quote $($QuoteDate$),$ and placing an order $($OrderDate$).$ Rob wants to analyze the website data with a funnel chart. Answer the following questions based on the details computed.