SAN CARLOS, Calif., Oct. 28 /PRNewswire-FirstCall/ -- DemandTec, Inc. (Nasdaq: DMAN), a leading provider of on-demand optimization solutions for retailers and consumer products manufacturers, kicked off its third annual Retail Challenge, a competition for high school seniors that provides them the opportunity to apply mathematics to real-world business issues and to win scholarships to further their educations. The competition will conclude and scholarship winners will be announced the week of November 17, 2008.
2008 marks the first year the Retail Challenge has expanded beyond the San Francisco Bay Area, which was made possible by sponsorships from Safeway (headquartered in the Bay Area), Target Corporation (headquartered in Minneapolis, MN), and Giant Eagle, Inc. (headquartered in Pittsburgh, PA).
Students in the San Francisco Bay Area, Minneapolis and Pittsburgh are currently working on the contest project, which requires them to use statistical techniques to make retail decisions. Participating students formed two-person teams and were provided with simulated retail sales data. The students are now analyzing the data, including weekly updates, and are making pricing and inventory decisions in order to maximize profit over the duration of the contest.
The results of the pricing and inventory decisions made by each team will be automatically scored and the top teams will advance to each of three regional finals. The finals will be judged by a combination of DemandTec and retail sponsor representatives, and winners will be selected based on each team's understanding of the problem, the accuracy of their forecasts, their ability to articulate how they achieved their results, and the collaboration and teamwork they demonstrate in presenting their findings.
Each student on the winning teams will receive a scholarship to further their education, and other finalists will receive a participatory prize. An awards ceremony will be held at DemandTec's headquarters for the Bay Area contest and at locations near the headquarters of Target and Giant Eagle for the Minneapolis and Pittsburgh contests, respectively.
"The DemandTec Retail Challenge provides dozens of high school seniors with a rewarding experience that encourages teamwork, problem-solving, creativity, and communication," said Dan Fishback, president and chief executive officer of DemandTec. "Each year, we are incredibly impressed with the caliber of the contestants and are proud to be able to provide this opportunity for them."
"We are most appreciative for the support of the DemandTec customers who have generously sponsored the 2008 Retail Challenge," added Suzanne Valentine, vice president of science and analytics at DemandTec and executive sponsor for the Retail Challenge. "Our vision is to further expand this program every year, promoting advanced mathematics and providing scholarship opportunities for many more students in the future."
"Safeway is pleased to once again sponsor DemandTec's Retail Challenge contest. We feel it is critical to give back to the communities where we operate and education is one of our most important initiatives," said Espe Greenwood, director of public affairs and government relations for Safeway's Northern California Division.
Twenty-two Bay Area students participated in the 2007 Retail Challenge, a similar contest in which the math problem involved using statistical techniques to analyze simulated retail point of sale (POS) data and forecast future sales volumes for products. More than $30,000 in scholarship money has been awarded since the inception of the Retail Challenge in 2005.
The Retail Challenge is a flagship component of DemandTec's Corporate Citizenship program, which strives to integrate social responsibility into all business practices and engages a cross-functional and geographically diverse set of employees to identify specific initiatives where DemandTec employees can play a unique role, particularly in the areas of math and science education as well as youth development.
About Giant Eagle, Inc.
Giant Eagle, Inc., ranked 33 on Forbes magazine's largest private corporations list and recipient of Grocery Headquarters' 2007 Retailer of the Year Award and the EPA's ENERGY STAR Retail Partner of the Year Award, is one of the nation's largest food retailers and food distributors with approximately $8 billion in annual sales. Founded in 1931, Giant Eagle, Inc. has grown to be the number one supermarket retailer in the region with 159 corporate and 61 independently owned and operated supermarkets in addition to 150 fuel and convenience stores throughout western Pennsylvania, Ohio, north central West Virginia and Maryland.
About Safeway
Safeway Inc. is a Fortune 100 company and one of the largest food and drug retailers in North America based on sales. The company operates 1,738 stores in the United States and Canada. The company's common stock is traded on the New York Stock Exchange under the symbol "SWY".
About Target
Minneapolis-based Target serves guests at 1,684 stores in 48 states nationwide by delivering today's best retail trends at affordable prices. Target is committed to providing guests with great design through innovative products, in-store experiences and community partnerships. Whether visiting a Target store or shopping online at Target.com, guests enjoy a fun and convenient shopping experience with access to thousands of unique and highly differentiated items. Target (NYSE: TGT) gives more than $3 million a week to its local communities through grants and special programs. Since opening its first store in 1962, Target has partnered with nonprofit organizations, guests and team members to help meet community needs.
About DemandTec
DemandTec (Nasdaq: DMAN) enables retailers and consumer products companies to optimize merchandising and marketing decisions, individually or collaboratively, to achieve their sales volume, revenue, and profitability objectives. DemandTec software services utilize DemandTec's science-based software platform to model and understand consumer behavior. DemandTec customers include more than 140 leading retail and consumer products manufacturers such as Advance Auto Parts, Best Buy, Circle K Stores, ConAgra Foods, Delhaize America, Dr Pepper Snapple Group, General Mills, Giant-Carlisle, H-E-B Grocery Co., Hormel Foods, Monoprix, Safeway and Sara Lee. Connected via the DemandTec TradePoint Network(TM), DemandTec customers have collaborated online on more than 1.75 million trade deals. For more information, please visit http://www.demandtec.com.
DemandTec Safe Harbor
This press release contains forward-looking statements regarding DemandTec's expectations, hopes, plans, intentions or strategies. These forward-looking statements involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include those described in DemandTec's documents filed with or furnished to the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to DemandTec as of the date hereof, and DemandTec assumes no obligation to update these forward-looking statements.
Media Contact:
Cassandra Moren, DemandTec, Inc.
(650) 226-4690
cassandra.moren@demandtec.com
DemandTec Investor Contact:
Tim Shanahan, DemandTec, Inc.
(650) 226-4603
tim.shanahan@demandtec.com
DemandTec and the DemandTec logo are registered trademarks of DemandTec, Inc. All other trademarks are the property of their respective owners.
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