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Traditional Method for Collecting Information About Customer Needs and Wants Not Important Very Important 1 2 3 4 5 1 2 3 4 5 1 2 3 4 5 How important is low price? How important is high quality?

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Traditional Method for Collecting Information

About Customer Needs and Wants

Not

Important

Very

Important

1 2 3 4 5

1 2 3 4 5

1 2 3 4 5

How important is low price?

How important is high quality?

How important is good service?


Basics of Conjoint Analysis

Robert Eng and Ashok Rao

Babson College


Techniques

The following are some techniques which

aid business in translating product ideas into

marketable products:

Conjoint Analysis

Perceptual Maps

House of Quality


Concept Definition

What is the product ?

Who are the customers ?

How appealing is the concept ?

Will it be profitable ?


Types of Analysis

Attribute importance

- in aggregate

- by segment

Predicting market share


Rank

1 = best

8 = least

Caramel Content Chocolate Type Nut %

A

B

C

D

E

F

G

H

0%

15%

15%

0%

15%

0%

15%

0%

Bitter-Sweet

Sweet

Sweet

Sweet

Bitter-Sweet

Sweet

Bitter-Sweet

Bitter-Sweet

40%

40%

0%

40%

0%

0%

40%

0%


Caramel Content

15% Caramel

0% Caramel

Chocolate Content

Chocolate Content

Sweet Bitter

Sweet Bitter

0%

40%

Nut Content


Attribute Values

ValuesImportance

Attribute

Sweet

Bitter/sweet

0% Caramel Center

15% Caramel Center

0% Nuts

40% Nuts


Total Utility

Share of preference


Steps for Conjoint Analysis

  • Identify possible attributes for

  • the potential target market

  • Select salient attributes (max. 5)

  • Assign levels to each attribute

  • Sample the potential target market

  • Compute attribute importance

  • Develop product concept based on

  • attribute importance

  • Project market share and financial viability

  • Select a product and map market segments

  • based on preference

  • Develop the marketing mix program


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