MARK3054 Lecture 3: MARK3054 Topic 3

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1 Jun 2018
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Topic 3: Conjoint Analysis
Product superiority is a powerful success driver
New Product Development Process:
o Opportunity identification (market definition, idea generation)
o Design (identifying customer needs, segmentation, positioning, marketing
mix, sales forecasting, engineering)
o Testing (advertising and product testing, pretest and prelaunch forecasting,
test marketing)
o Introduction (launch planning, track launch)
o Life cycle management (market response analysis and fine tuning marketing
mix, competitive monitoring and defence, innovation at maturity)
Ke Research Questio: cosuers’ preferece for a product, aog the eistig
products on the market
Lecture Example: Frozen Pizzas
Number of product options = product of total number of attributes
Decision Rules
o Compensatory: willing to sacrifice on one attribute for another attribute e.g.
higher price for a preferred topping
o Non-compensatory
Conjunctive: sets a minimally acceptable cut-off level for each
attribute (brand chosen must meet ALL)
Disjunctive: sets a minimally acceptable cut-off level for each
attribute (brand chosen if ANY attributes meets)
Lexicographic: attributes ranked, then options are compared with the
most important attribute. If there is a tie, then options are compared
again with the second most important attribute.
Direct Questions (ask
respondents opinions about
attributes and attribute levels)
Case Map (rate importance of each
attribute, rate each attribute choice)
Conjoint Analysis (rank or rate a
given set of products, utility/value
for each product feature is
estimated)
Easy to conduct
Complex to conduct
Easy to conduct
Not systematic
Systematic
Systematic
Hard to use results
Easy to use results
Easy to use results
No trade-off
No trade-off
Tradeoff
Conjoint Estimation using Regression
1. Code data using dummy variables
Set an attribute level as the base, then =1 for other attribute levels.
2. Information given
Bundles with different attribute and attribute levels
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