Market and Product Research: Part 2

1. Market and Product Research: Part 2

2. Objectives • Upon completing this class, you will be able to: • Compare and contrast two product and brand analysis methods: Monadic and Paired Comparison • Identify other testing methods including the Semantic Differential method which is the most widely used as well as the Stapel and Likert scales. • Associate role playing, pretend games, and storytelling as more elaborative product ad competitive analysis methods. • Describe the test-retest method and the way it reveals opportunities for the brand. • Define perceptual Mapping as a way to rate a brand on two dimensions simultaneously • Recognize the characteristics of any of three comparative rating scales.

3. Product/Brand Analysis: Attributes, Functions, Personality • Product testing • Monadic testing (Consumers evaluate 1 product at a time) • Paired comparison testing (Consumers evaluate two or more products simultaneously) • Advantages/disadvantages? • Monadic focuses on qualities and attributes of the product • paired comparisons focus on similarities and differences of all products being tested

4. Product/Brand Analysis: Attributes, Functions, Personality • Semantic differential • Most widely used • Bi Polar 7 point scale (friendly/unfriendly) (easy to use/hard to use) Example • Stapel Scales (intensity of agreement/disagreement from +5 to -5) • Example • Likert Scales • Similar to Stapel Scales except uses phrases like strongly agree or strongly disagree • Example • Purchase Interest • Anywhere from a 5 to 11 pt scale .. Definitely would buy to definitely would not. Probably would or would not of might not • Likeability scales (10 to 100 on terrible to excellent or superior)

5. Product/Brand Analysis: Elaborative Techniques • Projective tests (probes underlying feelings with trained interviewing techniques) • Sentence completion: • The best tasting pizza usually comes with a _______. • Story completion: Similar to sentence completion but is a short story with a blank ending. • Word association: • one or more words that come to mind when you mention the stimulus word. • Role playing • Pretend games • Storytelling • See example on Parente p. 84

6. Product/Brand Analysis: Find The Opportunities • Searching for the opportunities • Test-re-test • Mall intercept • One or more tests like likeability and purchase interest • Sample given after test • Follow-up re-test to see if preference gains, loses, or stays the same • Gains means an opportunity to exploit • Can also use this technique to have consumer compare and rate the actual product to an idealized product • Evaluating the rest of The Marketing Mix • Once again: Price, place, and promotion

7. Competitive Analysis • Product comparisons • To start determine what options the consumer has • Products that directly compete • Products that indirectly compete (alternatives) • Understand rival companies as well as their brands

8. Competing The Analysis: Perceptual Mapping • Perceptual mapping • Rates a brand on two dimensions simultaneously

9. Completing The Analysis: Comparative rating scales • Comparative rating scale • Rank order scale • Rates competitors on a scale • Example: various brands of fast food fried chicken • Fractional rating scale • Compares competitors to one specific product usually the category leader. • If Frosted flakes is 100. What fraction are the competing brands. They Could be 110 or 75 • Paired Comparison Rating Scale • Ask consumer to compare two, three or four items on several characteristics. Sounds simple, difficult to do. • Promotion comparisons: • See LNA/MediaWatch Chart in Parente p. 91. • Example of soft drink brand ad expenditures by media • Not only shows what competitors are spending but may suggest new product roll outs, media blitz, etc. • NOTE: Check out this site for tips in creating a survey questions: http://www.questionpro.com/tutorial/1.html

10. Summary • Having completed this class, you are able to: • Compare and contrast two product and brand analysis methods: Monadic and Paired Comparison • Identify other testing methods including the Semantic Differential method which is the most widely used as well as the Stapel and Likert scales. • Associate role playing, pretend games, and storytelling as more elaborative product ad competitive analysis methods. • Describe the test-retest method and the way it reveals opportunities for the brand. • Define perceptual Mapping as a way to rate a brand on two dimensions simultaneously • Recognize the characteristics of any of three comparative rating scales.

11. The Stapel Scale • The following is an example of a staple scale question: • On a scale of +5 to -5 with +5 being "very good description of DMT" and -5 being "poor description of DMT," how do you rank DMT according to the word "innovative"? • (+5) Describes very well • (+4) • (+3) • (+2) • (+1) • Innovative • (-1) • (-2) • (-3) • (-4) • (-5) Poorly Describes

12. The Semantic Differential Scale • The semantic differential scale asks a person to rate a product, brand, or company based upon a seven-point rating scale that has two bi-polar adjectives at each end. The following is an example of a semantic differential scale question.Would you say our web site is: • (7) Very Attractive • (6) • (5) • (4) • (3) • (2) • (1) Very Unattractive

13. Likert Scale Question: "I found the software easy to use..."1 Strongly disagree2 Somewhat disagree3 Undecided4 Somewhat agree5 Strongly agree