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New way to measure consumers’ judgments

New way to measure consumers’ judgments. Paul E. Green and Yoram Wind. Team 5 - M. Afuso, C. Muse, T. Pham, S. Zhang. About the Authors. Yoram “Jerry” Wind Wharton School Professor Expert in buyer behavior and market research. Paul E. Green Wharton School Professor

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New way to measure consumers’ judgments

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  1. New way to measure consumers’ judgments Paul E. Green and Yoram Wind Team 5 - M. Afuso, C. Muse, T. Pham, S. Zhang

  2. About the Authors Yoram “Jerry” Wind Wharton School Professor Expert in buyer behavior and market research Paul E. Green Wharton School Professor Expert in mathematics and statistics

  3. ConjointMeasurement Developed from: Mathematical Psychology Psychometrics

  4. ConjointMeasurement Conjoint: related to, made up of, or carried on by two or more in combination : joint Psychometrics : the psychological theory or technique of mental measurement Mathematical psychology: an approach to psychological research that is based on mathematical modeling of perceptual, cognitive and motor processes, and on the establishment of law-like rules that relate quantifiable stimulus characteristics with quantifiable behavior.

  5. Bottom Line

  6. HowConjointMeasurementWorks Package Designs • A • B • C

  7. Considerotherfactors HowConjointMeasurementWorks • Brand Name • K2R • Glory • Bissel • Price • $1.19 • $1.39 • $1.59 • Good Housekeeping Seal • Yes • No • Money Back Guarantee • Yes • No

  8. DifferentFactorcombinationsareplaced on cards for rating HowConjointMeasurementWorks

  9. Ratings from the different factors are then entered into a computer analysis program

  10. Potential Uses of Conjoint Measurement • New products • Changes in package design or brand names • Pricing and brand alternatives • Best value for the money • Convenience of use • Target market

  11. Marketing Strategy Prospects & Limitations

  12. Marketing Strategy Airline services Purpose • 25 service factors • On-ground • In-flight • Seats • Routing • Estimate the effect on market share. • Examine the effect of assumed retaliatory actions by its competitors.

  13. Prospects & Limitations Prospects Limitations • Flexibility in coping with a wide variety of management's understanding of consumers problems. • The number of applications is small. • Some products and services are not adequately captured by the models of conjoint measurement. • The essence of some products and services may just not be well captured by a decomposition approach.

  14. Conjoint Measurementin 2012

  15. Factors • Price • Performance • Style • Guarantees • Brand • Features/apps

  16. Brief Conjoint Analysis

  17. Additional Techniques

  18. Factor Analysis • A Graphic Approach to measure consumers’ perception

  19. Perceptual Mapping • Another Graphic Approachto measuring consumers’ perception

  20. Cluster Analysis • A Hierarchical Tree to compare similarities and group people

  21. Use the right tool for your job!

  22. Thank You! Team 5 M. Afuso C. Muse T. Pham S. Zhang

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