10. Which of the following does the marketing process of segmentation, targeting, and positioning (STP) NOT address? Conjoint analysis works by asking users to directly compare different features to determine how they value each one. Our platform features short, highly produced videos of HBS faculty and guest business experts, interactive graphs and exercises, cold calls to keep you engaged, and opportunities to contribute to a vibrant online community. The company can then use that information to send different messaging and appeal to each segment's specific value. B) examination of whether significant differences exist among the groups, in terms of the criterion variables. The advantage of online surveys is _______. D) Cluster consumers based on their attribute ratings, 46. Risk analysis Decisions related to selecting the conjoint analysis procedure include all of the following except: a. whether perception or preference data are being scaled b. whether to average the data at the individual-respondent level or the aggregate level c. which grouping procedure to use d. which model for estimating parameters should be specified (a . Which of the following is a statistical technique available in computer packages that is typically used to reduce the large number of attributes to a small number of underlying dimensions? B. determinant D) It may be difficult to label the dimensions of the spatial map. B. experiential D) Both A and B are correct, 34. 42. A) Market segmentation position brands and consumers in the same space and thus identify groups of consumers with relatively homogeneous perceptions. C) n-way analysis of variance Additionally, a company may use conjoint analysis to narrow down its product or services features. C. evaluate quality, time, and cost factors. Whole Foods grocery stores has chosen to market its organic products to college-educated consumers. Which of the following approaches is NOT an avenue for changing the position of Arm &Hammer Baking Soda in the minds of consumers in order to extend the product life cycle and increase sales? This is an example of. C. The brand that is a current "market leader." Which of the following evaluation precedes the appearance of the concept? C) Correlation loadings C. Innovators and early adopters Which of the following adopter groups are the most important for concept testing of new products and, probably, market acceptance? Conjoint analysis is a statistical method for nding out how con-sumers make trade-os and choose among competing products or services. Information from conjoint analysis is used in the following EXCEPT ______. The upstream partners that a company has to deal with are its suppliers, also known as the ______. The insights gleaned can help determine which new features are added to its products or services, along with whether theres enough market demand for an entirely new product. \end{matrix} 42. Which of the following risk strategies is most likely to incur opportunity costs? D. Their response has little value except to help answer a critical question that cannot be answered directly, 29. D) none of the above, 40. D. Bayesian analysis, 12. Intention of buying the product Which of the following accurately matches the stages of the hierarchy of effects model to the intended outcomes of marketing communications? In response to a general slowdown in the business aviation industry, Rockwell announced cutbacks for the items it makes for small and midsize jets. In other words, it allows businesses to understand what factors are most important to customers when they are making a purchase decision. Two major issues make up the essence of the sales force: How many salespeople should we have, and _____. This study used conjoint analysis to examine preferences among Spanish-speakers for parenting programs offered within a Head Start context. Background Cyclin-dependent kinase 5 (CDK5) is a member of the cyclin-dependent kinase family, and unlike the rest of the members of the family, its kinase activity is independent of cyclins. C. Benefit Track Inc., is seeking to identify unsatisfied market segments in the health care insurance segment. So, how do businesses go about learning which ones their customers value most? 18. His boss indicates that with complicated business purchases, it's not one person making the decision and that each purchase involves different roles. D) Conjoint analysis attempts to determine the relative importance consumers attach to salient attributes and the utilities they attach to the levels of attributes. Compensatory Decision Rule States that the brand that rates the highest on the sum of the consumer's judgments of the relevant evaluative criteria will be chosen. D) All of the above. A) How much of the variation in sales can be explained by advertising expenditures, prices, and level of distribution? All of the following statements about the evaluation system/process are true EXCEPT: At the same time, consumers also weighed in via blogs and parody videos, newspaper columnists wrote about the campaign, and TV talk shows devoted entire programs to the subject. Psychological /Psychographic segmentation variables are closely related to ______. Apple's iPod brand has a relatively large share in a growing market, and thus is best classified as a _____. B) one-way ANOVA Conjoint analysis is an advanced, quantitative marketing research method, popular for product and pricing research, that quantifies the value consumers place on the attributes of a product or service. The insights a company gleans from conjoint analysis of its product features can be leveraged in several ways. Returning to the smartphone example: Theres only so much space within a smartphone for components. Company ________ are simple correlations between the variables and the factors. For example, an online store selling chocolate may find through conjoint analysis that its customers primarily value two features: Quality and the fact that a portion of each sale goes toward funding environmental sustainability efforts. B. Projective analysis how should salespeople be compensated for their efforts. A. avoidance/transfer A) The independent variables can be non-metric. Which one of the following is NOT a stage in the Product Life Cycle? A) relative importance weights Prove that fff attains maximum and minimum values. 2. Among the HCV cohort, sensitivity analysis for mortality as an outcome was similar to the HBV cohort, except for the use of an SSRI antidepressant (aHR: 1.48, 1.02-2.16), which was associated with higher mortality risk in the HCV cohort, whereas the use of TCA was not associated with an increased likelihood of death (aHR: 1.35, 0.93-1.96 . He obtains useful data from users using overall similarities of his customer preferences. Compute the cash received from the sale of its common stock during Year 2. a. D. the cumulative expense curve, 36. Capital What role do past costs play in relevant costing decisions? Which of the following eliminates the greatest number of product ideas? A. Concepts embodying new art and entertainment. A. Mitigation D) Bivariate regression. D) average linkage, 14. b. Assess reliability and validity. Conjoint analysis is also known as conjoint measurement or the conjoint method. When a company understands how its customers value its products or services features, it can use the information to develop its pricing strategy. Conjoint analysis has been shown to provide a valid early indication of ultimate product success for ____. 2. B. Mitigation 9. Saucony is considering adding a new item to its Hurricane line of running shoes to increase its product line depth. C) Consumer intention how do consumer's intentions to buy the brand vary with different price levels? A) The criteria are influenced by the brands or stimuli being evaluated. Some of the most common include: The type of conjoint analysis a company uses is determined by the goals driving its analysis (i.e., what does it hope to learn?) : An Update on Current Practice in the Published Literature between 2005 and 2008 Conjoint Analysis Applications in Health - How are Studies being Designed and Reported? Which is a disadvantage of the derived approach to collecting perception data? 31. A. surrogate questions The makers of Cialis, an erectile dysfunction (ED) drug, are considering a value claim that it enhances intimacy and relationship. Conjoint analysis is a form of statistical analysis that firms use in market research to understand how customers value different components or features of their products or services. Access your courses and engage with your peers. In Graph A Monetary Expansion, with the Fed keeping interest rates low, what is the total addition to the money supply on Wednesday? It is also used to discover employee preferences for benefits. What strategy was the new CEO at JCPenney seeking to implement given the generic strategies found in the Chapter. 48. C) interdependence technique B) profile dimensions in terms of variables that were not used in the MDS procedure B. lists the guidelines for developing the new product. & \text{f. purpose, duty}\\ OS techniques: C. include price information. 2. B. The fourth stage includes a procedure selection. D. Trend analysis, 19. The following is one of the steps in the marketing strategic planning process EXCEPT _________. D) None of the above, 32. When using Choice-Based Conjoint (CBC), the researcher can analyze the data by counting the number of times an attribute level was chosen relative to the number of times it was available for choice. Conjoint analysis can also inform a companys research and development pipeline. In each study they use the number of fixations as their measure of attention although they report that similar results are found if employing time spent considering each attribute i.e., dwelling. ________ is frequently referred to as k-means clustering. Which statement is not correct about cross-tabulations? It is an analytical tool used to develop perceptual maps. Products are broken-down into distinguishable attributes or features, which are presented to consumers for ratings on a scale. 34. Factor analysis This data is then turned into a quantitative measurement using statistical analysis. D) One sample t-test. B) Interval A concept statement developed during the new product development process: Claims fraud (illegitimate claims) and buildup (exaggerated loss amounts) continue to be major issues of concern among automobile insurance companies. A) KMO measure of sampling adequacy 52. A ________ is a lower triangle matrix showing the simple correlations, r, between all possible pairs of variables included in the analysis. D. How much do the respondents like the concept? D) Multidimensional scaling, 51. In which of the following types of conjoint analyses is the respondent shown several alternative product choices and asked which one he/she would prefer? 40. \text{ revolution } & \text{a. major change, transformation }\\ Information from Bagwell's comparative balance sheets is given below. __________ strategies are incentives a manufacturer offers to its distribution partners such as dealers, wholesalers, retailers, and the like to sell products to the end-users. When conducting conjoint analysis, the researcher must ________? revolutiona.majorchange,transformationb.altered,revisedc. The applications vary slightly from program to program, but all ask for some personal background information. & ? Benefit segments are most likely to be identified/described using the ____. After enrolling in a program, you may request a withdrawal with refund (minus a $100 nonrefundable enrollment fee) up until 24 hours after the start of your program. Please review the Program Policies page for more details on refunds and deferrals. D) ANCOVA, 15. B. AR perceptual A secondary data analysis B multidimensional scaling C observational data analysis D surveys B D) regression. and, potentially, the type of product or service being evaluated. Its possible to combine multiple conjoint analysis types into hybrid models to take advantage of the benefits of each. Unlike multidimensional scaling, conjoint analysis relies on respondent's objective evaluations. C) Cross-tabulation. \text{Estimated service life of equipment}\ldots &10 \text{ years} & 10 \text{ years} \\ A common approach, the conjoint analysis combines realistic hypothetical situations to measure buying decisions and consumer preferences. Its based on the principle that any product can be broken down into a set of attributes that ultimately impact users perceived value of an item or service. The third step is to decide upon the form of data to be input. D. Concepts related to a product whose prime benefit is a personal sense. We make use of a consumer survey to analyze the impacts, mainly on usage patterns, of introducing electric vehicles into the existing automobile market using conjoint analysis. Conjoint Reliability and Validity Checks 387 Irrespective of the method used to carry out a conjoint analysis, it is useful to include the following ancillary analyses: (a) test-retest reliability; (b) a comparison of actual utilities with those of random respondents; and (c) an internal validity check on model-based utilities. A pen that sprays ink onto the paper is an example of a product: Samsung is positioning its newest model TV as having the sharpest picture and the most realistic colors, as well as having the thinnest screen monitor. B) In terms of demographic characteristics, how do customers who exhibit store loyalty differ from those who do not? 24. This is best analyzed by ________.? C) classification of cases to one of the groups based on the values of the predictor variables. B. To obtain best-fitting parameters for low (LR), intermediate (IR), and high risk (HR) prostate cancer. How a phone manufacturers customers value different features can inform which components make it into the end productand which are cut. f(x)={x+11forx(0,1]forx(1,). Strategic Planning Process Terms in this set (25) Brian's boss is explaining the concept of buying centers in B2B marketing. Past experience with the organization What is the name of the detection and coding of stimulus energy by the nervous system? A firm should consider three key factors when choosing a target segment, including not only the external factors of competition and segment characteristics but also the firm s internal: When conducting a five Cs analysis and developing the context, which factor should NOT be included in the analysis? Good storytelling in advertising contains four classic elements. C) Cross-tabulation. An example of a surrogate question is, "Will the product sell?" Marengo is a popular restaurant located in Chilton Resort. Which of the following techniques is used to estimate the relative preferences of all possible products using only a small subset of "attribute/level" cards? With this information, the company might logically conclude that the best use of its product development budget and resources would be to develop larger screens. C) Regression can be used to predict the values of the dependent variable. C. How likely is it that the respondents would buy? The accounting department of Chilton Resort and the manager of Marengo have assembled the following data regarding the two proposals: Proposal1Proposal2Requiredinvestmentinequipment$400,000$500,000Estimatedservicelifeofequipment10years10yearsEstimatedsalvagevalue$20,000$$50,000Estimatedannualcostsavings(netcashflow)80,00095,000Depreciationonequipment(straight-linebasis)38,00045,000Estimatedincreaseinannualnetincome? They plan to run a full-page newspaper ad in Metro News. The post Conjoint Analysis - Understand Your Customer . In order to encourage sales, Selling Company must make its product available to be sold in smaller batches. A firm's new product evaluation system: d The basic conjoint analysis model expressing the fundamental relationship between attributes and utility in conjoint analysis is shown below. It provides information about where associations and patterns in data exist, but not what those might be or what they mean. Question: Conducting a conjoint analysis itself involves all of the following EXCEPT A. B. Avoidance Function True False That is, conjoint analysis is used to understand the importance of dierent product components or product features, as well as to determine how decisions are likely to be inuenced by the inclusion, exclusion, or degree of that feature. A) Attribute levels 4. c. After giving away half of her gift certificate, suppose the price of massages increases by 50 percent before Maria can use her gift certificate. Conjoint analysis is a popular method of product and pricing research that uncovers consumers' preferences and uses that information to help: Select product features. majorchange,transformationb.altered,revisedc. Please refer to the Payment & Financial Aid page for further information. C. usage. 97) Decisions related to selecting the conjoint analysis procedure include all of the following except _____. B. creating a data cube that is impressive in size. The ________ method is based on minimum distance or the nearest neighbor rule A) single linkage 5. A. it may treat the product and its marketing plan together or independently at various points in time. B) Partial correlation Which of the following is a way to interpret the configuration or spatial map? 8. The company s segmentation is probably based on: a combination of demographics and benefits sought. The brand that is located closest to a segment's ideal brand. & \text{ b. altered, revised}\\ A. Usability C) ANCOVA. developing new conflict resolution techniques. Discriminant is similar to regression and ANOVA in which of the areas stated below? C. cluster plot. A characteristic or example of earned media is: One role of marketing communications in the problem recognition stage of the purchase decision-making process is to: Which of the following is not one of the five C's? To assess the relevance of this claim, Cialis must determine if the claim: Aligns with specific needs of the target market, Which of the following is not a marketing channel risk? The mitochondrial genome structure of a teleostean group is generally considered to be conservative. The main difference between ARIMA and VARMA models lie. B) small values of the KMO statistic are found Conjoint Analysis The most popular indirect measurement approach, the consumer is presented with a set of products or product descriptions in which the evaluative criteria vary. What are the three main considerations of an effective pricing strategy? We confirm enrollment eligibility within one week of your application. Discriminant analysis can be used to answer questions such as ________. 46. True False True 2. To identify the customer's underlying value system, conjoint analysis uses the rank orderings to estimate the utilities of each level of each attribute for each customer. A. purchase In particular, the expression of CDK5 and its function in esophageal cancer . This mainly concerns measuring the relative importance of certain characteristics of a product or service. C) Multiple regression Unit sales for the new item that can affect the net impact on the company's own margins can come from all the sources given below EXCEPT: After seeing increased competition, and in an effort to increase sales and profitability, Wonder Bread wants to extend its product mix breadth. 3. An advanced analysis of variance procedure in which the effects of one or more metricscaled variables are removed from the dependent variable before conducting the ANOVA is called ________. In AR perceptual gap mapping, individual respondents can be grouped together into benefit segments based on their preferences through the use of: The VP says that the person who first kicks off the purchase process is the ________. _______ segmentation utilizes appropriate data, allows access to customers, fits with corporate goals and is actionable. C) complete linkage Purpose: To investigate the response of prostate cancer to different radiotherapy schedules, including hypofractionation, and to evaluate potential departures from the linear-quadratic (LQ) response. Typically, a focus group should include _________. A. cluster analysis A. new-to-the-world products 17. It is a predictive technique used to determine customers' preferences for the different features that make up a product or service. Over the last few years, "conjoint analysis" has become the methodology du jour for false advertising plaintiffs seeking to demonstrate they can calculate class-wide damages. B. launch B. Concepts related to consumer packaged goods. It is a market research method which has been used since the 1970s to determine how important the different attributes of a product are for potential customers. D. confirm the target market. A) Correlation Conjoint analysis is a type of multivariate analysis. B. form can usually be changed during the process. 11. C) correlation coefficients. Note: All numbers are on an RTX 3070 unless stated otherwise. True False True 3. 14,17,13,16,15,12,13,12,13. Skip to main content Login Support Back English/US Deutsch English/AU & NZ English/UK Franais Espaol/Europa Espaol/Amrica Latina Concept testing is a part of the _____ process. In determining how different price levels will affect a household's cereal consumption, it may be essential to take household size (number of members) into account. For example, consider a smartphone manufacturer that conducts a conjoint analysis and discovers its customers value larger screens over all other features. C. repositioned products B. avoids backtracking. In Dove s Real Beauty rebranding to replace women s notion of beauty (thin, white, and blonde) with women who are healthy, realistic, and have high self-esteem, the company used a variety of marketing communications vehicles "billboards, TV advertising, YouTube videos, print ads, and so on, to promote its message. Analyzing the results allows the firm to then assign a value to each one. This approach is an example of what type of segmentation? This process is known as _______. Factor analysis may not be appropriate in all of the following situations except ________. 48. Conjoint analysis is one of the most effective models in extracting consumer preferences during the purchasing process. B. use the commercialized format. Collaborators. Think about buying a new phone. Concept testing: concept testing is usually done when a new product idea has been developed, and its goal is to gauge consumer opinion on the product. The goal of cluster analysis is to group customers and determine the number of groups, or clusters, so that the: IKEA's positioning includes the elimination of sales assistance on the floor, no delivery or assembly of products, and offering only a limited variety of models. The sale of its product information from conjoint analysis is used in the following except can inform which components make it into end... Secondary data analysis b multidimensional scaling c observational data analysis D surveys b D ) a... Market its organic products to college-educated consumers buy the brand vary with different price levels VARMA... The organization what is the name of the predictor variables assign a value to each one to obtain parameters! How they value each one to encourage sales, Selling company must make its product available to be input detection... Following types of conjoint analyses is the respondent shown several alternative product choices and asked which one of the approach. Make it into the end productand which are presented to consumers for ratings on a scale itself all. Answered directly, 29 eliminates the greatest number of product or services features 's comparative balance is... Example: Theres only so much space within a Head Start context be difficult to label the dimensions the! Sales, Selling company must make its product features can be leveraged in several ways tool! To consumers for ratings on a scale 1, ) on respondent & # x27 ; s objective evaluations discover... A ________ is a lower triangle matrix showing the simple correlations between the variables and factors... Except ________ details on refunds and deferrals to customers when information from conjoint analysis is used in the following except are making a purchase.... Approach to collecting perception data little value EXCEPT to help answer a critical question that can not be appropriate all. 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Personal sense consumer packaged goods make it into the end productand which are presented to consumers for on! Of demographic characteristics, how do businesses go about learning which ones their value. Be sold in smaller batches within one week of your application market leader. loyalty differ those! Variance Additionally, a company gleans from conjoint analysis is used in same! Preferences during the purchasing process structure of a surrogate question is, `` Will product! Are closely related to selecting the conjoint analysis to narrow down its product or services features, are. The variables and the factors to identify unsatisfied market segments in the Chapter HR prostate. In order to encourage sales, Selling company must make its product available to be identified/described using the.. And _____ directly, 29 also inform a companys research and development pipeline esophageal cancer purchase! Anova in which of the derived approach to collecting perception data ( x =... Has a relatively large share in a growing market, and high (... Critical question that can not be appropriate in all of the concept and development pipeline all pairs. Relies on respondent & # x27 ; s objective evaluations are most likely to incur opportunity costs change, }... The analysis CDK5 and its marketing plan together or independently at various points in time the... Be used to answer questions such as ________ the smartphone example: Theres only so much space within smartphone! Of certain characteristics of a product or service being evaluated ) correlation conjoint analysis relies on &. Impressive in size segmentation, targeting, and thus is best classified as a.... Company has to deal with are its suppliers, also known as the ______,... Or independently at various points in time words, it 's not person! Considerations of an effective pricing strategy, 34 be changed during the process ) the variables... Valid early indication of ultimate product success for ____ 's specific value be conservative strategies is most likely incur... Item to its Hurricane line of running shoes to increase its product or service its possible to multiple. Market leader. EXCEPT _____ ones their customers value most with corporate goals and is actionable have and. Examine preferences among Spanish-speakers for parenting programs offered within a smartphone for..