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Lecture 19 Conjoint2 - Announcements Assignment#5Posted...

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Announcements  Assignment #5 Posted  Due on Sunday, April 24  Tuesday, April 15 Status updates of your projects  Attendance will be taken on all  the  presentation days Presentation schedule posted on BB Last Lab: April 21
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Conjoint Analysis-2
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 Conjoint Analysis Conjoint analysis is one of the most important  marketing tools Everyone in the class should know how to run  a simple conjoint analysis  Exam 4 would mostly cover this topic 10 % of your grade Assignment 5 requires running a conjoint 6% of your grade
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Practical Steps in Conjoint Analysis Step 1 : Construct hypothetical products (profiles)  based on product attributes Step 2 : Respondents rate these products in a survey Step 3 : Covert the profiles to numerical values using  dummy variable coding Step 4 (1) Run a regression of ratings on profiles for each  respondent  if you are interested in segmentation analysis (2) Run a regression on pooled data if you are interested in  average/population preference
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Why Perform Conjoint Analysis? To know the importance weights of attributes  and levels of attributes Calculating the utilities of new products Calculating the market shares of new products Calculating the demand function
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Six Examples   Six examples to illustrate the use of Conjoint in  different contexts Automobiles (Done in the last class) MP3 Player ( Done in last class) Credit Cards Marriage proposals Frozen Pizza “Green” coffee
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Credit Card Conjoint: How to  Code the Profiles?
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A Product is a Bundle of Attributes Products can be defined in terms of their attributes e.g.,  attributes credit cards brand name Annual fee APR Cash back Credit limit attribute levels ( Mastercard, Visa, Discover ) ( $0, $10 ,  $15 ) ( 0%,  15% ) ( none,  1% ) ( $1,000 , $3,000 ,  $10,000 ) Construct product profiles (descriptions) and have these profiles rated,  each description is a combination of attribute levels e.g., profile:  MasterCard, $25 annual fee, 15% APR, 1% cash back, with $3,000  limit
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Profile B Brand:                       Fee: $10 1 2 3 4 5 6 7 8 9 10 Interest: 15% Cash back: none I dislike this card     
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