MKTG
Class 11 - New Products & Innovation.pptx

Conjoint analysis may also be used to determine trade

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Conjoint analysis may also be used to determine trade-offs 1 0
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Focus Groups 2–3 groups (per segment) of 8–10 customers Usually last 1.5–2 hours Goal is background information to improve product development or product positioning Participants give feedback on product concepts 1 1
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Conjoint Analysis Different combinations of attributes are put together and compared Customer says which is best, next best, etc. Use in focus groups, online studies, etc. Allows marketers to see what attributes are most attractive Compare and rank laptop properties: light powerful, specific color, and preloaded with software? 1 2
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Prototyping & Testing A beta version is made available for trial Ideal to simulate a real-world purchase Used to help forecast sales Customer reactions to marketing materials are also examined Ad copy, price points, distribution, etc. Clarifies image of product to customer Allows company to get feedback 1 3
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Test & Assurance Prof. Charles Byers (c) 2018 Determine market potential How many units might be sold Start with secondary data Census, sales for similar products, etc. Relevant in-house benchmarking data Estimate the purchase intention (PI) Likelihood target will buy the product Use recent marketing research e.g., Assume research suggests PI = 0.7 Note: Customers usually overstate PI; estimate ¾ downward P = ¾(0.7)= 0.525 Determine the price
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