Develop a one new product using conjoint analysis

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Reference no: EM132409955

Assignment

TASK ONE

Design and Develop a ONE NEW Product using Conjoint Analysis. Here you are required to simply follow the steps we treated in class during our seminars. Please, see my updated Step-by-Step Guide on How to Conduct Product Analytics on Blackboard.

TASK TWO

Segment your market using Cluster Analysis as we did in class. Again, please see my Step-by-Step Guide on How to Conduct Market Segmentation on Blackboard.

TASK THREE

Choose the promotional vehicles using Regression Analysis-this will be treated next week (Week 7) during our lecture and seminars.

TASK FOUR

Based on the insights gained from the above 3 Marketing analytics processes- take marketing decisions. That is, based on the information gathered from the processes 1, 2 and 3 above, take making decisions for your company. This means you would need to suggest marketing strategies you may use to achieve your organisation's objectives.

Guidelines

Step 1: For this assignment, assume you are a Marketing Analytics Consulting Firm and use marketing analytics tools to provide customer and market insights to support/inform marketing decisions of your client (a different organisation that needs your services).

Step 2: In your group, design a market experiment for any product or brand of your choice. This product could be a tangible good or a service.

- Be sure to clearly state what customer problem(s) the product or brand is out to solve. This could be achieved by asking the following questions:

Question 1: What features of the product do customers like most, like least or would like to see in the product?

Question 2: How would you segment your market?

Question 3: what would be the effect of different varying prices on sales revenue?

Question 4: What promotional tools would be used and what are the effects of these tools on the organisation’s sales and profitability?

Step 3: Based on the questions above, design a questionnaire to collect data from customers in a specific geographical location. For example, London, Manchester, Cambridge, etc.

Step 4: Develop the Experiment

Explain each of the following:

a) The independent variable(s)(e.g product features, price, etc) you are manipulating and the dependent variable (sales, market share, etc) you are observing for change

b) The sample size— ensure it is large enough to make analytical sense

c) The market in which you will conduct the experiment (i.e the geographical location)

d) Experiment timing and duration (i.e when is the market experiment going to take place and for how long)

Step 5: Use the various statistical Analysis techniques (Cluster analysis, Conjoint Analysis, Regression Analysis, etc) and analyse your collected data.

Step 6: Having analysed the data, interpret the result and suggest marketing actions to enhance marketing performance

Reference no: EM132409955

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