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- Herausgeber: GRIN Verlag
- Sprache: Englisch
- Veröffentlichungsjahr: 2011
Seminar paper from the year 2011 in the subject Communications - Public Relations, Advertising, Marketing, Social Media, grade: 1,3, AKAD University of Applied Sciences Stuttgart, language: English, abstract: "Conjoint analysis has become one of today’s most widely used marketing research tools. It goes beyond simple surveys, providing a more realistic approach to understanding customers attitudes, opinions, and behaviors." (Orme, 2010, p. 7) The author Orme (2010, p. 7) emphasises in his book the growing popularity of conjoint analysis in marketing research. According to Orme (2010, p. 1) the consumer preferences are changing constantly with an increasing speed. Therefore many marketing managers ask themselves, how they could asses client preferences? Which product characteristics are most important to the customer and what price brings the maximum profit? From Wilcox’s (2003, p. 1) point of view conjoint analysis gives answers to these most critical questions of marketing research. The conjoint analysis is a marketing research technique designed to help managers determine the value system of clients and potential customers (Wilcox, 2003, p. 1). Introduced as a fundamental measurement method by the mathematical psychologists Luce and Tukey (1964, p. 1) more than forty years ago, conjoint analysis presents combination of features in product profiles and ask people to rank or make choice among of them. Finally, the results can be used for new product design, targeting, pricing and market segmentation (Dolan, 1990, p. 1). However, there arises the question what is conjoint analysis really and why it has become so popular in contrast to other marketing research techniques? In order to answer these questions, section 2.1 defines the terms marketing and market research and outlines the contrast between them. Section 2.2 gives an overview of different preference measurement techniques before it deals with the conjoint analysis itself. Chapter 3 presents the main chapter of this assignment. At first, it gives a brief overview of the role of conjoint analysis in the marketing concept. The next two sections illustrate an exemplary conjoint analysis survey and show the usage of conjoint analysis for the design of marketing strategies. Moreover chapter 4 discusses the advantages and disadvantages of conjoint analysis. Finally chapter 5 summarizes the basic insights and gives a short perspective.
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Declaration of Authorship
Hereby I declare that I have written this assignment with the title
Conjoint Analysis in Marketing Research
by my own. Furthermore, I confirm that no other sources have been used than those specified in the assignment itself. This assignment, in same or similar form, has not been available to any audit authority yet.
8th of January 2011
Michael Lang.
Contents
Declaration of Authorship
Chapter1 Introduction
Chapter2 Fundamentals
2.1 Fundamentals of Marketing Research
2.1.1 Market and Marketing Research Marketing Research
2.1.2 Product and Customer Value System
2.2 Fundamentals of Marketing Research Techniques
2.2.1 Preference Measurement Techniques
2.2.2.Conjoint Analysis
Chapter 3 Conjoint Analysis
3.1 Role of Conjoint Analysis in Marketing Research
3.2 A Conjoint Analysis Survey
3.2.1 Stage 1 - Problem Definition and Attribute List
3.2.2 Stage 2 - Development of a Survey Design Plan
3.2.3 Stage 3 - Execution of the Survey
3.2.4 Stage 4 - Information Analysis
3.2.5 Stage 5 - Presentation of Findings
3.3 Application of Conjoint Analysis for Marketing Strategies
Chapter 4 Discussion
4.1 Strengths of Conjoint Analysis
4.2 Criticisms on Conjoint Analysis
Chapter 5 Summary and Prospects
List of Figures
Bibliography
Appendix A Marketing Preference Measurement Techniques
Appendix B Conjoint Analysis Self-SurveyII. STEP: CONJOINT ANALYSIS - UTILITS SCORE CALCULATION
Chapter1 Introduction
"Conjoint analysis has become one of today’s most widely used marketing research tools.
It goes beyond simple surveys, providing a more realistic approach to understanding customers attitudes, opinions, and behaviors."
(Orme, 2010, p. 7)
The author Orme (2010, p. 7) emphasises in his book the growing popularity of conjoint analysis in marketing research. According to Orme (2010, p. 1) the consumer preferences are changing constantly with an increasing speed. Therefore many marketing managers ask themselves, how they could asses client preferences? Which product characteristics are most important to the customer and what price brings the maximum profit?
From Wilcox’s (2003, p. 1) point of view conjoint analysis gives answers to these most critical questions of marketing research. The conjoint analysis is a marketing research technique designed to help managers determine the value system of clients and potential customers (Wilcox, 2003, p. 1). Introduced as a fundamental measurement method by the mathematical psychologists Luce and Tukey (1964, p. 1) more than forty years ago, conjoint analysis presents combination of features in product profiles and ask people to rank or make choice among of them. Finally, the results can be used for new product design, targeting, pricing and market segmentation (Dolan, 1990, p. 1).
However, there arises the question what is conjoint analysis really and why it has become so popular in contrast to other marketing research techniques?
In order to answer these questions, section 2.1 defines the terms marketing and market research and outlines the contrast between them. Section 2.2 gives an overview of different preference measurement techniques before it deals with the conjoint analysis itself.
Chapter 3 presents the main chapter of this assignment. At first, it gives a brief overview of the role of conjoint analysis in the marketing concept. The next two sections illustrate an exemplary conjoint analysis survey and show the usage of conjoint analysis for the design of marketing strategies. Moreover chapter 4 discusses the advantages and disadvantages of conjoint analysis. Finally chapter 5 summarizes the basic insights and gives a short perspective.
Chapter2 Fundamentals
2.1 Fundamentals of Marketing Research
2.1.1 Market and Marketing Research Marketing Research
In reference to McDaniel & Gates (1998, p. 5) marketing research can be defined as the following:
* Marketing research is the planning for, collection and analysis of data relevant to marketing decision making and the communication of the results of this analysis to management.' (McDaniel & Gates, 1998, p. 5)
On the whole, marketing research has to fulfill three functional roles:
Descriptive function: Gathering and presentation of statements of facts like historic sales trends.
Diagnostic function: Explanation of data or actions like the impact on sales after a design change of a product.
Predictive function: Specification of how to use the descriptive and diagnostic research in order to predict the results of a planned marketing decision.
Market Research
Market research is related to Burmann et al. (2007, p. 94) the systematic research of sales and procurement markets of a company.
Market versus Marketing Research
