Amandeep Singh (71310011; Section-A)

Customer Analytics for New Product Development

Final Exam
______________________________________________________
Instructions:
Tis exam is an open !oo"# open notes exam$ %owever# you are expected to complete te exam on
your own# witout elp from classmates or oters$
Please type your answers in tis document$ After completion# su!mit tis document to &'($
Tere are ) pa*es in te Exam +oo"let$
,ou ave two ours for te exam$
Te total points for tis exam is -..# and tis exam is wort /.0 of your 1nal *rade$
All te !est2
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Amandeep Singh (71310011; Section-A)
3uestion - 4/. points5
Focus on any product or service$
4-a5 Descri!e te product or service in terms of 6!ene1ts7 to te customer$
Product: A Car
Customers: 'illenia customers 4youn* *eneration !etween 8.9/: years of a*e5
Any product or service is valuable to customers if it meets their needs reduces some problems they face in their
day-to-day lives or improves their e!periences"
#or a car some bene$t it provides to customers are%
'eets Needs:
&omfortable driving for long distance travel
'asic features li(e easy to steer high )uality stereo system e*cient brea(ing + e*cient fuel economy
;educes Pro!lems:
,ue to lac( of time young generation needs to ta(e most of calls on-the-go" &ar-s bluetooth connectivity
relieves them of hassle of .earing hands free .ired ear phones"
Anti s(id .heel solution relieves them of the ris( of accidents in hill roads
Improves Experience:
/n-car connectivity using 0Sync0 provides ability to connect their multiple devices"
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Amandeep Singh (71310011; Section-A)
&onnected car option gives them option to get connected .ith fello. vehicles for better communication"
2n-the-doc( refrigeration gives them lu!ury of cooling their stu3 on long travel"
4-!5 ,ou are as"ed to conduct a se*mentation study for tis product or service$ Construct a survey
4<uestionnaire5 wit -.9-8 <uestions# clearly specifyin* wat te 6!asis7 and 6descriptor7 <uestions
are$ No open9ended <uestions are allowed= all <uestions must !e *iven in a form so tat wen data
are collected# tools li"e Cluster Analysis can !e used$
Please do not use <uestions seen in your assi*nments or from 'e>&
($No (urvey 3uestion ;esponse
Des
c$
?ar
-$ 4hat is your age
8$ 4hat is your se! 5ale6#emale
/$ ,o you .or( for a private
&ompany7
8es69o
@$ :lease specify your
location
5etro6;rban6<u
ral
+as
is
?ar
s
:$ =o. important is it for a
car to have high )uality
music system
(1-least important >-most
important)
:ic( from 1 to > 1 1 3 ? >
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Amandeep Singh (71310011; Section-A)
A$ As per you ho. important
it is for car to deliver
e*cient fuel economy"
:ic( from 1 to > 1 1 3 ? >
B$ ,o you feel the need to
have bluetooth
connectivity in a car7 (1-
least prefered >-most
prefered)
:ic( from 1 to > 1 1 3 ? >
)$ ,o you prefer a multiple
device connectivity7 (1-
least prefered >-most
prefered)
:ic( from 1 to > 1 1 3 ? >
C$ ,o you prefer automatic
transimission7 (1-least
prefered >-most prefered)
:ic( from 1 to > 1 1 3 ? >
-.$ ,o you prefer diesel
engine7 (1-least prefered
>-most prefered)
:ic( from 1 to > 1 1 3 ? >
3uestion 485: /. points
Desi*n a ConDoint (tudy# wit / attri!utes# wit 6Price7 !ein* one of te attri!utes$ &ist 89/ levels for
eac attri!ute$ Ese 'e>& to create !undles for data collection$ Act as a respondent in tis ConDoint
?
Amandeep Singh (71310011; Section-A)
Analysis# and estimate your partwort utilities$ 4%int: you ave done tis in your Firin +eer
assi*nment5$
48a5 Provide *raps to illustrate your utilities for eac attri!ute
;espondents G
Attri!utes and
&evels
1>
5:@
10
5:@
1> 5:@
>
Aacs
7
Aacs
B
Aacs
Super
)uality .ith
.oofers
5edium
)uality
.ithout
.oofers
<egular
music
system
<espondent 1
0"00 3B"00 C1"00 0"00 C"00
10"0
0
1>"00 1B"00 0"00
>
Amandeep Singh (71310011; Section-A)
C
Amandeep Singh (71310011; Section-A)
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Amandeep Singh (71310011; Section-A)
D
Amandeep Singh (71310011; Section-A)
48!5 ExplainGdescri!e your results 4i$e$ te partwort utility *raps in a!ove <uestion5# drawin*
relevant insi*ts for eac attri!ute$
#rom above results follo.ing insights are derived%
Fuel eHciency% ma!imum respondents (C1E) prefer a vehicle .ith high fuel e*ciency
Price: 5a! respondents prefer a costlier vehicle
'usic (ystem: Fhere is close score among those prefering Super Guality .iht .oofers + those .ith medium
)uality .ithout .oofers" Fhough later is marginaly higher"
B
Amandeep Singh (71310011; Section-A)
3uestion 4/5: 8: points
Te followin* <uestions deal wit 6Ideal Points7 and 6Ideal ?ectors7 4or 6preference vectors75 in a
perceptual map$
4/a5 De1ne 6Ideal Point7 in - sentence:
2n a :erceptual map an /deal :oint reHects ideal combinations of the t.o dimensions as seen by a consumer"
Fhe ideal point is the hypothetical location of the product that most appeals to a speci$c respondent and captures
optimal level of the attribute"
4/!5 Iat speci1c steps would you ta"e in Perceptual 'appin* analysis to *et an 6Ideal Point7J
Speci$c in perceptual mapping analysis to get ideal point%
I &ombine attribute ratings of ideal brand .ith the other brands
I &ompare ho. brands di3er from the ideal brand
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Amandeep Singh (71310011; Section-A)
4/c5 De1ne 6Ideal ?ector74or Preference ?ector5in - sentence:
/deal vector is target mar(et-s preferred combination of attributes"
2n perceptual map it is a vector .hose angle represents the importance of 1 dimensions as perceived by the
mar(et"
4/d5 Iat speci1c steps would you ta"e in Perceptual 'appin* analysis to *et an 6Ideal ?ector7 4or
Preference ?ector5J
/deal vector is identi$ed as as :reference Jector"
Steps in perceptual mapping analysis to get 0ideal vector0%
/ntroduce preferences as an additional attribute for all brands
AnalyKe preference as if it is another attribute
/dentify attributes that most inHuence the preferences
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Amandeep Singh (71310011; Section-A)
3uestion 4@5: -: points
Explain a step9!y9step process as to ow you would use ConDoint Analysis to estimate te incremental
price to !e car*ed for a product wit a new feature# suc tat its mar"et sare remains constant$ In
oter words# ow muc more can you car*e for a product wit a new feature so tat te mar"et sare
before te addition of te new feature# and after te addition of te new feature stays constantJ
#or a company .ith 3products in the mar(et as prod-prod8 +prod/" &ompany .ants to estimate a ne. price for an
additional feature to prod/ .hile maintaining e!isting mar(et share"
;sing a sample of relevant respondents6customers
(1) conduct conLoint analysis + estimate Mmar(et shareN for each product given present prices" Aets us assume mar(et share
prod/ is 10 E"
(1) 9o. conduct second conLoint analysis "Ostimate ne. mar(et shares given prod/Ks ne. feature .ith 92 change to other
1 products
Aets say ne. mar(et share for prod/ is 10E"
(3) &onduct third conLoint analysis raising the price of prod/ (Peeping everything else constant)"
At a particular higher price prod/-s mar(et share .ill fall bac( to 1>E"
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