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Customer Analytics for New Product Development


Final Exam
______________________________________________________

Instructions:
This exam is an open book, open notes exam. However, you are expected to
complete the exam on your own, without help from classmates or others.

Please type your answers in this document. After completion, submit this document
to LMS.

There are 8 pages in the Exam Booklet.

You have two hours for the exam.

The total points for this exam is 100, and this exam is worth 30% of your final grade.

All the best!

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Question 1 (30 points)
Focus on any product or service.
(1a) Describe the product or service in terms of benefits to the customer.
Service: Restaurant
Benefits to customer
1. Quick Service
2. Best Quality of Food
3. Low Prices
4. Verity in Cuisines
5. Centrally Located
6. Hygienic food preparation
7. Clean Dining Area
(1b) You are asked to conduct a segmentation study for this product or service. Construct
a survey (questionnaire) with 10-12 questions, clearly specifying what the basis and
descriptor questions are. No open-ended questions are allowed; all questions must be
given in a form so that when data are collected, tools like Cluster Analysis can be used.
Please do not use questions seen in your assignments or from MeXL
Descriptor Questions:
1. Are you a Male or a Female: _____
2. What is your Age: _____years
3. Your Annual Income: $___,000.
4. Your Occupation (Service or Business): _________
Basis Questions: Kindly rate between 1 to 10 (1 being the lowest and 10 being the highest)
5. Quality of Service: ___
6. Quality of Food: ___
7. Low Prices: ___
8. Verity in Cuisines: ___
9. Quality of North Indian Cuisines: ___
10. Quality of South Indian Cuisines: ___
11. Quality of Italian Cuisines: ___
12. Quality of Chinese Cuisines: ___
13. Hygienic food preparation: ___
14. How Centrally the Restaurant is Located: ___
15. How Clean was dining Area: ___
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Question (2): 30 points
Design a Conjoint Study, with 3 attributes, with Price being one of the attributes. List 2-
3 levels for each attribute. Use MeXL to create bundles for data collection. Act as a
respondent in this Conjoint Analysis, and estimate your partworth utilities. (Hint: you
have done this in your Kirin Beer assignment).
Conjoint Study for Pizza



Attributes / Levels Level 1 Level 2 Level 3
Price 100 250 400
Crust Thick Thin
Size Personal Medium Family
Bundles
Attribute levels for a full-profile, fractional design Conjoint study
Attributes / Bundles Bundle 1 Bundle 2 Bundle 3 Bundle 4
Price 100 100 100 250
Crust Thick Thin Thick Thin
Size Personal Medium Family Personal
Respondents' Ratings
Respondents' ratings for each bundle (use consistent scale, e.g., between 0 and 100)
Respondents / Ratings Bundle 1 Bundle 2 Bundle 3 Bundle 4
Respondent 1 50 90 100 55
Attributes / Bundles Bundle 5 Bundle 6 Bundle 7 Bundle 8 Bundle 9
Price 250 250 400 400 400
Crust Thick Thick Thick Thick Thin
Size Medium Family Personal Medium Family
Respondents' Ratings
Respondents' ratings for each bundle (use consistent scale, e.g., between 0 and 100)
Respondents / Ratings Bundle 5 Bundle 6 Bundle 7 Bundle 8 Bundle 9
Respondent 1 60 90 0 30 80
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(2a) Provide graphs to illustrate your utilities for each attribute
Based on the spread of attributes

(2b) Explain/describe your results (i.e. the partworth utility graphs in above question),
drawing relevant insights for each attribute.
Size of the pizza is most important attribute for me with partworth utility of 46 followed by
Price with partworth utility of 37 and crust is least important with partworth utility of 17.




Respondents' Preference Partworths
Respondents' preference partworths. The most preferred profiles sum up to 100, the least preferred to 0.
Respondents /
Attributes and Levels
100 250 400
Respondent 1 37 27 0
Respondents /
Attributes and Levels
Thick Thin
Respondent 1 0 17
Respondents /
Attributes and Levels
Personal Medium Family
Respondent 1 0 21 46
37
17
46
Price Crust Size
My Partworth Untilities
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Question (3): 25 points
The following questions deal with Ideal Points and Ideal Vectors (or preference
vectors) in a perceptual map.
(3a) Define Ideal Point in 1 sentence:
The ideal point represents the location of the product that most appeals to a specific
respondent. This point reflects consumer/respondent ideal combinations of product
characteristics.
(3b) What specific steps would you take in Perceptual Mapping analysis to get an Ideal
Point?
Ideal Point is identified as Ideal brand and the steps taken are as below.
1. Combine attribute ratings of ideal brand with other brands
2. Compare how brands differ from the ideal brand
(3c) Define Ideal Vector(or Preference Vector)in 1 sentence:
The preference vector indicates the direction in which a respondents preference increases.
In other words, a respondents ideal product lies as far up the preference vector as
possible. Its angle represents the importance of 2 dimensions as perceived by the market. It
captures the attribute where more is better or less is better
(3d) What specific steps would you take in Perceptual Mapping analysis to get an Ideal
Vector (or Preference Vector)?
Ideal vector is identified as a Preference vector. Steps to be taken are as below
1. Preferences to be introduced as an additional attribute for all brands
2. Analyse the preference as if it is another attribute
3. Attributes that most influence preferences can be identified

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Question (4): 15 points
Explain a step-by-step process as to how you would use Conjoint Analysis to estimate the
incremental price to be charged for a product with a new feature, such that its market share
remains constant. In other words, how much more can you charge for a product with a new
feature so that the market share before the addition of the new feature, and after the
addition of the new feature stays constant?
Step 1: Using the previous product features (assuming four competing products 1 to 4),
conduct conjoint analysis and estimate market share for each product, given present prices.
Suppose market share of our product (1) is 20%.
Step 2: Conduct second conjoint analysis and estimate new market share given new feature in
our Product (1) and no change in other competing products. Suppose market share for our
product improves to 30%.
Step 3: Conduct third conjoint analysis by raising the price of our product (1) with new feature
while keeping all the other competing products constant. At a particular higher price, our
product (1)s market share will fall back to 20%.
Step 4: The difference between the higher price of Product (1) arrived through step 3 and the
original price of our product (1) is the incremental value that the market will bear for the
additional feature in our product with no change in the market share.