| Category | Assignment | Subject | Marketing |
|---|---|---|---|
| University | RMIT University | Module Title | MKTG1487 Marketing Analytics |
Star. Inc. is a leading manufacturer of Double-Glazed Windows in Victoria, which provides thermal insulation solutions to home builders, contractors, and homeowners. The company has been the market leader of Window material since its inception in Victoria.
However, due to increasing competition, the foreign market has entered the market with some competitors providing similar quality at a much cheaper price. At the same time, the cost of raw materials and shipment has been increasing due to the world economic situation, which overcomplicates the situation for Star. Inc.
Star. Inc. has decided to: (1) develop a new product, and (2) engage in consumer service to understand its brand and how to maintain a sustainable competitive advantage. Specifically, the company wants to understand the following:
As a marketing analysis in Star. Inc., you have conducted a conjoint study in Victoria to identify the trade-off among different attributes and best presented for the needs of the consumers. Star. Inc. was particularly interested in the following attributes: (1) Tolerance, (2) Easy installation, (3) Aesthetics, and (4) Price. These attributes were identified by the market research firm to be the key drivers of consumers’ purchases, and each of these attributes can take different levels listed below.
From the possible combinations, 9 combinations/products were selected by you as potential combinations for a new product. These combinations are listed in the dataset (please refer to Excel). Participants (respondents) were asked to give a rating of each bundle from 0 (least preferred) to 100 (most preferred). That means each respondent must rate all 9 combinations. These combinations are provided in the dataset.
The data has been collected by the market research company. Your tasks in this case assessment are to: (1) analyse the result through regression (you need to create dummy variables as well), (2) identify the most important attributes through part-worth utilities, (3) calculate purchase probability using a choice model, and (4) predict the accuracy of the model. For the case, only the first 20 respondents are shown, with their ratings for all 9 combinations. Information on these combinations and responses is recorded in the dataset. Furthermore, these respondents are divided into three different segments, which are outlined in the dataset.
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Order Non-Plagiarised AssignmentThese questions are designed to guide you with the report.
Calculate the part-worth of all Double-glazed windows attribute levels.
Calculate the relative importance of the attributes and provide insights on the attribute preferences of the three segments. You can expect what these segments (builders, contractors or homeowners) use based on their preferences. (Hint: Once you have calculated the attribute importances for all respondents, take the average of the attribute importances of respondents that belong in those segments.)
In Victoria, the four companies below are identified as the competitors of Star. Inc. The combination of their double-glazed windows is as follows: Greener: Tolerance: Low Resistance, Easy Installation: 2 weeks, Windows Aesthetics: No Imperfection, Price: $90.
Calculate the purchase probability for each combination against these four competitors, using the Logit model.
(Note: You will need to transform the above into dummy coding, calculate the utilities for all above double-glazed windows for each respondent, and then use the logit formula in Excel).
Based on the calculation in Question 3, recommend Star. Inc. the best product to launch (i.e., from Combination 1 to Combination 9). In your report, you should also suggest the best combination that consumers want in different segments.
To verify whether the conjoint model is reliable (accurate), each respondent has to select which competitors’ windows (i.e., four products mentioned in Question 3) they prefer. The respondents’ choice is recorded in the spreadsheet. Comment on the accuracy of the model to predict respondents’ choice. (Note: You will need to use the table “Competitors: Utilities” and compare the results with the respondents’ selection. Ideally, a rational consumer always selects a product that yields the highest utility.
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