Here are last week’s marketing questions:
1. What is Conjoint Analysis and why is it important?
Conjoint Analysis is defined as, “Market research technique in which consumers make tradeoffs between two or more features and benefits of a product on a scale ranging from ‘Most Preferred’ to ‘Least Preferred.’ coupled with techniques such as simulation analysis, conjoint analysis helps in evaluation of different pricing points (Businessdictionary.com, 2018).”
2. What Product Screening Techniques are being used? Why?
Product screening techniques are used to evaluate the new product first by one factor called, “net present value of the discounted stream of earnings from the product concepts” or basically, “the bottom line on an income statement for the product including all costs for technical, marketing and others (Crawford, C. M. & Benedetto, C. A. D., 2015, p. 247).”
The Product Screening Techniques:
- Scoring Model
- NewProd Model
- Analytic Hierarchy Process
These product screening testing techniques are a valuable asset to management when evaluating new products and deciding which ones are capable of going further into concept testing.
Take a look at the 6 of the Worst Product Launch Failures (And What You Need to Learn From Them) by Shane Barker, who is a digital marketing consultant who specializes in sales funnels, targeted traffic, and website conversions.
Businessdictionary.com, 2018. Definition conjoint analysis. Retrieved on April 6, 2018, from http://www.businessdictionary.com/definition/conjoint-analysis.html
Crawford, C. M. & Benedetto, C. A. D., (2015). New Products Management. (11th ed.). New York, NY: McGaw-Hill Education