Market research relies on rating scales on customer preference and their willingness to pay. It will always fail to bring the depth of information the company needs to successfully develop new products/services or revise existing ones. Such an approach is generally over-simplified, unable to bring out the mechanics on how customers make their buying choices in their purchasing journeys, as well as, the trade-offs customers make when faced with variety of alternative products with different brands, features, benefits and prices. They don’t bear the kind of information needed to determine if investment in new product/service features will earn a good return in market share and margins.
Additionally, the reality of market dynamics is that competitors will react to new products/services being launched or the changes in the offering. Such simplistic market research approach cannot give any guidance to counter competitors’ move.
Conjoint Analytics (CA) is a technique of real-life simulation approach with the objective of capturing customers’ attitudes and buying behavior in a competitive market. Its process provides information on consumer perception about certain brand or brand profile and characteristics, and evaluates these characteristics. Doing this enables the building of customers’ actual decision-making processes and preferences into product design, marketing and pricing decisions. It can go to the extent of giving information on competitor’s strategy and movement.
The benefits of Conjoint Analysis (CA) are, as follows:
1. Determine the importance of product/service features to customers that can help companies craft their marketing strategies.
2. Quantify and know how each tested characteristic contributes to the choice decision customers make.
3. Reveal and quantify the hidden rules that customer uses to make trade-offs across the differing product/service/alternatives that might help organization find their optimum product/service positioning, or even measure the brand’s equity versus competitors.
4. Estimate price elasticities with changing product/service features, or market’s willingness to pay (WTP) for a ‘supposedly more expensive’ feature – a big help for business pricing strategy.
5. Determine how different product/service alternatives of interest ranked relative to each other, and perhaps the best product/service configuration in line with how customers make purchasing choices.
6. Potentially predict market acceptance or preference of new product/service concept or profile (without the cash out on investment and development cost yet to really physically build and deploy the product/service for testing).
7. Predict potential market share of product/service profile amongst competing products/services (this will be contingent on the choice modeling design and implementation).
8. Segment consumers based on product/service ‘choice drivers’ to offer specific product/service configurations along price points that will satisfy each segment.
Conjoint Analysis (CA) the most effective methodology in consumer choice and preferences extraction and translation into a quantitative measurement a business can concretely use in their product/service development, marketing, positioning and pricing decisions. It evaluates products/services in a way no other method can.
This webinar introduces Conjoint Analysis (CA) as research methodology and tool. It will detail the steps of carrying out Conjoint Analysis (CA) with practical considerations and potential issues for each of the steps. The target focus will be on stated preference and full profile choice modeling
The quantitative analysis will be carried out primarily by use of MS Excel so basic knowledge and background on Excel would be good. However, some off-the-shelf available software platforms on Conjoint Analysis (CA) carrying advanced and powerful conjoint studies will also be used at some cases.
Files and instructions needed on Excel set-up will be emailed to registered participants prior the webinar.
Key Webinar Topics
1. Introduction to Conjoint Analysis (CA)
– Describes and defines what conjoint based study is about and what it can achieve.
2. The Choice Model Family
– Presents and describes the different types of conjoint based studies highlighting the key characteristics and when to use each.
3. Terminologies of Conjoint Analysis
– Tackles jargons used and customized for the field of conjoint analytics.
4. Identifying Attributes and Levels
– Discusses considerations on how to select and set attributes or product/service features in a conjoint study.
5. Generating Choice Treatment and Experimental Designs
– Covers generation of profiles to be tested on respondents and how the simulated testing on respondents will be carried out.
6. Questionnaire Design and Pre-Testing/Supplemental Questions
– Focuses on identifying and phrasing questions to be asked during respondent testing in accordance with the stated goals and objective of the conjoint study.
7. Choice Model Estimation and Interpretation
– Teaches how to generate and interpret the preference model of the market and/or the customer and the usefulness of the model in predicting product/service/job/policy/program market acceptability.
8. Part Worth Utility Analysis
– Covers how to interpret changes in market/customer preference across attribute levels and assess the relative importance of each attribute.
9. Extracting Price Economics from the Choice Model
– Focuses on derivation of market or customer willingness-to-pay estimation for an attribute and the estimation of price elasticities.
Who Should Attend
Market Analysts, Researchers and Marketers, Product/Service Research and Developers, Statisticians, Business Analysts, Brand Managers, Product/Service Innovators, Business Development Managers, Policy and Program Developers or Formulators, CEOs, General Managers, Executive Directors, Corporate Planners, Businessmen, Entrepreneurs, Academe, Students, and those involved in market research, social science research, corporate and policy planning.
The Resource Speaker and Expert
Bryan Ong Gobaco
Director and Senior Consulting Partner
Bryan conducts training and consultancy on Market and Industry Study/Research, Data Analytics, Systems Modeling and Optimization, Six Sigma, Quality Systems, Design of Experiments, and Process Improvement and Documentation for prestigious clients as: Jollibee Foods, Inc., San Miguel Corporation, National Foods Limited-Australia, Zuellig Pharma Philippines, Nittetsu Metal Corporation, Bataan 2020 Inc., Johnson & Johnson Asia Pacific, and Sanyo Electronics Inc., amongst others.
Bryan’s past engagements in the field of market research and research and development are in design, conduct and analysis of market research for personal care and non-life insurance company, training and coaching on product-process development for a fastfood business, conduct of training-workshops on experimental design for product development for food and beverage, medical care, specialty chemicals manufacturing companies.
Bryan is a former Professor at the De La Salle University.
He is a graduate of Bachelor of Science Degree in Industrial Engineering and Master of Science Degree in Industrial Engineering at the De La Salle University where he was conferred ‘Graduate with Distinction Award’ for his Masters degree. He has also accomplished academic coursework for a PhD in Industrial Engineering in the same university.
PHP 1,599 + VAT for 2 sessions
– Package of 5 Delegates + 1 Free
– 20% discount for Academe/Students/Government
– 5% Discount for Past Delegates in Fiera Programs
Call: +632-8896-0639, 0917-522-7346
Visit Website: www.fmi.com.ph
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