Marketing Analytics Homework Help, question c, d, e, and f, a. and b provided below

- Include data reduced tables and/or graphs where relevant and refer to relevant theory to support your explanations and recommendations

- provide sound arguments and appropriate explanations to make informed recommendations

- Use results from the data analysis to support your arguments

Please refer to this excel. https://drive.google.com/file/d/1HNaYM1ErnGAglqKTSqLtCBLFqCR8pt9d/view?usp=sharing

Task 2 Best Motor Works (BMW) competes in the luxury car market. Your Market Research Team have conducted a study on 1,500 respondents using choice-based conjoint analysis for three attributes, each attribute has two levels (Refer Data for Task 2): Attribute b1 (Price) $65,000 $85,000 Attribute b2 (Brand) Buzzy Beaut Attribute 3 (Number of Doors) 2 door sports convertible 4 door family sedan The alternatives in the questionnaire are presented in Table 1: Table1: Alternatives in the Conjoint Analysis for BMW Price Number of Alternatives ($1,000) Brand Doors bo b1 b2 b3 1 65 Buzzy 2 door 2* 65 Buzzy 4 door 3 65 Beaut 2 door 4* 65 Beaut 4 door 5 85 Buzzy 2 door 6* 85 Buzzy 4 door 7* 85 Beaut 2 door 8 85 Beaut 4 door Note: *existing product structure To generate an informed report for BMW, your team need to: (a) Calculate the partworths and covert the partworths to dollar values for a 4 door Beaut family sedan that is priced at $85,000. Comment on your results. (b) Estimate the market shares (choice probabilities) for all eight alternatives. Comment on your results. (c) Explain the limitations of conjoint analysis to estimate market shares. (d) Re-estimate the market shares, given that in the current market there are only four alternatives (2, 4, and 7)* (e) Given that BMW are considering to add to this market, one of the remaining alternatives (1, 3, 5 or 8), determine which alternative is the best for BMW to add to the market by re-estimating the market shares after the addition of each new alternative. (f) Based on the re-estimated market shares in part (e), provide informed recommendations to the best of your marketing knowledge about potential consumer trade-off based on attributes of the recommended new alternative. In other words, should BMW: (1) keep the current four alternatives and not introduce the new alternative (2) introduce the new alternative to replace one of the existing alternatives (3) introduce the new alternative in addition to the current four alternatives Part 2 Introduction: Within this report our team has prepared a conjoint analysis for Best Motor Works (BMW), using partworths or utilities calculated using an Excel software called Solver. These partworths can be seen in figure 1 below, and represents a standardised measure for the likeability of different BMW brand attributes amongst its consumers established with data comprising 1,500 respondents and their choices. These partworths are then converted into dollar values, which can be used to advise BMW on how much consumers are willing to pay for different attributes, from here recommendations can be made as to which attributes BMW should invest in. Figure 1. Partworths - Formulated using Solver (see Excel file) Partworths 0 Price Brand Doors 8 5 8 8 -0.4530 0.2697 0.2465 b3 Figure 2 below shows these dollar values Figure 2. Summary of partworths alongside eight BMW product attribute alternatives Brand Doors bo b1 b2 b3 0 Alternativ e 1 2 3 4 Price $10,000 65 65 65 65 0.2465 Buzzy Buzzy Beaut Beaut 2 Door 4 Door 2 Door 4 Door 0 0 0 0.2697 0.2697 0.2465 5 85 Buzzy 2 Door 0 6 85 Buzzy 4 Door 0 0.2465 -0.453 0 -0.453 0 -0.453 0 -0.453 0 7 85 Beaut 2 Door 0 0.2697 8 85 Beaut 4 Door 0 0.2697 0.2465 There are eight alternatives or BMW product attribute combinations, above is a table summarising how the partworths are set out alongside the alternatives before calculating consumer choice probabilities (Market Shares). Figure 3. Dollar values for Best Motor Works (BMW) product alternative changes $ Value of change Attribute change 65k to 85k $44,000 Buzzy to Beaut --> $12,000 2 Door to 4 Door $11,111 --> Task 2 Best Motor Works (BMW) competes in the luxury car market. Your Market Research Team have conducted a study on 1,500 respondents using choice-based conjoint analysis for three attributes, each attribute has two levels (Refer Data for Task 2): Attribute b1 (Price) $65,000 $85,000 Attribute b2 (Brand) Buzzy Beaut Attribute 3 (Number of Doors) 2 door sports convertible 4 door family sedan The alternatives in the questionnaire are presented in Table 1: Table1: Alternatives in the Conjoint Analysis for BMW Price Number of Alternatives ($1,000) Brand Doors bo b1 b2 b3 1 65 Buzzy 2 door 2* 65 Buzzy 4 door 3 65 Beaut 2 door 4* 65 Beaut 4 door 5 85 Buzzy 2 door 6* 85 Buzzy 4 door 7* 85 Beaut 2 door 8 85 Beaut 4 door Note: *existing product structure To generate an informed report for BMW, your team need to: (a) Calculate the partworths and covert the partworths to dollar values for a 4 door Beaut family sedan that is priced at $85,000. Comment on your results. (b) Estimate the market shares (choice probabilities) for all eight alternatives. Comment on your results. (c) Explain the limitations of conjoint analysis to estimate market shares. (d) Re-estimate the market shares, given that in the current market there are only four alternatives (2, 4, and 7)* (e) Given that BMW are considering to add to this market, one of the remaining alternatives (1, 3, 5 or 8), determine which alternative is the best for BMW to add to the market by re-estimating the market shares after the addition of each new alternative. (f) Based on the re-estimated market shares in part (e), provide informed recommendations to the best of your marketing knowledge about potential consumer trade-off based on attributes of the recommended new alternative. In other words, should BMW: (1) keep the current four alternatives and not introduce the new alternative (2) introduce the new alternative to replace one of the existing alternatives (3) introduce the new alternative in addition to the current four alternatives Part 2 Introduction: Within this report our team has prepared a conjoint analysis for Best Motor Works (BMW), using partworths or utilities calculated using an Excel software called Solver. These partworths can be seen in figure 1 below, and represents a standardised measure for the likeability of different BMW brand attributes amongst its consumers established with data comprising 1,500 respondents and their choices. These partworths are then converted into dollar values, which can be used to advise BMW on how much consumers are willing to pay for different attributes, from here recommendations can be made as to which attributes BMW should invest in. Figure 1. Partworths - Formulated using Solver (see Excel file) Partworths 0 Price Brand Doors 8 5 8 8 -0.4530 0.2697 0.2465 b3 Figure 2 below shows these dollar values Figure 2. Summary of partworths alongside eight BMW product attribute alternatives Brand Doors bo b1 b2 b3 0 Alternativ e 1 2 3 4 Price $10,000 65 65 65 65 0.2465 Buzzy Buzzy Beaut Beaut 2 Door 4 Door 2 Door 4 Door 0 0 0 0.2697 0.2697 0.2465 5 85 Buzzy 2 Door 0 6 85 Buzzy 4 Door 0 0.2465 -0.453 0 -0.453 0 -0.453 0 -0.453 0 7 85 Beaut 2 Door 0 0.2697 8 85 Beaut 4 Door 0 0.2697 0.2465 There are eight alternatives or BMW product attribute combinations, above is a table summarising how the partworths are set out alongside the alternatives before calculating consumer choice probabilities (Market Shares). Figure 3. Dollar values for Best Motor Works (BMW) product alternative changes $ Value of change Attribute change 65k to 85k $44,000 Buzzy to Beaut --> $12,000 2 Door to 4 Door $11,111 -->