Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What is involved in marketing research, and why do companies use it? Describe how it is used each of the following marketing research methods: Perceptual
- What is involved in marketing research, and why do companies use it?
- Describe how it is used each of the following marketing research methods:
- Perceptual mapping for positioning
- Scanner data for pricing and coupon experiments and brand switching
- Surveys for assessing customer satisfaction
- Focus groups for concept testing
- Cluster analysis for segmentation
- Conjoint analysis for testing attributes
- Assume you are a top-level manager and decided to use a single focus group. You get excited you will know what some customers say and be able to prepare a marketing plan with the results. Why do you know this is premature? Conversely, how many focus groups are enough to support a marketing plan?
- Imagine designing a conjoint analysis for an ice cream parlor. In particular, you're in charge of the phone and curve orders. While they're a simple foodstuff, they can be created in many combinations. What factors should you test in terms of your customers' likely preferences? Design a conjoint analysis that would identify 2 or 3 popular combinations that your customers could order daily. Which combination would make your customers most satisfied?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started