Marketing Research

Question 1

Conjoint Analysis

Answer 1

Conjoint analysis is a survey-based statistical technique used in market research that helps determine how people value different attributes (feature, function, benefits) that make up an individual product or service.

• conceptually simple but relatively laborious
• can predict market shares
• challenges:
  
  • do features interact?
  • few levels may be too many levels
  • choice vs. rating

Question 2

Perceptual maps

Answer 2

A perceptual map is a visual representation of the perceptions of customers or potential customers about specific attributes of an organization, brand, product, service, or idea. This diagrammatic technique (perceptual mapping) asks participants to place products relative to one another along 2 or more axis.

Question 3

Consumer Analytics

User testing

Answer 3

Users are given a specific task to perform on a website. This way it is possible to get user feedback about the site.

Question 4

Consumer Analytics

Eye-tracking

Answer 4

Software to reveal where users are looking at when they access a website. This information can be used to improve the website

Question 5

Consumer Analytics

Funnel analysis

Answer 5

Funnel analysis is a method of understanding the steps required to reach an outcome on a website and how many users get through each of those steps. The set of steps is referred to as a “funnel” because the typical shape visualizing the flow of users is similar to a funnel in your kitchen or garage.

Question 6

Consumer Analytics

Cohort analysis

Answer 6

Cohort analysis is a type of behavioral analytics in which you group your users based on their shared traits to better track and understand their actions. Cohort analysis allows you to ask more specific, targeted questions and make informed product decisions that will reduce churn and drastically increase revenue.