Week 9 - Market analysis vs. conjoint analysis vs. sentiment analysis

Question 1

focuses on how customers value what you offer.

Answer 1

conjoint analysis

Question 2

are often the backbone of conjoint analysis

Answer 2

Surveys

Question 4

This method can yield insights into pricing and product features and configurations.

Answer 4

conjoint analysis

Question 4

is an especially common application of conjoint analysis.

Answer 4

Product testing

Question 5

goes beyond number-driven market and conjoint analysis to identify how customers qualitatively feel about your offerings.

Answer 5

Sentiment analysis

Question 6

It can show you what customers are happy and unhappy about with your offerings or buying process.

Answer 6

Sentiment analysis

Question 7

How to conduct a market analysis

Answer 7

1. Determine your purpose.
2. Research the state of the industry.
3. Identify your target customer.
4. Understand your competition.
5. Gather additional data.
6. Analyze your data.
7. Put your analysis to work.

Question 8

These are the main elements your research should include:

Answer 8

o An overview of your industry’s size and growth rate
o Your business’s projected market share percentage
o An industry outlook
o Customer buying trends
o Your forecasted growth
o How much customers are willing to pay for your product or service

Question 9

To do so, look at demographic factors like these:

Answer 9

o Age
o Gender
o Location
o Occupation
o Education
o Needs
o Interests