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new product market acceptance/demand analysis

Conjoint analysis studies are implemented primarily to estimate demand for new products. Typically, these products can be described or have been developed in drawing or concept but have not yet been developed physically. Conjoint analysis allows the manager to develop market share estimates to find which of the alternative potential products offer the greatest market promise.

General Measures that are part of a New Product Market Acceptance Analysis

  • Product Specification
    • Identification of product attributes or features
    • Identification of levels for each attribute or feature
  • Elimination of Unacceptable Features and Levels
    • Presentation of attributes for elimination of totally unacceptable features
  • Evaluation of Feature Level Acceptability
    • Present full profiles derived from a fractional factorial design
    • OR
    • Present individual attribute level characteristics for evaluation
  • Evaluation of Feature Importance
    • Constant Sum scale to measure feature importance using one of the following approaches
      • a. Present all attribute levels (not recommended)
      • b. The set of most acceptable levels where one level is from each attribute. The selected attribute levels are presented in a constant sum to measure the relative importance of the most acceptable attribute levels (recommended)
      • c. The extreme upgrade pairs for each attribute are identified. This approach combines the most and least preferred pairs for each attribute (does not provide as much importance variation as option b).
  • Validation with Full Profile Choice Sets
    • Presentation of choice sets describing new product for evaluation of preference or purchase likelihood
  • Other Options
    • Evaluation to determine optimal pricing levels for concepts
    • Include demographics or variables for market segmentation
    • Solicit other recommendations for improvement

Our research analysts have years of experience in conducting sophisticated statistical methods, such as conjoint analyses. If you would like to conduct a new product market acceptance study, please contact one of our research analysts for more information.

 

 

 

 

 

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