Question: 1. What is an important assumption in Conjoint Analysis? a) Customers cannot reliably express how they weight separate product attributes when forming overall product preferences.
1. What is an important assumption in Conjoint Analysis?
a) Customers cannot reliably express how they weight separate product attributes when forming overall product preferences.
b) Customers can reliably express how they weight separate product attributes when forming overall product preferences.
c) Customers want everything for free.
d) Customers can easily pin-point what it is they value in a particular product or service.
e) Customers can reliably express how individual product attributes affect their willingness to pay for a product or service.
2. Based on general guidelines, at most, how many product attributes should be included in a Conjoint Analysis?
a) A maximum of 20 product attributes.
b) A maximum of 10 product attributes.
c) A maximum of 6 product attributes.
d) A maximum of 12 product attributes.
e) A maximum of 3 product attributes.
3. Briefly describe the successful use case application of Conjoint Analysis for Courtyard by Marriott. Focus on describing the problem, aim and results of the Conjoint Analysis.
4. . Why should researchers be careful not to include too many product attributes in a Conjoint Analysis?
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1 What is an important assumption in Conjoint Analysis Answer The correct answer is b Customers can reliably express how they weight separate product attributes when forming overall product preferences Conjoint Analysis assumes that customers can assess and communicate the relative importance of individual product attributes when forming their preferences about a product or service This helps businesses understand what features drive customer decisionmaking and how much value they place on each attribute 2 Based on general guidelines at most how many product attributes should be included in a Conjoint Analysis Answer The correct answer is b A maximum of 10 product attributes In general it is recommended not to include too many attributes in Conjoint Analysis because it can overwhelm respondents and complicate the analysis Typically including 510 product attributes allows for a comprehensive study without making it too complex or difficult for respondents to make decisions 3 Briefly describe the successful use case application of Conjoint Analysis for Courtyard by Marriott Focus on describing the problem aim and results of the Conjoint Analysis Answer Problem Courtyard by Marriott wanted to optimize its offering to meet customer preferences and differentiate itself in a competitive market They were unsure about which specific hotel features like room size amenities price etc mattered most to their target customers Aim The aim of the Conjoint Analysis was to identify which attributes were most important to customers and how much customers were willing to pay for these features Results The Conjoint Analysis revealed that customers valued specific features such as room amenities eg complimentary breakfast comfortable seating and location over other factors like brand recognition or room size The hotel was able to prioritize investments in those features that had the most significant impact on customer preference ... View full answer
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