Exercise $1$ Design: Using the Enginius Templates, select Conjoint. Follow Step $1$ in the Conjoint Tutorial and develop a Study Design Template for Forte, using the attributes and levels from Exhibit $1.$ Next, follow Step $2$ in the Tutorial, Create a data collection instrument, selecting "Ratings" method and populate a row with your ratings $($e$.$g$.,$ on a scale of $0-100$ rate each combination of attributes$).$ When you are done, check to be sure that your sheet looks like the "Forte Hotel Conjoint ratings" data found in Enginius. Then, briefly summarize the advantages and limitations of describing products as bundles of attribute options. Exercise $2/3$ Utility assessment: Using the sheet that you created in Question $1,$ rate each of the bundles, giving your most preferred bundle $"100"$ and your least preferred bundle $"0,"$ as described in Step $3$ in the Tutorial. When you are done, follow Step $4$ in the Tutorial and perform a utility assessment for yourself $($Using Enginius, do Conjoint Analysis, using your ratings but without running any Simulations$).$ Interpret your own preferences on the resulting Part Worths$$ Sheet. Based on your experiences in completing these tasks, summarize the advantages and limitations of conjoint analysis for obtaining preference data from customers. Exercise $4/5$ Analysis: Open the Forte Hotel Case Study and assess the viability of the four specific hotel concepts that Forte is exploring for the State College area. Base this evaluation on the preferences of a sample of $40$ business travelers on that sheet. Do not copy or distribute. $4($Exhibit $2)$ and the cost estimates summarized in Exhibit $3.$ The base cost to build each hotel room $($without the attributes and options listed in Exhibit $3)$ is expected to be about $$40,000$ for a $150-$ to $200-$room hotel, regardless of the mix of room types. Identify the optimal product concept from among those Forte is considering. Explain how you arrived at your recommendation. Exercise $6$ Would you recommend product concepts other than the four Forte is considering for the State College market? Explain how you arrived at your recommendation$($s$).$ Exercise $7$ Summarize the major advantages and limitations of a conjoint study for new product design. What conditions favor the use of this approach in the hotel industry? $($Consider such factors as types of customers and market conditions in responding to this question.$)$ Exercise $8$ After hearing about the study, a manager at Forte claimed that $$A conjoint study is a major deterrent to excellence in hotel design. It$$s a crutch for managers with no vision and conviction. On the surface, it sounds sensible enough: find out exactly what features customers prefer before you finalize the design. But in practice, this is impossible. Customers cannot tell you what they really prefer without experiencing all the choices available to them. Even if you show them pictures or prototypes, the preferences they express are apt to veer off in the direction of mediocrity. This type of study gives you a Hyundai with a Mercedes grille, Prince tennis rackets endorsed by Ed McMahon, Big Macs with everything, and hotels with no personality! You would not produce a Mazda Miata, a Hermes tie or the movie Jurassic Park with this technique.$$ Do you agree with this statement? Why or why not?