Exam 11: Multivariate Methods of Marketing Reseach Ii: Conjoint Analysis and Multidimensional Scaling

In _______________,respondents are given a set of items and asked which they most prefer,without any rankings,ratings,or comparisons.

In adaptive conjoint,the research objectives are adapted on the fly to market changes.

The overall goal of conjoint analysis is to measure the "part worths" or "importance utilities" using information provided by respondents,such as rankings,ratings,or choices.

Refer to this output regarding part worths for brightness, bulb life, and price in light bulbs to answer the following questions. -To best emulate the way people evaluate product options in the actual market,what method should be used to estimate the part worths of those options?

Nonmetric multidimensional scaling takes rank-ordered input measures and generates a set of relationships among the objects which is ordinally-scaled.

Until _______________ models were developed,no statistical methods rigorously measured part worths based on choice data.This made choice-based conjunct possible.

In real life,consumers generally decide their preferred brands by mentally ranking their options.

Fully metric MDS methods require interval- or ratio-scaled input measures and generate a set of relationships among objects that is also interval or ratio.

Typical applications of conjoint include all of the following managerial questions except:

Refer to this output regarding part worths for brightness, bulb life, and price in light bulbs to answer the following questions. -Given the part worths above,should the company produce the long life bulb,the super bright bulb (both of which are described in question #5),or both of the bulbs?

It is important to use a "none" or "no choice" option in all choice-based conjoint analysis.

Conjoint helps predict all of the following except

When depicting a higher-dimensional object in lower-dimensional space,

What _______________ is designed to do is estimate what drives purchases by calibrating the sources and strengths of consumers' preferences.

Sales and share are affected by all of the following except

Conjoint is very useful for predicting market share of an optimal product.

An MDS routine

The virtual of the perceptual map produced by MDS is that it is always a 2-dimensional image that can be quickly understood by researchers and that is not burdened with quantitative information.

To determine the optimal levels of attributes for a product,researchers should use multidimensional scaling.

Discuss some of the managerial questions where conjoint analysis is applied in marketing research.