Minimizing the risks of innovation in bottled water design: An application of conjoint analysis and focus group

Sérgio Dominique-Ferreira,,

doi:10.5897/ajbm12.299

Cited by 3 publications

(3 citation statements)

References 25 publications

(26 reference statements)

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“…ACEMEU®). This methodology (Rial et al, 2011;Dominique-Ferreira et al, 2012) consists in: first, "calculating the overall utility for all profiles from the most preferred option to the least preferred one; next: [. .…”

Section: Methods and Resultsmentioning

confidence: 99%

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Determinants of customer price sensitivity: an empirical analysis

Dominique-Ferreira

Vasconcelos

Proença

2016

JSM

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Purpose Consumer price sensitivity has become a major issue over the past few decades. This paper aims to investigate the importance that insurance customers give to premiums, insurers, intermediary recommendations and bundling strategies. The relationship between attributes and consumer price sensitivity is also studied. Design/methodology/approach To calculate the importance of attributes and part-worth utilities, a Conjoint Analysis with Full Profile was performed. To segment the market, a two-stage cluster analysis was performed. The traditional formula for estimating price elasticity of demand was also used. Findings Price sensitivity is affected by the level of purchase involvement, bundled discounts and brand loyalty. Also, brand loyalty has a strong influence on customer acceptance of bundled discounts. Price bundling increases a firm’s revenues and profits. Research limitations/implications The size of the sample of the second stage of the research could be higher. It would also be interesting to have the collaboration of an actuary to carry out more precise analysis of premium estimation of bundling strategies and to study the ideal number of products that would compose the bundling strategy. Moreover, it could be relevant to consider life insurance products as part of the bundling strategy. It would also be interesting to study whether there is any benefit in applying the bundle discount to the anchor product instead of applying it to the accessory product. Practical implications Insurers and intermediaries can benefit from price bundling strategies to increase sales and profit. Originality/value The study contributes to the service marketing literature and marketing of the insurance sector by providing empirical evidence of the impact of price bundling on insurance customer sensitivity, with the use of a methodological and experimental approach.

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Section: Methods and Resultsmentioning

confidence: 99%

“…A conjoint analysis is a very interesting technique for evaluating and analyzing consumer preferences regarding products or services (Varela et al, 2004;Dominique-Ferreira et al, 2012).…”

Section: Methodsmentioning

confidence: 99%

Determinants of customer price sensitivity: an empirical analysis

Dominique-Ferreira

Vasconcelos

Proença

2016

JSM

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“…Visual conjoints have been in use for decades in fields like marketing and engineering (Sylcott, Orsborn, and Cagan, 2016). Indeed, these fields have pushed the modality of conjoint analysis beyond simple images to include interactive storyboards (Intille, Kukla, and Ma, 2002), virtual reality (Dĳkstra and Timmermans, 1998), and even physical products like water bottles (Dominique-Ferreira, Boubeta, and Mallou, 2012). We invoke these examples to emphasize the non-novelty of the idea of a visual conjoint.…”

Section: Conjoint Experimentsmentioning

confidence: 99%

Visual Conjoints: Twitter Profiles

Vecchiato¹,

Munger²

2021

Preprint

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Conjoint experiments have seen an explosion of interest within political science, enabling scholars to understand the preferences of citizens in a varietyof political contexts. However, one notable limitation of the standard conjointdesign is the textual medium; citizens frequently encounter political information encoded as images, and in particular, encounter implicit cues that cannotbe unawkwardly translated into the literal form of that standard conjoint. Wepresent a method for algorithmically generating images at scale, enabling us deploy conjoint experiments where subjects select between two images that encodethe denotational information possible in standard conjoints in addition to thesubtle image- or style-based information prominent in more ecologically validencounters with political information. We explore the utility of this methodin an application where subjects evaluate the Twitter profiles of hypotheticalcandidates. We demonstrate that the visual conjoint allows subjects to take inimage-based information and that it can also incorporate the social endorsementinformation that is central to politics on social media.

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The Effect of Product Representation in Visual Conjoint Analysis

Sylcott

Orsborn

Cagan

2016

Journal of Mechanical Design

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When most designers set out to develop a new product, they solicit feedback from potential consumers. These data are incorporated into the design process in an effort to more effectively meet customer requirements. Often these data are used to construct a model of consumer preference capable of evaluating candidate designs. Although the mechanics of these models have been extensively studied, there are still some open questions, particularly with respect to models of aesthetic preference. When constructing preference models, simplistic product representations are often favored over high fidelity product models in order to save time and expense. This work investigates how choice of product representation can affect model performance in visual conjoint analysis. Preference models for a single product, a table knife, are derived using three different representation schemes: simple sketches, solid models, and three dimensional (3D)-printed models. Each of these representations is used in a separate conjoint analysis survey. The results from this study show that the choice model based on 3D-printed photopolymer prototypes underperformed. Additionally, consumer responses were inconsistent and potentially contradictory between different representations. Consequently, when using conjoint analysis for product innovation, obtaining a true understanding of consumer preference requires selecting representations based on how accurately they convey the product details in question.

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Minimizing the risks of innovation in bottled water design: An application of conjoint analysis and focus group

Cited by 3 publications

References 25 publications

Determinants of customer price sensitivity: an empirical analysis

Determinants of customer price sensitivity: an empirical analysis

Visual Conjoints: Twitter Profiles

The Effect of Product Representation in Visual Conjoint Analysis

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