Quantitative Marketing (Subject) / 6. New Product Decisions (Lesson)

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• Product Levels Core Product: The need or want that the customer satisfies by buying the product. Tangible Product: Core product transformed into a tangible product consisting of features (what customers can buy). Agumented Product: Additional services and features to make the product competitively attractive.
• Definition: Conjoint Analysis The conjoint analysis is a systematic approach for matching product design with the needs and wants of customers. Method to determine how respondents value various attributes and levels of attributes of a product or service.   > This allows to incorporate the structure of customer preferences into the new product design process.
• Conjoint Study Process (8) 1. Design the conjoint study 1.1 select attributes,  1.2 select attribute levels,  1.3 develop product bundles 2. Obtain data form a respondent-sample 2.1 data-collection procedure 2.2 obtain part-worth-functions 3. Evaluate product design options 3.1 segment customers 3.3 market simulation 3.4 select choice rule 
• Bass Diffusion Model The Bass Model offers a starting point for forecasting the long-term sales pattern of new technologies and new durable goods (not useful for consumer goods). Conditions: recently introduced product or not yet introduced but similar to existing product.   > When will customers adopt a new product or technology?

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