Conjoint class project
-
Upload
michael-bystry -
Category
Business
-
view
905 -
download
0
description
Transcript of Conjoint class project
![Page 1: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/1.jpg)
Sweet Tooth BakerySweet Tooth BakeryCake preference conjoint analysisCake preference conjoint analysis
Michael Bystry, Stacy Comrie, Shannon Goyda, Prochi Jain, Amy KastenMichael Bystry, Stacy Comrie, Shannon Goyda, Prochi Jain, Amy Kasten
![Page 2: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/2.jpg)
Background/Problem StatementBackground/Problem Statement
Sweet Tooth Bakery wants to create a new cake offering for its customers
The cake will be 9”x13” and sell for $17.99In order to build the most appealing cake, the
bakery needs to understand consumer preference for different cake components
Sweet Tooth Bakery wants to create a new cake offering for its customers
The cake will be 9”x13” and sell for $17.99In order to build the most appealing cake, the
bakery needs to understand consumer preference for different cake components
![Page 3: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/3.jpg)
Background/Problem StatementBackground/Problem Statement
Cake components:• Cake Flavor
• White, Chocolate, Yellow, Marble• Frosting/Filling Flavor
• Chocolate/Raspberry, Vanilla/Raspberry, Vanilla/Lemon, Cream Cheese/Raspberry, Cream Cheese/Lemon
• Number of Layers• Two or three
Cake components:• Cake Flavor
• White, Chocolate, Yellow, Marble• Frosting/Filling Flavor
• Chocolate/Raspberry, Vanilla/Raspberry, Vanilla/Lemon, Cream Cheese/Raspberry, Cream Cheese/Lemon
• Number of Layers• Two or three
![Page 4: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/4.jpg)
DesignDesign
Full-profile conjoint◦Minimum design size=9 profiles◦Full factorial design=40 profiles◦Selected Design=20 profiles
D-efficiency=99.5% with only one violation No canonical correlations >.316
◦Two hold-out tasks added to the design Final design size=22 profiles
◦D-efficiency=98.7%◦No canonical correlations >.316
Full-profile conjoint◦Minimum design size=9 profiles◦Full factorial design=40 profiles◦Selected Design=20 profiles
D-efficiency=99.5% with only one violation No canonical correlations >.316
◦Two hold-out tasks added to the design Final design size=22 profiles
◦D-efficiency=98.7%◦No canonical correlations >.316
![Page 5: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/5.jpg)
Analysis and ResultsAnalysis and Results
44 usable completesValidation procedure
◦Correlations between 20 test profiles and two holdout profiles were examined Seven respondents removed
◦Responses to holdout tasks not consistent with responses to test profiles
37 remaining respondents used for analysis of importance scores and market share
44 usable completesValidation procedure
◦Correlations between 20 test profiles and two holdout profiles were examined Seven respondents removed
◦Responses to holdout tasks not consistent with responses to test profiles
37 remaining respondents used for analysis of importance scores and market share
![Page 6: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/6.jpg)
Analysis and ResultsAnalysis and Results
Importance and Part-worths◦Average, maximum, and minimum part-worths
calculated for each attribute◦Importance scores calculated for each attribute
Importance and Part-worths◦Average, maximum, and minimum part-worths
calculated for each attribute◦Importance scores calculated for each attribute
Cake Component
HighestAverage Part-Worths
Lowest Average Part-Worths
Importance Scores
Cake White (5.2) Marble (-4.69) 37%
Frosting/fillingChocolate/Raspberry
(11.12)Cream cheese/lemon
(-14.23)55%
Layers Two (0.98) Three (-.098) 8%
![Page 7: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/7.jpg)
Analysis and ResultsAnalysis and Results
![Page 8: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/8.jpg)
Share Simulator UsageShare Simulator Usage
Base StateBase State Updated with new selections Updated with new selections
Analysis and ResultsAnalysis and Results
![Page 9: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/9.jpg)
Analysis and ResultsAnalysis and Results
Customer clusters◦Segmentation based on importance scores as
derived from individuals’ utility functions◦Two-, three-, and four-cluster solutions
examined Three-cluster solution gave best results
Customer clusters◦Segmentation based on importance scores as
derived from individuals’ utility functions◦Two-, three-, and four-cluster solutions
examined Three-cluster solution gave best results
![Page 10: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/10.jpg)
Analysis and ResultsAnalysis and Results
Segments of cake buyers1. Frosting/filling segment (38%)
High importance given to frosting/filling attribute
2. Cake flavor segment (19%) High importance given to cake flavor
attribute3. Holistic segment (43%)
• Higher than average importance give to layers• Relative equality given to cake flavor and
frosting/filling
Segments of cake buyers1. Frosting/filling segment (38%)
High importance given to frosting/filling attribute
2. Cake flavor segment (19%) High importance given to cake flavor
attribute3. Holistic segment (43%)
• Higher than average importance give to layers• Relative equality given to cake flavor and
frosting/filling
![Page 11: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/11.jpg)
Analysis and ResultsAnalysis and Results
Average Importance Percentage by ClusterHolistic Cake Frosting
Cake Segment 39.28 67.93 17.87
Layer Importance 11.57 6.38 4.07 Frosting/Filling Importance 49.15 25.69 78.06
![Page 12: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/12.jpg)
LimitationsLimitations
Due to the nature of conjoint analysis◦No information about purchase intent
Only preference information◦All possible options not included in design
Some cake, filling, and frosting options removed◦No information about possible interactions
Frosting/filling may interact with cake flavor◦The model doesn’t capture pricing information
Conjoint not well suited to capturing price
Due to the nature of conjoint analysis◦No information about purchase intent
Only preference information◦All possible options not included in design
Some cake, filling, and frosting options removed◦No information about possible interactions
Frosting/filling may interact with cake flavor◦The model doesn’t capture pricing information
Conjoint not well suited to capturing price
![Page 13: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/13.jpg)
LimitationsLimitations
Due to limited time and resources◦Respondents drawn from convenience sample◦Sample size is too small for statistically-
meaningful results Results can not be projected onto the general
population◦Sample size is too small to allow for use of
holdout sample for validation Holdout tasks were used instead
Due to limited time and resources◦Respondents drawn from convenience sample◦Sample size is too small for statistically-
meaningful results Results can not be projected onto the general
population◦Sample size is too small to allow for use of
holdout sample for validation Holdout tasks were used instead
![Page 14: Conjoint class project](https://reader034.fdocuments.in/reader034/viewer/2022052218/555c3ffbd8b42a2c068b4ce3/html5/thumbnails/14.jpg)
Questions/Comments?Questions/Comments?