MKT 450 Garver Exam 2 | Questions and Correct Solutions 2024

MKT 450 Garver Exam 2 | Questions and Correct Solutions 2024 What information does conjoint analysis deliver? (2) - Answer - Importance of attributes and preferences of levels in *means* T/F: To develop a marketing strategy you have to know what is important to customers (driving their behavior) - Answer - *True* Most attribute importance research methods have - Answer - severe limitations 7 sins of Bad Graphs - Answer - 1. Data Overload 2. Font Size - *Don't go below size 24* 3. Bad Colors 4. No/Bad Data Labels 5. No Sort Ascending or Descending 6. Inconsistent Scales 7. Excel Defaults are dangerous What are the 3 objectives of CX Research - Answer - 1. Attribute Importance 2. Strengths and Weaknesses 3. Improvement Opportunities Research Objectives of Conjoint Analysis - Answer - Used to measure *preferences* for product features, to learn how *changes to price affect demand* for products or services, and to *forecast* the likely acceptance of a product if brought to market. Top Box (9s&10s) buy: - Answer - 2 1/2 times more Correlate attributes with the _______ variable: - Answer - Dependent Variable (NPS, Overall Satisfaction, etc) *Equation* Importance Scores= - Answer - Correlation Coefficient /NPS(P) Significance score < 0.5 - Answer - Significant (P) Significance score > 0.5 - Answer - Not significant Compare your NPS score to: - Answer - All competitors, relevant benchmarks, and to Best In Class In CX Performance, a Performance Ratio of *1* means that you are what compared to your best competitor - Answer - Directly Tied Performance Ratio > 1.03 - Answer - Significant Advantage Performance Ratio <.97 - Answer - Significant Disadvantage Performance Ratio 1.03-.97 - Answer - Zone of Indifference Performance Ratio calculation - Answer - Us /Them What are the steps for *correlation* for the CX Attribute Importance in JASP? - Answer - FIRST: Click on *regression* and then select *correlation matrix