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Assignment on Conjoint Analysis of Asian Paints

Assignment on Conjoint Analysis of Asian Paints

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Published by: luvujaya on Oct 18, 2009
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02/21/2013

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ASSIGNMENT ON CONJOINTANALYSIS OF ASIAN PAINTS,KANSAI NEROLAC AND ICIDULUX
SUBJECT-CONSUMER BEHAVIOR
7/15/2009
Submitted to -PROF.ROHIT PARASH
 
Submitted by-
 THE
“INVINCIBLE”
AMULYA PATTOJOSHI PGPM(B)-64A.NEELAM RAOPGPM (B)-61ASHA KUMARIPGPM (B)-69CHETANDIPTA SWAINPGPM (B)-75 JAYA PRAKASH NAYAK PGPM
 ASIAN SCHOOL OF BUSINESSMANAGEMENT 
 
INTRODUCTION-
Satisfying customers’ wishes is a challenge for many companiesin the todays rapidly changing and keenly competitiveenvironment. A thorough knowledge of customer needs is evenconsidered to be the foundation on which a company is built. Inpursuit of continuously offering better products and at the sametime making profit, companies have to implement well thought-out strategies. Given price and cost constraints, a company can’tcompletely satisfy all its customerswishes. Consequently animportant task of a company’s marketing department is to createa profit maximizing bundle of product or service attributes or inanother word a profit maximizing value proposal. The mainquestion which has to be answered is — how to use the limitedresources of the company in product and service design anddevelopment to maximize its profit.Marketing specialists refer to conjoint analysis as one of the bestmethods for investigating and analyzing customer needs. Conjointanalysis means constructing and conducting particularexperiments among consumers in order to model their decisionmaking process. As the name suggests, potential customers areasked to make judgments about the attributes that affect theirpurchase decisions conjointly, rather than evaluate each attributeindividually. Analysis allows finding out which product attributescreate most value to a customer and how customers are likely toreact to different product configurations. This information canlead to the creation of optimal value propositions.
THE CONCEPT OF CREATING VALUE TO THE CUSTOMER
For understanding customer needs and studying themsystematically it is necessary to be familiar with the concept of creating value to the customer. Walters and Lancaster (1999)have stated that value is created by any product or serviceattribute, which motivates the customer to buy the product andtakes him closer to achieving his goals. Attributes of a product or
 
service that create value to customers can be divided into(Woodall, 2003):1) Factors that enhance customer’s benefits or help to satisfy hisneeds,2) Factors that decrease customer’s costs.Cost can be defined in the broadest sense as everything thecustomer has to give up in order acquiring the benefits offered bythe supplier. Costs can be monetary as well as non-monetary(time spent, aggravation, risk). Benefits can be affected by avariety of factors. Ferrell (1998) brings out the following mainfactors as benefits: product quality, customer service quality andexperience based quality (table 1). Band’s approach (1991) isessentially the same, but he also includes customer servicepersonnel compliance to customer expectations because it isoften found that customers can easily perceive the differencebetween the adequacy of company’s processes and the behaviorof service personnel Additionally it is also often pointed out thatbrand can create value to customers (Best, 2002). And of coursethere usually are industry specific factors that customers perceiveas valuable.

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