Our research team is support by PhD Statisticians have extensive experience analyzing data using various advanced statistical methods. Such methods include but are not limited to: Conjoint Choice Based Analysis for pricing and attribute trade off, Regression Analysis, Perceptual Mapping, Value Based Pricing, Correlation Analysis, Kano Quality Analysis and Van Westondorp Pricing. Depending on your project scope and needs these types of advanced statistical analysis can be used to create an accurate and reliable data outcomes measurement.
Regression Analysis
This analysis measures the strength of a relationship between a variable, such as overall customer satisfaction, and one or more other complimenting variables, such as satisfaction with product quality and price. If the relationship is strong, it can be used to predict values of one variable given that the other variables have known values.
Conjoint Analysis
This statistical technique is used to determine what combination of attributes is most influential on a respondent’s choice or decision making. A controlled set of potential products or services are shown to respondents and by analyzing how they make preferences between these products and their associated features. These implicit valuations (utilities or part-worths) can be used to create statistical models that estimate market share, revenue and even profitability of new product designs. Survey based approach in which respondents make simulated purchase decisions. The results provide insight into the relative significance of product attributes and price points.
Correlation Analysis
This analysis measures the degree of linear relationship between two variables. While with regression the emphasis is on predicting one variable from the other, with correlation the emphasis is on the degree to which a linear model may describe the relationship between two variables.
Perceptual Mapping
A perceptual map uses a statistical technique called correspondence analysis to produce a visual representation (map) to show how the target consumer understands the positioning of the competing products in the marketplace. Perceptual maps measure the way products are positioned in the minds of consumers and show these perceptions on a graph based on how respondents view and connect the various attributes. The results provide insight into the relative significance of product attributes and allow companies to optimize product design and fine tune marketing messaging.
Kano Attribute Analysis
Developed by Professor Noriaki Kano in 1985, the Kano model uses a theory of product development and customer satisfaction based on study responses to classify customer preferences on attributes into five categories. This analysis produces a map of the attributes classified into the five distinct categories. This technique focuses on differentiating product features and offers insight into the product attributes, product development, and specifications.
Van Westendorp Pricing
Introduced in 1976 by Dutch economist Peter van Westendorp, this pricing model uses an approach where respondents evaluate a series of price points, rating each on four price-related questions from “too cheap” to “too expensive”. The collected data produces a series of cumulative distributions pricing curves with an optimal price range and price point and can be used as the basis to assess pricing strategies, penetration, and revenue forecasts.
Porter Model Strategic Analysis
This strategic planning business model was introduced in 1979 by Dr. Michael Porter, a Harvard Business School professor, and is used by companies for industry analysis and corporate strategy development. The five core forces include competition, supplier strength, customer power, potential for new companies joining the industry, and the threat of substitute products and can be complimented by other environmental forces that may be specific to an industry. The Key Group can guide a company through this process and provide output to be used for immediate action for short and long term results.