You will see three models of alternative evaluation in the mini-lecture Evaluation of Alternatives. This exercise prompts you to collect data and predict a given consumer’s decision based on those three models. Record your answers to each of the following questions, complete with the necessary computations for the models.
Choose a subject (friend, family member, etc.) who is at least 16 years old.
Ask your subject to choose the one product from the following list that he/she knows most about, has recently purchased, or is seriously considering purchasing: cell phones * hair dryers * toothpaste * pizza * Blu-ray players * jeans * watches
Ask him/her to name three brands in the chosen category that he/she would seriously consider.
Ask him/her which is the likely favorite
Ask for three salient product attributes he/she might use to compare the brands (for example, a French fry expert might choose crispness, saltiness, and oiliness).
Ask him/her to assign a number to each of the attributes, such that the ratings sum to 100 (for example, the French fry expert might think oiliness is twice as important as saltiness or crispness, and thus give a 50 to oiliness and 25’s to both crispiness and saltiness)
Ask him/her to rate each of the brands mentioned in part (3) above on each of the attributes, on a 1 to 5 scale, with 1=low on that attribute to 5=high on that attribute (for example, he/she might rate McDonald’s fries a 4 on oiliness, a 3 on saltiness and a 1 on crispness, Burger King fries a 3, 4, and 3, respectively, and so on).
Gather the above information and apply the three models in class, coming to a predicted favorite brand for each of the models. Compare the answers to the expected favorite given in part (4). Did some models work better than others? Why would there be a difference? Consider the worst performing brand, and look at the data that make up the models. How could you utilize promotion to better that brand’s outcome?