Introducing Conjoint Analysis in Marketing Strategy

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It is suggested that 2013 may be the “Year of the Smartwatch“, as “the components have gotten small enough and cheap enough” and many consumers own smartphones that are compatible with a wearable device. Most smartwatches include features such as a camera, accelerometer, thermometer, altimeter, barometer, compass, chronograph, calculator, cell phone, touch screen, GPS navigation, Map display, graphical display, speaker, scheduler, watch, SDcards that are recognized as a mass storage device by a computer, and rechargeable battery.

It may communicate with a wireless headset, heads-up display, insulin pump, microphone, modem, or other devices. The compatibility of smartwatch varies across brands, and they mostly are compatible with multiple O/S, such as iOS, Android, and have dozens to hundreds of Apps available.

As of Feb 2014, the list of companies that were engaged in smartwatch development activities and have already offered products in the market, consists of Sony, Samsung, Pebble, Martian, I’m Watch, ConnecteDevice Cookoo, Meta Watch, Neptune, Sonostar, etc. Prices are known to vary across brands, ranging from $80 to $450. Google entered in March 2014. A few more companies (in rumors: Apple, LG, Microsoft, Lenovo, HTC and Nokia, etc.) are speeding up to introduce their products into the market.

By introducing the Conjoint Analysis for Smartwatch, students would have better visualized and statistical understanding of conducting new product design analysis. Given over 40 respondents from both of my Principles of Marketing class, and Marketing Strategy class, we have a clearer idea of the expectation of consumers in smartwatch market. Students in Marketing Strategy class developed their own questionnaire, product design, features, market decisions and conducted in-depth analysis in 6 national brands, ranging from apparel, accessible luxury, consumer electronic, toys, and fast-food products. Expect their work!

Sharing some brief results from smartwatch Conjoint Analysis:

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