TRC's Market Research Seminar
Frontiers of Research
(5 speakers, 5 sessions, all in one day)
Tuesday, May 3rd, 2011 from 9:30 am to 3:30 pm
At The Yale Club of New York City, 50 Vanderbilt Avenue, New York, NY 10017 map it
Speakers from Wharton, NYU, Temple Universities and TRC.
1. Product Configurator - A Simple Way to Tackle Complex Product Development Research, by Rajan Sambandam, Ph.D., TRC's Chief Research Officer
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2. Asking Questions Changes Respondent Behavior: Some Unintended Consequences of Market Research Surveys, by Vicki Morwitz, Ph.D., Research Professor of Marketing, New York University, Leonard N. Stern School of Business
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3. How Do We Really Decide? Looking "Under the Hood" and into the Brain, by Angelika Dimoka, Ph.D., Assistant Professor of Marketing and Director of the Center for Neural Decision-Making at Temple University - Fox School of Business
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4. Why Conjoint is Harder Than You Think: Perspectives from the Front Lines to the Ivory Tower and Everywhere In Between, by Elea McDonnell Feit , Ph.D., Lecturer in Marketing, Research Director, Wharton Customer Analytics Initiative
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5. Insights into Purchase Funnel Dynamics, by Pankaj Kumar, Ph.D., Executive VP, TRC
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AGENDA
9:00 Registration and Breakfast
9:30 - 10:30 Session 1 - Product Configurator - A Simple Way to Tackle Complex Product Development Research, by Rajan Sambandam, Ph.D., TRC's Chief Research Officer
Product design is very important for companies and many research techniques are available to address it. Such techniques range in complexity from very straightforward scales to quite involved discrete choice conjoint methods. These traditional methods get respondent reactions to features or full products and have many benefits. However, they do limit respondent ability to express what they truly want. Thanks to recent developments in technology and analytics, we are now able to use a far more flexible, yet simple, method that allows respondents to build their ideal product and, in the process, provide considerable insight into consumer decision-making and choices. This is broadly known as the product configurator (or build your own product) approach and in this session we will discuss its benefits and applications for today's product development problems.
10:30- 11:30 Session 2 - Asking Questions Changes Respondent Behavior: Some Unintended Consequences of Market Research Surveys, by Vicki Morwitz, Ph.D., Research Professor of Marketing, New York University, Leonard N. Stern School of Business.
Simply measuring customers' responses to questions on a market research survey can change their behavior. For example, measuring customers' intentions to buy a product can change their later actual likelihood of buying that product. Measuring customers' satisfaction with a firm can make them more loyal and more profitable customers. In this talk, Vicki will outline some factors that influence when these measurement effects occur, the direction of these effects, and offer some explanations for why they occur.
11:30-12:15 Session 3 - How Do We Really Decide? Looking "Under the Hood" and into the Brain, by Angelika Dimoka, Ph.D., Assistant Professor of Marketing and Supply Chain Management, Temple University - Fox School of Business
Making decisions is a central human activity that is fundamental to the life of individuals, organizations and society. What car you choose to purchase, what person you choose to interact with, which politician you vote for, where you choose to invest - all of these are important decisions that affect your life. There are hundreds of books on the market offering advice on decision-making strategies. However, the more fundamental, and ultimately more essential, question is: what is your brain actually doing when you make a decision? And what more can we learn about decision-making by looking under the hood and into the brain? Answers to these questions have far-reaching implications for all aspects of our society. In this talk we will discuss how we really make decisions and how new knowledge from neuromarketing affects business and society.
12:15 - 1:15 Networking Lunch
1:15-2:15 Session 4 - Why Conjoint is Harder Than You Think: Perspectives from the Front Lines to the Ivory Tower and Everywhere In Between, by Elea Feit, Ph.D., Lecturer in Marketing, Research Director, Wharton Customer Analytics Initiative
Creating an excellent conjoint study presents more challenges than the text books might lead you to believe. Elea will discuss these challenges as well as some "academically practical" solutions, all from the perspectives of her extended background as a research practitioner as well as her current role in the academia.
2:15 - 3:30 Session 5 - Insights into Purchase Funnel Dynamics, by Pankaj Kumar, Ph.D., TRC's Executive VP
The Purchase Funnel (also known more formally as the Hierarchy of Effects) is a well-known concept in consumer behavior, as it effectively describes consumers' transition from initial awareness to final purchase of a brand. But research often stops with understanding the prevailing levels of each stage for a brand or, at most, calculating conversion percentages across stages. Rarely is there an understanding of how these stages are influenced by the marketing actions taken by the company. In this session we will look at how advanced econometric modeling can provide insights on how exposure to marketing messages has differential effect on the various purchase funnel stages. This allows a better understanding of how to allocate resources to maximize impact on the brand.
3:30 Closing Remarks
Note: Speakers and lecture topics are subject to change.
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