Marketing: Custom Edition for Texas A&M University 17th Edition by William Pride,Ferrell

Exercise 2

Marketers use different approaches in new-product development in order to identify the relative importance of different product attributes. These approaches help marketers optimize product design, predict purchasing likelihood, and estimate market share in a competitive situation. As an example, different restaurants have varying attributes, including ambience, breadth of menu, service level, location, and price. Consumers place different value on each of these attributes and are consequently willing to make "trade-offs." Higher service levels often mean a higher price, for example. A broader menu often accompanies a restaurant with a nicer ambience, but it comes at a higher price. Marketers can assign weights to the different values that consumers place on the product attributes, and thereby understand the trade-offs that are made.
You are designing a new tablet computer. Begin by identifying the set of all product attributes. Rate these attributes on a scale of 1 to 10, with 1 being the most important and 10 being the least important. For instance, would you rate ease of use higher than the aesthetic design of the product? How important is it for the tablet to have the newest technological features? Remember, the more sophisticated and tech-savvy the product, the more expensive it is likely to be. Finally, make a recommendation for the new tablet computer design.