skim advances in quant - 2011
TRANSCRIPT
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A Presenta*on from The NewMR “Advances in Quan*ta*ve Research” Event
19 September, 2012
Event sponsored by Affinnova All copyright owned by The Future Place and the presenters of the material
For more informa=on about Affinnova visit www.affinnova.com For more informa=on about NewMR events visit newmr.org
When is less more? An MBC applica=on Jeroen Hardon & Paolo Cordella, SKIM
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
When less is more?
Paolo Cordella Market Research Consultant
Jeroen Hardon Senior Research Consultant
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
Fast Food Company
David Experienced Product Manager
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
Fast Food Company
David Experienced Product Manager
Curly Fries are currently non-‐profitable
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
Fast Food Company
Philip Young Product Manager
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
Fast Food Company
Philip Young Product Manager
New type of healthy fries for kids…Easy Fries
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
7
Prune the product line by delisting Curly Fries?
Expand the product line with Easy Fries?
Senior Management: Trade Off in Decision Making
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
8
MEN
U
Hamburger 1.19 $
Whooper 2.09 $
Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $
Soda Small 1.19 $
Soda Large 2.09 $
Mayo 0.19 $
Hickory 1.19 $
How to optimize the current menu?
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
9
MEN
U
Hamburger 1.19 $
Whooper 2.09 $
Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $
Soda Small 1.19 $
Soda Large 2.09 $
Mayo 0.19 $
Hickory 1.19 $
26.1%
26.5%
21.1%
42.2%
12.7%
30.2%
16.2%
39.6%
13.1%
Revenue Index: 100 Profit Index: 100
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
10
MEN
U
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
26.1%
26.5%
21.1%
42.2%
12.7%
30.2%
16.2%
39.6%
13.1%
Delist Curly Fries?
Revenue Index: 100 Profit Index: 100
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
11
MEN
U
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
26.1%
26.5%
5.1%
43.1% 30.2%
16.2%
39.6%
2.3%
Delist Curly Fries?
Revenue Index: 77 Profit Index: 83
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
12
MEN
U
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
26.1%
26.5%
5.1%
43.1% 30.2%
16.2%
39.6%
2.3%
Delist Curly Fries?
Revenue Index: 77 Profit Index 83
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
13
MEN
U
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
26.1%
26.5%
21.1%
42.2%
12.7%
30.2%
16.2%
39.6%
13.1%
Revenue Index: 100 Profit Index: 100
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
14
MEN
U
26.1%
26.5%
21.1%
42.2%
12.7%
30.2%
16.2%
39.6%
13.1%
Increase the price for Curly Fries?
Revenue Index: 100 Profit Index: 100
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
15
MEN
U
26.1%
26.5%
16.3%
42.2%
9.4%
30.2%
16.2%
39.6%
7.3%
Increase the price for Curly Fries?
Revenue Index: 81 Profit Index: 106
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.19 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
16
MEN
U
26.1%
26.5%
16.3%
42.2%
9.4%
30.2%
16.2%
39.6%
7.3%
Increase the price for Curly Fries?
Revenue Index: 81 Profit Index: 106
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.19 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
17
MEN
U
26.1%
26.5%
16.3%
42.2%
9.4%
30.2%
16.2%
39.6%
7.3%
Increase the price for Curly Fries?
Revenue Index: 81 Profit Index: 106
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.19 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
18
MEN
U
26.1%
26.5%
21.1%
26.3%
10.2%
30.2%
16.2%
39.6%
13.1%
Revenue Index: 100 Profit Index: 100
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
19
MEN
U
26.1%
26.5%
21.1%
26.3%
10.2%
30.2%
16.2%
39.6%
13.1%
Revenue Index: 100 Profit Index: 100
Include Easy Fries with Curly Fries?
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
20
MEN
U
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $ Easy Fries 2.09 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
26.1%
26.5%
18.2%
13.2%
8.9%
30.2%
16.2%
39.6%
9.2%9.6%
Include Easy Fries with Curly Fries?
Revenue Index: 102 Profit Index: 97
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
21
MEN
U
26.1%
26.5%
18.2%
13.2%
8.9%
30.2%
16.2%
39.6%
9.2%9.6%
Include Easy Fries with Curly Fries?
Revenue Index: 102 Profit Index: 97
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $ Easy Fries 2.09 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
22
MEN
U
26.1%
26.5%
18.2%
13.2%
8.9%
30.2%
16.2%
39.6%
9.2%9.6%
Include Easy Fries with Curly Fries?
Revenue Index: 102 Profit Index: 97
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $ Easy Fries 2.09 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
23
MEN
U
26.1%
26.5%
18.2%
13.2%
8.9%
30.2%
16.2%
39.6%
9.2%9.6%
Revenue Index: 102 Profit Index: 97
Decrease price for Easy Fries?
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $ Easy Fries 2.09 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
24
MEN
U
26.1%
38.6%
21.1%
10.3%
10.2%
30.2%
21.3%
39.6%
13.1%21.1%
Decrease price for Easy Fries?
Revenue Index: 98 Profit Index: 102
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $ Easy Fries 1.59 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
25
MEN
U
26.1%
21.1%
10.3%
10.2%
30.2%
39.6%
13.1%21.1%
Decrease price for Easy Fries?
Revenue Index: 98 Profit Index: 102
38.6%
21.3%
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $ Easy Fries 1.59 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
26
MEN
U
26.1%
21.1%
10.3%
10.2%
30.2%
39.6%
13.1%21.1%
Decrease price for Easy Fries?
Revenue Index: 98 Profit Index: 102
38.6%
21.3%
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $ Easy Fries 1.59 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
27
MEN
U
26.1%
21.1%
10.3%
10.2%
30.2%
39.6%
13.1%21.1%
Revenue Index: 98 Profit Index: 102
38.6%
21.3%
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $ Easy Fries 1.59 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
28
MEN
U
26.1%
21.1%
10.3%
10.2%
30.2%
39.6%
13.1%21.1%
Revenue Index: 98 Profit Index: 102
38.6%
21.3%
Delist French Fries?
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $ Easy Fries 1.59 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
29
MEN
U
26.1%
26.5%
21.1%
10.2%
30.2%
16.2%
39.6%
13.1%21.1%
Delist French Fries?
Revenue Index: 72 Profit Index: 84
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
Curly Fries 2.09 $ Easy Fries 2.09 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
30
MEN
U
26.1%
26.5%
21.1%
10.2%
30.2%
16.2%
39.6%
13.1%21.1%
Delist French Fries?
Revenue Index: 72 Profit Index: 84
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
Curly Fries 2.09 $ Easy Fries 2.09 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
31
MEN
U
26.1%
26.5%
21.1%
26.3%
10.2%
30.2%
16.2%
39.6%
13.1%21.1%
Optimization
Revenue Index: 105 Profit Index: 108
Hamburger 1.19 $
Whooper 2.09 $ Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.19 $ Easy Fries 1.49 $
Soda Small 1.19 $ Soda Large 2.09 $ Mayo 0.19 $ Hickory 1.19 $
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
32
David Experienced Product Manager
“We have to keep Curly Fries in the menu because of the interac*on with higher margin items (Tender grill and Hickory sauce)”
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
33
Philip Young Product Manager
“We can introduce Easy Fries without harming other side dishes and increasing total sales and profits”
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
So what?
We use Menu-Based Conjoint (MBC) to simulate and optimize the menu • We can mimic realistic consumer choices
• We can solve trade off in decision making
34
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
35
MEN
U
Hamburger 1.19 $
Whooper 2.09 $
Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $
Soda Small 1.19$
Soda Large 2.09$
Mayo 0.19$
Hickory 1.19$
MBC Task
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
36
MEN
U
MBC Task
Hamburger 1.19 $
Whooper 2.09 $
Tender Grill 2.19 $
French Fries 1.19 $
Curly Fries 2.09 $
Easy Fries 2.09 $
Soda Small 1.19$
Soda Large 2.09$
Mayo 0.19$
Hickory 1.19$
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
• We can simulate the delisting of an item
catching cross effects
• Optimization of a menu
37
What’s new?
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
Thank you
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
Q & A
Ray Poynter VCU, Vision Critical
Jeroen Hardon SKIM
Paulo Cordella SKIM
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Jeroen Hardon & Paolo Cordella, SKIM, The Netherlands NewMR Advances in Quantitative Research Event, 19 September 2012, Session 2
Thank you
Paolo Cordella Market Research Consultant [email protected]
Jeroen Hardon Senior Research Consultant [email protected]
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A Presenta*on from The NewMR “Advances in Quan*ta*ve Research” Event
19 September, 2012
Event sponsored by Affinnova All copyright owned by The Future Place and the presenters of the material
For more informa=on about Affinnova visit www.affinnova.com For more informa=on about NewMR events visit newmr.org
When is less more? An MBC applica=on Jeroen Hardon & Paolo Cordella, SKIM