COMMERCE 4MC3 Chapter Notes - Chapter 6: Data Cube, Factor Analysis, The Techniques

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 4MC3
• Professor: Dr. William Allender

Document Summary

There are 3 types of attributes: features what the product consists of i. e. dimensions, ingredients, services, functions how a product works i. e. performance, benefits how it satisfies the user. Analytical attribute technique: allows us to create new product concepts by changing one or more attributes. Used in concept generation and evaluation: analytical attribute techniques used more in europe and north america as they work heavily toward rearranging thing, while asians tend to start work anew. Gap analysis: maps of the market used to determine how various products are perceived by how they are positioned on the market map. The biggest issues with gap analysis is that it discovers gaps, not demand. New products people still have to go to the marketplace to see if the gaps they discovered represent things people want: the open spaces are gap maps. Map consists of two dimensions and run on scales of high to low on factors.