Probably, you have focused on marketing for many years, but have you ever heard or known about CNJ (Conjoint Study)?
Around the world, only 5% of global leading marketing talents know about this new tool. According to the communication between Chinese enterprises and us, we find out that some enterprises such as the Coca-Cola Company(including China district),PepsiCo(global headquarter) and SANOFI(global)have used CNJ to help their products and marketing strategy better adapted to the market and their customers before planned.
If you did not hear of CNJ before, please keep on reading this article.
CNJ (Conjoint Study/Conjoint Analysis) was originally put forward by Paul Green, a professor of Wharton, who was nominated for the Nobel prize because of CNJ precise calculation and the following complicated mathematical models. CNJ is a simulation of purchase decision, which has high forecast accuracy at 94.8%.
In the real process of decisions making, people need to consider a product’s characteristics of skill due to the price or some other related reasons. Usually, when we want to satisfy some requirements, we will have to sacrifice some other characteristics, which is called Trade-off. Using CNJ, we can simulate people’s choice behavior to expect some possible results of people making decisions. Thus, we can know about the emphasis consumers hold for different parts of these characters. This is a very important information we can use to empolder competitive products. Meanwhile, it will also help the list of new products or programs, help find the targeting market, and help find out accurate positioning.
Keeping pace with this new global research, SABRE Simulation presents these research findings as a software form. On 28th October, we held the CNJ symposium. Most of the students involved took part in former simulation programs. Some of them have been exposed to CNJ, and decided to sign up for further study. The professor also made a trick, saying, ”Look! The students who took our classes before but was not good has come back to retake!”
The symposium attracted students from eight enterprises, including Coca-Cola, TCL, Takeda ,CPGJ, HuaShi Pharm, ZhengJian brandy consultant, PENTAIR and Dynasol.
In the morning of the symposium, the professor expounded the background of CNJ, what CNJ is and its significance in strategy planning. In the afternoon, combining with market segments and the strategy of marketing positioning, we started from cases of some CNJ enterprises SABRE cooperated with, then we gave an opportunity to each group to discuss and design their own CNJ.
The students were divided into four groups,
bringing the propositions as follows:
1)How could TCL find its own position in the segment of market, with other new
players fighting for market share?
2)The reasons why medical companies have high liquidity;
3)How to make a price for a brand consultant’s myopia sunglasses program?
4)The swimming pool can only be priced systematically. (The differences between Chinese and American customers.)
In a word, CNJ can help you find out:
Who are my clients? What do my clients want? What kind of products will my clients be willing to buy?
And also, we will help the enterprises be at a leading position in the development of strategy!