In today's class we learnt the concept of perceptual mapping
Perceptual mapping can be used to plot the interrelationships of variables among different clusters .Variables are rated on a range of attributes and are then mapped to show their relative positions. Perceptual maps are generally used for market segmentation and involve two steps of data collection and data analysis.Perceptual mapping allows the management to take a broad view of the strength and weakness of their products or service offerings relative to their competition. Also called the Multi Dimensional Scaling,
After plotting the perceptual maps for various attributes a 1st level analysis would throw up aspects that were ignored in the past.
Today's sessions also revolved around the interusage of SPSS and Permap and the analysis of various parameters thrown up by a customer satisfaction survey regarding a few stores.
For finance matters this technique is helpful in corelating the various behaviours of stocks and in determining the crucial factors involved in the price fluctuation of stocks.
Our Group measured the customer satisfaction between the four stores depending on the distance of the stores and the six attribute such as price satisfaction,variety satisfaction,organization satifaction,service satisfaction,item quality satisfaction,overall satisfaction.Then the frequency was calculated for the price satifaction and overall satifaction attributes . then the various parameters such as method of payment , variety satisfaction,item quality satisfaction , shopping frequency calculation,price satisfaction .
In al the above tests the null hypothesis was assumed as that there is no corelation between the distance of the store with the above mentioned variables.
According to the chi square results the null hypothesis was accepted in all the cases except for shopping frequency and variety satisfaction case.
From our set of data, we learnt that the closer the store, higher the price satisfaction. Through this one can infer that a customer wouldn’t mind paying a little extra, for the convenience of proximity that a store nearby gives him. Another finding showed that, for quality, people do not mind travelling that extra distance.