Customer Insights: Quantitative Techniques

University of Illinois at Urbana-Champaign via Coursera

Go to Course: https://www.coursera.org/learn/quantitative-customer-insights

Introduction

### Course Review: Customer Insights: Quantitative Techniques **Overview** In today's competitive market landscape, understanding consumer behavior is paramount for the successful launch and sustainability of new products. The Coursera course titled **Customer Insights: Quantitative Techniques** offers a comprehensive approach to harnessing quantitative marketing research aimed at identifying and assessing new product opportunities. This course not only equips learners with vital skills essential for New Product Development (NPD) but also delves into real-world business scenarios to illustrate the complex challenges inherent in NPD. **Course Structure** The course is organized into four well-defined modules, each serving as a building block for the next, creating a robust learning journey for participants. **Module 1: Idea Generation** The first module lays the groundwork for understanding the importance of consumer feedback in the product development process. By focusing on the role of surveys, learners discover how to evaluate consumer responses and refine their ideas before they enter the market. Techniques like concept testing are emphasized, allowing learners to grasp how consumer perceptions, wants, and needs shape positioning strategies. This module is crucial for anyone looking to translate abstract ideas into marketable products. **Module 2: Concept Testing** As the course progresses, Module 2 deepens learners' understanding of customer value through quantified measures. This module introduces **conjoint analysis**, a powerful method for measuring the trade-offs that consumers are willing to make between price and product features. Not only does this equip learners to engage in effective product positioning, but it also enhances their skills in developing competitive product extensions. The insight gained from this module is invaluable for marketers aiming to align their product offerings with consumer desires. **Module 3: Test Marketing Processes** Module 3 shifts focus to the practical aspect of product viability through test marketing. Here, learners will explore small-scale product testing techniques designed to garner consumer feedback and assess the feasibility of business ideas. This experiential learning approach aids in understanding how to iterate on product features based on real-world data, which is critical for any marketer involved in NPD. **Module 4: Estimating the Size of the Market** In the final module, students are introduced to techniques for estimating market and sales potential for new ideas. This knowledge is integral for constructing business plans and forecasting success in a competitive environment. Understanding market size and potential sales figures arms learners with critical information to make informed decisions and strategies for product launch. **Recommendation** Overall, **Customer Insights: Quantitative Techniques** is an essential course for anyone involved in marketing, product development, or business strategy. The course systematically builds from idea generation to market estimation, ensuring learners acquire both theoretical knowledge and practical skills. The incorporation of authentic business contexts throughout enriches the learning experience, preparing participants to navigate the complexities of the modern marketplace. Whether you are a marketing professional, a business student, or an entrepreneur, this course provides the tools needed to leverage quantitative insights effectively. I highly recommend enrolling in this course to impress colleagues, contribute meaningfully to your business's growth, and sharpen your ability to innovate with consumer-centric approaches. Don’t miss this opportunity to elevate your understanding of customer insights into actionable business strategies!

Syllabus

Welcome

This course will highlight the potential of quantitative marketing research for assessing new product opportunities. The first three modules will provide the foundations to help learners identify creative solutions to problems using a design thinking framework, introduced in Module 4.

Module 1: Idea Generation

In this first module, we will help learners understand the role of surveys and the ability to evaluate consumer responses to an idea before introducing a product to market. Concept testing identifies perceptions, wants, and needs of a product or service as the foundation of targeting and positioning a product in the marketplace.

Module 2: Concept Testing

This second module will explore a method for quantifying the customer benefits, customer values, and the trade-off they are willing to make between the price of the product and desired features of the product or service. Using the technique of conjoint analysis, learners will be able to use the information to determine product positioning, price, and development of product extensions.

Module 3: Test Marketing Processes

In this third module, we will discuss examples of how to test market a product idea on a small scale in order to get customer feedback on the feasibility of a product or business idea.

MODULE 4: Estimating the Size of the Market

This final module will expose learners to the techniques used to determine the market and sales potential for a new product or idea.