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One of the off shoots of Game Theory is Choice Based Conjoint Analysis (CBC), which is often used in Market Research to understand how people choose when presented with different product or service options. This in-turn helps businesses identify the more important features that drive consumer preferences and influence decision-making, and thereby impact sales and other key performance indicators. Thus, this technique is often used to strategize a company’s Marketing Mix Modeling (MMM). This is typically done by analyzing different components of the marketing mix (such as advertising, pricing, distribution, promotions, etc.) in terms of their contributions in driving business outcomes.
Below are a few examples of how Market Researchers use the CBC to plan the MMM:
Guide Product Design and Product Pricing strategies in the conceptualization / development stage of a Product Life Cycle
Understand the relative importance of the various elements creating the current marketing mix (in terms of Consumer Behaviour)
Understand Trade Offs by providing insights into how consumers choose between one attribute / feature for another
It also allows for simulating different scenarios by manipulating attributes / market conditions. This is then used in forecasting the potential impact of changes to the marketing mix elements, and understanding / preparing the impact thereof.
All of the above measures enable marketers to optimize their Go To Market Strategies, via data driven decisions based on a more nuanced understanding of consumer preferences, and thus drive Sustainable Business Growth.
Get Full Analysis Report:
https://www.glasgowinsights.com/blog/what-is-choice-based-conjoint-analysis-and-how-can-it-help-me-plan-my-marketing-mix-modeling/
If you found this interesting, please do reach out to us to see how we can help you drive data driven business growth.
Decoding Conjoint Analysis and Marketing Mix Modeling
In the realm of market research and analysis, businesses often rely on sophisticated methodologies to understand consumer behavior and optimize their marketing strategies. Two such powerful tools are Conjoint Analysis and Marketing Mix Modeling (MMM). These methodologies provide invaluable insights into consumer preferences, product features, pricing strategies, and the effectiveness of marketing efforts. Let’s delve into what each of these methods entails and how they can benefit businesses in making data-driven decisions.
Conjoint Analysis: Understanding Consumer Preferences
Conjoint Analysis is a widely used market research technique aimed at understanding how consumers make decisions when faced with multiple attributes or features of a product or service. It helps businesses determine the relative importance of different attributes and how they influence consumer choices.
How Conjoint Analysis Works:
Attribute Identification: The first step in Conjoint Analysis is to identify the relevant attributes and levels that define a product or service. Attributes could include features, pricing, brand, packaging, and more.
Experimental Design: Researchers create hypothetical product profiles by combining different levels of attributes. These profiles represent various product configurations that consumers might encounter in the market.
Choice Modeling: Respondents are presented with these product profiles and asked to make choices or express preferences. Through statistical analysis, researchers can infer the relative importance of each attribute and the utility or value consumers assign to different attribute levels.
Analysis: Using advanced statistical techniques like regression analysis or choice modeling, researchers derive utility scores for each attribute level and estimate market shares for different product configurations.
Benefits of Conjoint Analysis:
Insight into Preferences: Conjoint Analysis helps businesses understand which product features or attributes drive consumer preferences and purchase decisions.
Optimized Product Design: By identifying the most desirable combination of attributes, businesses can optimize product design and development to meet consumer needs.
Pricing Strategy: Conjoint Analysis aids in pricing strategy by revealing how consumers perceive value relative to price and other product features.
Market Segmentation: Businesses can use Conjoint Analysis to segment the market based on consumer preferences and tailor marketing strategies accordingly.
Marketing Mix Modeling: Optimizing Marketing Investments
Marketing Mix Modeling (MMM) is a statistical technique used to quantify the impact of various marketing activities on sales and other performance metrics. It enables businesses to understand the effectiveness of marketing efforts, allocate resources efficiently, and maximize return on investment (ROI).
How Marketing Mix Modeling Works:
Data Collection: MMM requires historical data on sales, marketing expenditures, and other relevant variables such as pricing, promotions, distribution, and macroeconomic factors.
Model Development: Using statistical regression analysis, researchers build a model that quantifies the relationship between marketing inputs (e.g., advertising, promotions) and sales or other outcome variables.
Variable Selection: Researchers identify which marketing variables have the most significant impact on sales and include them in the model. They may also control for external factors like seasonality, competitive activity, and economic conditions.
Analysis and Optimization: Once the model is developed, businesses can use it to simulate different scenarios and optimize their marketing mix. They can determine the optimal allocation of marketing resources across channels, timing, and tactics to achieve desired business objectives.
Benefits of Marketing Mix Modeling:
ROI Measurement: MMM provides a quantitative assessment of the impact of marketing activities on sales or other performance metrics, allowing businesses to evaluate the effectiveness of their marketing investments.
Resource Allocation: By identifying which marketing activities drive the highest ROI, businesses can allocate resources more efficiently and prioritize investments in the most effective channels or tactics.
Forecasting: MMM enables businesses to forecast future sales and anticipate the impact of changes in marketing strategy or external factors, helping them make informed decisions.
Competitive Insights: MMM can provide insights into competitors’ marketing strategies and their impact on market dynamics, allowing businesses to adjust their tactics accordingly.
Conclusion: Conjoint Analysis and Marketing Mix Modeling are powerful tools that enable businesses to gain deep insights into consumer preferences and the effectiveness of their marketing efforts. By leveraging these methodologies, businesses can make data-driven decisions, optimize their product offerings, pricing strategies, and marketing investments, and ultimately drive business growth and profitability in an increasingly competitive market landscape.
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The Government of the United Arab Emirates supports the automotive sector as a key revenue generator. As a result, it is one of the fastest-growing automobile markets in the Middle East region.
Click Here : https://www.glasgowinsights.com/blog/uae-passenger-car-vehicles-on-road-is-around-3-million-units-in-2022/
After the 2008 financial crisis, the UAE automotive market gradually began to recover. There was outstanding growth between late 2010 to early 2015. This growth was disrupted in the second half of 2015 as oil revenue declined. The situation turned for the better in 2019, but soon Covid pandemic hit the country affecting the sales of the automobile. While the sales of new cars dropped by almost 50%, the market for used and pre-owned cars saw a rise in sales. With the air of uncertainty in the economic sector, earnings dipped and consumers preferred to buy second-hand cars. Many auto manufacturing companies were forced to halt the production of new cars, resulting in a surge in used car sales in the market. The period after the pandemic saw a quick rise in the sales of new cars.
With this rise in the purchase of new vehicles, Japanese automobile brands continue to thrive in UAE. According to a report by Dubai Customs, Japan is the UAE’s top automobile trading partner. Toyota, one of the largest automobile manufacturers in the world has a market share of 30.9% in UAE. Japanese brands traditionally regarded as more dependable than their European and American counterparts–are the country’s best sellers. Brands like Toyota, a consistent market leader from 2015 to 2021, Nissan, and Mitsubishi dominate in the UAE market. Toyota models like Hilux, Land Cruiser 200, Prado, Corolla, Yaris, and Camry continue to drive the brand’s sales in UAE. Japanese brands have great resale value and with the increase in purchase of used vehicles, more people are choosing Japanese brands. Other reasons that constitute for the popularity of Japanese brands include the easy availability of spare parts at cheap rates, and low maintenance of these cars. With safety and appearance, consumers also look for quality and endurance, this is why the percentage of SUVs in the UAE is relatively high compared to other countries in the world.
UAE has a thriving market for passenger cars. The country is known for its love of luxury vehicles, with brands like Mercedes-Benz, BMW, Audi, and Rolls-Royce being quite popular among residents. Additionally, SUVs are also very common due to their versatility and capability to handle the desert terrain. Japanese brands like Toyota and Nissan also have a strong presence in the market, offering reliable and durable options. In recent years, there has been a growing interest in electric vehicles (EVs) and hybrid cars, as the UAE government encourages the adoption of sustainable transportation. Overall, the UAE's passenger car market reflects a mix of luxury, performance, and practicality to suit the diverse needs and preferences of its residents.
The UAE's passenger car vehicles market is a dynamic and evolving sector characterized by a high demand for luxury vehicles, a growing interest in electric and hybrid cars, and a competitive landscape dominated by both international and domestic automotive brands. This report provides an in-depth analysis of the current state of the UAE passenger car vehicles market, including market trends, key players, challenges, and opportunities.
1. Introduction: The UAE is known for its affluent consumer base, favorable tax environment, and robust infrastructure, making it an attractive market for passenger car manufacturers. With a growing population, increasing urbanization, and rising disposable incomes, the demand for passenger cars continues to surge, driving competition and innovation within the industry.
2. Market Overview:
Market Size and Growth: The UAE passenger car vehicles market has witnessed steady growth in recent years, fueled by strong consumer demand and favorable economic conditions. The market is estimated to be worth [insert market size] and is projected to grow at a CAGR of [insert CAGR] during the forecast period.
Market Segmentation: The market can be segmented based on vehicle type (luxury cars, SUVs, sedans, etc.), fuel type (petrol, diesel, electric, hybrid), and distribution channel (dealerships, online sales, direct sales).
Key Drivers: Factors driving the growth of the UAE passenger car vehicles market include increasing urbanization, rising disposable incomes, favorable government policies, and a growing emphasis on sustainability and environmental consciousness.
Challenges: Despite the positive growth trajectory, the market faces challenges such as fluctuating oil prices, regulatory changes, intense competition, and evolving consumer preferences.
3. Competitive Landscape:
Key Players: The UAE passenger car vehicles market is highly competitive, with both international and domestic players vying for market share. Major international brands include Mercedes-Benz, BMW, Audi, Toyota, Nissan, and Ford, while domestic players such as Al-Futtaim Automotive and the Al Tayer Group also hold significant market presence.
Strategies: Market players are adopting various strategies such as product innovation, strategic partnerships, expansion of dealership networks, and investment in electric and hybrid technology to gain a competitive edge in the market.
4. Market Trends:
Luxury Segment Dominance: The UAE has a strong affinity for luxury vehicles, with high-end brands commanding a significant share of the market. Demand for luxury SUVs and sedans remains robust, driven by affluent consumers seeking prestige, comfort, and performance.
Electric and Hybrid Vehicles: There is a growing interest in electric and hybrid vehicles in the UAE, fueled by government incentives, environmental concerns, and advancements in technology. Market players are introducing electric and hybrid models to cater to this emerging segment.
Online Retailing: With the increasing digitalization of retail, online sales platforms are gaining traction in the UAE passenger car vehicles market. Automakers and dealerships are leveraging e-commerce channels to reach a broader customer base and enhance the car buying experience.
5. Future Outlook:
Electric Vehicle Adoption: The UAE government's initiatives to promote electric and hybrid vehicles, coupled with advancements in battery technology and infrastructure development, are expected to drive the adoption of electric vehicles in the coming years.
Autonomous Vehicles: The UAE is actively exploring the potential of autonomous vehicles to enhance transportation efficiency, reduce accidents, and alleviate traffic congestion. Investments in research and development are expected to accelerate the deployment of autonomous vehicles in the country.
Sustainability Initiatives: The UAE government's focus on sustainability and environmental conservation is likely to influence consumer preferences towards eco-friendly vehicles, encouraging automakers to invest in alternative fuel technologies and carbon-neutral solutions.
6. Conclusion: The UAE passenger car vehicles market presents lucrative opportunities for automakers and investors, driven by strong consumer demand, favorable economic conditions, and government support for sustainable transportation. However, market players need to adapt to evolving consumer preferences, technological advancements, and regulatory changes to maintain competitiveness and capitalize on growth prospects in the future.
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Purchasing groceries, i.e. FMCG is a part of everyone’s lives. Covid-19 bought a (hopefully) once if a lifetime behavior shifts of mass adoption of online shopping. Now most of us have found a balance between online and physical shopping, which proves that BOTH have a part to play in our lives.
While online grocery shopping comes with its undeniable advantages (home delivery — that too in paper bags / convenience of shopping at one’s own preferred time, no need for travel and trying to find parking, etc.), a physical visit to a grocery store has its benefits as well.
And these grocery stores come in multiple avatars, such as Hypermarkets, Supermarkets, Convenience Stores, Discounters, etc. Most shoppers visit a mix of these over time, and the choice of the store type depends on the need. The neighbourhood Convenience Store would meet the needs of a mid-week top-up while a Hyper / Supermarket would be the preferred destination for a weekend “trolley-purchase” visit where other domestic tasks are also met in the Shopping Mall where the grocery store is located. And once a quarter, or before a festive season, one may visit a Bulk Discounter.
In all these stores, retailers can make the life of the shopper more convenient by understanding the Customer Journey. This will encourage both more frequent visits as well as more spends per trip / more time & engagement per trip. It is critical to note that every trip has a Pre / During and Post phases with UNIQUE needs that MUST be catered to individually.
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During the Pre-Visit stage we need to understand what drives the store choice, i.e. mind measures. Here retailers need to see what need-states exist and what communications are needed to address the same. During the visit to the store, purchase driver behaviours come into play. Here everything from the entrance to ease of navigation between the aisles to attractive / relevant merchandising to SKU assortment optimization to new brand launches to billing speed / accuracy to rewards from loyalty programs matter. The Post Visit stage involves the ease of the journey back home, the effortlessness of unpacking and storage, billing and / or packaging issues if any being addressed to quickly and fairly, the overall Customer Satisfaction influencing the likelihood of the next visit, etc. — again related to mind measures.
Market Research can help retailers understand how to drive a superior Customer Experience by understanding which of these touchpoints matter more and where they stand on them. This can be ascertained both for an internal benchmarking (for brands that have multiple assets) as well as competitive analysis. Quarterly evaluations can help Monitor / Measure / Manage the benefits of the changes activated derived from the learning’s of these studies.
If you found this interesting, please do reach out to us to see how we can help you drive data driven business growth.
Contact Us
Office No 6, Unit 402, Level 4,
Crystal Tower, Business Bay,
PO Box 445190 Dubai, United Arab Emirates
Mobile: +971 55 9744360 | Phone: +971 4 566 8869
Website : https://www.glasgowinsights.com
In the ever-evolving landscape of language, staying attuned to emerging terms is crucial for brands aiming to connect with their audience authentically. According to the Oxford Dictionary, the term “Rizz” took the spotlight as the word of the year for 2023. Defined as style, charm, or attractiveness, it encapsulates a certain allure that resonates with contemporary culture, particularly among younger demographics. Derived as a colloquial noun, stemming from the word ‘charisma,’ its inclusion in everyday vernacular underscores the need for brands to remain abreast of linguistic shifts to effectively engage their target markets.
Platforms like TikTok have played a pivotal role in popularizing terms like “Rizz,” serving as breeding grounds for linguistic innovation and cultural expression. For brands, actively listening to the discourse on such platforms is paramount, as it offers invaluable insights into the preferences, values, and aspirations of their consumer base. This trend is exemplified by previous word of the year selections, such as “goblin mode,” which encapsulated the collective sentiment during the upheavals of the Covid-19 pandemic. Concepts like Revenge Tourism and the surge in Luxury Retail shopping emerged as notable behavioral patterns, reflecting evolving consumer attitudes and desires.
Get Full Analysis Report: https://www.glasgowinsights.com/blog/does-your-brand-have-the-rizz/
By attentively monitoring consumer conversations and embracing emerging trends and expressions, brands can position themselves for sustained growth and relevance in the market. Adopting a proactive stance towards linguistic evolution enables brands to foster deeper connections with their audience, driving not only engagement but also loyalty and advocacy. Ultimately, possessing the “Rizz” entails more than just surface-level charm; it signifies a brand’s ability to resonate authentically with the zeitgeist of its time.
So, does your brand possess the elusive “Rizz” factor? Engaging with your audience on their terms, harnessing cultural insights, and leveraging linguistic nuances are pivotal steps towards cultivating a brand identity that exudes charisma and appeal.
If you found this discourse intriguing, we invite you to connect with us to explore how we can collaborate in leveraging data-driven strategies to fuel your business growth journey. Let’s navigate the ever-evolving landscape together and unlock the full potential of your brand’s narrative.
Contact Us
Office No 6, Unit 402, Level 4,
Crystal Tower, Business Bay,
PO Box 445190 Dubai, United Arab Emirates
Mobile: +971 55 9744360 | Phone: +971 4 566 8869
Website : https://www.glasgowinsights.com
One of the off shoots of Game Theory is Choice Based Conjoint Analysis (CBC), which is often used in Market Research to understand how people choose when presented with different product or service options. This in-turn helps businesses identify the more important features that drive consumer preferences and influence decision-making, and thereby impact sales and other key performance indicators. Thus, this technique is often used to strategize a company’s Marketing Mix Modeling (MMM). This is typically done by analyzing different components of the marketing mix (such as advertising, pricing, distribution, promotions, etc.) in terms of their contributions in driving business outcomes.
Complete Report Analysis : https://www.glasgowinsights.com/blog/what-is-choice-based-conjoint-analysis-and-how-can-it-help-me-plan-my-marketing-mix-modeling/
In the ever-evolving landscape of marketing, understanding consumer preferences is paramount. Every decision, from product design to pricing strategy, hinges on comprehending what drives consumer choices. This is where Choice-Based Conjoint Analysis (CBC) emerges as a powerful tool, offering invaluable insights into consumer behavior and aiding in the optimization of marketing mix modeling.
What is Choice-Based Conjoint Analysis?
Choice-Based Conjoint Analysis is a sophisticated market research technique designed to understand how consumers make decisions by analyzing their choices among different product or service alternatives. Unlike traditional surveys that directly ask respondents to rank their preferences, CBC presents respondents with a series of choices, simulating real-world decision-making scenarios.
Here’s how it works: Respondents are presented with sets of hypothetical product profiles, each defined by several attributes (such as price, features, or brand). They are then asked to choose the most appealing option from each set. Through statistical analysis of these choices, CBC uncovers the relative importance of different product attributes and how they influence consumer preferences.
How Can CBC Help in Marketing Mix Modeling?
Optimizing Product Features: CBC enables marketers to identify the most influential product attributes driving consumer choices. By understanding which features resonate most with customers, businesses can tailor their product offerings to better meet consumer needs and preferences.
Determining Price Sensitivity: Pricing is a critical factor affecting consumer behavior. CBC helps in assessing price sensitivity by evaluating how changes in price impact product choice. This insight empowers marketers to set prices that maximize profitability while remaining competitive in the market.
Segmenting Target Audiences: Through CBC, marketers can uncover distinct segments within their target market based on consumer preferences. By understanding the unique needs and preferences of different consumer segments, businesses can develop targeted marketing strategies that resonate with each group.
Forecasting Market Share: By analyzing consumer choices across various product profiles, CBC can predict market share for different product configurations. This forecasting capability is invaluable for evaluating the potential success of new product launches or assessing the impact of changes to existing products.
Evaluating Competitive Positioning: CBC not only provides insights into consumer preferences for your products but also allows for the assessment of competitors’ offerings. By comparing your product profiles to those of competitors, you can identify opportunities to differentiate your brand and gain a competitive edge.
Below are a few examples of how Market Researchers use the CBC to plan the MMM:
Guide Product Design and Product Pricing strategies in the conceptualization / development stage of a Product Life Cycle
Understand the relative importance of the various elements creating the current marketing mix (in terms of Consumer Behaviour)
Understand Trade Offs by providing insights into how consumers choose between one attribute / feature for another
It also allows for simulating different scenarios by manipulating attributes / market conditions. This is then used in forecasting the potential impact of changes to the marketing mix elements, and understanding / preparing the impact thereof.
All of the above measures enable marketers to optimize their Go To Market Strategies, via data driven decisions based on a more nuanced understanding of consumer preferences, and thus drive Sustainable Business Growth.
If you found this interesting, please do reach out to us to see how we can help you drive data driven business growth.
Conclusion:
Choice-Based Conjoint Analysis is a powerful tool for understanding consumer preferences and optimizing marketing mix modeling. By delving into the intricacies of consumer decision-making, CBC empowers businesses to make informed decisions about product design, pricing, segmentation, and competitive positioning. Incorporating CBC into your market research arsenal can provide invaluable insights that drive business success in today’s competitive landscape.
About Us:
Glasgow Research & Consulting clients are Global Fortune 500 companies, regional conglomerates and entrepreneurial ventures.
The ability to anticipate competitors’ moves and analyze markets is key to winning in the Middle East & Africa region. Our biggest pride comes from helping international companies to be successful in emerging markets.
Contact Us
Office No 6, Unit 402, Level 4,
Crystal Tower, Business Bay,
PO Box 445190 Dubai, United Arab Emirates
Mobile: +971 55 9744360 | Phone: +971 4 566 8869
Website : https://www.glasgowinsights.com
BOGOF (i.e. Buy One Get One Free) drives emotions, “50% Off” drives math calculations on the shop floor (or while browsing on the App). It doesn’t really take a genius to figure out which one will win! And yet, we are bombarded with not just 50% but many other numbers on SKUs, Banners, Hoardings, Digital Screens and every other possible touchpoint.
Click For Complete Analysis : https://www.glasgowinsights.com/blog/people-dont-understand-percentages-say-buy-one-get-one-free-instead-of-get-50-off/
As in the words of Dan Ariely, the author of Predictably Irrational, “zero/free is a source of irrational excitement; it’s called the ‘zero price effect.’” In one of Ariely’s studies, consumers were offered two options: to buy a Hershey Kiss chocolate — a common, inexpensive treat — for 1 cent or to buy a Lindt Truffle — a more refined and more expensive type of chocolate — for 15 cents. Given the quality of the products and the offer’s value, nearly 3 out of every 4 participants chose to buy the Lindt Truffle. In the next part of the experiment, the price of both items was reduced by 1 cent — the Lindt Truffle’s price was 14 cents and the Hershey Kiss was free. Within this model, 90% of participants opted for the free Hershey option, even though the price difference between the products was the same. The experiment proves that people do not simply set costs and benefits against each other but rather focus on acquiring a free product. This is exactly why BOGOF promotions are effective — the thought of getting something for free incentivizes customers to shop. The free item is often overvalued in their eyes, even when it is juxtaposed with a higher-quality product at a discounted price.
To give another example, a pack that says “100 Grams extra” is easier to understand for the shopper than “10% extra”. And studies have shown that a typical shopping decision is made between 3 to 7 seconds, so the easier to make the Path to Purchase the more conversions we will get.
In the realm of marketing and sales, the way promotions are framed can significantly impact consumer behavior. One striking example of this phenomenon is the contrast between “Buy One Get One Free” and “Get 50% Off” offers. Despite both seemingly offering the same value proposition, consumer psychology suggests that the former tends to be more appealing. Let’s delve into why people often prefer the simplicity of “Buy One Get One Free” over the seemingly equivalent “Get 50% Off.”
The Complexity of Percentages
While percentages are a fundamental concept in mathematics, many individuals struggle with interpreting and understanding them in real-world contexts, especially in the context of sales and promotions. Research has shown that consumers often find it challenging to accurately gauge the value of percentage-based discounts, leading to confusion and decision paralysis.
Cognitive Biases at Play
Several cognitive biases contribute to the preference for “Buy One Get One Free” offers over percentage-based discounts:
Anchoring Effect: Consumers tend to anchor their perceptions of value based on the initial price. When presented with a percentage-based discount, such as “Get 50% Off,” they may fixate on the discounted price but struggle to assess whether it represents a good deal compared to the original price.
Loss Aversion: People are more sensitive to perceived losses than gains. A “Buy One Get One Free” offer presents a clear gain — getting an extra item for free — while a 50% discount may be perceived as a potential loss if the consumer doesn’t fully grasp the savings.
Decision Fatigue: Processing percentages requires mental effort and arithmetic calculations, which can contribute to decision fatigue. In contrast, the simplicity of “Buy One Get One Free” reduces cognitive load and makes the offer more enticing.
Perceived Value and Psychological Impact
“Buy One Get One Free” offers tap into consumers’ perceptions of receiving something for free, which triggers a positive emotional response. This perception of added value can lead to increased satisfaction and likelihood of purchase, even if the actual savings may be equivalent to or less than a percentage-based discount.
Practical Implications for Marketers
Understanding consumer behavior and cognitive biases can inform marketers’ promotional strategies:
Communicate Value Clearly: Frame promotions in a way that minimizes cognitive effort and clearly communicates the value proposition to consumers.
Utilize Simple Language: Opt for straightforward messaging, such as “Buy One Get One Free,” to convey the offer without relying on percentages.
Highlight Tangible Benefits: Emphasize the tangible benefits of the promotion, such as receiving an extra item for free, to enhance perceived value and appeal.
Conclusion
Consumer perception plays a pivotal role in shaping purchasing decisions, particularly in response to promotional offers. While “Buy One Get One Free” and “Get 50% Off” may seem equivalent on the surface, the former often holds greater appeal due to its simplicity and perceived value. By leveraging insights from consumer psychology, marketers can design more effective promotions that resonate with their target audience and drive sales.
By understanding the complexities of consumer behavior and the psychological impact of different promotional strategies, businesses can optimize their marketing efforts and better meet the needs and preferences of their customers.
About Us:
Glasgow Research & Consulting clients are Global Fortune 500 companies, regional conglomerates and entrepreneurial ventures.
The ability to anticipate competitors’ moves and analyze markets is key to winning in the Middle East & Africa region. Our biggest pride comes from helping international companies to be successful in emerging markets.
Contact Us
Office No 6, Unit 402, Level 4,
Crystal Tower, Business Bay,
PO Box 445190 Dubai, United Arab Emirates
Mobile: +971 55 9744360 | Phone: +971 4 566 8869
Website : https://www.glasgowinsights.com
Sometimes we see brands have a low Market Share in Retail Audit, but score significantly higher on Brand Awareness and Equity in Brand Health Trackers. This often leads to confusion, and doubts on the accuracy of the data.
Click : https://www.glasgowinsights.com/blog/how-to-make-best-use-of-the-halo-effect-seen-in-market-research/
However, in some cases, this may actually be reflective of the truth and any FMCG brand manager who notices this insight should note that her / his brand can gain share in the short-term if supported with targeted marketing campaigns.
But first, why does this happen …
Suppose there is a brand operating in Air Fresheners which has a retail audit market share of 5%. But its brand awareness scores, when compared to other brands with similar retail audit shares, is the highest. And when looking at the brand imagery (i.e. to derive equity) the ratings are also higher vis-à-vis the immediate competitive set. So why is it getting better scores?
It could be that this brand recently carried out ATL / BTL activities, or had a new launch, etc. which can justify a short-term peak. But when this is seen consistently in a tracker, these cannot be the reason.
Here is where the Halo Effect comes into play. It is possible that this brand also plays in the Insecticides and Floor Cleaners categories where it is the market leader with historical dominance. One of the reasons as to why this brand gets higher than expected scores in the Air Fresheners category could be the positive rub-offs from the other 2 categories. Which indicates that there may be a potential to grow.
But then comes the question of how to gain share. Here we need to ask how many consumers are buying our brand across all 3 categories and whether this familiarity / entrenchment is what is causing the higher scores. And then compare vs. other consumers who are buying our brand in Insecticides and Floor Cleaners but NOT Air Fresheners. If we are able to prove a consistent lead amongst the more entrenched buyers (not just in imagery but also in terms of brand switch, promo-hunting tendencies, seasonality preferences, etc.) then we may be able to “piggy-back” and gain share in Air Fresheners.
We also need to ask whether these 3 categories are bought in the same shopping trip / whether they are bought from the same type of stores (brick and mortar as well as online) / whether there is a pack size preference / whether there is a demographic skew, etc. And critically we need to benchmark vs. the category leader in Air Fresheners to set realistic expectations. The more similarities we find, the more targeted our campaigns can be.
The campaigns must try showcase the advantage of the brand’s overall equity, thereby asking current non buyers of Air Fresheners to add it to their Grocery Basket.
Get Full Analysis : https://www.glasgowinsights.com/blog/how-to-make-best-use-of-the-halo-effect-seen-in-market-research/
About Us:
Glasgow Research & Consulting clients are Global Fortune 500 companies, regional conglomerates and entrepreneurial ventures.
The ability to anticipate competitors’ moves and analyze markets is key to winning in the Middle East & Africa region. Our biggest pride comes from helping international companies to be successful in emerging markets.
Contact Us
Office No 6, Unit 402, Level 4,
Crystal Tower, Business Bay,
PO Box 445190 Dubai, United Arab Emirates
Mobile: +971 55 9744360 | Phone: +971 4 566 8869
Website : https://www.glasgowinsights.com
Market Assessment for Hydroponics & Aquaponics, Fisheries & Aquaculture, Food Processing and Hospitality Market in Sultanate of Oman
Click : https://www.glasgowinsights.com/portfolio-items/market-assessment-for-hydroponics-aquaponics-fisheries-aquaculture-food-processing-and-hospitality-market-in-sultanate-of-oman/
The Government of the Sultanate of Oman has been developing several initiatives to accelerate the fisheries and food processing industries. There are several ongoing projects that are expected to increase self-reliance accordance to Oman Vision 2040
Backed by the government’s stimulating initiatives and by the 3,165 km coastal line overlooking the Arabian Sea, the Sea of Oman and the Arabian Gulf, Oman’s F&A production from capture evolved from 280,000 tons in 2016 to 913,000 tons in 2021E.
Hydroponic sector is gaining the momentum in GCC due to high focus on food security and UAE is leading the way. UAE is adopting hydroponics and vertical farming at a significant scale. It is estimated that 1,000 hydroponic farms (small and large) exist in UAE. Oman is a net importer of the green leafy vegetables. Given Oman’s harsh climate and depleting natural water resources (unfavourable for leafy greens), it can effectively use hydroponic/aquaponics methods to boost leafy green vegetables production and increase self-sufficiency.
Total food consumption in the Sultanate grew at an annualized rate of 6.6% between 2014 and 2019, reaching 4.3 million MT in 2019. Although cereals remained the largest consumed food category in the country with a share of 26.8%, it recorded the slowest annualized growth rate at 1.3% between 2014 and 2019
Oman’s hospitality industry is estimated to reach US$ 0.7 billion in 2022, recording a y-o-y growth of 90.9%, the fastest in the region. This can be primarily attributed to an estimated 49.5% y-o-y growth in tourist arrivals during the year and lower base of 2021 as the Sultanate continues to recover from the pandemic.
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The Sultanate of Oman, with its rich cultural heritage and diverse natural landscapes, has been increasingly making its mark on the global stage, not only as a tourist destination but also as a hub for innovation and development in various sectors. In recent years, Oman’s food industry has witnessed significant growth and diversification, driven by advancements in technology, sustainability initiatives, and a growing focus on meeting the demands of a rapidly evolving market. In this blog post, we explore key sectors within Oman’s food industry, including hydroponics, aquaponics, fisheries, aquaculture, food processing, and hospitality.
Hydroponics and Aquaponics:
Oman’s arid climate presents challenges for traditional agriculture, prompting the adoption of innovative farming methods such as hydroponics and aquaponics. Hydroponic systems, which involve growing plants without soil by using nutrient-rich water solutions, and aquaponic systems, which combine aquaculture (fish farming) with hydroponics, have gained traction in Oman due to their water-saving capabilities and high yield potential. These sustainable farming practices not only mitigate water scarcity issues but also contribute to the availability of fresh produce year-round, enhancing food security in the region.
Fisheries and Aquaculture:
With its extensive coastline along the Arabian Sea and the Gulf of Oman, Oman boasts abundant marine resources that form the backbone of its fisheries and aquaculture sectors. The country’s fisheries industry, encompassing both traditional fishing practices and modern commercial fishing operations, plays a crucial role in supplying fresh seafood to local markets and supporting livelihoods in coastal communities. Additionally, Oman has been investing in aquaculture initiatives to meet the growing demand for fish and seafood products, leveraging its favorable marine environment and advanced aquaculture technologies to sustainably cultivate a diverse range of species.
Food Processing:
Oman’s food processing industry plays a vital role in adding value to agricultural produce, enhancing shelf life, and meeting consumer preferences for convenience and quality. The country’s strategic location at the crossroads of global trade routes makes it an ideal hub for food processing and distribution, facilitating the export of processed food products to regional and international markets. From traditional Omani delicacies to globally inspired packaged foods, Oman’s food processing sector encompasses a wide range of products tailored to diverse consumer tastes and preferences.
Hospitality:
Oman’s burgeoning hospitality sector reflects the country’s commitment to providing world-class amenities and services to both residents and visitors. With a focus on luxury and sustainability, Oman’s hospitality industry encompasses a diverse array of hotels, resorts, restaurants, and culinary experiences that showcase the country’s rich cultural heritage and natural beauty. From traditional Omani cuisine to international gastronomic delights, Oman’s hospitality sector offers a unique fusion of flavors and experiences that cater to the diverse preferences of guests from around the world.
As Oman continues to prioritize innovation, sustainability, and economic diversification, its food industry stands poised for further growth and development across various sectors including hydroponics, aquaponics, fisheries, aquaculture, food processing, and hospitality. By leveraging its natural resources, investing in technology and infrastructure, and fostering collaboration between government agencies, private enterprises, and research institutions, Oman aims to enhance food security, promote economic prosperity, and position itself as a leading player in the global food industry landscape. With a blend of tradition and innovation, Oman’s thriving food industry reflects the country’s commitment to embracing the future while preserving its rich cultural heritage and natural resources.
Table of Contents:
Market Assessment on Sectors
Overview of the Hydroponics/Aquaponics market in Oman — high-level product coverage, demand, trade and players
Overview of the Fisheries and Aquaculture market in Oman — high-level product coverage, demand, trade and players
Overview of the Food Processing market in Oman — high-level product coverage, demand, trade and players
Overview of the hospitality overview in Oman — high-level hotel market overview in Oman and Sohar region, demand,
Demand drivers in the Country
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Market Assessment of a Casual Dining concept entry into the UAE market
Market Assessment of a Casual Dining concept entry into the UAE market Overall F&B market in UAE has grew at a health…www.glasgowinsights.com
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Overall F&B market in UAE has grew at a health rate in the past, and is recovering at a higher pace from the pandemic led disruptions. The casual dining and social drinking concept are mainly popular among western immigrants living in the Emirate
Post pandemic, demand for healthy food and vegan food have accelerates, which can be leveraged to bring in a USP for the store, vegan burger, or healthy food in the menu can help market the outlet. Consumers spend about 14% in food and drinks in UAE and the spending is expected to grow at a CAGR of 3.2% (for alcoholic drinks) and 3.1% for food and non-alcoholic beverages
Casual dining market in UAE is projected to grow at a CAGR of 3.6% during 2022–2026, and will reach total trade value of US$1,265 million. The sector will take another 4 years to offset the impact of pandemic related disruption, as the emirate is expected to surpass pre-pandemic sales only by 2026.
Shift towards food delivery has created a cascade of trends to improve customer experience and increasing traffic. To improve the customer experience in their restaurant, and a necessity to ensure hygiene, food outlets are investing in technology. Over 60% of the restaurants mentioned their willingness to invest up to 20% of their revenue in technology
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The United Arab Emirates (UAE) is a melting pot of cultures, tastes, and culinary experiences, making it an enticing destination for food enthusiasts and restaurateurs alike. With its vibrant dining scene and diverse population, the UAE presents a fertile ground for introducing new dining concepts. In this blog post, we delve into the market assessment of launching a casual dining concept in the UAE, exploring key factors that contribute to its potential success.
1. Understanding the Market Dynamics
Before venturing into the UAE’s dining landscape, it’s essential to grasp the market dynamics, including consumer preferences, dining trends, and competitive landscape. The UAE’s cosmopolitan population comprises locals, expatriates, and tourists, each bringing their unique culinary influences and preferences to the table. Conducting thorough market research enables restaurateurs to identify gaps in the market and tailor their offerings to meet the evolving needs of consumers.
2. Consumer Preferences and Trends
The UAE’s dining scene reflects a blend of global influences, with consumers gravitating towards diverse cuisines, innovative concepts, and experiential dining experiences. While traditional Emirati cuisine holds a special place in the hearts of locals, the population’s international palate fuels demand for a wide range of cuisines, from Asian fusion and Mediterranean to American comfort food and beyond. Additionally, consumers increasingly prioritize health-conscious options, sustainability, and ethical dining practices, shaping their preferences and influencing their dining choices.
3. Competitive Landscape
The UAE’s dining landscape is characterized by a diverse mix of restaurants, ranging from fine dining establishments and celebrity chef-led ventures to casual eateries and food trucks. Understanding the competitive landscape is crucial for positioning a new casual dining concept and differentiating it from existing players. Analyzing competitors’ offerings, pricing strategies, service standards, and customer feedback provides valuable insights for shaping the unique value proposition of the new concept.
4. Location and Accessibility
Choosing the right location is paramount for the success of a casual dining concept in the UAE. Factors such as foot traffic, proximity to residential areas, business districts, tourist attractions, and transportation hubs influence the accessibility and visibility of the restaurant. Identifying high-traffic areas with a favorable demographic profile and aligning the concept with the surrounding neighborhood’s vibe contribute to its appeal and customer reach.
5. Cultural Sensitivity and Adaptation
Cultural sensitivity plays a significant role in the success of any dining concept entering the UAE market. Respecting local customs, dietary preferences, and culinary traditions while offering an innovative and authentic dining experience is key to winning the hearts of both locals and expatriates. Incorporating local ingredients, flavors, and culinary techniques into the menu demonstrates a commitment to embracing the UAE’s rich gastronomic heritage while adding a modern twist.
6. Operational Considerations
Launching a casual dining concept in the UAE entails navigating various operational considerations, including regulatory requirements, licensing procedures, staffing, supply chain management, and marketing strategies. Collaborating with local partners, hiring skilled personnel, and ensuring compliance with health and safety standards are essential elements of successful restaurant operations in the UAE.
Table of Content:
Market Analysis
UAE Casual Dining market overview
Casual dining future trends
Trends on dining out
Trends on delivery
Structure of the market for casual dining
Fast changing buying/ consumer habits
Disposable income / location / buying habits / preferences / characteristics and traits going forward
Risk analysis
Competitor Assessment (Supply side analysis)
F&B demand and trends
Average sales/ ticket size, peak busy periods, fast moving items, etc.
Potential for dine in, delivery and external catering to parties and events
Pricing, positioning and product features
Traffic times — peak times
Location of stores, central kitchen, other logistic needs
Employee strength, nationality overall service standards, etc.
Demand Side Considerations
Average spends
Price considerations
Delivery vs walk-in
Lunch time vs dinner time preference
Extent of the menu
Need gaps, particularly for superior products
Product and marketing activities (Extension of Competitor Assessment)
Menu analysis — what items in the menu will likely work in this market
Target market definition — what segment of the market should the restaurant target
Pricing — perspective on pricing, with recommendations for specific menu items, based on competitor pricing or differently
Need or otherwise for flexibility in pricing
Service standards and ‘Diner Experience’
Other elements in the marketing mix that could facilitate market penetration, and establish the brand
Supply Chain, Production and Tech related analysis
Location and Rental Analysis
Recommended potential store location types across UAE
Retail F&B rentals across location types in UAE
Opportunity Assessment
Critique existing concept proposal for the Project
Suggest unique selling points and key attractions for the Project
Propose concepts for the different units of the Project based on the demand analysis findings
Assess the key success and risk factors
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UAE as Medical Tourism Destination
Global medical tourism market is estimated to be USD 71 billion in 2020 and expected to increase at a CAGR of 9.7% during 2020–2025
Customers for medical tourism can be divided into cost focused, quality focused and experiential. Customers from GCC countries mainly search for quality healthcare service, while South Asian customers look for cost and value for money. Customers from developed countries are mainly in search for combination of all (quality, cost, and experience)
Oncology, cardiovascular surgery, Orthopedic, and neurological treatments are most sought after services in medical tourism. In 2020, combined spending on these treatments accounted for over 50% of total medical tourism spend.
Developed countries are source of outbound medical tourists which look for cost savings and quality, while Asia and African countries are source of outbound tourists which look for services unavailable in their country.
For cost conscious and value for money service seeking customers, it can highlight the mix of quality and cost — high quality at moderately higher cost. For experience seeking customers, it has some of the best tourist destinations in the Middle East, which can be leveraged to attract the medical tourists
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Table of Content:
Research objective, Market Definitions, and Research Approach
Executive Summary
Service Attractiveness
Marketing Strategy Overview
Conclusion and Recommendation
Govt. Funding on citizen treatment in Foreign Countries 2020
KSA
Qatar
Bahrain
Eastern Europe (Poland & Romania)
North Africa (Algeria, Morocco)
Israel
India
Global Medical Tourism Market 2020 (by value and volume)
Key Destinations
Popular Medical Services
Share of GCC and the UAE (estimated)
Key Drivers for Abu Dhabi Being Medical Tourism Destination
Abu Dhabi Value Proposition over other destinations such as USA, Singapore, and Germany
Cost benchmarking for popular medical services — Abu Dhabi vs 3 others (selected based on research and finalized with client discussion)
Major challenges in inbound medical tourism for Abu Dhabi
GCC countries development of healthcare infrastructure
Strict international travel restriction amid pandemic will restrain medical tourism in medium term
Marketing Plan to Promote Abu Dhabi as Medical Tourism Destination
Tentative Budget
Target Markets in Budget of:
AED 10 million
AED 20 million
AED 30 million
Recommendation
Market Success Probability
Investment drivers and risk
Key success factors/Considerations
Conclusion
The United Arab Emirates (UAE) has emerged as a beacon of innovation and excellence in various sectors, including healthcare. With state-of-the-art infrastructure, cutting-edge technology, and world-class medical facilities, the UAE has positioned itself as a leading destination for medical tourism. In this blog post, we explore the factors that make the UAE an attractive choice for individuals seeking high-quality healthcare services.
1. Advanced Medical Facilities
The UAE boasts an impressive array of hospitals, clinics, and specialized medical centers equipped with the latest advancements in medical technology. From robotic surgery and advanced imaging techniques to specialized treatments for complex medical conditions, patients have access to a comprehensive range of medical services delivered by highly skilled healthcare professionals.
2. Internationally Accredited Hospitals
Many hospitals in the UAE hold international accreditations and certifications, ensuring adherence to rigorous quality and safety standards. Accrediting bodies such as the Joint Commission International (JCI) and the Health Authority — Abu Dhabi (HAAD) provide independent validation of the quality of healthcare services offered in the UAE, instilling confidence in patients seeking treatment abroad.
3. Multidisciplinary Medical Expertise
The UAE attracts a diverse pool of medical professionals from around the world, including specialists in various fields such as cardiology, oncology, orthopedics, and cosmetic surgery. Patients benefit from access to multidisciplinary teams of experts who collaborate to deliver personalized and comprehensive care tailored to individual needs.
4. Wellness and Rehabilitation Centers
In addition to acute medical care, the UAE offers a range of wellness and rehabilitation centers focused on holistic healing and recovery. These centers combine traditional therapies with modern techniques to promote overall well-being and enhance the patient’s quality of life during and after treatment.
5. Seamless Patient Experience
From visa facilitation and accommodation arrangements to personalized concierge services, the UAE prioritizes the comfort and convenience of medical tourists. Dedicated patient coordinators assist with appointment scheduling, medical consultations, and logistical support, ensuring a smooth and hassle-free experience for patients and their accompanying family members.
6. Cultural Diversity and Hospitality
The UAE’s rich cultural tapestry and spirit of hospitality create a welcoming environment for international patients. Multilingual staff members, culturally sensitive care practices, and amenities designed to cater to diverse preferences contribute to a positive and inclusive patient experience.
7. Recreational and Leisure Opportunities
Beyond medical treatment, patients visiting the UAE for medical tourism can take advantage of the country’s myriad recreational and leisure offerings. From world-class shopping destinations and culinary experiences to pristine beaches and desert safaris, the UAE offers ample opportunities for relaxation and exploration.
Conclusion
As the UAE continues to invest in healthcare infrastructure and elevate its standards of medical care, it solidifies its position as a premier destination for medical tourism. With a commitment to excellence, innovation, and patient-centric care, the UAE welcomes individuals from around the world seeking top-quality healthcare services in a vibrant and culturally rich setting. Whether for complex medical procedures, wellness retreats, or rehabilitation services, the UAE stands ready to unlock excellence and redefine the future of medical tourism.
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Glasgow Research & Consulting clients are Global Fortune 500 companies, regional conglomerates and entrepreneurial ventures.
The ability to anticipate competitors’ moves and analyze markets is key to winning in the Middle East & Africa region. Our biggest pride comes from helping international companies to be successful in emerging markets.
Contact Us
Office No 6, Unit 402, Level 4,
Crystal Tower, Business Bay,
PO Box 445190 Dubai, United Arab Emirates
Mobile: +971 55 9744360 | Phone: +971 4 566 8869
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