ISB PM Class 8 (1)

ISB PM Class 8
Product Solution Design

Agenda/Topics To be Covered
1. Understand conjoint analysis.
2. Predict market shares for a new
product.
3. Estimate the market share of a
product using the market
simulator.
4. Design a product by choosing the
best attributes.
Product Vision
Vision and strategy are foundational pieces without which even a good product cannot withstand the weight
of its market
Product Solution Design Questions
• Design a product: “Design an app for job-seekers to match with employers.”
• Improve a product: “Improve headspace.”
• Design for a specific audience: “Design a vending machine for the blind.”
• “Moonshots”: A Google favorite — “Design X, assuming you have infinite resources.”

Step 1: Clarify and get context
Step 2: Define users
Step 3: Identify pain points and opportunity areas Ensure Vision is shown post Pain Points and
Step 4: Brainstorm possible solutions Goals.
Step 5: Define a product vision

Step 6: Prioritize features
Step 7: Evaluate and recap
A conjoint analysis is a good tool to
use when:
• Developing a new product and
deciding which features to invest in.
• Understanding which
combinations of features make
sense to your users; these
combinations will later become your
product’s central narrative.
• Assessing which features drive
1. It helps researchers estimate the trade-offs that consumers make on a
psychological level when they evaluate numerous attributes
simultaneously.
2. It allows for measurement of consumer preferences at an individual level
as well as compiling and analysing data from individual responses to
gain statistically relevant insights representative of a larger group.

3. It gives researchers insights into real or hidden drivers that may not be too
apparent— oftentimes even to those being surveyed.
4. Conjoint analysis allows for study of the consumers and attributes deeper
to create a needs-based segmentation.
5. It provides user-based affirmation of what is most valued in the product or
service, which offers guidance or actions to take or changes to make
improvements.
What people really care about ?
https://medium.com/the-product-gal/conjoint-analysis-for-product-managers-part-1-when-and-
how-to-run-this-analysis-and-cdacf100beca
What people really care about ?
Map Consumer Decision Making Criteria Mathematically
1. Attributes (Features): The product features are evaluated by the analysis. Examples of
characteristics of Laptops: Brand, Size, Color, and Battery Life.
2. Levels: The specifications of each attribute. Examples of standards for Laptops include Brands:
Samsung, Dell, Apple, and Asus.
3. Task: The number of times the respondent must make a choice. The example shows the first of
the five functions as indicated by “Step 1 of 5.” 5.”
4. Concept or Profile: The hypothetical product or offering. This is a set of attributes with different
levels that are displayed at each task count.
5. Relative importance: “attribute importance,” which depicts which of the various attributes of a
product/service is more or less important when making a purchasing decision. Example of Laptop
Relative Importance: Brand 35%, Price 30%, Size 15%, Battery Life 15%, and Color 5%.
6. Profiles: Discover the ultimate product with the highest utility value. At a glance, conjoint lets
you compare all the possible combinations of product profiles ranked by utility value to build the
product or service that the market wants.
7. Market share simulation: One of the most unique and fascinating aspects of conjoint analysis
is the conjoint simulator. This gives you the ability to “predict” the consumer’s choice for
new products and concepts that may not exist. Measure the gain or loss in market share based
on changes to existing products in the given market.
8. Brand Premium: How much more will help a customer pay for a Samsung versus an LG
television? Assigning price as an attribute and tying that to a brand attribute returns a model for
a $ per utility distribution. This is leveraged to compute the actual dollar amount relative to any
characteristic. When the analysis is done relative to the brand, so you get to put a price on your
brand.
Mobile Tariff Plan
1. Price – 299/350/500
2. Data Quota
1. Limited – 1Gb/day, 2GB/day
2. Unlimited
3. Voice
1. Limited
2. Unlimited
4. SMS
1. Limited
2. Unlimited
5. International Roaming Minutes – 50/100/200 mins
6. OTT Apps /VAS
1. One
2. More
7. Data Sharing – Yes or No
8. Plan Validity
Important Considerations
Macro Segment Identification Relevant Attributes & Levels

https://www.questionpro.com/blog/what-is-conjoint-analysis/#conjoint_algorithm:_How_it_is_works
https://conjointly.com/guides/how-to-set-up-conjoint-study/
https://www.youtube.com/watch?v=7_QFHV0Pfxs https://www.youtube.com/watch?
v=kGHXO4mzR0g&list=PL9Fp0239T0Wledg0xGmeer6tkzL
https://www.youtube.com/watch?v=3oyzLqnk3Ew M4UhvP&index=2
A PRODUCT is a combination of infrastructure, services and features that
is bundled together with a tariff (B2C) or pricing structure (B2B) that can
be sold
A SERVICE is a subset of a product that is a major functional area that

provides a service to end users. I can potentially be sold as a product or
add on product but can also be bundled together with other services to
form a product.
A FEATURE is a subset of a product or service that provides a specific

piece of functionality. It cannot be sold as a stand alone product.
A TECHNOLOGY is the network or IT capabilities that enable a product,

service or feature to be delivered to the customer.
Portfolio
Products
Roadmap (with product

increments)
Epic
1. what outputs from each phase of the lifecycle are
required Produc
t
2. who (which role) is doing the work feature
User
3. how teams engage / interact through the process story
4. what tools support the ways of working

Preference scores that result from a conjoint study are called utilities or part-worth utilities.
Utilities quantify respondent preferences. The higher the score, the
higher the preference.
https://online.hbs.edu/blog/post/what-is-conjoint-analysis
https://www.opinionx.co/research-method-guides/conjoint-analysis-types

ISB PM Class 8 (1)

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ISB PM Class 8

Product Solution Design

1. Understand conjoint analysis.

2. Predict market shares for a new

3. Estimate the market share of a

product using the market

4. Design a product by choosing the

• Design a product: “Design an app for job-seekers to match with employers.”

• Improve a product: “Improve headspace.”

• “Moonshots”: A Google favorite — “Design X, assuming you have infinite resources.”

Step 4: Brainstorm possible solutions Goals.

Step 5: Define a product vision

psychological level when they evaluate numerous attributes

2. It allows for measurement of consumer preferences at an individual level

as well as compiling and analysing data from individual responses to

gain statistically relevant insights representative of a larger group.

apparent— oftentimes even to those being surveyed.

to create a needs-based segmentation.

5. It provides user-based affirmation of what is most valued in the product or

service, which offers guidance or actions to take or changes to make

characteristics of Laptops: Brand, Size, Color, and Battery Life.

Samsung, Dell, Apple, and Asus.

the five functions as indicated by “Step 1 of 5.” 5.”

levels that are displayed at each task count.

Macro Segment Identification Relevant Attributes & Levels

A SERVICE is a subset of a product that is a major functional area that

A FEATURE is a subset of a product or service that provides a specific

A TECHNOLOGY is the network or IT capabilities that enable a product,

Roadmap (with product

4. what tools support the ways of working

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