Definition of Preference-Rank Translation
Preference-Rank Translation is defined as data analysis technique that is mathematical in its working and it’s utilized by marketers to transform stated preferences into purchasing probabilities. Here, purchasing probabilities refers to an estimate of real purchasing behaviour. A Preference-Rank Translation Technique takes note of survey data on the preferences of consumers and then transforms it into real buying probabilities.
Marketers can utilize upon the Preference-Rank Translation technique in an optimum manner. They need such techniques to observe consumer trends and behaviour so that they can formulate new strategies regarding their latest products and improvise upon their existing strategies regarding their existing products.
Textbooks on Preference-Rank Translation
When it comes to textbooks based upon a mathematical topic like Preference-Rank Translation then, marketers should consult the most appropriate textbooks from the stores. Here are the details of some textbooks regarding the topic of Preference-Rank Translation:
- e-Study Guide for: Marketing Research Essentials by Carl McDaniel, ISBN 9780470131985 by Cram101 Textbook Reviews (Published by Cram 101 Textbook Reviews – Year 2013).
- Transport Economics by Tae Hoon Oum (Published by Routledge – Year 2005).
Examples of Preference-Rank Translation
Example 1: An interesting example of Preference-Rank Translation can be survey questions that utilize a ranking scale. Four to Five Options are there within such objective type questions. A marketing researcher will utilize data reduction techniques like Factor Analysis to derive aggregate scores. Finally, these scores will be converted into purchase probabilities. Such techniques are used by markers to observe trends like sale performance of FMCG Products within the market on a weekly or monthly basis.
Example 2: Another interesting example where this Preference-Rank Translation technique can be used is in the case of non-marketing activities like Census-related surveys. Here, government employees can utilize this technique to observe the lifestyle trends of the local or national population. Depending upon these results, the government employees plan their strategy of marketing things like polio pulse drops and other healthcare products for general welfare.
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