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The metropolitan rail network in Melbourne is seeking to improve quality of service. To this end they have conducted an initial demographic analysis of its frequent customers. Upon applying Roy Morgan value segments™ on to their analysis findings, the following direct demographic mappings were uncovered.
Rail line Value segment Northern suburbs Socially aware and Look at me Eastern suburbs Visible achievement South Eastern suburbs Conventional and Traditional family life Southern suburbs Real conservatism Western suburbs Young optimism and Fairer deal
As the next phase of the project, they want to understand service expectations of this diverse clientele from different parts of Melbourne. You have been consulted to develop a data collection methodology for this phase.
Roy Morgan value segments™
Demographic analysis (or demographic segmentation), also known as population analysis is frequently used in business analytics to better understand the current and potential client base. Demographic analysis focuses on factual circumstances of the customer, such as age, gender, income, education, ethnicity etc. Demographics can be segmented into several markets to help an organization target its consumers more accurately. With this type of segmentation, an organization can categorize the needs of consumers and attempt to develop targeted business strategies.
Psychographic analysis (or lifestyle analysis) is another technique in customer analytics where instead of factual information the focus is on interests, activities and opinions of the current and target customers. Psychographics attempts to classify customer sentiments towards products, based on general customer values and beliefs, what products are needed, why they are needed and how they choose what they purchase.
Roy Morgan Values Segments - devised by Michele Levine of Roy Morgan Research and Colin Benjamin of The Horizons Network, are presented as “an innovative system of market segmentation that goes beyond demographics and psychographics to explore the values, mindsets and attitudes that motivate consumer behaviour”. Roy Morgan Research is a Melbourne based market research and consultancy firm. The value segments are publicly accessible from their website - http://www.roymorgan.com/products/valuessegments.
Master of Business Analytics BUS5PB La Trobe Business School
What you are required to do: • Develop an understanding of the Roy Morgan value segments – segmentation process and value segments. • Determine customers’ expectations of quality of service for different metropolitan areas. (e.g. What are service expectations of customers from the northern suburbs?) • Formulate a data collection methodology (consisting of observational studies and experiments) to collect this information from customers. Present your formulation at the highest level of detail – including questions you will ask different customers and potential answers. Consider all aspects of data collection covered in topic 5, as well as customer convenience and accessibility when responding to your data collection methodology).
Task 02 Task 02 is an in-depth review of descriptive analytics techniques covered/mentioned in class. You are required to develop a taxonomy for descriptive analytics techniques, describing for each technique its purpose, functionality, assumptions, method of validation and sample use case. The sample use case must be from a business analytics scenario. An example is shown below