Rating Scale for AMA Attributes
Please circle the appropriate number corresponding to how you feel about each product attribute. Answer from your perspective relative to the use of an Asset Management Account.
1 = Very Important
2 = Somewhat Important
3 = Neutral
4 = Somewhat Unimportant
5 = Very Unimportant
1. Low minimum balance 1 2 3 4 5
2. Tax-free money market fund 1 2 3 4 5
3. Line of credit, unsecured 1 2 3 4 5
4. Line of credit, secured 1 2 3 4 5
5. Comprehensive statement 1 2 3 4 5
6. Discount brokerage 1 2 3 4 5
7. Personal account officer 1 2 3 4 5
FIGURE 6-2 Alternative Attributes for an Asset Management Account
1. Minimum Balance Requirement
A. $2,500 minimum
B. $5,000 minimum
C. $10,000 minimum
D. No minimum
2. Monthly Fee
A. $18 monthly fee
B. $25 monthly fee
C. $35 monthly fee
D. No monthly fee
3. Money Market Funds
A. Taxable funds
B. Nontaxable funds
C. Not included in AMA
4. Line of Credit
A. Unsecured
B. Secured
C. Home equity
D. Not included in AMA
5. Mutual funds
A. Included in AMA
B. Not included in AMA
6. Comprehensive Monthly Statement
A. Included in AMA
B. Not included in AMA
7. Discount Brokerage
A. Included in AMA
B. Not included in AMA
C. Fee per transaction
D. No
8. Personal Account Officer
A. Included in AMA
B. Not included in AMA
C. Provided by traditional banker
D. Provided by specially traditional banker
The advanced concept test is one that occurs under rather controlled conditions since the account configurations presented to potential customers are controlled by the bank and the researcher, and the effects of customer judgments do not impact the product or the bank as with a full-market introduction. The product configurations can be manipulated among various groups of customers, and differences or similarities can be examined and analyzed. This approach of manipulating several product configurations requires more sophisticated data analysis but the process of asking potential customers their opinions about various product features remains the same. Figure 6-3 gives some key product features of an Asset Management Account along with several alternatives of each feature. This type of process is important. Time has passed since the concept test. Competition may have made certain adjustments which will affect the launch of the new product. This second concept test needs to take these developments into account.
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