Introduction and Objectives
Travel money card is specially designed prepaid card that consumer load up with foreign currencies prior to travelling. Consumers can use Travel Money Card worldwide, including ATMs, shops, and restaurants. The Travel Money Card allows consumers to lock in the value when they purchase or reload their cards. It means that consumers can load the foreign currency when the exchange rate is at its most favorable.
The consumer preference survey on travel money card is essential for bank to achieve sales growth. Growth can be produced by better understanding customers’ needs and wants. It can be produced by offering products correspond to those needs and wants as well.
The objective of this study is about consumer preferences for Travel money card. This study shows important aspects of consumer preferences for Travel Money Card.
2.1 Research design
In this study, Conjoint Choice Experiment (CCE) was used to develop efficient survey
product profile designs and estimate consumer preference for Travel Money Card. CCE is based on the idea that a product can be described by its attributes and their levels. In this study, I choose the attributes based on performance across judging criteria set down by CANSTAR. As a result, four attributes were chosen for studying Travel Money Card: Initial card fee, Maximum number of currencies on one card, ATM fee and Reload fee. A summary of attributes and levels is shown in the Table 2.1 in the appendix.
2.2 Statistical design and analysis
Statistical design is used to combine the levels of the attributes in to a number of alternative product profiles to be present to respondents. The first part of the survey consisted of choosing the 9 choice sets of bundles and the second part was additional questions that included the purchase details of each respondent. A sample survey is given in the appendix.
Interviews were conducted with 20 randomly selected people from ACT. Figure 2.2 in the...