University of Chicago

Project Description

GSB Gleacher Parking Survey

Project Abstract

We plan to take the position of consultants analyzing the valet business across the street from the Gleacher Center. Until recently, the valet service had a stronghold on the parking population for GSB Gleacher-attending students. Our study would develop insight into why this business had and lost its stronghold in the market, what the students’ value from this type of business, how much they are willing to pay for services, and determine segments of parking consumers. By uncovering this information, different strategies for the parking services around the Gleacher center could be determined to maximize profit.
The principal tool in determining valuation of the various characteristics attributed to parking services would be conjoint analysis. Based on preliminary characteristics such as proximity, time to exit, lot type and price, a valuation can be determined for each individual characteristic along with market segmentation. To do this, manual surveys will have to be strategically created and distributed based on the theories behind conjoint evaluation. With an acceptable sample size our team would then be able to estimate overall preferences and the values on these preferences for the entire GSB Gleacher-attending students, leading to EVA based pricing suggestions.
Based on this information the evaluation would guide us as to why not only the stronghold existed but why it disappeared. Just as important, the valet service would also be able to determine what price is optimal for their unique market position as well as possible competitive responses to other parking establishments. We would evaluate whether or not manipulating the valet service would likely yield a profitable outcome. Overall this study would provide great insight into the optimal pricing and strategy for a very lucrative business that caters to the needs of the GSB’s students.

Surveys released for this project:
PHR Research 65
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