24 Chapter III Research Methodology The methodology of this research shall be considered with to answer research questions and provide business issues with the aim to develop and test several theories, in order to do so, Author shall have a comprehensive research methodology which comprise of the research design, data collection method, and data analysis. III.1 Research Design Author will conduct quantitative research design with questionnaires based on several dimension as primary data and will be distributed to Millennials and Generation Z as target market with distinctive customer personas and meet eligibility criteria as the respondents. Figure III.1 Research Design (Source: Author, 2023) Business Issues Research Questions & Research Objectives Literature Review Research Methodology Data Collection Data Analysis External Analysis •PESTELFramework •Porter’sFiveForces •CustomerAnalysis Business Solution (TOWS Strategies) Strategy Implementation (SMART Target) Define Problem Data Collection & Analysis Recommendation Primary DataSecondary Data Internal Analysis •Resource-BasedView •VRIO •SWOT Conclusion and Recommendation 25 III.2 Data Collection Method Data collection techniques represent an effort to accumulate the relevant information required for research. The types and sources of data that were utilized in this study were obtained through primary data collection occurred in the form of online surveys, while secondary data collection occurred in the form of DELI’s internal data, papers, journals, and websites. Moreover, Author selects appropriate sources and methods to answer contextual problem in research questions, in this research will use quantitative data collection method with a close and open-ended questionnaire as the primary instrument. According to Neuman (2014) the quantitative data collection method is carried out by conducting survey research, experimental research, and non-reactive research that involves collecting and analysing numerical data using statistical methods to develop and test hypotheses about the relationships between variables. III.2.1 Population Population defines as the entire group of individuals, objects, or events that meet the criteria for inclusion in research that the researcher is interested in studying and from which the sample is drawn which is important to determine the generalizability of the research's findings to the larger group that it represents (Sekaran & Bougie, 2010). According to Neuman (2009) it is necessary to carefully identify and conceive of a more particular target population in order to conduct research on it since population is an abstract notion representing a huge group from a variety of contexts. In this research, the target population is the Millennials and Generation Z who reside in big cities in Indonesia. III.2.2 Sampling Author would like to perform non-probability sampling methods which the participants are selected based on certain criteria that may or may not be representative of the population as a whole to involve randomly selecting participants from a population, which helps to reduce sampling bias and increase the generalizability of the research results. According to Malholtra 26 et al. (2020) to determine the number of samples technique for exploratory research design of using qualitative research required small sample size. Figure III. 2 Sampling Technique (Source: Malhotra et al., 2020: 411) In this research, a product and marketing testing study is being conducted and in order to line it with Figure III. 2, there must be at least 200 respondents using the random sample method. Furthermore, author conduct online questionnaire and determine 300 respondents as typical range for sample sizes, which are split into two groups by 150 respondents in Millennials group and 150 respondents in Generation Z group to receive equal sampling. III.2.3 Operational Variable In this research, Author’s gather customers analysis data by using online survey through questionnaires which distributed through Populix on 6 May 2023. Author’s follow Neuman (2014) to determine scale to measure quantitative data that is often used in survey research to acquire the intensity, direction, level, or influence of a variable construct observations and using index to measure a combination of several definite indicators within a construct into a sole basis, the illustration of 5-point likert scale concept according to Neuman as this research measurement as follows: Table III. 1 Likert Scale Weight Weight Description 1 Strongly Disagree 2 Disagree 3 Neutral 27 4 Agree 5 Strongly Agree (Source: Neuman, 2014) Author constructs systematic questionnaire which divided into 3 (three) sections, which are: 1. Survey Information Consists of title of survey, description of survey, illustration, and stimuli design of product concept. 2. Demographic Respondent Author selects respondent which are: • Age range between 27 – 37 for Millennials group and 21 – 26 for Generation Z group. • Social economic status in lower, middle, and upper segment. • Employment status in full-timer (permanent or contract), entrepreneurs, freelancer, and part-timer. • Place of residence in big cities such as DKI Jakarta, West Java, East Java, Central Java, Yogyakarta and Bali. • Education status are junior high school, senior high school, diploma, bachelor’s, or master’s degree. • Marital statuses are not married, married with kids, married without kids, divorce with kids or divorce without kids. • Insurance ownership apart from BPJS. 3. Main Questionnaire Consist of statements of respondents using 5-point Likert scale and questionnaires are divided into 2 (two) variables, which are: (i) perceived innovation, perceived value, and perceived price as independent variable; and (ii) purchase intention as dependent variable. There is a listing of the operationalization variables and indicators utilized in the questionnaire. The questionnaire's specifics are listed in Table III.2 below: 28 Table III. 2 Operational Variable Variables Indicator Source Scale Perceived Innovation Novel concept Porter (1990), Vrakking (1990), Weerawardena (2003), Rogers (1995) and Kwaku (1995) Likert (Neumann, 2014) Distinguished concept design from existing product in the market Progressive enhancement Distinctive ideas Customer usage experience Perceived Value Functional value Sheth, Newman, and Gross (1991); Sweeney and Soutar (2001) Emotional value Quality/performance Epistemic value Conditional Value Perceived Price Reasonable price Nagle and Holden (1995) Fine trade Above the value Purchase Intention Possibility to purchase Dubas et al. (1999) Consideration to buy Recommend the product to relative and friends (Source: Author’s Analysis, 2023) In designing the questionnaire based on the conceptual framework outlined as Figure II.4 and operational variable as Table III.2, there are statements used to assess both the independent variable, mediator variable and dependent variable. Table III. 3 Questionnaire Design Screening Questions 1 Usia (antara 20 – 36) Standard from Populix 2 Jenis Kelamin 3 Status Ekonomi Sosial 4 Status Perkerjaan 5 Domisili 6 Pendidikan 29 7 Status Pernikahan (Single, Menikah dengan Anak, Menikah tanpa Anak) 8 Kepemilikan asuransi Stimuli Design Perhatian baik - baik gambar berikut ini, seperti yang Anda ketahui bahwa produk asuransi bukanlah pilihan utama dikarenakan harga premi yang cenderung mahal. Namun jika Anda menemukan solusi yang mempermudah Anda untuk membeli asuransi dengan cara menabung pembayaran premi setiap kali anda bertransaksi menggunakan eWallet dan/atau berbelanja di eCommerce, sehingga akan membantu Anda untuk memiliki asuransi dengan harga terjangkau sekaligus menyiapkan perlindungan asuransi jiwa dan/atau kesehatan terhadap risiko hilang atau berkurangnya sumber penghasilan dalam rumah tangga. Perceived Innovation 1 Menurut Anda konsep "menabung premi asuransi" memiliki konsep inovasi dibanding cara pembayaran premi asuransi pada umumnya. 5 Likert scale 2 Menurut Anda fungsi dari "menabung premi asurani" memiliki perbedaan yang signifikan dibanding cara pembayaran premi asuransi pada umumnya. 30 3 Menurut Anda konsep "menabung premi asuransi" merupakan peningkatan dari cara pembayaran premi asuransi pada umumnya. 4 Menurut Anda konsep "menabung premi asuransi" memiliki perbedaan dibanding cara pembayaran premi asuransi pada umumnya. 5 Menurut Anda konsep "menabung premi asuransi" akan menarik konsumen. 6 Menurut Anda ide inovatif dari " menabung premi asuransi" adalah luar biasa. Perceived Value 7 Menurut Anda konsep "menabung premi asuransi" memberikan saya nilai lebih. 5 Likert scale 8 Menurut Anda, Anda merasa layak untuk mengeluarkan uang untuk "menabung premi asuransi". 9 Menurut Anda konsep "menabung premi asuransi" berguna untuk perncanaan keuangan saya dimasa mendatang. 10 Menurut Anda konsep "menabung premi asuransi" dapat memenuhi kebutuhan perencanaan keuangan saya. 11 Menurut Anda konsep " menabung premi asuransi" memberikan lebih 31 banyak manfaat untuk perencanaan keuangan saya. Perceived Price 12 Menurut Anda harga untuk "menabung premi asuransi" terjangkau. 5 Likert scale 13 Menurut Anda harga untuk "menabung premi asuransi" lebih murah dibanding membayar asuransi pada umumnya.