Using Choice Modeling to Supercharge Your Business

Download or read book Using Choice Modeling to Supercharge Your Business written by Chris Diener and published by . This book was released on 2008 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: Choice modeling (sometimes called choice-based conjoint analysis or discrete conjoint analysis) isn't for everyone, but its wide range of applications can help many companies optimize their new products or existing product lines. It allows firms to increase competitiveness and profitability and can provide ROI analysis of marketing decisions before you finalize them. It tells you what kinds of trade-offs your customers may be willing to make and helps analyze those trade-offs.Diener stresses that choice modeling more closely represents the actual decisions that customers make when they are considering purchases, especially of big-ticket items. His step-by-step analysis of the choice modeling process helps uninitiated marketers decide whether a choice modeling project is appropriate for their situation, helps managers explain it to their clients and colleagues, and helps marketing executives unlock the potential of their market research investment.This book will help executives understand the strategic power of market research. It will help managers explain the value and accuracy of choice modeling (or choice-based conjoint analysis) to their colleagues. And, it will give research salespeople confidence in explaining choice modeling to their potential clients.As competition heats up among both domestic and global companies, it is critical to know as much as possible about what will cause customers to choose your products and services and stay loyal to you. Choice modeling will help.