Has your company asked these questions internally:
- How can our new product best be configured?
- What is the best pricing strategy for our product?
- Can we optimize multi-product or multi-brand portfolio management?
Making smarter, more informed product development decisions will improve marketing and sales strategies and increase profitability and market share. Conjoint analysis and discrete choice modeling are powerful research tools that will help accomplish these goals.
Discrete choice analysis is a choice based approach, most often used in a branded and competitive context, for measuring consumer preference for product and service characteristics. These may include brand, price, and other specifications or features, and for developing optimal products and portfolios of product offerings.
Morpace draws on a variety of traditional and proprietary choice based techniques which build creative applications and solutions. In addition to the traditional choice exercise, we use adaptive models, menu based models and other advanced techniques. Our choice modeling projects produce actionable recommendations which drive compelling consumer responses to products and services.
Try an interactive demo of our web based modeler. It will show you how you can use conjoint analysis and discrete choice modeling as a growth strategy. You’ll be more informed and better prepared to meet customer needs.