A Good Choice for Choice Modeling looks at the Max-Diff option.
Conjoint Analysis and Choice Modeling
Strategic Message – Maximum Difference Scaling is an easy-to-use choice technique that helps to develop a campaign’s strategic message.
Political Message Conjoint Analysis is a communications analysis technique that shows what should be said to whom, and when.
Discrete Choice Market Share Simulator – The Big George shows the gain/loss of market share of the Bush Jr.’s signature sandwich as it raises or lowers its prices, or the prices of key competitors.
Olive Oil Conjoint Purchase Intent Simulator is by far the most interesting aspect of Conjoint Analysis. This gives you the ability to “predict” the market share of new products and concepts that may not exist today. This also gives you the ability to measure the “Gain” or “Loss” in market share based on changes to existing products in the given market.
Maximum Difference Analysis show a set of the possible items and are asked to indicate the most and least appealing, in essence asking the consumer to choose elements of consumer products.
The Multivariate Solutions SPSS Discrete Choice Module was presented at the SPSS User’s Conference. Multivariate Solutions wrote an additional module for the SPSS software.
A Choice Model maximizing advertising effect is shown in Using Conjoint Analysis in Political Communications. This analysis, when used properly, can provide insight to the governor when he sets policy priorities or assesses main concerns dominating the voter’s mind as the election nears, or it can gauge the strength of the position ‘soup’ a given campaign will stir when it goes to press.
Pharmaceutical Conjoint Analysis Model underscores the relative importance of a drug’s elements and estimates market share.
Brand Equity and Discrete Choice Models as explained in this Quirk’s Magazine article, is an example of a method by which we are able to assign an exact dollar-value to a brand name and replicate brand performance is a real-world marketplace.
Conjoint Presentation – Energy Drinks indicates the power of pricing within the consumer consideration trade-off considerations.
The Discrete Choice – Specialty Cracker Market simulates market share and revenue for a newly introduced product and its competitors.
The Price Toolbox is an article published in Admap Magazine summarizing various pricing methods and their effectiveness.
Choice modeling attempts to model the decision process of an individual or segment in a particular context. Choice Models are able to predict with great accuracy how individuals would react in a particular situation.
Unlike a poll or a survey, predictions are able to be made over large numbers of scenarios within a context, to the order of many trillions of possible scenarios. Choice Modeling is believed to be the most accurate and general purpose tool currently available for making behavioral predictions about human decision making and is regarded as the most suitable method for estimating consumers’ willingness to pay for quality improvements in multiple dimensions.
